Apple today announced the launch of the Apple Card. In conjunction with Goldman Sachs and MasterCard, Apple will launch its new credit card this summer. It offers up to 3% cash back paid daily, no fees, and what is sure to be an award winning app to track purchases, payments and interest charges.
Three features of this rewards system stand out. The first is that the 2% cash back requires the use of Apple Pay. While Apple Pay has penetrated the U.S. retailing market, there are plenty of stores that still don't accept it. I know because it's annoying to waive my iPhone over the credit card device only to realize that I'm at a retailer that has yet to join the 21st century. If the demand for Apple Card is high, it could encourage more retailers to accept Apple Pay.
Finally, the 3% rewards apply not only to purchases at Apple stores, but also on the App Store and for Apple services. This should in turn drive more consumers to the Apple ecosystem.In short, there are none. At least there are no fees that really matter. There is no annual fee, late fee, international fee, or over-the-limit fee. There's not even a penalty rate.As one would expect from Apple, the Apple Card app's simplicity is stunning.
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