Apple announces credit card for iPhone users

Last Updated: Mar 26 2019 13:23
Reading time: 1 min, 4 secs

Tech major Apple on Monday announced a credit card for iPhone users. It will be launched in the United States in summer.

The credit card will have no late fees, annual fees or international fees, said Apple Pay Vice President Jennifer Bailey. She added that there will a cashback incentive on every purchase.

Cook announced a subscription gaming service called Apple Arcade, a new streaming service called Apple TV Channels, a subscription news service called Apple News+.

Apple News+ will cost $9.99 per month and is already available in the US and Canada. The news platform will only be available on Apple devices.

Apple claims that Apple Card, unlike most physical credit cards, is a lot more secure because it's a virtual character. A unique card number is created on iPhone for Apple Card and stored safely in the device’s Secure Element, a special security chip used by Apple Pay.

Apple’s 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 overtime and ways to help them pay down their balance.”