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Apple Card Now Available to all U.S. Customers

Apple, which is counting on recurring fees to boost revenue as iPhone sales slow, has been making a broader push to expand its services business via its 1.4 billion active devices. Apple reported $11.46 billion in services revenue for the fiscal third quarter

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FILE - Apple's App Store app is seen in Baltimore, MD., March 19, 2018. VOA

The Apple Card is now available to all U.S. customers, the company said Tuesday.

Apple announced the full launch of its new iPhone-integrated credit card, a joint venture with Goldman Sachs, on its website Tuesday. Previously, a limited number of customers were invited to apply for the card early in a “preview.”

IPhone users can now apply for the card through the Wallet app “in minutes” and “start using it right away with Apple Pay in stores, in apps and on websites” if they are approved, according to the blog post. The card carries no fees, but customers who don’t pay their balance in full are subject to a 12.99% to 23.99% variable APR based on creditworthiness.

The company also announced it was extending the card’s 3% “Daily Cash” policy to more merchants and apps, including Uber and Uber Eats. The rewards program gives back a percentage of every purchase as cash on customers’ Apple Card “each day.”

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The Apple logo is shown outside the company’s Worldwide Developers Conference in San Francisco, California. VOA

In early August, Apple invited its first customers to apply for the Apple Card.

CNBC previously reported Apple wanted Goldman Sachs to approve as many of its 100 million-plus U.S. iPhone users as possible for the card, within the bounds of regulation and responsible lending. The bank has been accepting some applications from users with less-than-stellar credit scores.

The card does include financial wellness tools like a “payment nudge” that shows how much interest a user would be charged for a given payment amount. The card also displays detailed spending information in real time, letting users track weekly or monthly spending, categorized by color.

Also Read: Google Removes 27 Apps that Guided Users to Fake Play Store

Apple, which is counting on recurring fees to boost revenue as iPhone sales slow, has been making a broader push to expand its services business via its 1.4 billion active devices. Apple reported $11.46 billion in services revenue for the fiscal third quarter. (IANS)

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Apple Card Under Probe for Sex Discrimination in Credit Limits

Customers can sign up for Apple Card in the Wallet app on their iPhone in minutes and start using it with Apple Pay right away in stores, in apps or online worldwide

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An Apple company logo is seen behind tree branches outside an Apple store in Beijing, Dec. 14, 2018. VOA

The New York Department of Financial Services has opened a probe into allegations of gender discrimination by Apple Card issuer Goldman Sachs while determining credit limits.

The investigation into the algorithm used to set credit limits for the Apple Card followed a series of tweets by entrepreneur David Heinemeier Hansson (known as DHH) about Apple Card.

“The @AppleCard is such a sexist programme. My wife and I filed joint tax returns, live in a community-property state, and have been married for a long time. Yet Apple’s black box algorithm thinks I deserve 20x the credit limit she does. No appeals work,” Hansson tweeted.

The complaint was seconded by none other than Apple co-founder Steve Wozniak. “The same thing happened to us. I got 10x the credit limit. We have no separate bank or credit card accounts or any separate assets. Hard to get to a human for a correction though. It’s big tech in 2019,” said Wozniak.

The New York Department of Financial Services confirmed on Saturday that it will investigate Apple Card, reports Market Watch.

Though Apple is yet to respond to the investigation into the card, media reports quoted a Goldman Sachs spokesperson saying: “Our credit decisions are based on a customer’s creditworthiness and not on factors like gender, race, age, sexual orientation or any other basis prohibited by law.”

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Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York, Aug. 1, 2018. VOA

Earlier, in his series of tweets, Hansson said: “Apple offers a credit card that bases its credit assessment on a black-box algorithm.

“Apple has handed the customer experience and their reputation as an inclusive organisation over to a biased, sexist algorithm it does not understand, cannot reason with, and is unable to control. When a trillion-dollar company simply accepts the algorithmic overlord like this…”

Launched with Goldman Sachs and Mastercard in August, Apple Card is both a digital and physical credit card that requires no number, CVV security code, expiration date or signature on the card.

Also Read: What Does The Death Of Abu Bakr al-Baghdadi Means For Terrorism in West And South Asia?

It comes with benefits like instant approval, zero fees on missing deadlines or going over the limit and daily cashback on purchases.

Customers can sign up for Apple Card in the Wallet app on their iPhone in minutes and start using it with Apple Pay right away in stores, in apps or online worldwide. (IANS)