Apple announced Monday that it will be rolling out a new product called Apple Card. It’s a fully functioning credit card that will work worldwide and be built directly into the Apple Pay wallet app.
The Apple Card, which will be available this summer, has been rumored for some time. It is the first credit card offered by Goldman Sachs and will use MasterCard’s payment network.
Apple announced the credit card at an event Monday in which it also discussed changes to Apple Pay — including transit payments being rolled out in major cities in the US, such as Portland, Chicago, and New York City — and its subscription news service (Apple News+) and slate of original programming (AppleTV+).
Apple Card will use machine learning and Apple Maps to describe where and when transactions happened. And it will also provide weekly and monthly spending summaries. Customer service for the card can be reached via iMessage.
Users will receive 2% cash back on general purchases or 3% on purchases from Apple. If they use the physical Apple Card credit card, they get 1% back. Users can accrue an unlimited amount of Daily Cash.
Apple Card’s payment system will be protected by one-time dynamic number codes and Face ID or Touch ID. The physical titanium card does not have any numbers on it at all.
Apple won’t be able to track any sort of spending data from Apple Card and won’t be storing any of the information on its servers. And it said Goldman Sachs “will never share or sell your data to third parties for marketing or advertising.”