Apple-Goldman card arrives: What to know

Has Apple and Goldman Sachs created the credit card of the future?

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The newest addition to the tech giant’s line is “the only credit card designed to take advantage of the power of iPhone,” according to Apple’s official release video.

It does this by integrating the payment system with the conveniences of its sister Apple services. The Apple Card “lives” in the Wallet app of the user’s iPhone, meaning that payments can be made without the physical card and that transactions can be monitored in real-time. Despite this feature, a physical card—made of titanium—does exist to facilitate payments where virtual payment is not available.

Apple Card provides its user with a complete breakdown of transaction history, filing purchases into categories classifying the product bought, while simultaneously keeping track of transaction location via Maps. It also provides instant cashback on purchases without an upper limit on the amount the user can receive.

Further utilizing the iPhone platform, customer service needs can be addressed using text messaging and all account notifications appear as reminders on the user’s phone. Apple promises that their new addition is truly “a new kind of credit card.”

First announced in March, the new product is “Apple’s latest attempt to bolster its growing services business” as detailed by FOX Business.  Such services now account for over 20 percent of Apple’s revenue.