- At its event on Monday, Apple announced its first physical credit card.
- The company said the Apple Card wouldn’t have any international fees or over-limit fees and, perhaps most notably, there wouldn’t be fees for missing a payment.
- The credit card also touts a rewards program called Daily Cash, where cardholders get 2% cash back when using Apple Pay and 3% when buying directly from Apple.
When Apple’s first physical credit card launches this summer, it will come standard with something people love: no hidden or annoying fees.
The white titanium credit card – which has no number or security code – also touts a rewards program called Daily Cash, where cardholders get 2% cash back when using Apple Pay and 3% on purchases made via the App Store or iTunes, or other direct-from-Apple buys.
The physical cards will come in handy at merchants that don’t accept Apple Pay via an iPhone.
Though the lack of late fees will likely save some cardholders the headache and financial hit from forgetting to pay their bill, Ted Rossman, an industry analyst at CreditCards.com, said he was unimpressed with the benefits that the Apple Card offers.
“Frankly, I’m underwhelmed,” Rossman said. “People will sign up for it, but that will be mostly because they love Apple, not because this card is better than anything that already exists. For example, Citi Double Cash is a very simple, easy-to-use, 2%-cash-back card. And that’s on everything (not just Apple Pay purchases).”
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