How Apple's new credit card measures up with Gen Z

Apple announces its own credit card

It shows a cardholder a range of payment options and calculates the interest on those options in real time.

There's also four new Animoji to send as stickers in iMessage or use during FaceTime calls: giraffe, shark, owl, and boar. Apple has partnered with financial services companies Goldman Sachs and Mastercard to offer the credit card service in global stores worldwide. Apple is promising enough incentives too for users to be lured into accepting the Apple Card, which includes daily cash back offers, lower interest rates, lower fees and so on, besides being simple and easy to use as well.

Social media billed the new card as an Apple "flex", a slang word millennials use for a product or service that allows them to show off to peers. The Secure Element is a special chip used to keep Apple Pay transactions secure.

There are reinforced security measures, for instance, the two-factor authentication which includes scanning user's face or fingerprint.

It looks different from a traditional credit card - there's no number on the front and the users' name is etched in metal.

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"This card has ironclad privacy behind it", remarked Tim Bajarin, president of Creative Strategies, a technology advisory firm in Campbell, California. So if you're not into optimizing rewards by juggling multiple cards to earn higher rates on specific purchases, the Apple Card could work well for you.

"The titanium card is exquisitely designed, really good looking", Nilson's Robertson told TechNewsWorld. Apple will not know where you are spending your money, such information will not be on Apple's server. The Washington Post said it's focused on growing its own subscriber base, and joining the Apple bundle doesn't now make sense. The $0-annual-fee Bank of America® Travel Rewards credit card, for example, earns 1.5 points per dollar on all purchases, not to mention a plum of a sign-up bonus: 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.

First of all, you need to know that if you want to apply for an Apple Card, you must first own an iPhone. Apple said the Apple card will attract "no late fees, no annual fees, no worldwide fees, and no over limit fees and lower interest rates". As such, the scheme will strengthen brand loyalty among Apple customers. It's created to be used either in countries that don't offer Apple Pay or in the 30 percent of retailers who don't support it.

Bailey said the Apple Card will officially launch in the United States this summer, which is between June and August. Apple also announced plans to update its TV app, so users will be able to subscribe to other video services like Showtime and Starz (which is already a feature of Amazon and Roku).

Issuing banks retain control of approving customers for cards, often using data the retailer has on shoppers as part of the process, the person said.

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