No exact date yet, but the Apple Card is officially launching this August. Apple has confirmed that it's going to begin accepting applications for its new credit card experiment announced this past spring. The Cupertino brand made the announcement at its 2019 third fiscal quarter earnings call.
According to CEO Tim Cook, thousands of Apple employees are using the Apple card on a daily basis as part of a beta test and that it's finally time to let the general public take advantage of the card.
Coming in both digital and physical variants, the Apple Card works much like traditional credit cards, but with a few notable exceptions. For instance, it doesn't use a conventional 16-digit card number, CVV code, or expiration date as a personal identifier. Instead, it will generate those numbers randomly per transaction to keep purchases as secure as possible. These numbers are generated on-device, meaning there's no "processing" happening via the cloud, and Apple claims Goldman Sachs, its partner for this project, won't be able to track and see where users have shopped, what they've bought, or how much money they've spent.
Goldman Sachs is providing Apple with the software tools for the Apple Card, as CNBC notes, while Apple itself will provide the service inside the Apple Wallet app. People will be able to use the Apple Card at supported stores by tapping an iPhone at a payment terminal or by using a physical card made of titanium that Apple will be shipping to users.
While Cook confirmed an August launch, he failed to give a specific date, only confirming that the card rollout will ramp up following the initial launch.
Apple Card Perks
In addition to secure transactions, Apple Card users will also be able to take advantage of a sophisticated interface, which shows them where each purchase was made. This interface will also include a breakdown of their purchases into different categories, such as entertainment, food, shopping, and others, so they know how much they've spent on certain items and services each month.
As for the incentives, the Apple Card will provide daily cashback instead of a rewards points system. This is quite comprehensive, so make sure to visit Apple's website to learn more. The company also promise there won't be annual fees, late fees, over-limit fees, or cash-advance fees.
Tech Times has published a short guide on why applying for an Apple Card might be a good idea, so make sure to check that out.