Apple has revealed that its eagerly anticipated move into the credit card market, the Apple Card, is set to be released this August.
The news was made official by company CEO Tim Cook during the tech giant's Q3 earnings call.
“Thousands of Apple employees are using the Apple Card every day in a beta test and we will begin to roll out the Apple Card in August,” Cook said in the call.
Cook's announcement confirmed a recent Bloomberg report, which also cited an August launch for Apple's credit card.
Apple Card release date – what do we now know?
Unfortunately, Apple hasn't provided us with an exact release date for the Apple Card – just that it'll come out in August.
Rumors suggest that the launch window can be narrowed to the first two weeks of the month, though this is far from official.
We also know that the Apple Card only be rolled in the US at this time.
Should it prove a success, there's a chance the Cupertino-based company could look to launch the product in other markets, but it hasn't offered any clues as to its future plans.
The Apple Card was first unveiled at Apple's March 25 event, which was headlined by the launch of the Apple TV+ streaming service
What is the Apple Card and what does it do?
Fundamentally, the Apple Card is a credit card being offered by Apple in partnership with Goldman Sachs and Mastercard.
However, it's a far cry from the piece of plastic currently sitting in your purse or wallet, as it's made out of titanium.
It has an ultra-minimalist design, with only a laser-etching of the owner's name, Apple logo, and chip on the front of the card.
#AppleCard pic.twitter.com/eRt9aUAyRp11 May 2019
As you can see, the traditional 16-digit card number, expiry date, and CVV security code are all gone – these are found on the digital version of the card, which lives in your Apple Wallet and is generated once you pair the physical card with your iOS device.
Low interest rates and no annual fees have been promised by the iPhone manufacturer, as have some tasty cashback rewards.
- 1% cashback on all purchases made using the physical card
- 2% cashback on all purchases made with Apple Pay
- 3% cashback on all purchases made directly from Apple, including iTunes
Additionally, the Apple Card will introduce new ways to monitor and manage your spending in the Wallet app, helping you break down purchases into categories like food, entertainment, and clothing in the same way as personal finance software.
Whether or not it emerges as one of the best rewards credit cards remains to be seen, but given Apple's loyal fanbase and the attractive cashback rates on offer, it seems to stand a good chance of shaking up the status quo.