What is the Apple Card?

Credit: The Street
Published on March 27, 2019 - Duration: 03:01s

What is the Apple Card?

We're taking a look at Apple's New Credit Card, which was developed in conjunction with Goldman Sachs and MasterCard to provide an unprecedented consumer experience.

While Goldman Sachs and MasterCard bring the financial and payment processor expertise, Apple brings the design element and a new digital platform that will give buyers a deeper understanding of their own spending habits to better take control of their own finances.

While the card is competitive in-terms of its 2% cash back rate on everything, it's a must have for buyers of Apple as the cash back bumps up to 3% on purchases of Apple products and services.

Additionally, as the ActionAlertsPLUS.com team told members following the event, "to make it easier to track payments, Apple will use machine learning and geolocations to convert "cryptic" merchant identification numbers into familiar store names." As for security, it should come as no surprise that Apple is able to offer more security than competitors by implementing Face/Touch ID, as is already the case with Apple Pay.

As for the physical card, Apple sought to enhance security by removing all identifiable except for the cardholder's name, making items such as the card number, CVV and expiration date all available on the company's wallet app.

For more from the company's March 25 Services event get over to RealMoney.com as Apple was one of our stocks of the day this week and for ongoing coverage be sure to sign up for ActionAlertsPLUS.com as Apple is a key holding for Jim Cramer's charitable trust.

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