Apple is partnering with Goldman Sachs and Mastercard to launch its own credit card.
Apple Card will be available as both an iPhone (built into the Apple Wallet on iPhone) and physical version, the latter for locations where Apple Pay is currently not available. It will launch Stateside during the summer.
Jennifer Bailey, Apple’s VP of Apple Pay, says that it is “designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance”.
The iPhone version, which taps machine learning and Apple Maps to label transactions with merchant names and locations, includes a 2% cashback incentive on each purchase, has no late fees, annual or international fees. Further info can be found here.