Apple Promises Its New Credit Card Is a Privacy-Protecting Beast
Apple Card holders are able to easily track their spending in-app, and it will also use machine learning and Apple Maps to color-code by categories and locations, which Apple will serve up in weekly and monthly user-specific reports.
The idea behind this system is to give its users a better idea of how and where they spend their money to better inform their financial decisions.
It may have its moments, but Apple is notoriously focused on privacy and security, and it sounds like Apple Card will be no exception to this principle.
On the privacy front, Apple says that it will never track what cardholders buy, where they buy it, or how much they paid.
Beyond the simplistic hardware element of the physical card itself, purchases must be authorized with Face ID or Touch ID and a one-time security code.
Another Apple Card perk is that itll come free of feesmeaning not only no annual fees but also no late or overdraft feesand the company says interest rates will be low by comparison with industry standard rates.
ET: Well folks, while Apple propped up low-interest rates in its Apple Card presentation, rates now posted to its website look pretty standard.
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