According to a recent article in the Wall Street Journal, Apple plans to introduce the new Apple Pay credit card in early2019. Apple has already offered an Apple Rewards card (that operates through Apple Pay) via Barclay's, but The Wall Street Journal has previously reported that Apple was working with Goldman Sachs to develop a more cost-effective financing scheme.
What does Apple Pay offer consumers? Here are a few facts:
* There is no monthly fee involved and the debit card can be used at retail outlets with Visa, MasterCard or American Express. * The cards can be reloaded using a regular credit card. * There is no expiration date as the payment will be deducted from your account on the date of your next swipe.
How do I get my hands on this credit card? For more information about the new cards, you will need to contact your preferred bank. In the case of American Express, you should call their toll free number and an employee will be able to assist you.
Are there any drawbacks to Apple Pay? Apple Pay is compatible with iPhone 6 and above. However, if your phone is older than that, you will need to use a debit card or a magnetic stripe card to make purchases with the new app. Although the app works at most retailers, some do not accept the new credit card payment method.
Is there a limit to how much Apple Pay can charge? Although the company has not released an exact cap on how much it can charge, it is safe to say that it is not going to exceed the amount available in your credit limit. A number of credit cards have caps, which will limit the amount that you can charge in total. The new credit card may have no such limitation.
Can I bring my existing credit cards with me when I apply for a new Apple Pay account? While the company is working on developing a secure payment process, there are no restrictions currently on how you can use your existing credit cards. This is why it is advisable to keep them with you during the process.
If I have more than one Apple Pay Credit card, how does this affect me? Apple Pay is a great new way to pay for transactions online. It is currently compatible with most major retailers and merchants and should not have any effect on how you pay for goods and services on-line.
Can I get a new credit card after using an existing card? No, you will need to keep using your old card to make purchases, if you want to continue using this type of online shopping convenience.
Can I charge my existing cards with Apple Pays? Yes, you will be able to charge both your credit cards with this new payment service, and then convert it into your new Apple Pay Credit card.
Will my account be affected if I switch to an Apple Pay card? If you already have an American Express card, you will not be affected by switching to this new program.
How will the fees be assessed if I cancel my previous cards? All providers charge a fee, however, if you cancel your existing card before accepting an Apple Pay card, you may not be charged for that particular credit card.
Will have two credit cards affect my credit score? It may cause some problems, as you will have to pay interest on both cards at the same time.
Can I cancel my Apple Pay Credit cards? Yes, you can cancel your accounts, but you may not get another one back.
