Home » Apple Special Event March 25, 2019 (Full Transcript)

Apple Special Event March 25, 2019 (Full Transcript)

Apple Card was created by Apple and built on principles that we stand for like simplicity and transparency and privacy.

To tell you all about Apple Card, I’m very pleased to invite up Jennifer Bailey, Vice President of Apple Pay. Jennifer?

Jennifer Bailey – Vice President of Apple Pay

Thank you.

With Apple Card, we have completely rethought the credit card. A new kind of card that takes advantage of everything iPhone offers is designed for a healthier financial life and sets a new level for privacy and security.

Apple Card is designed to take advantage of the power of the iPhone. This means it can do all sorts of things that no other credit card can do. For starters, you don’t have to wait days to get your card. Just sign up on your iPhone, and in just minutes you get your Apple Card and you can start using it right away.

You can use it worldwide anywhere with Apple Pay, in apps, in stores, on the Web, and your Apple Card will be available across all of your Apple devices.

Apple Card is also always with you because it’s in your iPhone in the Wallet app, and the Wallet app has completely new capabilities, so you can see everything you need to know about your Apple Card, like what you have spent, how much you’ve spent, and when your payment is due.

We’ve also made it really easy to get help. With Apple Card, if you have a question, just text us right from Messages. Everything from getting details on a transaction to letting us know your new address, it’s as easy as messaging a friend.

Next, we’ve taken on an important challenge with Apple Card to help everyone live a healthier financial life. It starts with having a better understanding of your spending so you can make smarter choices with your money. Many of you looking at your credit card statements today might recognize seeing transactions that look like this, cryptic merchant names that are pretty hard to decipher.

With Apple Card, we use Machine Learning and Apple Maps to transform this mess into names and locations that you will recognize.

Apple Card also automatically organizes and totals your purchases, so you can see how much you’ve spent and exactly where you’ve spent it with Apple Maps, and you can keep track of your spending by categories like food and drink, shopping, entertainment, and more. Where each category is represented by its own color, like orange for food and drink, and Apple Card also shows you how your spending is trending week over week or month or month, so you can decide in real time if you need to or want to change your spending.

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Next up, let’s talk about rewards. Most rewards programs use points. With points, you are never quite sure how much they are worth or where or when you can use them. With Apple Card, we want you to get the most for your money. So every time you spend with Apple Card, you get cash back, and you get it every day. It’s my favorite feature, and we call it Daily Cash.

So when you are buying your morning coffee, shopping for groceries, and any time you pay using Apple Card, you get Daily Cash, not a month from now, but every day. So every day you spend, cash is added to your Apple Cash Card, which is also in the Wallet app. And it’s cash, like real cash, so you can do anything with it.

Use it to pay down your balance, spend it wherever you use Apple Pay, or send it to friends using Messages. In fact, every time you pay with your iPhone or Apple Watch, you will get 2% of the purchase amount in Daily Cash. And for purchases made directly from Apple, like from our Apple Retail stores, from our App Store, or when you purchase services like Apple Music or News+, you get 3% Daily Cash.

And the amount of Daily Cash that you can receive every day is unlimited. So that’s Daily Cash. Every day, cash, for you.

How great is that?

Another area where we can make a really big impact in improving your financial health is helping you understand how much you owe, and if you want to pay it back over time, how much it will cost you. This is how most cards show your payment options, with an emphasis on minimum payments, which costs you a fortune in interest, and seem to be designed to keep you in debt.

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With Apple Card, our goal is to help you save on interest, so we start by making it easy to see a range of payment options. And because Apple Card calculates interest in real time, as you select different payment amounts, you can make a more informed payment decision understanding the true cost.

Another way to save on interest is to pay more often, say, biweekly or weekly, so we have added the flexibility to schedule more frequent payments. And when we thought about a financially healthy credit card, all of the fees and high interest rates that most banks charge are just not okay.

So Apple Card does not have any fees, no late fees, no annual fees, no international fees, and no over limit fees. No fees.

And our goal with Apple Card is to provide each customer with an interest rate that is among the lowest in the industry. Even if you miss a payment, we won’t charge you a penalty rate like most banks do. Our goal is to make it easier for you to pay down your balance, not harder.

To create a credit card, you need a bank, and to create a credit card as innovative as Apple Card, we needed a bank that was willing to do things that had never been done in the industry before, so we partnered with Goldman Sachs as the issuing bank of Apple Card. As a newcomer to consumer financial services, Goldman was up for the challenge of doing something more bold and innovative.

We are also excited to be working with MasterCard who has been a fantastic partner on Apple Pay from the start. With MasterCard’s Global Payment Network, Apple Card will be accepted all over the world.

We also designed Apple Card to set a new level for privacy and security. Security is totally integrated throughout the hardware and software. When you get your Apple Card, a unique per device card number is created and stored safely in the Secure Element, a special security chip used by Apple Pay.

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