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WANT APPLE CARD’S SECURITY BENEFITS? JUST USE APPLE PAY

AT A TYPICALLY glitzy launch event in Cupertino on Monday, Apple debuted the Apple Card, a new credit card offered in collaboration with Goldman Sachs and Mastercard. Apple claims it will resolve many consumer frustrations with current credit cards: the card will be simple to sign up for, there won't be any fees, and it will be easy to redeem rewards. The company also firmly asserts that Apple Card “transforms the entire credit card experience by … providing a new level of privacy and security.”

"In general for all merchants this is going to be treated as another Mastercard transaction and it’s going to follow all of those rules," says John Drechny, CEO of the Merchant Advisory Group, an independent industry body. "And if merchants accept the card online they’re still going to have the same liability arrangement with the payment network. I don't believe it will be any different than a normal co-branded deal."

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