Apple plans to launch its Apple Card in August, Tim Cook, CEO has announced during the third fiscal quarter earnings report on July 30. Cook said that thousands of people are using Apple Card every day in our test and the company is planning to roll out its card in August. Apple first announced its new credit card in the event that held in March where it has also announced its Apple channels, Apple TV+ streaming video service, and Apple News+.
The company created its partnership with Goldman Sachs and is deeply combined with Apple Pay and the Wallet app. A physical titanium card will also be available for its use in the places where mobile payments are not accepted.
The Apple card will come in both physical and a digital titanium card form. Although, Apple card won’t use a CVV code, 16-digit card number, and expiration date and month, instead the card will randomly generate those numbers over the particular transaction to keep the purchases secure. The numbers are also created on the device with Apple promising that Goldman Sachs, won’t be able to track and see where you have shopped, how much you spent, and what you bought.
Unlike the other cash back credit cards, Apple will also provide daily cashback offers to the users through Daily Cash. The Daily Cash will offer cashback such as 1% cashback on purchases done through Apple physical titanium card. Through the transaction from Apple digital card, 2% cashback will provide, and 3% will get when the purchases were done through digital Apple card in Apple stores such as App Store, Apple Store, and iTunes.
The company said that the card will not have any annual fees, over the limit fees with the wallet app, and late fees providing various ways to monitor your spending, monthly payments, and owed check interest
Apple card will be limited to the U.S. but it soon to be launched in other countries in the coming years.