San Francisco: Apple has begun the preview roll-out for its `Apple Card` to a select group of customers who had signed up to be notified about the release of the card.
The sign-up process requires iPhones running iOS 12.4. Users would have to enter their personal information like their address, birth date, income level and last four digits of social security number, news portal GSMArena reported on Tuesday.
That information would further be sent to multinational investment bank Goldman Sachs, which would approve or decline the application in real time. According to Apple, the process should take less than a minute.
The Apple Card is both a digital and a physical credit card that requires no number, CVV security code, expiration date or signature on the card.
It comes with benefits like instant approval, zero fees on missing deadlines or going over the limit and daily cashback on purchases.
Apple Card uses Machine Learning (ML) and Apple Maps to clearly label transactions with merchant names and locations.
Purchases are organised by colour-coded categories such as Food and Drinks, Shopping and Entertainment.