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Apple Looking To Release Their Credit Card In India
Apple is looking to collaborate with HDFC Bank to bring the credit card to Indian customers, according to a media house.
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Apple is planning to introduce its credit card, known as Apple Card, in India to take advantage of the growing opportunities in the country's financial sector. According to a leading media house, Apple is looking to collaborate with HDFC Bank to bring the credit card to Indian customers. In April, during the launch of Apple stores in India, CEO Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan, according to anonymous sources.
The discussions regarding the Apple Card are still in the early stages, and no definite decision has been made so far. In addition to meeting with the HDFC Bank CEO, Apple executives have also engaged in discussions with the Reserve Bank of India (RBI) regarding the legal aspects of the card. According to the media report, the RBI requested Apple to follow the standard procedures established for other co-branded credit cards. The central bank of India has made it clear that no special concessions will be granted to Apple to introduce its credit card in the country.
Currently, Apple offers its premium credit card exclusively in the United States. The card, developed in collaboration with Goldman Sachs and Mastercard, is made of titanium and positioned as a high-end product.
The Apple Card offers several features:
- Customers earn up to 1 per cent cashback on regular purchases made with the physical card, which increases to 2 per cent when using Apple Pay. When making payments at Apple stores and select partners, the cashback percentage reaches 3 per cent.
- Apple does not impose late fees on Apple Card holders, and there are no charges for foreign transactions, returned payments, or annual credit card fees. However, users are responsible for paying interest fees on outstanding balances.
- Apple Card owners have the option to open a savings account with a 4.15 per cent interest rate and no minimum balance requirement to deposit their daily cash.
- Each customer receives a unique card number for every device. The number is securely stored in an element used by Apple Pay to facilitate transactions and on-device cryptographic functions.