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Coming soon to your digital wallet: an Apple co-branded Mastercard, issued by Goldman Sachs. That’s right — the Apple credit card we’ve been hearing about since last year is finally official.
The tech giant unveiled Apple Card at its service-focused event in Cupertino today. Apple CEO Tim Cook introduced the new card at a packed Steve Jobs Theater, explaining that “there’s some things about the credit card experience that could be so much better.” Namely, fees, sign-ups, security and rewards.
First, let’s chat rewards. As Apple’s VP of Internet Services Jennifer Bailey explained on stage, the company developed a straightforward model it’s calling Daily Cash. Rather than arriving after your statement closes, as the name implies, Daily Cash will arrive in the form of Apple Cash after a transaction posts. You’ll earn 3% cash back on Apple purchases, 2% on all purchases made via Apple Pay and 1% cash back on physical card purchases.
So assuming you’re paying with Apple Pay, you’re getting a return that’s on par with many other cash-back cards, such as the Citi Double Cash Card. If you’re looking for the best return on your spending as well as the option to redeem rewards for travel, you’ll still be better off with a travel rewards credit card like the Chase Sapphire Preferred Card or Capital One Venture Rewards Credit Card, but at least Apple Card comes with some bonus categories, even if they’re not as competitive as, say, the Capital One Savor Cash Rewards Credit Card with 4% back on dining and entertainment.
Apple also set out to minimize fees. As the company explains:
“There are no fees associated with Apple Card: no annual, late, international or over-the-limit fees. Apple Card’s goal is to provide interest rates that are among the lowest in the industry and if a customer misses a payment, they will not be charged a penalty rate.”
Apple’s promising lower interest rates as well.
Speaking of that physical card, it’s made of titanium, and it looks fantastic — at least based on the on-screen demo we saw in Cupertino today. It has an incredibly simple design, with only your name and a chip, plus a magnetic strip on the rear, and will be used to process transactions with merchants that don’t yet accept digital payments, such as restaurants and antiquated mass-transit systems.
To get the full functionality (and value) from your Apple Card, you’ll want to use the app. You’ll get a list of transactions, detailed trend reports, payment reminds, rewards tracking and more. Even customer service communications are handled via text — simply send a request via Messages to get support.
Apple Card is expected to be available this summer, with sign-ups exclusively available through the Wallet app. And, since it’s Wallet-based, you won’t need to wait for a physical card — once approved, your card will be available to use via the app right away.
Be sure to check out additional in-depth coverage on Apple Card below:
- Why You Should Care About the Apple Card, Even If You Aren’t Getting It
- Questions and Answers About Apple’s New Credit Card
- Will the Apple Card Be the Best Credit Card for Apple Purchases?
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