5 important things to note about Apple Card as it launches in the US
Much to the anticipation of many around the world, Apple Card has finally launched to people in the United States of America. The application process is very easy, with just a few clicks from one's Apple iPhone.
It is made by Apple in partnership with Goldman Sachs, and powered by Mastercard, one of the world’s leading payment solution providers, accepted by most retailers around the world. It guarantees privacy, with your data not being used by Apple nor Goldman Sachs for any promotional or tracking activities.
There are many more reasons why people across the world are excited for Apple Card. Hera are the top 10.
Now to the purpose of this story. Here are the 5 important things to note about Apple Card:
1. Global expansion in the cards
Probably one of the most anticipated questions for many outside the US. Take a breath — the answer is most likely.
In an interview with CNBC on 26 March earlier this year, Goldman Sachs International's CEO Richard Gnodde said, "With that product (Apple Card) we are going to start in the U.S. but over time, absolutely, we will be thinking of international opportunities for it."
However, there haven't been any further announcements regarding an international roll-out. We would expect that to take some more time as Apple and Goldman Sachs would need to set up in compliance with local regulations and put the processes of credit checking, payments, banking and more in place.
We'll be closely watching for more details and will keep you posted through our platform.
2. You can opt out of the arbitration clause in a few seconds
Currently, many companies in the US have an arbitration clause which puts the power of any legal proceedings in their favour. It also prevents one from joining a class action suit or individually suing the company.
However, one can easily opt out of the clause (yes, that's possible) by simply texting through the Apple Card chat feature. As done by Paul (shown below through his tweet), it is possible to do this in just a few seconds.
3. Check your wallet before putting in the Apple Card
Apple Card comes with a specialised multi-layer finish, which can get discoloured when it is in contact with denim, leather and some other materials. So if you're carrying wallets made from those materials, you might want to consider better storage alternatives as Apple says the discolouration "will not wash off."
Should your card get stained due to coming in contact with other contaminants, Apple recommends to:
Gently wipe with a soft, slightly damp, lint-free microfiber cloth.
Moisten a soft, microfiber cloth with isopropyl alcohol and gently wipe the card.
It warns against the use of "window or household cleaners, compressed air, aerosol sprays, solvents, ammonia, or abrasives to clean your titanium Apple Card."
Should we be looking out for a "stain-gate"?
4. No jail breaking or cryptocurrency purchases
This doesn't come as a surprise. Apple does not appreciate jailbreaking its products. The eligible device (iPhones) become non-eligible should Apple know it has been jailbroken.
Here is the segment of the Apple Card agreement reported by 9to5Mac:
"If you make unauthorized modifications to your Eligible Device, such as by disabling hardware or software controls (for example, through a process sometimes referred to as “jailbreaking”), your Eligible Device may no longer be eligible to access or manage your Account. You acknowledge that use of a modified Eligible Device in connection with your Account is expressly prohibited, constitutes a violation of this Agreement, and could result in our denying or limiting your access to or closing your Account as well as any other remedies available to us under this Agreement."
The ban on the purchase of cryptocurrencies using the Apple Card might seem as a surprise to some, but it is also not unusual. The Verge reports that while it would seem Apple and Goldman Sachs do not have anything against cryptocurrencies, Bitcoin and other tokens fall under the "cash equivalents umbrella" which is restricted by law in some states to be purchased using a line of credit.
5. Pure metal that gives you cash back on every purchase
One of the most attractive features of the Apple Card is its daily cash back aspect. On every purchase, you get cash credited to Apple Pay instead of at the end of the month or through points that complicate usage and understanding of true returns.
The card brings in transparency into the financial sector, helping people understand exactly how much they are spending, where and on what, as well as how much they are getting back. A simple 1 and 2 percent return depending on your mode of payment, and 3 percent if it is an Apple purchase.
When it comes to the card itself, I cannot deny that the Apple Card is beautiful. It is simple, elegant, clean, minimalistic, and I wish I could hold it in my hands before I wrote this to tell you how the titanium card feels between the fingers. However, I did find videos of people dropping their Apple Cards, and you can distinctly hear the metal sound, helping you imagine how its weight and metal would feel; even though the sound of it dropping could make some cringe. Check it out below.
Luckily, being made of titanium, there haven’t been complaints about it bending. Stains might take some time to appear though.