Apple announces its own credit card

The Apple Card is coming.

Today, the tech giant announced it's releasing a credit card designed to work with the iPhone and its Wallet app. According to Apple CEO Tim Cook, by the end of the year, Apple Pay will process 10 billion transactions and will be available in more than 40 countries. Apple has partnered with Goldman Sachs and MasterCard, with Goldman the issuer and MasterCard the payments network.

Apple Card will have no late fees, annual fees, international, nor over-limit fees. In addition to a virtual card that lives in a user's wallet, Apple has also designed a physical titanium card. The card will be blank except for an Apple Logo and the laser-etched name of the cardholder.

“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.”

About Author

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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