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Apple to launch its credit card in India

Apple Inc is planning to launch its credit card in India, also known as Apple Card. The iPhone maker is planning to tie up with HDFC bank to bring its credit card to its Indian customers. About the Apple Card is in its primitive stage and there has been no concrete decision taken till now. Other than holding discussions with the HDFC Bank CEO, Apple Inc executives have also held discussions with the Reserve Bank of India (RBI) related to the legalities of the card, found Monecontrol.

Apple was asked by the RBI to follow the regular procedure laid out for other co-branded credit cards. India’s central bank made it clear that there will be no special concessions made for the iPhone maker to bring its credit card to India.

Features of Apple Card

  • Customers using the Apple Card for making regular purchases with the physical card can earn upto 1% of cashback, which increases to 2% if payment is done with Apple Pay. For those who are using the card for making payment at Apple stores and selected partners, cashback percentage reaches to 3%.
  • There is no late fees charged by Apple to its Apple card holders. The company does not charge on foreign transaction, returned payment, or annual credit card fees. However, users have to pay interest fees generated for carrying balance.
  • Savings: Apple card owners can open 4.15% savings account (No minimum balance limit) to deposit their daily cash.
  • Every customer will get a unique card number for each device. The number is stored ina secure element which is used by Apple Pay to handle transactions and on-device cryptographic functions.

Important takeaways for all competitive exams:

  • Apple Founders: Steve Jobs, Steve Wozniak, Ronald Wayne;
  • Apple Headquarters: Cupertino, California, United States;
  • Apple CEO: Tim Cook (24 Aug 2011–);
  • Apple Founded: 1 April 1976, Los Altos, California, United States.

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