CUPERTINO, CA - MARCH 25: Apple Inc. CEO Tim Cook speaks during a company product launch event at the Steve Jobs Theater at Apple Park on March 25, 2019 in Cupertino, California. Apple announced the launch of it's new video streaming service, unveiled a premium subscription tier to its News app, and announced it would release its own credit card, called Apple Card.
Photo: Michael Short/Getty Images
Photo: Michael Short/Getty Images

Apple unveils the Apple Card, ‘a credit card designed for iPhone’

>> Read more trending news 

The tech giant introduced Apple Card, created in partnership with Mastercard and Goldman Sachs, at its “show time” services event Monday, in Cupertino, California, The Verge reported. Apple CEO Tim Cook touted Apple Card as, “the most significant change in the credit card experience in 50 years."

Apple Card will be available on all iOS devices in the Wallet app and is set for release this summer. Customers who want a physical card can get an optional “laser-etched titanium rectangle,” CNN reported.

Unlike traditional credit cards, Apple Card comes with no card number, CVV security code or expiration date. Purchases are instead authenticated with a fingerprint or face-identification.

The new card will also offer a rewards system known as Daily Cash, in which 2 percent of any Apple Pay purchase goes directly back to the Apple wallet as cash. The deposits are made daily, and the reward goes up to 3 percent for purchases of Apple products and down to 1 percent for purchases made with the physical card, according to CNN.

Apple said the card has no late fees or increased interest rates for late payments, but The Verge noted, “We’ll read the fine details to see if there are limits.”

Some speculate Apple Card is meant to encourage use of Apple Pay, which Cook said Monday is only accepted by 70 percent of U.S. retailers, as opposed to 99 percent of retailers in Australia.

“They’re really nudging consumers toward using Apple Pay on a regular basis and not just as an occasional thing when a retailer allows,” Sara Rathner, a credit card expert at personal finance company NerdWallet, told The Verge.

More information on Apple Card can be found here.

Support real journalism. Support local journalism. Subscribe to The Atlanta Journal-Constitution today. See offers.

Your subscription to the Atlanta Journal-Constitution funds in-depth reporting and investigations that keep you informed. Thank you for supporting real journalism.

X