Announced at an Apple event in March this year, the smartphone and tech manufacturer officially launched the Apple Card early in August, further expanding the company’s service offering to its users.

Working hand-in-hand with Apple’s mobile payment system, Apple Pay, users can request a physical titanium card to use for transactions, but users are rewarded with twice as much cash back for completed transactions when using their iPhone to do transactions.

To use the Apple Card, users have to open the Wallet app on their iPhone and apply for the Apple Card, after which Goldman Sachs will approve or deny the request. Working in a very similar fashion to traditional credit cards, the Apple Card offers rates that are on par with what other credit card providers currently offer, with interest rates falling between 12.99 and 23.99 percent.

Should a user’s request be approved, the Apple Card will appear in their Wallet app, from where they will be able to start using it immediately. The company offers 2 percent cash back on every purchase completed with Apple Pay (compared to the 1 percent cash back when using the physical Apple Card) and cash-back rewards can be redeemed daily.

Other benefits include no late fees, the ability to contact customer service through the Apple Messages app, and stringent anti-fraud measures like no numbers on the card itself, together with the ability to easily replace the card in the instance of fraudulent transactions.

Users will see an easy-to-understand breakdown of transactions with colour-coded, detailed maps, showing users where transactions were made. In addition, users can choose how much interest they want to pay, with a spinning wheel showing exactly how much interest they’ll be charged for paying less than the full amount.

The Apple Card is currently only available to a select few iPhone users, with availability expanding to other users later in August, although there is no word yet as to when South African Apple enthusiasts will be able to use the Apple Card locally.

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