![]() ![]() “We have signed up for ApplePay and will launch it very early in the New Year. However speculation back in October predicted that the bank would be launching Apple’s service early in 2016, following an unexpected email response to a customer complaint, in which a senior Barclays executive said that Apple Pay would soon be coming to its users. Speedyīarclays had come under criticism for being one of the few British banks to not yet offer Apple Pay functionality to its customers, more than six months since the service launched in the UK. The mybarclaycard app, which is free to download for Android devices now, allows those with Barclaycard credit cards to make NFC payments of up to £30.Īpparently users won’t need to launch the Barclaycard app itself to use the contactless function, which can even be used to buy goods up to the value £100 in some stores when entering a PIN code as well. They have a very specific aesthetic, so I’m not surprised that their physical credit card is as beautifully designed as many of their other products.” Depending on how much street cred an Apple Card will carry, opting to receive a single percent back might be the ultimate power move - but don’t forget you’ll only get 1% cash back when you use it instead of Apple Pay.Barclays has released a new mobile app which offers customers the ability to make NFC and contactless payments using their smartphones. “And you know Apple is all about simple beautiful design. “It definitely creates a sense of luxury and power when you like plunk it down on a counter to pay for something because it’s heavy,” says Rathner, who noted the relative rarity of a metal cash back-only credit card. It’s just the latest in a string of heavyweight status-symbol credit cards, like the Chase Sapphire Reserve or American Express’ Platinum Card. The physical Apple Card is made of titanium, and Apple made a big show of its production value. “So a lot of times consumers have to make really difficult choices when it comes to paying down debt versus paying other bills every month,” says Rathner. households carry nearly $7,000 in revolving credit card balances each month, according to a NerdWallet study, and one in 11 households fear they’ll never pay off their debt. For people with existing credit card debt, that could alleviate the pain of late fees and rate increases affecting any credit card holder who happened to miss a payment due date. The Apple Card doesn’t have an annual fee or late fees, and missing a monthly payment won’t result in any penalty or rate increase, just more interest accumulating at your current rate. “And I hope they take that very seriously because financial education in this way is greatly needed.” Is the Apple Card really fee-free? ![]() “I hope that Apple sees the opportunity that it has to make an impact on the public’s relationship with money,” says Tisdale. The app, experts say, could help customers practice better financial hygiene. Using that app, customers can track their spending, schedule payments (even multiple payments in a single month), and see in real time how payments of different amounts will affect their balance and interest owed, if any. The Apple Card is tied to a redesigned version of Apple’s Wallet app. “People tend to react more to big incentives, like with miles when you get an airplane ticket,” says Tisdale. What’s more, Apple Card customers might be less satisfied after realizing a few bucks here and there doesn’t provide the same satisfaction as a trip to Disney World. That two percent back isn’t particularly special either, with cards like Citi’s Double Cash card offering two percent cash back on all purchases, as well as no annual fee. “You know Apple fans who maybe have a major Apple purchase coming up, like a new laptop, might be interested in getting the three percent cash back, but oftentimes Apple products aren’t something that you buy all the time,” says Rathner. For other purchases made using the physical Apple Card, you can expect a paltry one percent cash back.īut unless you’re buying Apple Watch bands and iPhone cases at the same rate you buy gasoline, that 3 percent option will go largely unused. ![]() You’ll get two percent back on every purchase made using Apple Pay itself, either with your iOS device or on the web. Purchases from any official Apple storefront (including the App Store and in-app subscriptions) will net you three percent Daily Cash. The speed at which you get Daily Cash depends on your spending habits. As you spend money with the Apple Card, you’ll get money that you can spend, send to friends through Apple Cash, or use to make payments on your card balance. In lieu of points or miles, the Apple Card offers what the company is calling Daily Cash. ![]()
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