Apple to launch its credit card in India

Tags: Economy/Finance National News

Apple Inc is planning to introduce its credit card, known as Apple Card, in India to take advantage of the growing opportunities in the country's financial sector.

An overview of the news

• Apple intends to collaborate with HDFC Bank to offer Apple Card to Indian customers.

• Apple CEO Tim Cook met HDFC Bank CEO and MD Shashidhar Jagadishan during the launch of the Apple Store in India in April.

• RBI has directed Apple to follow the standard procedures set up for other co-branded credit cards.

Features of Apple Card

• Physical Apple Card users can earn up to 1% cashback for regular purchases, which increases to 2% when paying with Apple Pay.

• The cashback percentage has increased to 3% for payments made at Apple Stores and select partners.

• Apple does not charge Apple Card holders late fees, foreign transaction fees, returned payment fees, or annual credit card fees. However, the users are responsible for paying the interest charges levied for maintaining the balance.

• Apple Card owners have the option of opening a savings account with an interest rate of 4.15%, with no minimum balance requirement, to deposit their daily cash.

• Each Apple Card user receives a unique card number for each device.

• These numbers are securely stored in the device, used by Apple Pay for transactions and on-device cryptographic functions.