The new Apple Card will have a variable interest rate, and will probably be available to people with only fair credit scores. While it has no fees attached, there are new fees for the closely Apple Pay Cash service.
Apple announced a new credit card issued in conjunction with Goldman Sachs at a launch event at its campus on Monday. Apple is promoting it as a simpler credit card, with nofees, powerful integration with iPhone spending tools and attractive rewards when customers use Apple Pay, Apple's digital wallet.
The high-end rate suggests that Apple will make its card widely available, but will significantly raise rates for people with bad credit, Rossman suggested. While the Apple Card doesn't have an annual membership fee, on Tuesday, Apple quietly introduced new fees for peer-to-peer transactions through its Apple Pay Cash service.
Apple has added a 1 precent fee to transfer funds from a credit card to Apple Pay Cash, including with Apple Card. Apple has also added a 1 percent fee to transfer money from an Apple Pay Cash balance to a debit card. This means that while Apple Card doesn't have fees, some of Apple's associated services might have one.Another key selling point of the Apple Card is the iPhone giant's reputation for security.
"Your Apple card is more secure than others, it has no card number, no CVV, no expiration and no signature," Apple Pay VP Jennifer Bailey emphazied on Monday.
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