Apple’s much anticipated cash back credit card will arrive later this month. Tim Cook, Apple’s CEO, confirmed in an earnings call that the company “plan[s] to begin the rollout of Apple Card in August.”
The beta version of Apple Card is currently available to Apple employees. The card was initially unveiled in March with the promise of strong cash back incentives.
Unlike standard cash back credit cards, the Apple Card offers daily cash back. Traditionally, cash back is accumulated and applied as a statement credit once a month. Apple adds the cash back at the end of each day, providing faster access to those funds. Cash back categories include:
- 3% cash back on purchases directly through Apple (physical Apple Stores, iTunes, Apple.com, etc.)
- 2% cash back for purchases made with Apple Pay
- 1% cash back on other transactions
In addition to its cash back features, Apple Card has no annual fee, cash advance fees, over-the-limit fees or international fees.
Within the app, cardholders can see “smart payment suggestions” to save money on interest. For example, they can see how much interest they will save if they pay half of their card balance instead of the minimum payment. All card payments are due on the last day of the month.
The application is not available yet, but interested applicants can sign up for email alerts for updated information.