Apple unveils new no-fee credit card: The Apple Card

Apple just unveiled its new take on an old innovation, a Goldman Sachs-linked credit card called the Apple Card. Users can sign up through their iPhone and get access to the card in minutes when it becomes available in the U.S. this summer, according to the tech giant’s Monday presentation. The new card hinges on Apple Pay, the company’s mobile payment and digital wallet service, which has made inroads in merchant acceptance since its inception in 2014.

For situations where Apple Pay isn’t accepted, the tech firm created a sleek-looking, minimalist titanium card. It has just your name, etched with lasers, without card numbers and other sensitive information.

The Apple Card pays 2 percent in cash back on Apple Pay transactions, 3 percent on direct Apple purchases, and 1 percent on purchases with the physical card. The rewards will be available on a daily basis, according to Apple executive Jennifer Bailey.

The card is a step into new territory for both companies. Apple, which announced new subscriptions for video and news services Monday, is trying to develop new revenue sources beyond its popular hardware products.

For Goldman Sachs, its first credit card continues a nascent push into consumer financial products after spending most of its 150-year history catering to institutional investors, corporations and governments.

Apple Pay is accepted by more than 70 percent of U.S. retailers and will work in more than 40 countries by year-end, Cook said. The service will pass 10 billion transactions this year. It will also work in the mass transit systems of Portland, Chicago and New York this year, he added. Visa shares dropped slightly on the announcement from Apple.

Apple unveils new no-fee credit card: The Apple Card, CNBC, Mar 26