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The new Apple Card is like no other, at least on the surface. It certainly confused me when received the card initially. Here's what I have learned about how the card works on the iPhone...
There's no reason to describe the details; there are websites that did that already. It's more about my experience with the card on my iPhone.
My confusion came from understanding that the physical card number cannot be accessed, only the last four digit displayed:
The card number displayed, a standard 16 digit CC#, is actually a virtual card number. Just like any other CC#, the break down is such:
View attachment 30522
The virtual card is valid for one year and can be used for online purchases, like any other CC. Requesting a new card number invalidates the previous number, effectively preventing other purchases. Doing so may, or may not prevent refunds applied from the merchant to the now invalid card number. Goldman Sack does retain all of the virtual CC #s, refund(s) should work even the the number is no longer valid. This does not impact the physical card number in any ways.
Paying the balance is the easiest, if the personal checking account added to the Wallet; provided you trust Goldman Sacks with your checking account. I don't and as such, paying with personal check and/or banks's check can be tricky, since the physical card # isn't known. I am still testing, if using a virtual CC # can be used for payment. Judging by texting with Goldman Sacks, it should work, but remains to be seen.
I've been using virtual CC #s for the last 15 - 20 years via BofA, where pretty much unlimited CC #s can be generated, specify the amount and expiration date, etc. Unfortunately, BofA discontinued this feature named "ShopSafe" at the end of September; my main reason for getting the Apple Card.
It seems to me that Apple is missing the idea for the virtual credit card. Generating a virtual card number that's valid for a year also means, that it could be part of a data breach within the year and amount up to the credit limit charged. Apple really should change how the virtual credit card number works, if they serious about security.
Especially, when the referenced link above also shows fraudulent charges for both physical and virtual charges. Seemingly, Apple Card makes it harder for customers to use the card without much of an actual security improvement. At least where Apple Pay is not accepted.
There's no reason to describe the details; there are websites that did that already. It's more about my experience with the card on my iPhone.
My confusion came from understanding that the physical card number cannot be accessed, only the last four digit displayed:
The card number displayed, a standard 16 digit CC#, is actually a virtual card number. Just like any other CC#, the break down is such:
View attachment 30522
- The first two digit identifies the card as Master Card
- The next 4 digits indicate Goldman Sacks routing number
- The next nine digits show the Primary Account Number (PAN)
- The last digit is the check digit, verifying a valid card number
The virtual card is valid for one year and can be used for online purchases, like any other CC. Requesting a new card number invalidates the previous number, effectively preventing other purchases. Doing so may, or may not prevent refunds applied from the merchant to the now invalid card number. Goldman Sack does retain all of the virtual CC #s, refund(s) should work even the the number is no longer valid. This does not impact the physical card number in any ways.
Paying the balance is the easiest, if the personal checking account added to the Wallet; provided you trust Goldman Sacks with your checking account. I don't and as such, paying with personal check and/or banks's check can be tricky, since the physical card # isn't known. I am still testing, if using a virtual CC # can be used for payment. Judging by texting with Goldman Sacks, it should work, but remains to be seen.
I've been using virtual CC #s for the last 15 - 20 years via BofA, where pretty much unlimited CC #s can be generated, specify the amount and expiration date, etc. Unfortunately, BofA discontinued this feature named "ShopSafe" at the end of September; my main reason for getting the Apple Card.
It seems to me that Apple is missing the idea for the virtual credit card. Generating a virtual card number that's valid for a year also means, that it could be part of a data breach within the year and amount up to the credit limit charged. Apple really should change how the virtual credit card number works, if they serious about security.
Especially, when the referenced link above also shows fraudulent charges for both physical and virtual charges. Seemingly, Apple Card makes it harder for customers to use the card without much of an actual security improvement. At least where Apple Pay is not accepted.