The Apple Card will be released to the wider public later in August. At that time all customers will be able to apply for the card in their wallet app on iPhone. Goldman Sachs, which is providing the banking tools for Apple card, made the Apple Card customer agreement publicly available last week.
The Apple Card is part of Apple's broader push to expand its services business and boost its services revenue from its 1.4 billion active Apple devices. Apple is counting on services to boost revenue as iPhone sales slow. Apple reported $11.46 billion in services revenue for the third quarter, CEO Tim Cook telling CNBC's Josh Lipton it was a "great services quarter."
Meanwhile, for Goldman Sachs it is an opportunity to expand its reach into retail banking. Mastercard will be providing the payment network for the new credit card. The customers who got access on Tuesday morning were among those who applied to be "notified" when the card first became available. The credit card will be released to the wider public later in August. At that time all customers will be able toThe Apple Card has no annual, transaction, penalty or other fees, and variable APRs will range from between 13.24 percent to 24.42 percent based on creditworthiness, according tofor the card, which was made public last week.
Apple Card users will get cash back on purchases made using the card, instead of reward points, through a tied system. Goods or services purchased directly from Apple will get 3 percent cash back. Apple Pay purchases will get 2 percent, and all other purchases will get 1 percent daily cash back. Apple first announced its credit card at a services event in March, where it also announced its Apple TV+ streaming video service, Apple Channels and Apple News+. Since then it has been tested internally with Apple employees.
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