Apple Card now wants to be your savings account

Apple Card It will cease to be just a credit card and become, if you will, a tool for managing your savings. Those from Cupertino announced that soon the Apple Card will be integrated Saving, an account to which you can deposit cash. It should be noted that this will associated with Goldman Sachsa financial institution associated with Apple.

One of Savings’ biggest value propositions, which they intend to differentiate themselves from other similar offerings, is that neither Apple nor Goldman Sachs will charge you for using your account.. Also, there will be no minimum deposits or minimum amount to hold.

Following the example of other Apple products, the company wants to make managing its savings account as easy as possible. Simply set up Savings so that from now on, any deposit you make to your Apple Card is automatically saved to your account. If you ever need to transfer that money to an Apple Cash card in Wallet, you can do that too.

Deposits can come from other bank accounts and even from a balance saved in Apple Cash. What happens if you need to withdraw an amount at a certain time? Don’t worry, you can transfer cash to other accounts without paying any fees.

If all of the above is not enough, Savings will also be integrated into the Apple Card rewards program.. That is Daily Cash. In the latter case, users receive a small percentage of their purchases from participating stores and services. With an account, these cash rewards can now be stored with the rest of your savings.

“Savings allows Apple Card users to increase their daily cash rewards, saving for the future.”

Jennifer Bailey, vice president of Apple Pay and Apple Wallet, says the Savings app was designed with a very clear goal in mind: to enable users to carry healthy financial life. On the other hand, it’s clear that Apple is looking to expand the capabilities of the Apple Card in order to have an edge over other credit cards.

“The new Goldman Sachs savings account expands on the financial health benefits and valuable daily cash that the Apple Card already offers. Apple Card, integrated into Wallet on iPhone, has transformed the credit card experience by making it easier to pay. encourage users to pay less interest, offer the privacy and security users expect from Apple, and offer Daily Cash with every purchase.”

The only “downside”, if you want to see it that way, is that Apple Card availability is still limited solely to the United States. At this point, it doesn’t look like the map will expand to other territories in the near future. In 2019, a report from bloomberg He foresaw his possible arrival in Europe, but from that moment on we knew nothing more.