Apple
- Apple will reportedly launch the Apple Card as soon as the first half of August.
- Apple has not announced an official release date for its credit card beyond "this summer."
- The card will live in the iPhone’s Wallet app and provides perks like 2% cash back when using the card through Apple Pay.
- Visit Business Insider’s homepage for more stories.
Apple’s new credit card could launch as soon as the first half of August, according to a new report from Bloomberg.
The Apple Card was officially unveiled in March alongside the company’s new gaming and video services. Apple has not said when the card will officially launch beyond saying that it’s set to debut in the summer.
Apple declined to provide a comment for this story.
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Apple is partnering with Goldman Sachs on the card, which will be built into the iPhone’s Wallet app and offers perks like no late fees and 2% cash back when using Apple Pay. For places that don’t accept Apple Pay, Apple is also launching a physical titanium card, which the company has touted as being highly secure. Unlike most credit cards, Apple’s physical card doesn’t have any numbers on it, not even a CVV.
Apple and Goldman Sachs have split up the responsibilities when it comes to developing the card, according to Bloomberg. Apple designed the card and the user interface, while Goldman Sachs is responsible for the underlying infrastructure. Apple was reportedly concerned about the mechanics Goldman Sachs had developed for the card, says the report, but this hasn’t impacted the Apple Card’s summer release date.
As the card’s reported launch date draws near, the company is said to have been testing the card with its retail employees, as Bloomberg also previously reported.
In addition to providing the perks mentioned above, Apple’s Wallet app will also break down purchases according to category and can pinpoint the location of your transactions on a map.
The move represents part of Apple’s push into services as it grapples with slowing revenue from iPhone sales. In addition to launching the Apple Card this summer, Apple is expected to launch its Apple TV+ video streaming service and its Apple Arcade gaming subscription later this year.
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Source: Business Insider – leadicicco@businessinsider.com (Lisa Eadicicco)