What you need to know
- Apple is ending its rewards program partnership with Barclaycard ahead of Apple Card launch.
- Apple Card will reportedly offer special financing options on big purchases.
- An iPad app for managing Apple Card is reportedly on the way.
Apple is winding down its partnership with Barclaycard as it gears up to launch the Apple Card with Goldman Sachs later this month.
According to Bloomberg, the rewards program related to the Apple-branded Barclays card has been dropped. Previously, users of the Apple-branded card received three points per dollar spent on Apple products, either in the form of an Apple gift card or deferred financing.
The upcoming Apple Card is being billed as a new kind of credit card that will help consumers lead a healthier financial life, offering rewards like 3% cash back and no fees.
Bloomberg's report also claims the Apple Card will offer financing plans for certain purchases along with a revolving balance. For example, someone might be able to purchase the iPhone and receive 0% financing for twelve months.
Bloomberg also claims Apple Card users will be able to manage their card through an iPad companion app in addition to their iPhone.
When Apple Card launches, iPhone owners will be able to apply right through the Wallet app, which can then be used wherever Apple Pay is accepted. Apple Card holders can also request a physical card, which will ship later and be made of titanium.