APPLE LAUNCHES A NEW CREDIT CARD THAT HELPS USERS SPEND, MONITOR, AND MANAGE MONEY LIKE A PRO, WITH AN EMPHASIS ON PRIVACY
BY ARCHANA AITHAL ROSE
Putting all your eggs in one basket might be considered colloquially unwise, but a certain Cupertino computer and telephone giant promises a fruitful outcome. By summertime, Apple’s partnership with Goldman Sachs will have produced the Apple Card, optimized for use with Apple Pay and with devices like the iPhone and Apple Watch. Functioning as a conventional credit card, its aim is also to de-clutter financial lives with regular summaries of spending, cash returns, and other payments, all via a single application. Additionally, it will offer Apple product discounts, along with cash back for purchases made with Apple Pay. Besides its virtual aspects, there’ll be a physical (titanium, specifically) Apple Card, but one with no typical account number, CVV, or signature. Instead, it will store authorization information in the Apple Wallet app. Arguably the biggest draw for customers, however, is the system’s emphasis on security. When you first get your card, a device number is created on your iPhone; purchases are then authorized via face or touch ID. And unlike other credit cards, Apple will not be privy to purchases; all spending data is stored directly on each device and not shared. With maximum functionality and zero visibility, this could be one of the most game-changing consumer finance developments of the new millennium.