8/6/2019, 1:25 PM (Source: TeleTrader)
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Apple starts limited credit card rollout

Apple Inc. invited on Tuesday select iPhone users to apply for its new credit card dubbed Apple Card, jointly developed with the Goldman Sachs Group Co., after it was announced in the last earnings call. The card will be offered to the wider public later in the month, when all iPhone users will be able to apply on their wallet app, if they have iOS 12.4 or higher. The information entered in the application is sent to Goldman Sachs for review which takes less than a minute, Apple claimed.

The payment network for the new credit card will be supported by Mastercard. There are no annual or transaction fees associated with the card, while users can get cash back on their purchases: 3% if buying directly from Apple, 2% if using Apple Pay or 1% daily cash back for all other purchases.

Apple traded 0.72% higher at 7:23 am ET after suffering a sharp fall yesterday amid trade escalation with China.

Breaking the News / NI