Apple’s shiny, new titanium credit card is going to make your wallet heavier as soon as next month.
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“Thousands of Apple employees are using Apple Card every day in our beta test, and we plan to begin the rollout of Apple Card in August,” Apple CEO Tim Cook said on the company’s third-quarter conference call on Tuesday evening.
Apple Card, which was announced in March, is Apple’s latest attempt to bolster its growing services business. Services, which include the App Store, Apple Care, Apple Pay, iCloud, and Apple Music, brought in $11.46 billion in 3Q, and now account for more than 20 percent of Apple’s revenue.
The credit card, which features software tools from Goldman Sachs, will give users the ability to track spending decisions by breaking them down into different categories and provide daily cash back in lieu of a point system. The Apple Card can be used by tapping your iPhone, or by using the titanium card.
There are no annual, late, international, or over-the-limit fees associated with the card, which aims to have among the lowest rates in the industry. As of March, Apple said the variable annual percentage rate could be anywhere from 13.24 percent to 24.24 percent, depending on credit history.
Apple on Tuesday reported strong third-quarter earnings that sent shares up more than 4 percent ahead of Wednesday’s opening bell.
““This was our biggest June quarter ever – driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,” Cook said in a statement.