NEW YORK: Apple Inc said on Monday it will launch a credit card with Goldman Sachs Group Inc this summer that can be used to earn cash back on the purchase of Apple products, but analysts suggest its rewards do not stand out among rivals.
The card, which will be issued by Goldman Sachs Group Inc and will use the Mastercard Inc network, will come with new features in the Apple Wallet to help users track their spending with a breakdown of monthly purchasing. Apple Pay is accepted by 70 percent of U.S. merchants and will be available in more than 40 countries by the end of the year. Commuters in New York, Chicago and Portland, Oregon, will eventually be able to use it to pay for public transportation, Apple said.
Tim Devaney, of free credit score app Credit Karma, said the rewards are competitive but are not what will differentiate the Apple Card."The Apple Card is consumer-friendly," he said, noting features such as a calculator that shows how much interest a consumer will incur by paying a balance over time.
But will Singapore have it?
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