Apple partners with Goldman Sachs to offer its own physical credit card

Apple becomes a bank as it launches its own credit card

This is first credit card to be offered by Goldman Sachs, which is best known as a Wall Street investment bank.

See Apple's video to see all the features in action. The credit card had relatively little advance publicity but could have a big impact on online banking.

The Apple Card will come without any late fees, annual fees, over-limit fees, or worldwide fees. The physical card, made for places that do not accept Apple Pay, will debut this summer.

The company designed a special titanium Apple Card for locations where Apple Pay is not accepted yet, and it bears no numbers, security code or a signature, making it truly secure compared to other credit cards since the information is accessible via Apple Wallet. Plus Apple says it doesn't track your spending, which is nice. Banks, which collect a fee from merchants each time a consumer swipes their card at checkout, have been eager to grow their card businesses in recent years and have benefited from low default rates. Apple has previously offered a more typical branded Visa card in partnership with Barclays.

"Apple Card is built into the Apple Wallet app on iPhone, offering customers a familiar experience with Apple Pay and the ability to manage their card right on iPhone", it said.

Apple is entering the finance market with a new credit card called Apple Card.

Apple is launching a virtual credit card

Thy physical Apple Card seems like a very appropriate product for global users, where Apple Pay support is still widely lacking, but the company seemingly has no immediate plans to launch Apple Card in markets other than the United States at this time.

But adoption of mobile payments like Apple Pay have been slow.

The card could get people to switch credit cards because of unique rewards and retooled some of the more daunting features of credit cards, like the convoluted monthly statement.

Apple said it would provide more privacy protection than typical credit cards.

To make sure that Apple's revenues stay stable, the company will also encourage users to pay interest more frequently. Customers will also get 3 percent Daily Cash on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services. Less than a third of iPhone owners have used Apple Pay at least once, according to a study by PYMNTS.com. Every transaction is authorized by Touch ID or Face ID and uses a one-time unique dynamic security code for authentication. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch and Apple TV.

By highlighting services that run on its 1.4 billion consumer devices, rather than the devices themselves, Apple's strategy change is a momentous shift in emphasis under Chief Executive Tim Cook, who succeeded the late Steve Jobs in 2011.

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