Apple has rolled out its first Apple Card to a selected group of test users. A restricted number of customers who signed up to be informed about the Apple Card launch can now apply for the card in their Wallet app — as well as the option to order their physical Apple Card.
A full-fledged launch of the product will come later in August. The Apple card requires iOS 12.4 and up to operate effectively.
When you sign up for the card, some of the information is pre-filled from your existing AppleID account which reduces the manual work on the customer’s end, making the onboarding session much easier.
The card on the screen works with an intelligent mechanism which provides a live heat map of your spending categories. Supposedly, if you spend more on restaurants, the card will turn to an orange hue. If you shop for lifestyle and entertainment-related items, your card might shift to a blend of pink and orange.
Though the Apple card app has categorized spending habits and segregated it much, clearly, it isn’t much rewarding. If you are someone who loves to access their credit card points at the end of the month for free travel points or discounts on websites, Apple card will not feel that great to you.
Apple aims at providing the easiest to understand and representational reward metric, rather than providing category point returns. But this also means that the card won’t come as a huge success for people who are frequent travelers and are big on reward points.
Users will not be able to leverage the power of Apple’s card in this way as Apple has decided to offer a transparent rewards methodology: users will receive cashback based on the percentage of their purchase in 3 categories.
These categories are 3% on all purchases from the App Store, Apple subscriptions, and the Apple Store, 2% daily cashback on any purchase from Apple Pay and 1% online or offline with the physical card.
The cashback is received on a daily basis and is promptly made available on the Apple Cash card balance. Users can instantly transfer the money to their bank account with a maximum $10 fee or choose a free transfer option with a three-day transfer.
The cashout is quite faster as compared to other reward-based apps that offer cashback. And Apple makes no attempt, like many other cards, to funnel you back into a pure statement credit version of the money received as cashback. The cash becomes cash almost instantly.