Apple Card

On August 6, 2019, invitations to an early preview started being sent to randomly selected users who had previously signed up for email notifications ahead of Apple Card's official launch.{{Cite web |last=Patel |first=Nilay |date=August 6, 2019 |title=The Apple Card starts rolling out today |url=https://www.theverge.com/2019/8/6/20756048/apple-card-availability-sign-up-cancel-apr-iphone-goldman-sachs |access-date=August 20, 2019 |website=The Verge}} It was released in the United States on August 20, 2019.{{Cite press release |title=Apple Card launches today for all US customers |url=https://www.apple.com/newsroom/2019/08/apple-card-launches-today-for-all-us-customers |access-date=August 20, 2019 |work=Apple Newsroom}} Additional cardholders and joint accounts were not supported at its launch.{{Cite news |last=Panzarino |first=Matthew |date=March 28, 2019 |title=How Apple Card works |publisher=TechCrunch |url=https://www.macrumors.com/guide/apple-card |access-date=April 8, 2019}}

The card features a number of consumer-friendly features including no fees, software that encourages users to avoid debt or pay it down quickly, the industry's lowest interest rate range for comparable cards, and a mandate to approve as many iPhone users as possible. These features are seen as being risky for a bank to take on, and led other banks with established consumer credit card operations including Apple's long time partner Barclays, along with Citigroup, JPMorgan Chase and Synchrony, to turn down Apple's proposal.{{Cite web |last=Son |first=Hugh |date=May 28, 2019 |title=A Goldman Sachs rival pulled out of the Apple Card deal on fears it will be a money loser |url=https://www.cnbc.com/2019/05/28/goldman-rival-pulled-out-of-apple-card-on-fears-it-was-money-loser.html |access-date=July 2, 2022 |website=CNBC |language=en}}{{Cite web |last=Son |first=Hugh |date=August 14, 2019 |title=Goldman Sachs may lose money on the Apple Card in the next recession, Nomura says |url=https://www.cnbc.com/2019/08/14/goldman-sachs-may-lose-money-on-the-apple-card-in-the-next-recession.html |access-date=July 2, 2022 |website=CNBC |language=en}} Goldman Sachs defended the terms of the deal saying they were "thrilled" with the partnership and seeking "to disrupt consumer finance by putting the customer first."

Apple Card was announced at an Apple Special Event on March 25, 2019. Unlike previous special events which have historically served as platforms to announce upcoming hardware, this event focused on new internet software and services. Other services announced at the event include Apple TV+, Apple News+, and Apple Arcade.{{Cite web |last=Arkin |first=Daniel |date=March 25, 2019 |title=Apple event: TV, news and video game services signal new direction for iPhone maker |url=https://www.nbcnews.com/tech/apple/apple-event-credit-card-news-subscription-service-signal-new-direction-n986996 |access-date=March 26, 2019 |website=NBC News}}{{Cite news |last=Kleinman |first=Zoe |date=March 25, 2019 |title=Apple debuts own credit card and TV shows |publisher=BBC News Online |url=https://www.bbc.com/news/technology-47697647 |access-date=March 25, 2019}}

On April 20, 2021, Apple announced that it would be introducing joint accounts and additional cardholders. These features have been introduced under the brand Apple Card Family. Individuals 18 years and older can be co-owners of the account, while individuals 13 years and older can be additional cardholders. Up to five individuals may be additional cardholders or co-owners.{{Cite press release |title=Apple introduces Apple Card Family, enabling people to share Apple Card and build credit together |url=https://www.apple.com/newsroom/2021/04/apple-introduces-apple-card-family-enabling-people-to-share-apple-card-and-build-credit-together/ |language=en-US |access-date=April 24, 2021 |work=Apple Newsroom}}

In January 2023, Bloomberg reported that Goldman Sachs suffered $1 billion in losses because of the card.{{Cite news |last=Marcelline |first=Marco |date=January 14, 2023 |title=Apple Card Has Cost Goldman Sachs Over $1 Billion in Losses |work=PCMag |url=https://www.pcmag.com/news/apple-card-has-cost-goldman-sachs-over-1-billion-in-losses |access-date=January 16, 2023}}

On {{date|2023-04-17|MDY}}, Apple began offering a high-yield savings account backed by Goldman Sachs to Apple Card users.{{cite press release |title=Apple Card's new high-yield Savings account is now available, offering a 4.15 percent APY |url=https://www.apple.com/newsroom/2023/04/apple-cards-new-high-yield-savings-account-is-now-available-offering-a-4-point-15-percent-apy/ |website=Apple Newsroom |publisher=Apple Inc. |access-date=17 April 2023}}

The Wall Street Journal reported in June 2023 that Goldman Sachs had entered into discussions with American Express to explore the possibility that American Express might take over the partnership, replacing Goldman.{{cite news |last1=Andriotis |first1=AnnaMaria |title=Goldman Is Looking for a Way Out of Its Partnership With Apple |url=https://www.wsj.com/articles/goldman-is-looking-for-a-way-out-of-its-partnership-with-apple-79849a91?mod=hp_lista_pos1 |access-date=1 July 2023 |work=Wall Street Journal |date=30 June 2023}}

File:Apple credit card14 07 57 638000.jpeg and Mastercard logos]]

Users can apply for an Apple Card directly from within the Wallet app.{{Cite web |title=How to apply for Apple Card |date=May 30, 2023 |url=https://support.apple.com/en-us/HT209257 |publisher=Apple}} Upon approval, a digital Apple Card is made available immediately on all of the user's devices. Users also can order a physical card for use at locations that do not accept contactless payments.{{Cite web |last=Leskin |first=Paige |title=Here's when the new titanium Apple Card will be available, and how you can sign up |url=https://www.businessinsider.com/when-will-apple-titanium-card-be-available-release-date-2019-3 |access-date=April 7, 2020 |website=Business Insider}}

The physical card does not display numbers on the front; instead, users receive a 16-digit virtual card number for websites and apps that do not accept Apple Pay.{{Cite web |last=Haselton |first=Todd |date=August 15, 2019 |title=The Apple Card has no numbers on it — here's how to find them to buy stuff online |url=https://www.cnbc.com/2019/08/15/how-to-find-your-apple-card-number.html |access-date=April 7, 2020 |website=CNBC |language=en}} Apple Card details are accessible in the user's iCloud Keychain and can be auto-filled into online forms.{{Cite web |last=Delfino |first=Devon |title=How to set up autofill on a Mac computer in Safari, so you don't have to type in your information each time |url=https://www.businessinsider.com/how-to-set-up-autofill-on-mac |access-date=April 7, 2020 |website=Business Insider}}

Apple has designed a titanium Apple Card for shopping at locations where Apple Pay contactless payment is not accepted. The logos on the card are engraved, and the cardholder's name is laser-etched onto the card.{{Cite news |title=Apple introduces its own credit card, the Apple Card |url=https://techcrunch.com/2019/03/25/apple-introduces-its-own-credit-card-the-apple-card/ |access-date=January 28, 2020}}{{Cite web |title=About the titanium Apple Card |date=October 18, 2019 |url=https://support.apple.com/en-us/HT210399 |access-date=January 28, 2020 |publisher=Apple}} The card has no card number, CVV security code, expiration date, or signature printed on the card.

On delivery, users with the iPhone XS and above can activate the physical card by moving their phone near a NFC tag concealed within the card's packaging.{{Cite web |last=Rambo |first=Guilherme |date=March 27, 2019 |title=Here's how the physical Apple Card will be activated on iOS [U] |url=https://9to5mac.com/2019/03/27/apple-card-activation-ios/ |access-date=July 18, 2019 |publisher=9to5Mac}} Users with an iPhone X or earlier need to open the Wallet app before tapping the phone against the card.{{Cite web |title=Request and use your titanium Apple Card |url=https://support.apple.com/en-us/HT209434 |access-date=August 20, 2019 |publisher=Apple}}

Regular purchases made using the physical card earn 1%, purchases made with Apple Pay earn 2%, and purchases at Apple Stores and selected partners earn 3%. Cashback on eligible purchases is deposited into the customer's Apple Cash account, or deposited in the customer's Apple Card Savings Account, or applied as a statement credit.{{Cite web |title=Daily Cash with Apple Card |date=June 6, 2023 |url=https://support.apple.com/en-us/HT209227 |publisher=Apple}}{{Cite web |last=White |first=Alexandria |date=August 15, 2019 |title=Here's how the Apple Card's 'Daily Cash' works |url=https://www.cnbc.com/2019/08/15/how-apple-card-daily-cash-works.html |access-date=April 7, 2020 |website=CNBC |language=en}}{{Cite web |last=McCann |first=John |date=March 25, 2019 |title=Apple Card launches as a new type of credit card on your iPhone |url=https://www.techradar.com/news/apple-card-launches-as-a-new-type-of-credit-card-on-your-iphone |access-date=March 27, 2019 |website=TechRadar}}

Apple Card does not charge late, foreign transaction, returned payment, or annual credit card fees, but it does generate interest fees when carrying a balance and interchange fees charged to the vendor.{{Cite web |date=December 11, 2019 |title=Apple Card Review: Actually Owning It Changed Our Minds |url=https://thewirecutter.com/money/credit-cards/apple-credit-card-review/ |url-status=unfit |archive-url=https://web.archive.org/web/20191213011739/https://thewirecutter.com/money/credit-cards/apple-credit-card-review/ |archive-date=December 13, 2019 |website=Wirecutter}}{{Cite web |last=Son |first=Hugh |date=March 25, 2019 |title=Apple unveils new credit-card: the Apple Card |url=https://www.cnbc.com/2019/03/25/apple-unveils-new-credit-card-the-apple-card.html |access-date=March 25, 2019 |publisher=CNBC}}

Launched on April 17, 2023, it allows Apple Card owners and co-owners to open a 4.15% savings account to deposit their Daily Cash,{{cite news|url=https://www.cnn.com/2023/04/17/success/apple-card-savings/index.html|title=Apple offers 4.15% high-yield savings to its Apple Card holders|first=Jeanne|last=Sahadi|website=CNN|date=April 17, 2023}} with no fees and no minimum balance.{{cite news|url=https://techcrunch.com/2023/04/18/apple-launches-apple-cards-savings-accounts-with-415-interest-rate/|title=Apple launches Apple Card's savings accounts with 4.15% interest rate|first=Romain|last=Dillet|website=TechCrunch|date=April 18, 2023}}

The Wallet app collates Apple Card transactions by category and provides weekly and monthly activity summaries.{{Cite press release |title=Introducing Apple Card, a new kind of credit card created by Apple |date=March 25, 2019 |url=https://www.apple.com/newsroom/2019/03/introducing-apple-card-a-new-kind-of-credit-card-created-by-apple/ |access-date=March 26, 2019 |url-status=live |archive-url=https://archive.today/20190325174956/https://www.apple.com/newsroom/2019/03/introducing-apple-card-a-new-kind-of-credit-card-created-by-apple/ |archive-date=March 25, 2019 |work=Apple Newsroom}} Apple Maps is used to provide a colour-coded category, map location, and contact details for the merchant (where available).{{Cite web |title=Apple Card - How It Works |url=https://www.apple.com/apple-card/how-it-works/ |access-date=July 18, 2019 |publisher=Apple |archive-url=https://web.archive.org/web/20190722085154/https://www.apple.com/apple-card/how-it-works/ |archive-date=July 22, 2019 |url-status=dead}}

Apple added support for users to give third-party budgeting apps access to transaction data for budget management in iOS 17.4{{Cite web|title=iOS 17.4 Lets Budget Apps Read Real-Time Apple Card Transaction Info|first=Juli|last=Clover|access-date=2024-03-05|url= https://www.macrumors.com/2024/03/05/apple-card-ios-17-4-budget-apps/ |website=MacRumors|date=March 5, 2024 }}

{{main|Apple Pay}}

A unique card number is created for each device and is stored in a secure element which is used by Apple Pay to handle transactions and on-device cryptographic functions. Each transaction uses its own one-time dynamic security code and is authorized with Face ID, Touch ID,{{Cite magazine |last=Matsakis |first=Louise |date=March 25, 2019 |title=Apple Enters the Credit Card Market With—Yep—Apple Card |url=https://www.wired.com/story/apple-credit-card-apple-pay/ |magazine=Wired |access-date=March 26, 2019}} or passcode.{{Cite web |date=July 12, 2019 |title=Apple Pay security and privacy overview |url=https://support.apple.com/en-us/HT203027 |access-date=August 21, 2019 |publisher=Apple}}

As with Apple Cash, transaction history for Apple Card is stored on and synced across devices using iCloud and encrypted such that only the authorized account holder can view it.{{Cite web |last=Detrixhe |first=John |date=March 25, 2019 |title=The most original thing about Apple's credit card isn't its app, fees, or laser-etched titanium |url=https://qz.com/1580194/the-apple-credit-cards-most-original-feature-is-privacy/ |access-date=March 26, 2019 |website=Quartz}} Two-factor authentication must be enabled on the user's Apple ID account in order to apply for Apple Card.

For Apple Card's initial US launch, Goldman Sachs assumed the role of the issuing bank,{{Cite web |date=August 14, 2019 |title=Report: Goldman Sachs spending $350 to acquire each new Apple Card user, could see losses in a recession |url=https://9to5mac.com/2019/08/14/goldman-sachs-apple-card-losses/ |access-date=August 22, 2019 |publisher=9to5Mac}}{{Cite web |date=August 20, 2019 |title=How your Apple Card application is evaluated |url=https://support.apple.com/en-us/HT209218 |access-date=August 22, 2019 |publisher=Apple}}{{Cite news |title=Apple and Goldman Sachs launch their credit card |newspaper=The Economist |url=https://www.economist.com/finance-and-economics/2019/08/24/apple-and-goldman-sachs-launch-their-credit-card |url-access=subscription |access-date=August 22, 2019}}{{Cite web |last=Statt |first=Nick |date=August 21, 2019 |title=Apple warns you may permanently discolor your Apple Card if it's stored in leather |url=https://www.theverge.com/tldr/2019/8/21/20827303/apple-card-titanium-goldman-sachs-iphone-users-cleaning-warning-discoloration |access-date=August 22, 2019 |website=The Verge}} while Mastercard served as the payment network.{{Cite web |last=Griffin |first=Andrew |date=March 25, 2019 |title=Apple just released a stunning new credit card |url=https://www.independent.co.uk/life-style/gadgets-and-tech/news/apple-card-credit-pay-iphone-wallet-details-cost-goldman-sachs-a8839276.html |url-access=subscription |url-status=live |archive-url=https://ghostarchive.org/archive/20220508/https://www.independent.co.uk/life-style/gadgets-and-tech/news/apple-card-credit-pay-iphone-wallet-details-cost-goldman-sachs-a8839276.html |archive-date=May 8, 2022 |access-date=March 25, 2019 |website=The Independent}} However, Goldman planned to quit the consumer lending business including Apple Card, which led to many big banks including JPMorgan Chase and Synchrony Financial approaching Apple to express their interest of takeover.{{cite news |last1=Azhar |first1=Saeed |title=Goldman Sachs faces rocky exit from Apple credit card partnership |url=https://www.reuters.com/business/finance/goldman-sachs-faces-rocky-exit-apple-credit-card-partnership-2023-12-18/ |access-date=2 April 2025 |agency=Reuters |date=18 December 2023}} In April 2025, VISA offered a $100 million upfront payment for replacing mastercard as Apple Card's issuer.{{cite news |last1=Andriotis |first1=AnnaMaria |title=Visa Offers Apple Roughly $100 Million to Take Over Credit Card From Mastercard |url=https://www.wsj.com/finance/banking/apple-card-visa-mastercard-deal-3ce762da?mod=lead_feature_below_a_pos2 |access-date=2 April 2025 |work=WSJ |date=1 April 2025}}

In March 2020, about 3.1 million Americans held the Apple Card. That number grew to 6.7 million cardholders as of early 2022 and to 12 million by early 2024. Six in ten Apple Card users use it as their primary credit card.{{Cite web |last=Shevlin |first=Ron |date=March 9, 2020 |title=If Tim Cook Won't Tell The World How The Apple Card Is Doing, I Will |url=https://www.forbes.com/sites/ronshevlin/2020/03/09/if-tim-cook-wont-tell-the-world-how-the-apple-card-is-doing-i-will/ |access-date=March 12, 2020 |website=Forbes |language=en}}

On October 1, 2019, MarketWatch published an article stating that Goldman Sachs is not reporting payments to the credit reporting agencies.{{Cite web |last=Passy |first=Jacob |title=Apple and Goldman Sachs don't report Apple Card information to credit bureaus |url=https://www.marketwatch.com/story/apple-and-goldman-sachs-arent-reporting-apple-card-information-to-credit-bureaus-2019-10-15 |access-date=January 24, 2020 |website=MarketWatch |language=en-US}} The article suggests that Apple and Goldman Sachs rushed development of the card, and that the companies would fix the issue over time.

On November 7, 2019, David Heinemeier Hansson posted on Twitter that he was given 20 times the credit limit than was offered to his wife despite her having a better credit score. He accused Goldman Sachs of gender discrimination by using algorithms to determine a person's credit limit.{{Cite news |last1=Raina |first1=Mekhla |last2=Dilts |first2=Elizabeth |date=November 9, 2019 |title=Goldman faces probe after entrepreneur slams Apple Card algorithm in tweets |publisher=Reuters |url=https://www.reuters.com/article/us-goldman-sachs-probe/goldman-faces-probe-after-entrepreneur-slams-apple-card-algorithm-in-tweets-idUSKBN1XK00L |access-date=November 10, 2019}} Apple's co-founder Steve Wozniak also tweeted that he received ten times the credit limit that his wife was offered.{{Cite news |last=Meek |first=Andy |date=November 10, 2019 |title=Steve Wozniak joins critics who think Apple Card algorithm might have a major flaw – gender bias |publisher=BGR |url=https://bgr.com/2019/11/10/apple-card-gender-discrimination-goldman-sachs-steve-wozniak/ |access-date=November 10, 2019}} In response to Hansson's tweets, the New York State Department of Financial Services launched an investigation into Goldman Sachs's practices.

On March 23, 2021, the New York State Department of Financial Services issued a report summarizing its findings after investigating consumer complaints about the Apple Card. The investigation, which included a review of several thousand pages of records and written responses from Goldman Sachs Bank and Apple, interviews of witnesses and Apple Card applicants, and analysis of underwriting data for approximately 400,000 New York State applicants for the Apple Card, did not produce evidence of unlawful discrimination against applicants under fair lending law.{{Cite web |date=March 23, 2021 |title=Report on Apple Card Investigation |url=https://www.dfs.ny.gov/system/files/documents/2021/03/rpt_202103_apple_card_investigation.pdf |url-status=live |archive-url=https://web.archive.org/web/20210323203409/https://www.dfs.ny.gov/system/files/documents/2021/03/rpt_202103_apple_card_investigation.pdf |archive-date=March 23, 2021 |access-date=April 11, 2021 |website=New York State Department of Financial Services}}

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Category:2019 introductions

Card

Category:Contactless smart cards

Category:Credit cards in the United States

Category:Financial services companies established in 2019

Category:Goldman Sachs

Category:Mastercard