Do you Love iPhones and Apple products? You will love their Credit Cards too! You heard it right! Apple is all set to launch credit cards in India. Unlike its American counterpart, the Apple Card in India will be subject to the regulatory framework set forth by the Reserve Bank of India (RBI), which inspects all banking transactions and activities. Let’s address questions like How to apply for Apple Credit Cards in India.
The move comes as Apple looks forward to tapping into the growing opportunities within India’s financial landscape. The company is reportedly discussing with HDFC Bank, a leading Indian bank. It is actively engaging with regulators, including the RBI, to navigate the intricacies of introducing a co-branded credit card.
Apple credit card in India, in partnership with HDFC Bank
This significant step forward follows a meeting between Apple’s CEO, Tim Cook, and HDFC Bank’s CEO and MD, Sashidhar Jagdishan, during Cook’s visit to India earlier this year. However, the RBI has emphasized that Apple must adhere to the standard procedures for co-branded Apple credit cards without receiving any special treatment. (Moneycontrol)
Recently, Apple recorded sales of Rs 25 crores each month from its newly launched store in Mumbai. Looking at this interest of Indians towards Apple products, the tech giant might have taken such a decision to launch Apple credit card in India.
Apple's growing demand in India
A report by Reuters mentioned that the company doubled its sales in India in 2023. The Make In India initiative has also helped Apple to grow its production of Indian made iPhones by seven times! In 2021 1% of global phones were made in India, and by April 2023, it is 7%. The decision to launch the Apple credit card in India might prove a big deal for the company.
How to Apply for Apple Credit Card in India
Below are the steps that one has to follow while applying for Apple credit cards. Since the Apple card is not yet launched in India, the process might still be similar, which is mentioned below.
Part 1 : Applying through website
- Check Eligibility: Determine if you meet the eligibility criteria set by Apple and its banking partner, such as minimum age, income requirements, and creditworthiness.
- Application: Visit the designated website or mobile app provided by Apple or its banking partner to access the credit card application form.
- Personal Information: Fill out the application form with your personal details, including your full name, contact information, residential address, and date of birth.
- Financial Information: Provide information about your income, employment details, and any existing financial obligations, such as loans or credit card debt.
- Consent and Agreement: Review and agree to the terms and conditions of the Apple Credit Card, including the interest rates, fees, rewards program, and any associated policies. Make sure to understand the terms before proceeding.
- Submission: Once you have completed the application form and agreed to the terms, submit the application electronically through the designated platform.
Part 2 : Verification and Usage
- Verification and Credit Assessment: The bank associated with the Apple Credit Card will verify the information provided in your application and conduct a credit assessment. This assessment typically involves evaluating your credit history, income, and other relevant factors.
- Approval or Rejection: Based on the credit assessment, the bank will inform you of the status of your application. If approved, you will receive further instructions on how to proceed.
- Card Delivery and Activation: If your application is approved, the bank will issue and deliver the physical Apple Credit Card to your registered address. Follow the provided instructions to activate the card, which may involve calling a customer service number or using an online activation portal.
- Usage and Payments: Once activated, you can begin using your Apple Credit Card for purchases, both online and offline, within the assigned credit limit. Ensure to make payments on time to avoid any interest charges or penalties.
Conclusion
While the launch of Apple credit cards in India may feel very tempting, the news is not yet confirmed. There are a lot of Ifs and Buts that both the companies (Apple and HDFC Bank) have to work upon. Stay tuned for more, as this is a developing story.
