Apple just announced a game-changing new credit card
The card, issued by Goldman Sachs called "Apple Card," will offer cash rewards and various features and integrations with Apple's Wallet and Apple Pay apps.
The card will earn "Daily Cash," Apple's version of cash back. Daily Cash is issued to the user's Apple Pay Cash balance each day. From there, it can be spent on purchases using Apple Pay, applied as a credit toward the user's Apple Card balance, or transferred to contacts through Apple's peer payment feature in iMessage.
It was not immediately clear whether Daily Cash could be withdrawn to an external bank account, including Goldman Sachs accounts.
The card will earn 3% Daily Cash back on purchases made with Apple, 2% cash back on purchases made with Apple Pay, and 1% Daily Cash on purchases made with the physical card, or online without Apple Pay. It was not immediately clear if purchases made online through Apple Pay would qualify for the 2% back.
According to Apple Pay VP Jennifer Bailey, who presented at the event, the new card is "designed for iPhone." People can apply directly on the iPhone, and start using the digital card immediately upon approval. Cardholders can update information and review transactions through iMessage as the card uses machine learning to recognize transactions.
iPhone users can view their balances and transactions within the Wallet app, including automated breakdowns of spending by category and merchant.
The card will have no annual fee, late payment, or foreign transaction fees. The Apple Card features in Wallet will show various payment options, and help users calculate "the interest cost on different payment amounts in real time," according to a news release. The Card app will also offer automated suggestions to pay down any carried balances sooner.
The card has several built-in security features, including some that are native to Apple Pay, and offers various privacy features. While users will get a physical card to use at point-of-sale terminals that do not accept Apple Pay, it won't have a printed number, expiration date, or security code. For online purchases, that information can be accessed in the Wallet app, with Touch or Face ID used to authenticate the user.
The card runs on MasterCard's payment network and will be available summer 2019.
This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.
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