There have been new developments in the credit card industry. With all the risks involved in losing your personal information to fraudsters, the credit card companies have introduced the virtual credit card that will play a significant role in reducing data breaches. This card provides users with a temporary card number that you can use in place of the actual credit card number. Using a number other than your credit card number protects it from potential fraudsters. You can also easily close or block your account if you suspect of any breach and also limit the number of shops or vendors you can shop at. The new Apple credit card comes with most of such security features and more. Here is more about that card.
Built on Apple Wallet App
The new Apple card has been built on the Apple Wallet app. Users are able to use it via Apple Pay which they are familiar with and can manage their accounts using their iPhones. Apple pay converts the Apple credit card into a virtual card. Apple has simplified the application process allowing a seamless installation and application. iPhone users are only required to sign up using their phones and start using the card. You can see real-time data of all your transactions right there on the platform. In case of an issue, Apple Card support is available 24/7. You simply send a text via messages.
Get Daily Cash
Unlike the blurred reward points you get from other credit cards, the Apple Credit Card gives a real cashback discount. You get two percent discount for every purchase you make with Apple Pay and three percent cash reward for purchases carried out directly with Apple. Unlike the cash rewards that you have to wait and accumulate to get any meaningful discount, the Apple cashback rewards are added to your balance and can be spent immediately. You can also send the same to your friends and family.
Low Interest and No Penalties
Apple Card will not charge you an annual, international or late payment fee. They aim to provide the lowest interest rates ever in this industry. The card will show clients real-time calculations of what they are supposed to pay based on different amounts. They also have a window of allowing you to pay more per month or schedule more frequent payments just to lower down your interest rate. Unlike many other credit cards, the customer will not be required to pay any penalty if they miss a payment.
Privacy and Security
Security for this card is on another level. It will take a genius to breach the card’s security features. Apple Pay comes with a unique security chip where a unique card number created on the users’ phones is stored. For every purchase you make, you will use your face or fingerprints to authorize the transaction and the one-time unique authorization code. The combination of these features prevents even Apple Pay from knowing where you shopped, how much you spent or what you bought. It is such information that fraudsters use to track your behavior and hack into your traditional credit card.