Details about Apple Card: no penalty, foreign transfers and more
While the Apple News+ Apple TV+ was the focus of a presentation Monday, the first announcement of the Apple Card and try to log into the banking market, became a sensation. Apple told about the product in broad strokes on the stage and in their promotional materials, but due to lack of details remain questions about the upcoming service.
Matthew Panzarino of TechCrunch, has answered some questions and provided additional information about the features of the Apple Card in a report on Thursday.
Perhaps the most interesting are features related to the General ease of use. For example, the Apple Card does not support multiple users or the community cards, i.e. cards, at least at launch, is designed for use by only one person. In addition, although foreign purchases are not subject to a transaction fee for the Mastercard Issuer determines the exchange rate.
Apple stated that the Apple Card offers “lower rates” on loans than US banks — and in particular of 13.24 to 24.24 percent, depending on credit history, but did not specify how it will be distributed tariffs. According to Panzarino, Apple will place users at the lower level of tariffs, which means that users can save a few points.
As promised Apple, the Card will not be fees and penalties. This includes penalties for late payment of balance. It should be noted that, although Apple and Goldman Sachs do not charge commissions and not raise rates because of late payments, such action will negatively affect the credit rating of the user.
Security definitely is a major advantage, and to that end Apple is a lot of functions and features unique to its platform. On the card itself lacks any identification, including card number CVV or traditional. As expected, the physical map has the number encoded in the magnetic stripe, but users will not have access to this information. Instead, the appropriate virtual card in Wallet displays only the last four digits of the personal account of the user.
When making purchases that require a repeat of the card number, the app generates a virtual number and CVV. This process can be repeated manually if the user chooses a function in the application.
In addition, Goldman Sachs may not use customer data for the purposes of internal or external advertising, although the Bank need this information for internal reporting.
Finally, the physical card is activated by the NFC tag that interacts with the iPhone. This, however, does not mean that the physical map of the Apple Card compatible with contactless payment systems; Titanium card has a typical chip and magnetic strip. Users who have lost their card can request a replacement free of charge.
The Apple Card is scheduled to launch in the US this summer, and then we will have an international launch. But when the Apple Card will appear in Russia, is still unknown. As it is unclear whether we do this service.
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