Apple to launch credit card in India in tie up with HDFC Bank

As per the anonymous reports by Moneycontrol, Apple CEO Tim Cook met with HDFC Bank CEO and MD Shashidhar Jagdishan when the former visited India for the launch of Apple stores in Mumbai and Delhi in April. 

American Multinational tech giant Apple Inc is all set to breach into the Indian Financial Sector. It aims to launch its credit card service soon in the country which is known as Apple Card. The manufacturer of iPhones is set to tie up with HDFC Bank to bring the cards into Indian markets as reported by Moneycontrol.

As per the anonymous reports by Moneycontrol, Apple CEO Tim Cook met with HDFC Bank CEO and MD Shashidhar Jagdishan when the former visited India for the launch of Apple stores in Mumbai and Delhi in April.

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The reports and formalities of Apple’s card launch in India are in their primitive stages. Apple executives have also held discussions with the Reserve Bank of India to ascertain the standard rules and operating procedures. RBI has made it clear that Apple has to follow all the guidelines laid for other co-branded credit cards operating and there shall be no special privileges given to the company.

As of now there has been no official confirmation made by any parties which includes Apple, HDFC Bank and RBI as well.

Apple cards are currently available in USA where it was launched by collaboration with Goldman Sachs and Mastercard. The cards are made using premium titanium and lets its users earn 1% cashback on total transaction on regular basis, 2% cashback if the transaction is done using Apple pay and 3% cashback on the total transaction value if the card is used by customer in Apple stores and affiliated partners. There is no annual fees or late fees charged by Apple for its card users, the foreign transactions and returned payments are also not charged, However users need to pay a set of interest fees generated for carrying balance.

Owners of Apple cards can open 4.15% savings account with no minimum balance limit and every user gets a unique number on card which is directly linked to their Apple devices.