Apple just announce that they are partnering up with Goldman-Sachs and MasterCard to make a credit card, the Apple Card, it is a card that can be completely digital and is just inside your Apple Wallet app.
Some of the functions it boasts of is that it does not have any kind of fees, not even hidden ones. It also helps you track exactly when and where you spent your money, but Apple claims that it is all done locally on the device and not tracked on the Apple servers. Another highlighted function would be that the daily cashback, Apple claims that the cashback for each transactions will be allocated into your account each day instead of the end of each month.
Despite Apple claiming that this card will be very user-friendly, the barrier of entry is actually still pretty high, especially if you don't own an Apple device, and we still don't know which devices this service will be available on. Other than that, Apple's claim of not having any fees, even for late payments or missing payments have a fine print to it: “Variable APRs range from 13.24% to 24.24% based on creditworthiness. Rates as of March 2019.” As for penalty rates, well… “Late or missed payments will result in additional interest accumulating toward your balance.”
All in all, the Apple Card may not be as great as they market it to be, as all products seem to be these days, but we'll just have to see.
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