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How does the Apple Card work? Everything you need to know

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The Apple Card is the first credit card offered by Apple, and issued by Goldman Sachs. It’s designed to work with the iPhone’s Wallet app and Apple Pay.

For those times when you can’t pay digitally, you also get a physical card — with your name laser-etched into its titanium surface — that you can carry as well.

Unlike most credit cards, there’s no card number or CCV code on the Apple Card. If you need that information, it’s stored in your Wallet app. In other words, using this card without an iPhone to go with it is difficult.

Check out the products mentioned in this article:

iPhone Xs (From $999.99 at Best Buy)

Apple Watch Series 4 (From $499.99 at Best Buy)

The Apple Card’s unique features

In many ways, the Apple Card is a straightforward credit card, but it has some unique features that bear mentioning.

The card is primarily designed to be used with your iPhone’s Wallet app, and you can pay for products with it using Apple Pay through your iPhone or Apple Watch.

The Apple Card is designed to work with your iPhone and Apple Watch.
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You’ll receive the best rewards if you use the Apple Card with Apple Pay, which include the following:

  • As much as 3% back when making purchases with participating merchants.
  • 3% back on all purchases made directly with Apple (such as at Apple stores or using the App Store).
  • 2% back on all other Apple Pay purchases.

If you use the physical titanium card rather than Apple Pay, you get 1% back.

Rather than waiting 30 days for your rewards to be applied to your account, all rewards are applied daily to your Wallet’s Apple Cash account. You can use Apple Cash to make purchases, or to pay your Apple Card balance.

Apple’s fee structure is also appealing: There are none.

There is no annual fee for Apple Card, nor is there a late fee. On the Apple Card website, Apple says the card has “no fees. Not even hidden ones,” and that includes all the usual fees traditional credit cards tend to charge, like cash advance fees and international purchase fees.

Because the Apple Card is so deeply integrated with the Wallet and Apple Pay, you get a lot of information about each purchase — you can even tap on a purchase in your transaction history to see where the purchase was made on a map.

And when it comes time to pay the bill, a clever interface lets you “dial in” how much of the balance you want to pay, letting you see exactly how much interest and principal you’re paying as you select the amount.

How to get Apple Card

There is no online application for Apple Card. To apply, open the Wallet app on your iPhone and then tap the “+” button in the upper right corner. Choose “Apple Card” and complete the form.

You can apply for the Apple Card from your Wallet app.
Apple

The qualification process only takes a few moments, and you can start using the card with your approved credit limit immediately.

How to pay with your Apple Card

There are three ways you can use your Apple Card: Using the Wallet app and Apple Pay, by swiping the physical card when Apple Pay is not an option, and by giving the merchant your credit card number.

Once you complete the application process, your Apple Card is automatically added to your Wallet app, and you can make purchases with Apple Pay as you would with any other credit card that you’ve added to your iPhone.

Once your physical card arrives, you can also swipe the card at a point of sale terminal. The card doesn’t work with contactless terminals, though — if contactless purchases are an option, you should use Apple Pay with your iPhone or Apple Watch instead.

To get the best rewards, you should use Apple Pay whenever possible.
Apple

Finally, if you need your card number and CCV code to make a purchase, like if you’re buying something by phone, your Apple Card can generate a secure, virtual credit card number for non-Apple Pay purchases.

Here’s how to find that number and CCV code:

1. Open the Wallet app.

2. Tap the Apple Card.

3. In the upper right corner, tap the three dots.

4. Tap “Card Information.”

5. You should see the card number, expiration date, and CCV code.

6. You can tap “Request New Card Number” at any time if you suspect the current one has been compromised — you’ll instantly get a new virtual number without needing to request a new physical card from Apple.



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Revolut raises $500 million at $5.5 billion

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  • European challenger bank Revolut has raised $500 million in Series D funding from Silicon Valley growth fund TCV. 
  • The long-anticipated fundraising takes the startup’s post-money valuation to $5.5 billion, up from $1.7 billion previously, making it one of Europe’s most valuable fintech companies. 
  • Founded in 2015, Revolut claims to have around 7 million customers and has raised $836 million to-date. 
  • The company’s rapid growth has been marred by questions over its workplace culture and compliance procedures.
  •  Click here for more BI Prime stories.

Revolut, one of Europe’s buzziest neo-banks, has raised $500 million in Series D funding from Silicon Valley growth fund TCV taking its valuation to $5.5 billion. 

The long-anticipated fundraising makes Revolut one of Europe’s most valuable startups in the red-hot fintech sector. Other major European finance firms include payment firm Klarna, money transfer firm Transferwise, and OakNorth bank.

Revolut, founded in 2015 by the developer Vlad Yatsenko and the former Lehman Brothers and Credit Suisse trader Nikolay Storonsky, says it has around 7 million customers.

Reports had previously indicated that Revolut would take on some form of debt alongside the equity fundraise, but the company said this wasn’t happening for now.

In 2018, filings show Revolut posted revenues of £58.2 million ($74 million) on a net loss of £32.8 million ($42 million). The company has yet to release figures for 2019, but says it has experienced considerable revenue and customer growth.

It is in the process of applying for a US banking license and has expanded into Europe, as well as into Australia.

The London-based company allows users to spend money worldwide in 150 currencies at a real-time exchange rate, with no fees, through a debit card. CEO Storonsky has previously outlined his goal of seeing the bank reach 100 million customers in the next five years and break into North American and Pacific markets. Revolut is available in 32 countries and previously signed a deal with Visa, with plans to take the number to 56. 

Revolut’s growth has come with increased scrutiny. Wired reported on the firm’s aggressive culture and tendency to ask job applicants for free work, while The Telegraph raised questions about the startup’s compliance procedures. Regarding the culture, Storonsky has acknowledged “mistakes” in the running of the firm. The firm has denied compliance lapses.



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VIDEO: James Harden Euro step not a travel — here’s why

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James Harden is often criticized for his signature step-back three that many NBA fans argue should be called a travel.

But most recently, it was a Euro step that had fans tripped up.

During his 38-point performance against the Utah Jazz Saturday night, the eight-time All-Star Euro-stepped his way past two defenders en route to an easy two points. Twitter immediately erupted into a flurry of posts calling for Harden to get whistled for a travel on the play, but the layup stood regardless — as it should have.

 

Though it appeared to many viewers — including the Jazz announcers on the game’s broadcast — that the league’s leading scorer had taken three steps after picking up the ball, the NBA rule book suggests that Harden’s move was completely legal.

Like his signature step-back, the permissibility of Harden’s Euro step hinges on a “gather” step. For a player dribbling the ball, the gather, according to the league’s rules, is “defined as the point where a player does any one of the following:

“1. Puts two hands on the ball, or otherwise permits the ball to come to rest, while he is in control of it;

  2. Puts a hand under the ball and brings it to a pause; or

  3. Otherwise gains enough control of the ball to hold it, change hands, pass, shoot, or cradle it against his body.”

Further, the NBA rule book specifies how the gather relates to the league’s traveling rules.

“A player who gathers the ball while dribbling may take two steps in coming to a stop, passing, or shooting the ball. The first step occurs when a foot, or both feet, touch the floor after the player gathers the ball.”

For all intents and purposes, after is the key word here.

When applied to the Harden Euro step in question, the NBA rules on gathering appear to indicate that the referees were correct in not issuing a traveling call. Though it’s admittedly a close call in real-time, Harden’s left foot is clearly down before he begins to pick up, or gather, his dribble.

Screen_Shot_2020 02 24_at_12_24_48_PM

His foot is completely down before gathering the ball.

ESPNNBA/Twitter


Technically speaking, Harden could have legally continued dribbling at this point, so the step shown above doesn’t count towards his two-step allocation after gathering the ball. Fans and the Jazz announcers mistakenly labeled the planted left foot as Harden’s first step even though it came before he gathered the ball.

Harden fully picks up his dribble just before planting his right foot as his first official step. He then returns to his left foot and elevates for the layup, thereby limiting himself to just two steps and staying within the bounds of the league rules.

The Rockets left Salt Lake City with the 120-110 win thanks in large part to a combined 72 points from Harden and Russell Westbrook. They travel to New York to take on the Knicks at Madison Square Garden Monday night.





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10 things you need to know before the opening bell

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Kevin Lamarque/Reuters

Here’s what you need to know before the markets open.

1. Global stocks tank as investors brace for a coronavirus pandemic. The flu-like illness has now claimed lives in Iran, Italy, and South Korea.

2. Warren Buffett is cheering the current selloff, saying investors ‘should want the stock market to go down.’ “That’s good for us actually, we’re a net buyer of stocks over time,” the billionaire investor and Berkshire Hathaway CEO said in a CNBC interview on Monday.

3. Here are the biggest takeaways from Warren Buffett’s annual letter. The Berkshire Hathaway CEO discussed accounting rules, stock buybacks, boards of directors, acquisitions, succession plans, and market performance.

4. US sees no material impact from virus on US-China trade deal for now. Treasury Secretary Steven Mnuchin told Reuters he does not expect the coronavirus outbreak to have a material impact on the first phase of the two nations’ trade deal, although he warned that could change as more data becomes available in coming weeks.

5. Goldman Sachs pleads not guilty in Malaysia over 1MDB bond sales. Three units of the banking titan pleaded not guilty to charges of misleading investors regarding $6.5 billion in bond sales that Goldman helped raise for state fund 1Malaysia Development Berhad (1MDB), Bernama state news agency reported on Monday.

6. Primark owner warns coronavirus threatens clothing supplies. Associated British Foods said there was a risk of supply shortages on some lines later this financial year if delays in factory production in China are prolonged due to coronavirus.

7. PepsiCo buys Chinese snack brand Be & Cheery for $705 million. “Be & Cheery adds direct-to-consumer capability, positioning us to capitalize on continued growth in e-commerce, and a local brand that is able to stretch across a broad portfolio of products, through both online and offline channels,” a PepsiCo executive said.

8. Stocks are tanking. European equities dropped with Germany’s DAX down 3.4%, Britain’s FTSE 100 down 3%, Italy’s FTSE MIB down 4.5%, and the Euro Stoxx 50 down 3.4%. Asian indexes closed lower with China’s Shanghai Composite down 0.3%, Hong Kong’s Hang Seng down 1.8%, and South Korea’s KOSPI down 3.7%.
US stocks are poised to open lower. Futures underlying the Dow Jones Industrial Average and S&P 500 were down 2.4%, while Nasdaq futures slid 2.6%.

9. Some big earnings are coming out. HP, Intuit, and Palo Alto Networks are among the highlights.

10. There’s some key data on the docket. Look out for national activity and manufacturing figures.





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