Apple Announces Integrated Credit Card
Apple unveiled its much-anticipated credit card that fully integrates with Apple Pay. The Apple Card offers cash back on purchases, 1% with the physical card—made from titanium with no visible numbers—and 2% with the mobile app. Apple has partnered with a CardLinx member, MasterCard, as the payments network and Goldman Sachs as the bank issuer.
Apple Card innovates with the immediate gratification of Daily Cash funding, as opposed to an end-of-month deduction on the cardholder’s monthly balance. The Wall Street Journal recently cited that 92% of card purchases in the U.S. are made with cards that have cash back or card-linked offers, and Apple adds to the list of prominent tech companies that leverage consumer credit to drive digital engagement, including Uber, Rakuten, and Yelp. We’re looking forward to see how Apple rolls out new features such as digital coupons and merchant-specific offers.