Apple on Monday introduced Apple Card, a new virtual credit card. This is a Mastercard in a partnership with Goldman Sachs and is integrated with the Wallet app.
There’s no annual fees, no late fees, no foreign transaction fees, and you get a lower interest rates than common credit cards. But, late or missed payments will result in additional interest accumulating toward the customer’s balance.
Every time you use the new card from Apple, you get 2 percent cash back, a feature the company calls Daily Cash. Purchases directly from Apple come with 3 percent cash back. The card is designed for a healthier financial life and takes advantage of the power of Apple’s devices.
Coming Summer 2019
Signing up is instant and can be done through the Wallet app on iOS. You can use the card worldwide, across all Apple devices.
The card will show with the latest update of the Wallet app that can show your latest bills, transactions and spending history. That’s coming in summer of 2019. The virtual version of the card’s data is stored in the same iPhone security chip that handles Apple Pay.
Apple has also designed a titanium card, for shopping at locations where Apple Pay is not accepted yet. With no card number, CVV security code, expiration date or signature on the card, the card is more secure than any other physical credit card. For purchases made with the titanium card, customers will get 1 percent Daily Cash.