- Apple on Monday announced its new credit card, the Apple Card. It comes out this summer.
- The card eliminates fees and offers daily cash-back rewards, among other features.
Apple on Monday announced the details of the new credit card it’s launching with Goldman Sachs – an offering that includes no fees, daily cash-back rewards, a revamp of Apple Wallet capabilities, and even a physical card made of titanium.
Among the features customers can expect when Apple Card launches in the US this summer, according to Apple’s announcement:
- Streamlined applications: The approval process will take minutes, and customers won’t have to wait days or weeks to receive a physical card. It will be available to make purchases via Apple Wallet right away.
- No fees: Apple says it’s eliminating all fees, including late fees, which are a huge revenue-generating machine for traditional cards.
- Daily rewards: Apple Card will give customers 2% cash back on purchases, including 3% on purchases via Apple channels for its products and services. It says it will provide the rewards daily, rather than at the end of a billing cycle.
Through the partnership with Goldman Sachs and Mastercard, the new Apple Card will be able to be used around the world.
For places where Apple Pay isn’t accepted, Apple has created a white titanium card emblazoned with the Apple logo. The physical card will earn only 1% cash back, incentivizing users to rely on the Apple Wallet version.
Apple said the Apple Card would also provide insights through a revamped Apple Wallet. Using machine learning and Apple Maps, cardholders can see how much money they’re spending at particular locations or in categories like shopping or entertainment.
It will also show users a variety of repayment options and what each will cost them in interest, which Apple said would help encourage customers to make more than just minimum payments.
Apple also said its goal was to offer interest rates that are “among the lowest in the industry.”
- Read more:
- Goldman Sachs’ partnership with Apple could move it a step closer to being ‘a bank branch in your pocket’
- Apple just introduced a new rewards credit card that’s sure to be a game-changer for iPhone users
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