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The new Apple credit card will be able to read your cryptic receipts

The new Apple credit card will be able to read your cryptic receipts
[Screenshot: Apple]

Apple is doing its own take on the credit card, announcing a new card called Apple Card that is deeply integrated into its Apple Pay mobile payments app.

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The company said it’s learned a lot about credit cards since it has been offering the Apple Pay mobile payments app. It saw the need for a card with simpler application process, no fees, lower interest rates, clearer rewards programs, and strong privacy and security.

[Photo: courtesy of Apple]
The card includes a “Daily Cash” feature that gives the card user a reward of 2% for each purchase using the card wirelessly through Apple Pay. For direct-from-Apple purchases, the card offers 3% of the purchase price. The rewards go into a cash card that lives in the Wallet app on iOS devices.

The card is the result of partnership with Goldman Sachs and Mastercard. Apple says its partners will never share the card holder’s personal information with third parties.

For places that don’t yet accept Apple Pay, Apple is providing a physical credit card. The card is made of titanium and contains no card number, no security code, and no owner signature. The card holder gets a 1% reward for purchases made with the physical card.

Apple says Apple Card will have no late fees, no international fees, and no missed payment penalties.

The card includes a feature that makes sense of cryptic receipts using machine learning. It also provides analytics on purchases, like a neat bar graph showing spending habits.

Apple Card will be available this summer.

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