Advertisement

Apple launches credit card

In this March 25, 2019, file photo, Jennifer Bailey, vice president of Apple Pay, speaks about the Apple Card at the Steve Jobs Theater during an event to announce new products in Cupertino, Calif. The Apple-branded credit card that’s designed primarily for mobile use will start rolling out on Tuesday, Aug. 6. Photo: AP/ Tony Avelar
In this March 25, 2019, file photo, Jennifer Bailey, vice president of Apple Pay, speaks about the Apple Card at the Steve Jobs Theater during an event to announce new products in Cupertino, Calif. The Apple-branded credit card that’s designed primarily for mobile use will start rolling out on Tuesday, Aug. 6.

Updated: August 07, 2019 09:26 AM

The Apple credit card designed primarily for mobile use is here.

Some iPhone users who requested a notification about Apple Card will get invites Tuesday to apply through Apple's Wallet app. The company plans to expand sign-ups more broadly in the coming weeks. The card, announced in March in partnership with Goldman Sachs, is available only in the U.S.

Advertisement

Apple promises quick sign-ups and the elimination of most fees. Customers typically get 2% cash back when using Apple's app to pay. Industry experts say financial benefits of card mirror many of those already out there for consumers.


More from KSTP.com:

Apple's quarterly profit falls as iPhone sales sputter

Apple buys Intel's smartphone modem division for $1 billion


What sets Apple Card apart from other cards is its reliance on the iPhone. Though customers can request a physical card for free, an iPhone is required to apply, check statements and pay balances.

The app will offer tools to manage spending and suggest payment amounts based on past payments and spending. And cash back rewards return to customers through an Apple Cash account, which can be used for other purchases, credit card payments and transfers to traditional bank accounts.

Goldman will be in charge of approving applications and monitoring transactions for fraud. Apple says it isn't getting transaction data and has agreements that bar Goldman from using data for other purposes, such as advertising and marketing Goldman's other services.

Connect with KSTP


Join the conversation on our social media platforms. Share your comments on our Facebook, Instagram, and Twitter pages.

Credits

The Associated Press

(Copyright 2019 by The Associated Press. All Rights Reserved.)

Advertisement

Klobuchar, Smith pressure TSA for additional screeners at MSP

Park Board votes to change name of Calhoun Parkway to Bde Maka Ska Parkway

Cottage Grove honors good Samaritan who helped mother in crisis

Reported illness among vapers reaches 150 possible cases

Vendors preparing for opening day at the Minnesota State Fair

Tubing companies concerned after new ordinance on Apple River

Advertisement