Earlier in March, Apple announced “Apple Card‘. It’s very own pay card that could be used as a physical entity on stores or from your iPhone. Now. Apple says it will begin accepting applications in August. This was confirmed at 2019 third fiscal quarter earnings call.
In the past few months, Apple tested Apple Card on its employees by giving them access to the physical card and a phone app. The beta test was extremely successful.
“Thousands of Apple employees are using the Apple Card every day in a beta test and we will begin to roll out the Apple Card in August,” Apple CEO Tim Cook said.
It is now confirmed, the Apple Card will come in both physical and digital form. There’s one interesting insight here, the card won’t have a typical credit card 16-digit numbers, CVV code or even an expiration date. Instead, it will generate these numbers randomly on each transaction in order to keep the purchase completely secure.
The numbers will be generated on a go as well as on-device and Apple promises, Goldman Sachs won’t be able to track your purchase at all.
Apple will also offer incentives for cashback rewards like other Credit Card companies. It is rumoured to be 2 percent on purchases made with Apple pay and 3 percent on Apple store purchases. They may not be higher than the cashback rewards given by other merchants but still, early days for Apple Card and we may expect it to get higher in the future.
The exact data of Card launch is not confirmed yet in August.