Apple has announced the launch of its popular credit card, Apple Card, in India in partnership with HDFC Bank, one of India's largest private sector banks. The launch marks the first time that Apple Card will be available outside of the United States, where it has been a popular choice among Apple users since its launch in 2019.
The partnership with HDFC Bank is a significant step for Apple, as it allows the company to tap into the rapidly growing Indian market, which is expected to become the world's third-largest credit card market by 2025. The partnership also ensures that Apple Card complies with the legal requirements for co-branded credit cards in India.
Under Indian law, co-branded credit cards must be issued in partnership with a local bank. The bank is responsible for underwriting the card, managing the credit risk, and complying with local regulations. HDFC Bank, which has a strong presence in the Indian market, will be responsible for issuing Apple Card in India, while Apple will provide the technology and design of the card.
The Apple Card is a unique credit card that offers a range of benefits and features that are not available with traditional credit cards. One of the most significant benefits of the card is the cashback rewards program, which gives users cashback on every purchase made with the card. Users can earn up to 3% cashback on purchases made with Apple, 2% cashback on purchases made with Apple Pay, and 1% cashback on purchases made with the physical card.
Another notable feature of the Apple Card is that it has no late fees, annual fees, or over-limit fees. This makes it an attractive option for users who are looking for a credit card that is easy to manage and does not come with hidden fees.
The Apple Card is also designed to be secure and convenient to use. The card is integrated with Apple Pay, which means that users can make contactless payments using their iPhone or Apple Watch. This makes it easy to use the card for online purchases, in-store purchases, and even for transit payments.
In terms of security, the Apple Card is designed to protect users' personal and financial information. The card does not have a card number, CVV code, or expiration date printed on it, which makes it difficult for fraudsters to steal the user's information. The card also uses biometric authentication, such as Touch ID or Face ID, to ensure that only the authorized user can use the card.
The launch of Apple Card in India is a significant milestone for the company, as it expands its reach into one of the world's fastest-growing credit card markets. The partnership with HDFC Bank ensures that the card complies with local regulations and provides users with a range of benefits and features that are not available with traditional credit cards. With its cashback rewards program, no late fees, and convenient and secure design, the Apple Card is poised to become a popular choice among Indian consumers who are looking for a credit card that is easy to manage
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