Apple has a brand new credit card.
So, let's break down what we know about the Apple card so far.
First thing is that it's gonna be available in the summer of 2019.
And you can sign up on apple.com to get notified when it launches.
[BACKGROUND MUSIC] Main details is that it's a MasterCard.
Apple has partnered with Goldman Sachs to give you credit and it's only gonna to be available in the U-S at least to start with.
And once it launches, you can apply.
And then once approved, you can s- Start using it within minutes.
So the Apple card exist in two places.
The first is virtually in the Apple wallet app.
If you have set up Apple pay with the other bank cards or troubles passes, the Apple card will also leave a name.
That means you can use the virtue card any way you can use NFC base mobile payments or Apple pay.
The second place the Apple card exists is in the real world.
So you can get a physical titanium card if you want it.
But there's no CVV, no signature and no number on the card itself.
So if you need those details for something like an online transaction you'll find them in the Apple wallet.
And the physical card can't be used to tap and pay, so you'll still need your phone.
As for cash back options, the card offers you daily cash back.
Many other cards have you wait until the end of the billing cycle to receive those points or cash back itself.
That cash back amount varies between one and 3% depending on what category your spending falls under.
It's 1% when you use the physical card, 2% when you're using the card through ApplePay, and 3% if you're buying Something from Apple.
Whether that's through the Apple store or a subscription like Apple Music.
That cash back goes automatically into your Apple cash account, which is a different virtual card in your wallet.
You can link it to your bank account to withdraw, pay friends like you can with an app like Venmo, or use it towards paying Not the credit card itself.
Let;s talk about fees.
Apple says you won't be charged late fees, international transaction fees, or annual fees.
But, of course, remember this is a credit card, not a charity, so you will still be charged interest if you don't pay off the balance in time.
[MUSIC]
The APR or annual percentage rate varies between 13.24%, which is fairly low compared to the average of some other big cards, but goes up to 24.24% depending on your credit.
You'll also be able to see breakdowns of how you're spending in the app on a weekly or monthly basis.
It's color-coded as well so different colors represent different categories like food or travel.
The app will also give you estimates of the interest you'll need to pay to clear your balance.
If you've used Apple Pay before, then making a transaction on the Apple Card is exactly the same.
You can double-tap on the power button and use Face ID or double-tap on the home button and use Touch ID to authorize the transaction.
Like other NFC based payments, each time you make a purchase it needs the unique device number that's generated when you get the card.
Plus a one time code or token.
The Apple card also has transaction monitoring.
So every time you buy something you'll get a notification on your phone immediately.
This isn't new because if you've had any other bank cards set up within Apple Pay and make a transaction with a physical card, you'll still get that notification on your phone.
Unlike many other credit cards, you'll also get notifications when it detects an unusual transaction.
The only difference is that it will pop up as a notification from the wallet app rather than say a text, email or app notification that other banks May use.
[MUSIC]
Apple says that it won't be able to see what you buy, where you bought it or how much you paid, as all that information is generated on your device.
Naturally, Goldman Sachs still has to see some data to make the card work but according to Apple's website it won't sell or share that data with third parties for marketing or ads.
One final thing to mention is that you can also text for support, rather than having to call the bank direct.
So that's all we know so far about the Apple Card.
Make sure to stay tuned to CNET for more details.
Or you can tweet me with your questions.
