Apple Card

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Apple Card logo

Apple Card is a credit card developed by Apple for the use of Apple Pay . The card was unveiled by Tim Cook on March 25, 2019 during the Apple Special Event and has been available in the United States since August 2019 . Apple's partners for this service are Goldman Sachs and Mastercard .

properties

Apple doesn't charge late payment, international money transfers, card overdrafts, or monthly fees with its credit card . Apple will jointly issue the Apple Card with Goldman Sachs and work with Mastercard so that users can use the Mastercard network for payments and withdrawals. The card has a reward system which refunds 3% of the purchase price for payments for Apple products and services, 2% for payments via Apple Pay and 1% of the purchase price for payments using the physical card. Rewards are added to the Apple Card daily and can then be used for payments.

According to media reports, the interest charged by Goldman Sachs is lower than with previous credit cards, which is why negotiations with other banks, including Barclays , Citigroup and JPMorgan Chase , were unsuccessful. The responsible project manager at Goldman Sachs, Omer Ismail, also said that the model is about long-term customer loyalty and about “gaining a foothold in a new market”.

A unique card number is created for each device and stored in its security area, a special computer chip used by Apple Pay . A unique “dynamic security code” is created for each payment, which is validated by the biometric authentication methods Face ID or Touch ID . Because only numbers are used for the payment process, Apple cannot find out any information about the transactions. The two-factor authentication must for iCloud be -Account to be used for Apple Card, enabled to be able to apply for a card and use, as each transaction must be so released.

Apple has a titanium card for paying in stores that don't yet support contactless payments . There is no credit card number , card verification number , PIN , expiration date or signature on the card . This data can only be accessed through the Apple Wallet app.

Reactions in Germany

The Frankfurter Allgemeine Zeitung described Apple's step to introduce Apple Card as the “next logical step” after the introduction of Apple Pay, on the one hand, in order to be able to offer the user “a user experience from a single source”, on the other hand, because the German banks have been reluctant to introduce Apple Pay.

The news magazine Der Spiegel called the offer the "highlight of the event".

The Süddeutsche Zeitung, on the other hand, only rated the introduction as Apple's attempt to retain customers more and more, without the credit card offering any significant advantage over others, with various providers even offering higher cashback than what Apple is offering its users want. It is also unclear what and how much Apple earns from the card and what the contracts between Apple and Goldman Sachs look like.

criticism

In November 2019, allegations became known that Goldman Sachs was discriminating against women with regard to the Apple Card by systematically granting them lower credit lines than men with comparable creditworthiness . Apple co-founder Steve Wozniak reported that his credit line was ten times what the bank had given his partner - even though they shared their assets. Goldman Sachs denied the allegations. According to Reuters, the New York Financial Supervisory Authority (NYSDFS) is now determining :

"Any algorithm that intentionally or not results in discriminatory treatment of women or any other protected class violates New York law."

- NYSDFS : Reuters, November 10, 2019

Web links

Individual evidence

  1. ^ Daniel Arkin: Apple event: TV, news and video game services signal new direction for iPhone maker. National Broadcasting Company , March 25, 2019, accessed March 26, 2019 .
  2. ↑ a b Matthias Kremp: Numbers, please! In: Spiegel Online. March 26, 2019, accessed May 10, 2019 .
  3. ^ Andrew Griffin: Apple just released a stunning new credit card. In: The Independent . March 25, 2019, accessed March 25, 2019 .
  4. ↑ Jon Fingas: Apple is launching a credit card. In: Engadget . March 25, 2019, accessed March 25, 2019 .
  5. ^ John McCann: Apple Card launches as a new type of credit card on your iPhone. In: TechRadar . March 25, 2019, accessed March 25, 2019 .
  6. ↑ Why Apple's credit card deal was rejected by a number of major banks. In: Finanz.net. June 4, 2019, accessed June 13, 2019 .
  7. ↑ Apple Card too unprofitable? Goldman Sachs explains that (faster) profit is not the focus this time. In: MacTechNews. June 12, 2019, accessed June 13, 2019 .
  8. ↑ Louise Matsakis: Apple Enters the Credit Card Market With-Yep Apple Card. In: Wired . March 25, 2019, accessed March 26, 2019 .
  9. ↑ John Detrixhe: The most original thing about Apple's credit card isn't its app, fees, or laser-etched titanium. In: Quartz . March 25, 2019, accessed March 26, 2019 .
  10. ^ Matthew Dove: Pepper CEO Sings Praises of the 'World's Coolest Credit Card'. In: The Fintech Times. April 22, 2019, accessed on May 10, 2019 (English): "In addition, for each purchase made there is a two-step security process, similar to Apple Pay, which includes a one-time-use security code, backed up by additional verification via Face ID or Touch ID. "
  11. ↑ a b Introducing Apple Card, a new kind of credit card created by Apple. In: Apple. March 25, 2019, accessed March 26, 2019 .
  12. ^ Franz Nestler: Apple's credit card can do that. In: Frankfurter Allgemeine Zeitung. March 26, 2019, accessed May 10, 2019 .
  13. ↑ a b Nils Wischmeyer: The Apple Card can't do that much. In: Süddeutsche Zeitung. 2019, accessed May 10, 2019 .
  14. ↑ Heike Buchter: The bankers and the women . In: The time . No. 48 , November 21, 2019, p. 35 .
  15. ↑ Andy Meek: Steve Wozniak joins critics who think Apple Card algorithm might have a major flaw - gender bias. In: BGR.com. November 10, 2019, accessed November 24, 2019 .
  16. ↑ Kif Leswing: Goldman Sachs will reevaluate Apple Card credit limits after bias allegations. In: CNBC.com. November 11, 2019, accessed November 24, 2019 .
  17. ↑ Mekhla Raina, Elizabeth Dilts: Goldman faces probe after entrepreneur slams Apple Card algorithm in tweets. In: Reuters.com. November 10, 2019, accessed November 24, 2019 .