In preparation for the release of its Apple Card, Apple has ended the Barclaycard Apple Rewards Card and now only offers minimal financing plans with it, according to reports.
When it comes to specific financing options, the Apple Card will offer those. Apple is also preparing a version of the Apple Card app for iPad, which would let users manage accounts from that device.
The older Barclays card with Apple branding gave out bonus points when users bought Apple products, and those could be redeemed for things like gift cards or deferred financing options. The card had “Apple Rewards” on it.
Apple removed any references to the card from its website a while ago, and it’s now only promoting the standard Barclaycard Financing Visa. It’s not known if this is going to be phased out as well.
Apple CEO Tim Cook, on the company’s quarterly earnings call, said the rollout of the Apple Card is going to start this month, at a gradual pace.
Customers who want to get an Apple Card can sign up for it on the wallet app on iPhones. The card can be used for contactless payments and a physical card gets mailed at a later date.
On the iPad, the companion app would allow users to apply for the card and manage their account. Product-specific financing is a way the two companies can extend profitability, by allowing people to buy something expensive with a separate payment plan, which would not be affected by standard interest rate changes.
Apple has not yet announced any specific initiatives for the card, however, and right now it looks like interest rates will be somewhere between 13.24 and 24.24 percent on balances that roll over, without any hidden fees for things like late payments or overseas purchases. The card will be subject to a credit check and limits on credit are so far unknown.
In the app, customers will be able to see purchase history and spending trends, as well as balance and upcoming interest rate charges.