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What is Apple Card? Are the perks worth it?

What is Apple Card? Are the perks worth it?

Earlier this week Apple took a major step in the payments and banking sector by introducing its titanium Apple Card. Consumers will be encouraged to use the Apple Card to pay for Apple services, which will give them 3 percent Daily Cash rewards. The purchase reward when the card is used for travelling is 1% cash back.

The move comes as mobile payments are poised to get a boost from efforts in the United States to encourage retailers to accept tap-to-pay cards, which use the same near-field communication technology as Apple Pay.

Apple could also receive some of the interest generated from the program, as well as referral fees, if consumers start using other services from Goldman Sachs as a result of the Apple Card.

"I'm underwhelmed", said Ted Rossman, industry analyst at Creditcards.com. And although the offered 2% back on Apple Pay is slightly higher, it is by no means the highest in the market. As added incentive for gamers considering whether or not to purchase a subscription, it's confirmed that there will be exclusives only available through Apple Arcade.

Apple's "one more thing" during today's announcements at its March event in Cupertino theater was another interesting subscription service.

We'll find out more once the card itself is officially available. Working with issuing bank Goldman Sachs, the technology giant launched a physical MasterCard product to complement Apple Pay, called Apple Card.

Apple is rolling out a credit card that it says is created to do things no other card can. And it comes with a bevy of perks - quick sign-up, elimination of most fees, strong security protections and cash back. Much like Netflix or Hulu, the app has a "Watch Now" feature (this already existed in the old app) alongside a new "For You" feature, which uses an algorithm to suggest shows and movies. Look at some recent smartphone trends, like the much-despised display notch or the dual-camera craze. It pays 2% cash back on all purchases: 1% when you buy and 1% when you pay.

Apple Card is launching this summer in the U.S., with no news of an worldwide rollout yet. WeChat Pay, Tencent Holdings' (00700.HK) mobile payment service, is earning billions of yuan in China from transaction fees alone. Many big-name magazines are on board, hoping Apple brings them new paid readers.

"There are other cards that have better rewards and no annual fee", he said.

Initially, Apple Arcade will showcase a total of 100 new games for download.

We live in a world where you can play Fortnite or PUBG online through your smartphone, carry Zelda: Breath of the Wild on their commute, and soon you may be able to stream Assassin's Creed Odyssey to a desktop browser - while there are also countless indie games out there that tell rich stories without needing a vastly powerful on-board processor.

Amobi noted that it may take years to see if the Apple subscription does well for media companies, regardless of whether more newspapers join.

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