Make room in your digital wallet: Apple Card makes its debut

Apple on Tuesday began rolling out its new Apple Card credit card — a move meant to appeal to iPhone users while also expanding the market for the tech giant’s growing services business.

The card, which was announced at a splashy event in March at the company’s headquarters in Cupertino, will be issued in conjunction with Goldman Sachs.

Not every iPhone user can get the virtual Apple Card right away. Apple initially is sending invitations to a random number of people who signed up online to be notified of the card’s release. The company estimates the Apple Card will see a widespread rollout by the end of this month.

Apple hopes that Apple Card will appeal to consumers who already make purchases using their iPhones and the company’s Apple Pay service. The company also is taking some unusual steps to appeal to consumers, such as offering 2% cash back on purchases using Apple Pay, no late-payment fees or penalties (interest will still accrue on unpaid balances), and an app that can be used for financial management.

In addition to providing consumers with an easier way to pay for things, Apple also hopes the card can help it make more money from its services business. During its fiscal third quarter, which ended in June, Apple reported services revenue of $11.46 billion, a gain of more than 12% from the same period a year ago.

Apple is also stressing the security of the Apple Card. Information on purchases is to be stored only on a person’s iPhone; Apple says it is unable to see the purchase data, and Goldman Sachs won’t be able use purchase information to market its own services or products to consumers.

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Source: Make room in your digital wallet: Apple Card makes its debut – Silicon Valley