Apple Debuts Apple Card To Transform the Credit Card Experience (venturebeat.com)

An anonymous reader shares a report: iPhone users are already using Apple's Wallet app, Apple Pay, and Apple Pay Cash -- wouldn't they like an Apple credit card, too? The Cupertino company and bank partner Goldman Sachs believe the answer is "yes," so they've teamed up for Apple Card. In addition to offering major rewards for users, the new payment solution promises to improve the credit card experience by offering a healthier approach to spending. The Wallet app will include a more transparent list of transactions, organized in an easy to read format, plus a more flexible way of making payments on outstanding balances.

Apple Card is designed to complement existing Apple-branded payment options, as well as displacing other credit cards that might be in a user's wallet. Though the end goal is to increase Apple's share of the dollars spent by its users, the pinch this time will be felt by rival payment providers, and come with incentives for new card users. Every time you spend with Apple Card, you get 2 percent cash back -- a feature the company calls Daily Cash. Purchases directly from Apple come with 3 percent cash back.

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The rest of the article

[Sarten-X]

What the copy-paste summary omits is more informative:

Every time you spend with Apple Card, you get 2 percent cash back — a feature the company calls Daily Cash. Purchases directly from Apple come with 3 percent cash back. That could lift the company’s sales of its own products, providing a greater incentive to pay “full price” at Apple than seek discounted prices elsewhere.

Additionally, the card has no fees: no late fees or international fees, with unspecified lower interest rates than competitors. The absence of late fees is jaw-dropping; whether it will be sustainable for the long term is yet to be seen.

Apple Card will be accepted via MasterCard’s global payment network and backed by Goldman Sachs. While the card will be digital and connected to an iPhone, there will also be a physical card made from titanium that can be used in stores; purchases made with the physical card are only eligible for 1 percent Daily Cash.

Another reason to sign up for Apple Card: greater transaction privacy. Apple has maintained that its customers are “not the product” with its services, which is to say that it doesn’t harvest or sell their personal information to profit off their data.

In short, usually 1% (with the physical card) or 2% (if you're using an iPhone) cash back, no late fees, and it's accepted as MasterCard. the "unspecified lower interest rates" sure sound enticing, but I'll wait until they're specified to actually care. Otherwise, it's a bog-standard credit card, but this time with a shiny Apple logo!

Re:Wow

[EvilSS]

It's a Master Card so if they don't take Apple Pay you can use the physical card and get 1%.

Not that low

[SuperKendall]

The APR is actually 13.24% to 24.24%

(Scroll down to very end and read fine print to see)

That seems about average to me, but I still think the other features are exciting and helpful enough they will get good traction.

Re: Explain to me exactly

[Anonymous Coward]

If you pay interest, you're doing it wrong.

Re: Explain to me exactly

[GrandCow]

Pay the entire bill at the end of the month, never pay a cent of interest.

If you're letting your balance roll over, you are doing it wrong.

Credit cards can be a very handy tool, both for getting cash back as well as protecting yourself when purchasing items. Things like chargebacks and all the additional protections the card issuer grants are way better than walking around with a bunch of cash.