Apple Card has officially launched, offering a new form of MasterCard credit card to users, partnered with Goldman Sachs.
Apple on Monday introduced Apple Card, a new credit card that will live both virtually in Apple’s Wallet app and in the physical world as a minimalist designed titanium card.
Users can sign up through their iPhone and get access to the card in minutes when it becomes available in the U.S. this summer, according to the Cupertino company’s Monday presentation. The new card hinges on Apple Pay, the tech giant’s mobile payment and digital wallet, which has made inroads in merchant acceptance since its inception in 2014.
In addition to offering major rewards for users, the new payment solution promises to improve the credit card experience by offering a healthier approach to spending. The Wallet app will include a more transparent list of transactions, organized in an easy to read format, plus a more flexible way of making payments on outstanding balances.
“There are some things about the credit card experience that could be so much better,” said Apple CEO Tim Cook.
Apple will offer cash back rewards daily to Apple Card customers, a change from monthly rewards from most other cards. Customers will be able to get 3 percent cash back for purchases made directly with Apple, 2 percent via the virtual card, and 1 percent when using the physical card.
With Apple Card, Apple is also aiming to be more transparent about the fees and high interest rates associated with other cards — the company is doing away with late fees, annual fees, international fees, and over limit fees altogether. Apple boasts that it will charge users a uniquely low-interest rate and that users won’t incur a penalty when they miss a payment.
“We have completely rethought the credit card,” said Jennifer Bailey, VP of Apple Pay.
Apple and Goldman Sachs will begin to offer Apple Card this summer. Apple says that signups will be handled directly from iPhones, with quick approvals and access to device-specific card numbers.