Apple is getting ready to release its first ever credit card in an ambitious partnership with Goldman Sachs. The company announced its plans for the credit card back in March. Apple will let users sign up, open, and use their credit account all through Apple’s Apple Wallet feature on the iPhone. Though the company is allegedly getting to release the credit card in a matter of weeks, both Apple and Goldman Sachs have been relatively hush hush on the details about the new credit card program. Regardless, information gets out. Here’s what we know so far about Apple’s new credit card with Goldman Sachs.
It’s Coming – Soon
As you an imagine, the Apple card will be named exactly that—the Apple Card. Personally I would have voted for iCredit, but nobody asked for my opinion on the matter. With the Capital One and Equifax data breach fiasco’s behind us, Apple and Goldman Sachs have opted to release their partnership credit card as early as mid-August, according to a source at Bloomberg. It’s the first time a tech giant will launch its own credit card, but with banking giant Goldman Sachs and some help from MasterCard, the company feels that it will be able to deliver a good product with little risk.
The MasterCard partnership is intended to help the company handle transactions seamlessly. Users can apply for, use, and check up on their account all through the Apple Wallet as part of an iOS 12.4 update. Consumers that open the card will be treated to no foreign transaction fees, no annual fees, and a cashback system that—you guessed it—rewards Apple customers the most. Consumers will be rewarded with 1% cashback on purchases made with the card, 2% cashback on purchases made with the card through Apple Pay, and 3% cashback on purchases made at Apple (so you’ll get a few dollars back when you buy the new iPhone this September).
The physical card is nice—a simple, sleek, titanium card with minimal markings and a simple Apple logo on the front. It’s the iMac of credit cards, basically, and it’s thicker than the average credit card. The Apple Card is the ultimate status symbol of a millennial adult. It signals a new era in which tech giants venture into the banking world on a new level. Apple also boasts that, because the physical card has no numbers on it, the information is harder to steal. Although card information is the least likely to be stolen simply from knowing the credit card number.
How To Get The Apple Card
Apple hasn’t revealed any information about what credit scores applicants will likely need to qualify for the Apple Card. However, the company has suggested that the card will offer varying interest rates to its customers. This is usually a pretty good indicator that consumers with lower credit scores may qualify for the card. However, they’ll likely be given a higher interest rate. That being said, Apple and Goldman Sachs may reward consumers that have higher credit scores with a lower interest rate. Apple has said it will go as low as 13.24%—lower than most credit cards.
There is no official release date for the Apple Card. But the company has hinted that it could be coming as soon as in the next couple of weeks.