Apple has launched an Apple Pay system to be used in retail stores. The new card, which combines the Apple Pay with the Wallet, is essentially a virtual debit card which will appear as an icon in your Wallet app. It also provides up to three percent cash back on any purchases with the store's free credit account every month.
Apple claims its primary purpose is to turn the card into a cashless tool. It will allow you to view what you're spending and at what point you'll be able to transfer money directly from your checking account to your account. When a purchase is made and the bill is due, you won't need to pull out your wallet or purse and dig around for change. Instead, simply swipe your card at the terminal. It's an attractive feature but, because of the technology involved, the Apple Card Cost could make it difficult to use.
First off, Apple requires a valid email address. Then you'll need to download the Apple Store application, a program designed to integrate the Apple Card Cost into your iPhone and other Apple devices. Then you'll have to add the card information to the Wallet app. You'll need a US address and a US phone number, and then you'll have to enter a valid credit or debit card number. You'll have to confirm the information before the transaction is completed.
If you try to use the card cost for purchases over your bank account without verification, you might be hit with some fees. A fee will apply each time you try to use your card without authorization and a minimum monthly limit will be charged if you don't have enough available credit to pay the transaction. Some cards will offer rewards that are not tied to your bank account such as airline miles, hotel stays and gasoline rebates. So, if you're only interested in using the card in the Apple store, you might get more for the purchase from those rewards.
If you do decide to use your card cost for purchases over your bank account, there's one caveat. In order to use the card online, you'll need to have a valid email address. Apple will send you an email asking you to verify your email address before allowing you to proceed.
While the Apple Card Cost looks promising, it's important to remember that it's still very much a beta product. Apple has yet to reveal the full capabilities of the system so the real purpose of this application is for retailers to use it in conjunction with their own cashless payment systems.