Apple Card begins official launch
Apple Card has officially begun its launch as the retailer starts to issue its new digitally focused credit card to customers.
Goldman Sachs and Apple, who developed the card together, today began sending out a limited number of sign-up invitations to customers who expressed interest in Apple Card.
The card, which was announced in March and was rolled out to 70,000 Apple staff for testing in June, is designed to work in conjunction with its iPhones.
It will be tied to Apple Pay, working globally where the payment service is accepted, and allowing users to track spending via the Apple Wallet app on iOS placing a particular focus on transaction privacy.
Users will get a two-per cent cash back on all Apple Card purchases, rising to three per cent on all items bought via the Apple store, and no common fees like foreign-transactions or late fees will be included.
Though Apple will offer a physical card made of titanium upon request, it will not include a physical card number. Instead the card number is stored on a chip inside the iPhone, which will generate virtual numbers for online purchases when needed.
This comes as Apple seeks to diversify its operations and reduce its reliance on iPhone sales, which have continued to decline in recent months and represented less than half of its total revenue for the first time in seven years over its last quarter.