True to Apple's ethos, this is a one of a kind credit card. The card is meant to be used as a payment method with Apple Pay at physical stores, online or in apps. And it comes with a bevy of perks - quick sign-up, elimination of most fees, strong security protections and cash back.
There is also no confirmation on the interest rate - just Apple's assertion that the rate will be lower, he said.
Apple Card may reach global markets after it's launched in the US. Citibank and Fidelity offer similar two percent returns but without the Apple Pay stipulation, according to PC Magazine. Apple Card has a cashback system called "Daily Cash" that gives you money each time you use it.
"I'm underwhelmed", said Ted Rossman, industry analyst at Creditcards.com. All of the free content in the Apple News app will remain accessible - think of News+ as the "premium tier" for that, as it "adds an even more expansive collection of high-quality stories" on top of the free stuff. Users can pay the bills weekly rather than monthly to reduce the interest payment.
But the card's cash rewards fall short of what more traditional cars offer. "There is a healthy market there, so from that perspective there is nothing unique". We won't be surprised if all the issues now available on Apple News+ are already stored on a third-party server. There will be no ad-supported version at launch, and Apple has given no suggestion that that will ever be on the cards.
Apple Card is deeply integrated with iPhone and will be stored in the Apple Wallet app. "Apple Card is created 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 over time and ways to help them pay down their balance". Apple says that News+ subscribers will have access to current and past issues as well as individual articles, but it's unclear if that access will go for every publication or vary from title to title.
The US partnership is a collaboration with Goldman Sachs and Mastercard, and it's probable that if it is successful the trio will then look at new opportunities elsewhere.
However, consumers already have zero fraud liability with credit cards, said Papadimitriou.
The card won't be limited to the digital realm.
It has partnered with a few well-known game creators, including Hironobu Sakaguchi of "Final Fantasy" fame, but it's unclear how well all the new games will work or how fun they'll be to play.
"Apple customers will react very favorably, and it could even draw non-Apple customers over to the Apple platform", he added.
The U.S. technology giant, in partnership with MasterCard and Goldman Sachs, has announced its new product known as Apple Card, which is largely a digital credit card and will be ready to start working in summer of this year. This is in contrast to the sometimes-confusing alphabet soup people can see on their credit card statements.
It also includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
Apple Card will be launching in the USA this summer, according to Apple.
There is still some sense of wait-and-see, as the power of the Apple brand and its fan base is strong.
Oprah, Jason Momoa, Big Bird from Sesame Street, Steven Spielberg and a host of other stars have lent themselves to original Apple shows that range from documentaries to science fiction, drama and preschool television programming. Tapping on transactions will also let you see where the business you spent money at is, on Apple Maps.