Tim Cook announced that the company will begin offering its new card to users next month.will hit its summer launch date. During the company's call Tuesday, CEO
"Thousands of Apple employees are using Apple Card every day in our beta test," Cook said. "And we plan to begin the rollout of Apple Card in August," though an exact release date was not given.
First announced during the company's March, Apple Card will be Apple's entrance into the payments arena. The iPhone-maker has teamed up with Goldman Sachs and Mastercard for the new credit card, which will be available as a digital card in the Wallet app for use with Apple Pay. A physical titanium card will also be available for use in places that don't yet accept mobile payments.
Unlike most other cash-back credit cards, Apple says it will offer users cash back daily through what it calls "Daily Cash."
Daily Cash will offer:
- 1% when you use the titanium, physical Apple Card for a purchase
- 2% on any purchase when you use the digital Apple Card through Apple Pay
- 3% when you use the digital Apple Card on purchases you make directly from Apple. This includes the Apple Store, iTunes and the App Store as well as .
Apple says the card will not have any annual fees, late fees or over-the-limit fees with the Wallet app offering ways to monitor your spending, check interest owed and make monthly payments.
Although it is partnering with Goldman Sachs, Apple says the bank will "never share or sell your data to third parties for marketing or advertising." And while you can track your spending habits in the Wallet app, Apple says that it won't know or keep tabs on what you're buying, where you're making purchases or how much you're spending.