Apple credit card will live in the wallet section of the iPhone, though customers will also get a physical card made of titanium.
Apple said on Monday it will launch a credit card with Goldman Sachs Group this summer that can be used to earn cashback on the purchase of Apple products, but analysts suggest its rewards do not stand out among rivals. The Apple Card will sync with iPhone’s users’ Apple Wallet and work through its payment system Apple Pay, said Jennifer Bailey, vice president of Apple Pay. She spoke in Cupertino, California, where the company also announced the launch of a streaming television service and an online gaming arcade.
Cardholders will earn 2 percent cashback on all purchases made using their phones or 3 percent cashback on Apple products.
The physical credit card will be made of titanium – laser-etched with users’ names but no numbers as a security feature. It will pay 1 percent cashback on purchases.
The Apple credit card, which will be issued by Goldman Sachs Group and will use the Mastercard network, will come with new features in the Apple Wallet to help users track their spending with a breakdown of monthly purchasing.
