The credit card, Apple Card, will be released in August.
Screenshot by Katie Conner / CNET
The Apple Card arrive this summer On Tuesday, July 30, during the conference call financial report of the company's third fiscal quarter, the executive president, Tim Cook, announced that next month the company will begin offering users the new card.
"Thousands of Apple employees have been using the Apple Card in our beta test," Cook explained. "And we plan to begin launching the Apple Card in August," although there was no exact date for the launch.
Apple's credit card was first announced during the software and services event, and mark Apple's entry into the payment market. The iPhone manufacturer has partnered with Goldman Sachs and Mastercard to create the new credit card that will be available as a digital card within the Wallet application, for use with Apple Pay. The physical titanium card will also be available for use in places that still do not accept mobile payments.
According to Apple, unlike other credit cards with cash back, this offers users a refund through what is called "Daily Cash."
Daily Cash offer:
- 1 percent refund when you use the Titanium Apple Card (physical card)
- 2 percent when using the Apple Card (digital card) on any purchase
- 3 percent when you use the Apple Card (digital) in purchases you make directly at Apple. This includes the Apple Store, iTunes, App Store, as well as subscriptions
Apple says the card does not have annual fees, late fees or fees for getting out of your limit, while the Wallet app offers ways to control expenses, verify interest due and options to make monthly payments.
Although this card is associated with Goldman Sachs, Apple says the bank "never share or sell data to third parties for marketing or advertising purposes." And while you can track your shopping habits in the Wallet application, Apple says the company will not know or control the way you buy, where you do it and how much you are spending.
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