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Apple credit card launches this summer

April 05, 2019 / Lisa Rowan

Apple announced in a press release on March 25 it will introduce a credit card called Apple Card.Touted as a "new kind of credit card," Apple Card is designed for use with Apple Wallet on iPhone and the Apple Pay contactless payment system. A physical card will be available for use at locations where Apple Pay is not available.Apple Card will be available starting this summer, offering daily cash back reward deposits and no fees. Apple's new credit card, backed by Goldman Sachs and Mastercard, provides potential benefits for Apple in keeping consumers in its ecosystem and improving loyalty through the cash back incentives and rewards available. In a note, Wells Fargo said it sees the Apple Card as "a positive long-term driver of Apple's extending ecosystem."