Apple introduces 'new kind' of credit card

Tech giant takes the initiative and changes direction with new credit card venture, TV streaming platform, gaming portal and enhanced news app

26Mar

Apple has announced its intention to launch a credit card which will be built into the Apple Wallet app on iPhone, along with a host of other launches, as the company attempts to take a new direction.

The tech giant is attempting to change track to overcome falling iPhone sales which led the company to cut back production of its iPhones by 10% earlier this year, before last month announcing it would be laying off 190 employees from its self-driving car division.

At an event in California featuring a host of famous faces including Oprah Winfrey and Steven Spielberg, Apple announced it would be launching a new credit card, a gaming portal, an enhanced news app and the Apple TV+ app.

Unveiled by Spielberg, the Apple TV+ app and will be launched in 3Q19 and will attempt to compete with streaming giants Netflix and Amazon.

Apple TV+ will offer original shows and subscription bundles to a number of US TV networks, including HBO, Showtime and Starz. It will also rollout an ad-free TV service in May called Apple TV Channels, for which users can purchase access to single TV channels.

Speaking at the launch, Oprah Winfrey described the launch of Apple TV+ – for which both Spielberg and Winfrey will be creating original programming – as "a major opportunity to make a genuine impact", giving viewers the chance to "connect with people around the world".

Also announced at the star-studded event was the launch of Apple's new credit card, which will be made available to qualifying customers in the US in the coming months.

Apple has partnered with Goldman Sachs to ensure Apple Card users' data will never be shared with or sold to third parties for marketing and advertising, while Mastercard will provide Apple Card cardholders with the ability to shop at merchants around the globe.

Apple Card will use machine learning and Apple Maps to label transactions which will be color-coded into categories such as food and drinks, shopping and entertainment. Other features will include cash-back rewards scheme Daily Cash; no annual, late, international or over-the-limit fees; unique security and privacy architecture; and 24/7 support via text.

"Apple Card is designed to help customers lead a healthier financial life," said Jennifer Bailey, vice-president of Apple Pay. "Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance."

A titanium Apple Card which will not feature a card number, CVV security code, expiration date or signature, will be made available to customers who shop at locations where Apple Pay is not yet accepted.

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