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 of Apple products and services. It will provide the rewards daily, rather than at the end of a billing cycle.
Apple Card will also provide offer insights — such as how much money your spending at particular locations or in particular categories — through a revamped Apple Wallet.
For places where Apple Pay isn’t accepted, Apple has created a white, titanium physical card that’s emblazoned with the Apple logo.
This story is developing.