Confirmed: Apple Card is launching in coming weeks
What's the story
Apple's first credit card offering, the Apple Card, will be launching in a matter of weeks.
The payment tool was announced at a special event in March but was only available to select individuals for internal testing.
Now, the company has said that the test is about to end and the card will be rolled out to the public in August.
Here's more.
Registrations
Registrations for the card to begin in August
During Apple's Q3 earnings call, CEO Tim Cook confirmed Apple Card's availability timeline.
He said, "Thousands of Apple employees are using the Apple Card every day in a beta test" and the registrations for the same will begin in August.
However, Cook didn't specifically mention the launch date of the card, which has been developed in partnership with Goldman Sachs and MasterCard.
Details
Apple Card will be built into Apple Pay
Apple Card, when available, will work as a fully functional credit card at stores across the globe.
By default, it will be built into your iPhone's Apple Pay wallet, which is expected to provide further information about the card's availability.
However, if required, you could also apply for a "titanium, laser‑etched" avatar for swiping at places where Apple Pay isn't supported.
Credit card
Plus, you will get advanced security
Unlike regular credit cards, the Apple Card won't have any numbers, CVVs, or expiration date.
It will generate and store those numbers on the device in order to ensure your details are not revealed with the card.
Additionally, Apple also says the card will be shielded with Face ID/Touch ID authentication and Goldman Sachs, the creditor, won't be able to track your purchases.
Rewards
Rewards promised by Apple for all purchases
In order to get more takers for the credit card, Apple has promised lucrative rewards.
First, it won't charge any fee for missing the payment date or going over the assigned credit limit.
Then, you will get DailyCash rewards, in real dollars, at the rate of 1% on regular physical card purchases, 2% on virtual card payments, and 3% on Apple store purchases.
Registration process
Apple Card will also offer instant approval, detailed tracking
When Apple Card launches next month, you'd be able to apply for it through the Apple Pay app.
The company will then determine your eligibility and issue the card if you qualify.
After this, the card will show up in the wallet with detailed specifics of how much you owe, where you have spent your credit and when the amount has to be repaid.