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Apple to offer credit card
Apple announced that it will begin offering a credit card that will connect to customers' Apple Wallet. In addition to a digital card that can be used anywhere Apple Pay is accepted, there will also be a physical card. NAFCU continues to call on legislators and regulators to ensure a level playing field between fintechs and regulated financial institutions.
An article from The Verge reports that customers "will be able to sign up on their iPhone in the Apple Wallet app and get a digital card that they can use anywhere Apple Pay is accepted 'within minutes.'"
Apple also plans to offer cash-back rewards, which will be applied straight to the card to use toward purchases. The company says there will be "no late fees, no annual fees, no international fees, and no over limit fees," in addition to lower interest rates and APR rates ranging from 13.24 percent to 24.24 percent.
Goldman Sachs will provide the Apple Card and Mastercard will handle payment processing.
NAFCU acknowledges that fintech can produce real benefits to consumers, including increased speed, convenience and new product offerings that make it easier for them to manage their financial lives. However, the association has urged lawmakers and regulators to ensure a level playing field between fintech companies and financial institutions, from data security to consumer protection.