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$Apple(AAPL)$ Apple Card, Apple’s take on the traditional credit card, with focus on “simplicity, transparency, and privacy.” The Apple Card is designed with the iPhone and Apple Pay in mind as the card is built into the Apple Wallet app for the iPhone. Apple promises a fuss-free application process and the card comes without the much-dreaded annual fee as well as other charges for late, international or over-the-limit fees. However, late payment of bills will result in additional interests for outstanding charges. Apple Card aims to enhance user experience with its dashboard; it makes use of machine learning and Apple Maps to label card transaction with merchant names and location. Apple wants to eliminate esoteric merchant codes and other confusing transactional information.
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