San Francisco: Apple has begun the preview roll-out for its 'Apple Card' to a select group of customers who had signed up to be notified about the release of the card.
The sign-up process requires iPhones running iOS 12.4. Users would have to enter their personal information like their address, birth date, income level and last four digits of social security number, news portal GSMArena reported on Tuesday.
That information would further be sent to multinational investment bank Goldman Sachs, which would approve or decline the application in real time. According to Apple, the process should take less than a minute.
The Apple Card is both a digital and a physical credit card that requires no number, CVV security code, expiration date or signature on the card.
It comes with benefits like instant approval, zero fees on missing deadlines or going over the limit and daily cashback on purchases.
Apple Card uses Machine Learning (ML) and Apple Maps to clearly label transactions with merchant names and locations.
Purchases are organised by colour-coded categories such as Food and Drinks, Shopping and Entertainment.
Apple Card has certain restrictions, however. It will not allow purchasing cash advances and cash equivalents, with the latter including cryptocurrencies, casino chips, and lottery tickets.
Also, it cannot be used on a jailbroken iPhone. This is because Apple requires you to be "eligible" to sign up for the card and be approved via the Wallet app on iOS.
Apple's agreement states:
If you make unauthorized modifications to your Eligible Device, such as by disabling hardware or software controls (for example, through a process sometimes referred to as “jailbreaking"), your Eligible Device may no longer be eligible to access or manage your Account. You acknowledge that use of a modified Eligible Device in connection with your Account is expressly prohibited, constitutes a violation of this Agreement, and could result in our denying or limiting your access to or closing your Account as well as any other remedies available to us under this Agreement.
With inputs from IANS.