Here is what makes Apple credit card special: Check EMI calculation, fees, security and other details

Credit cards have been playing a major role in our lives, especially when we are in urgent financial need. The traditional format of using a credit card is that you get it from the bank. It includes your CVV number, name, card number, signature and EVV chip. Credit cards can be used either at ATM or any other online-related services like POS and mobile banking, etc. Hence, carrying this card safely is of utmost important. But how would you feel, if you do not really have to carry a credit card, and just use your phone to make your payments. Apart from this, you also get to earn daily cash back on your purchases. Yes, it would definitely feel like music to ears. But for iPhone users, this is a reality because Apple Inc has launched their own credit card built in Apple wallet app, offering customers a familiar experience with Apple Pay and the ability to manage their card right on iPhone.

If you are a iPhone user, here’s how you can use Apple’s credit card and also enjoy daily cashbacks.

Customers can sign up for Apple Card in the Wallet app on their iPhone in minutes and start using it with Apple Pay right away in stores, in apps or online worldwide.

Apple Card support is available 24/7 by simply sending a text from Messages.

Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations. Purchases are automatically totaled and organized by color-coded categories such as Food and Drinks, Shopping and Entertainment.

To help customers better understand their spending, Apple Card provides weekly and monthly spending summaries.

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. 

Every purchase is secure because it is authorized with Face ID or Touch ID and a one-time unique dynamic security code. 

The unique security and privacy architecture created for Apple Card means Apple doesn’t know where a customer shopped, what they bought or how much they paid.

Cashback! 

In case of daily cashback, customers will receive a percentage of every Apple Card purchase amount back. 

Unlike other cash back rewards, Daily Cash is added to customers’ Apple Cash card each day and can be used right away for purchases using Apple Pay, to put toward their Apple Card balance or send to friends and family in Messages.

Every time customers use Apple Card with Apple Pay, they will receive 2 percent Daily Cash. 

Customers will also get 3 percent Daily Cash on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services.

Fees and interest rates! 

In a major good news, there are no fees associated with Apple Card. These includes no annual, late, international or over-the-limit fees. 

Apple in its notification have stated that, to help customers make informed choices, Apple Card shows a range of payment options and calculates the interest cost on different payment amounts in real time.

As a way to pay less interest, Apple Card will also suggest paying a bit more every month and offers the flexibility to schedule more frequent payments.

But one of the charms of this card, is also that, if a customer misses a payment, they will not be charged a penalty rate. To develop this new digital card, Apple has partnered with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network.