Apple Card is designed to transform the entire credit card experience

Apple created a new kind of credit card. Source:?apple.com

Apple announced Apple Card, a new kind of credit card built into the Apple Wallet app on iPhone, offering customers a familiar experience with Apple Pay and the ability to manage their card on iPhone. The company claims Apple Card transforms the entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security.

Available in the US this summer, Apple Card also offers Daily Cash rewards program, which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day.

Apple Card features all the advanced security technologies of Apple Pay. Source: apple.com

Apple Card features all the advanced security technologies of Apple Pay.

Customers can sign up for Apple Card in the Wallet app on their iPhone in minutes and start using it with Apple Pay right away in stores, in apps or online worldwide. Apple Card uses machine learning and Apple Maps to clearly label transactions with merchant names and locations. Purchases are automatically totaled and organized by color-coded categories such as Food and Drinks, Shopping and Entertainment. To help customers better understand their spending, Apple Card provides weekly and monthly spending summaries.

Apple is partnering with Goldman Sachs and Mastercard to provide the support of an issuing bank and global payments network.

SEE ALSO: How to set up & use Apple Pay