The Latest: Apple launches own credit card tied to iPhone
CUPERTINO, Calif. (AP) — The Latest on Apple’s streaming TV event (all times local):
Apple is launching its own credit card, called Apple Card, that can be used anywhere Apple Pay is accepted.
Apple says the card will make it easier to see what merchants charged you. It uses Apple Maps to show users where they spend their money. This is in contrast to the sometimes-confusing alphabet soup people can see on their credit card statements.
Apple unveiled the card at an event Monday at its headquarters in Cupertino, California. The company is emphasizing privacy and says it won’t know what you bought or where.
The card will live in the wallet section of the iPhone, though customers will also get a physical card made of titanium.
It will include a rewards program of 2 percent back on all transactions. Apple says the card has no late fees, annual fees or fees for going over the credit limit. It’s a Mastercard issued by Goldman Sachs.
Apple says its new subscription News Plus service will not track what you read.
Apple says the article recommendations will be made on your device, not Apple’s servers, and advertisers won’t be able to track you.
That sets it apart from other places people read news, such as Facebook and Google. Facebook, for instance, might target ads based on your past reading of specific publications or topics, such as gun control or the environment.
Apple announced the new $10 monthly subscription at an event in Cupertino, California, on Monday.
Apple will debut a subscription news app that lets users read articles from hundreds of magazines, including Rolling Stone, The New Yorker and Cosmopolitan.
The new service will be called Apple News Plus and will cost $10 per month.
It will also have articles from some newspapers, including The Wall Street Journal and The Los Angeles Times.
The company is announcing the service at Monday’s event at its Cupertino, California, headquarters.
The new subscription is a way for Apple to bring in revenue from selling digital subscriptions as sales of the iPhone decline. Apple says 5 billion articles are read on its current Apple News app each month.
The news industry has struggled for years as advertising dollars shift to social media and other digital media. But some publishers are wary to participate in Apple’s news service because the company is reportedly taking 50 percent of subscription revenue.
Apple is expected to announce Monday that it’s launching a video service that could compete with Netflix, Amazon and cable TV itself.
It’s a long-awaited attempt from the iPhone maker, several years after Netflix turned “binge watching” into a worldwide phenomenon.
The new video service is expected to have original TV and movies that reportedly cost Apple more than $1 billion — far less than Netflix and HBO spend every year.
Also expected is a news subscription service.
The iPhone has long been Apple’s marquee product and main money maker, but sales are starting to decline. The company is pushing digital subscriptions as it searches for new profit growth.