Apple has partnered with Goldman Sachs to launch a new digital credit card called simply, Apple Card. Apple is touting the security and privacy benefit of this new payment option along with its ease of use.
Apple Card primarily resides digitally within the Wallet app on your smartphone. The Apple Card can be users wherever Apple Pay is currently accepted and allows you to make budgeting decisions and track your spending.
Apple is introducing something that it calls Daily Cash, which is the company’s take on popular credit card rewards programs. With the Apple Card, you’ll get 2 percent cash back daily on whatever you purchase. You get the Daily Cash deposited into your account well, daily. Daily Cash can be used to either pay down your balance or to make other purchases. When you purchase items directly from Apple Stores or pay for Apple services, you’ll get 3 percent cash back.
Apple Card has no late, annual, international, or over limit fees. The company is also promising lower interest rates for customers thanks to its partnership with Goldman Sachs and Mastercard. Credit card numbers are issues on a per-device basis, and are secured either with Face ID or Touch ID.
For those times when can’t use Apple Pay and need a more “traditional” credit card, there’s a physical Apple Card. This minimalistic card is made out of titanium and features no card number, CVV security code or expiration date. It also doesn’t require a signature. However, your Daily Cash rate falls to just 1 percent when using the physical card.
Apple says that Apple Card will launch this Summer.