Apple Inc. this week announced the Apple Card, a new credit card in partnership with Goldman Sachs and MasterCard.
Apple Card can be used as the main form of payment in Apple Pay to receive two percent instant cash back on all purchases, and three percent cash back on Apple purchases. The cash back is calculated instantly and can be used to pay the credit card balance or be sent to another Apple user in Messages.
In addition, the Apple Card has no annual, cash advance, over-the-limit, or late fees.
In the Wallet app, Apple Card users can track their purchases in color-coded categories, pinpoint their purchase on Apple Maps, and see how much interest will be paid when the full statement balance isn’t paid off.
For merchants that don’t accept Apple Pay, customers can use a physical Apple Card made from titanium. The physical card includes a chip but does not disclose any card numbers, CVV, or signature like typical credit cards. Standard card information can be found in the Wallet app. Transactions from the physical card will receive one percent cash back.
Apple Card will be available this summer.