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Apple Has Redesigned The Credit Card

Can it redesign debt?

The card is a thin block of aluminum, with your name laser-etched on top of it. There are no credit card numbers, CCV codes or signatures. This card was born in Cupertino–and those details just get in the way of sleek design.

This is Apple Card: the credit card Apple is releasing both as a tangible credit card and a virtual card inside Apple Pay, in conjunction with Goldman Sachs and Mastercard. Announced at yesterday’s live event in Cupertino and due out this summer, Apple Card marks a strategic shift for the technology company: Don’t just sell consumers shiny new gadgets; sell them enticing lines of credit, too.

In terms of the Apple Card’s features, some are great–like no annual fees or late fees on payments. Likewise, interest rates won’t increase with missed payments, and Apple and its partners have agreed not to sell your spending data. Others are just okay, like 2 percent back on purchases, and 3 percent back on Apple purchases. Interest rates will range from 13.24 percent to 24.24 percent (based upon your personal credit score placed atop the rate baseline in March’s Federal Reserve data). But this is Apple. It’s not just promising you any old credit card. It’s promising a credit card “designed for a healthier financial life,” according to Jennifer Bailey, VP of Apple Pay. 

Please select this link to read the complete article from Fast Company.

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