Apple Card roll-out begins for select group of customers

The US technology firm Apple has begun preview roll-out for its `Apple Card` to a select group of customers, who had signed up to be notified about the card's release. A news portal GSMArena report has said that the sign-up process requires iPhones running iOS 12.4, adding that users need to enter their personal information like address, birth date, income level and last four digits of social security number. 

The report said that information would further be sent to multinational investment bank Goldman Sachs, which would approve or decline the application in real time. The process would take less than a minute, according to Apple.

The Apple Card, which is both a digital and a physical credit card that requires no number, CVV security code, expiration date or signature, comes with benefits like instant approval, zero fees on missing deadlines or going over the limit and daily cashback on purchases. 

Notably, Apple Card uses Machine Learning (ML) and Apple Maps to clearly label transactions with merchant names and locations, and purchases are organised by colour-coded categories such as Food and Drinks, Shopping and Entertainment.

The Apple Inc credit card will not allow the purchase of cryptocurrencies with the card, according to a customer agreement posted to Goldman`s website. The Apple Card customer agreement reportedly said the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets. 

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The Apple Card is part of a broader effort by the tech giant to derive more of its revenue from services after years of heavily reliance on iPhone sales, which reportedly declined 12% in the most recent quarter.