We first heard that Apple was releasing its own credit card back in March, as part of its quest to expand its services business.
Apple wants to shake up an industry that hasn’t changed much in fifty years with this service, known simply as Card. The credit card, created in conjunction with MasterCard and Goldman Sachs, has a few key selling points that Apple hopes will set it apart from competitors.
Card has no fees to speak of, and its rates are pretty competitive. It works seamlessly with the iOS Wallet app to help track your spending habits, and even make suggestions on the fly as to how you could better manage your money. And there’s a generous cashback scheme, offering “Daily Cash” bonuses on every purchase: 3% on anything bought directly from Apple, 2% on anything bought using Apple Pay, and 1% for everything else.
Oh, and the physical card itself will be a minimal titanium affair without any of your bank details on it, for added security. Check out our explainer for even more details on how Card will work.
Anyway, Apple has so far kept quiet about a release date for the card, though at this week’s earnings call Tim Cook confirmed that it’s planned for an August release. Sources say that we’re likely looking at an official release in the first week of August, in fact.
Sadly, this initial release will be for the US only – but Apple is planning to expand Card around the world as soon as it can.
If you want to get on board as soon as possible, make sure you’ve updated to the latest iOS 12.4 update (or the iOS 13 beta) on your device and we’ll let you know just as soon as the service goes live!