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Apple Card is subject to a credit check - information on credit limits has not yet been disclosed. Apple’s current public statements indicate Apple Card will offer interest rates between 13.24% and 24.24% on rolled over balances, with no other fees for late payments or international charges. However, Apple is yet to officially announce plans for any such initiatives. Apple could announce that Apple hardware purchases made with the Apple Card receive 0% financing for twelve months, for example. This could apply to third party purchases with a fixed fee, or perhaps a vehicle for Apple to replace the remaining Barclaycard financing offer. A special financing offer would let customers buy an expensive product with a separate payment plan on the card, not affected by the standard interest rate charges. The inclusion of product-specific special financing in the Apple Card terms is a way in which Apple and Goldman Sachs may be looking to expand the profitability of the Apple Card product. So far, Apple has only ever shown the Apple Card in the context of the Wallet app on the iPhone. The Apple Card app for iPad would let customers apply for the card and manage their accounts. The use of the word “rollout” implies a gradual launch, perhaps with Apple and Goldman Sachs only approving a percentage of applicants at the start as the service ramps up.Īpple has said customers will be able to quickly sign up for the Apple Card from the Wallet app on their iPhone, ready to use for contactless Apple Pay purchases, and also apply for the physical card to be delivered a few weeks later.īloomberg says Apple is also preparing an Apple Card companion app for the iPad, which does not have a dedicated Wallet app (although it does have a “Wallet & Apple Pay” preferences pane in Settings). On the quarterly earnings call, Apple CEO Tim Cook said the Apple Card rollout would begin sometime this month. It’s not clear if this will also be phased out in favor of a comparable Apple Card offering.
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Now, Apple is only promoting a standard Barclaycard Financing Visa. References to Barclaycard rewards have been removed from the Apple site as of a few weeks ago.
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The physical card was emblazoned with an ‘Apple Rewards’ subtitle. The Barclaycard Visa with Apple Rewards would offer bonus points when making Apple purchases which could be redeemed for App Store and iTunes gift cards and deferred financing. The publication also says that Apple is preparing to debut an Apple Card companion app for the iPad, to allow users to sign up and manage their card from their Apple tablet in addition to the iPhone. Apple now only offers basic financing plans with Barclaycard.īloomberg reports that the Apple Card terms allow for Apple to offer special financing plans for specific purchases. Apple and Barclaycard have ended the Barclaycard Apple Rewards card in the last few weeks, as it readies the Apple Card launch with Goldman Sachs.
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