Users can sign up through their iPhone and get access to the card in minutes when it becomes available in the U.S. this summer, according to the tech giant’s Monday presentation. The new card hinges on Apple Pay, the tech giant’s mobile payment and digital wallet, which has made inroads in merchant acceptance since its inception in 2014.
For situations where Apple Pay isn’t accepted, the tech firm created a sleek-looking, minimalist titanium card. It has just your name, etched with lasers, without card numbers and other sensitive information.
The Apple Card pays 2 percent in cash back on Apple Pay transactions, 3 percent on direct Apple purchases, and 1 percent on purchases with the physical card.
The card is a step into new territory for both companies. Apple, which announced new subscriptions for video and news services Monday, is trying to develop new revenue sources beyond its popular hardware products.
For Goldman Sachs, its first credit card would continue a nascent push into consumer financial products after spending most of its 150-year history catering to institutional investors, corporations and governments.
The card, which lets users manage spending and rewards through an iPhone app, was set to be tested by employees of both companies, a person with knowledge of the situation said last month.
Visa shares dropped slightly on the announcement from Apple.
Goldman Sachs CEO David Solomon attended the event in Cupertino, California, but did not address the attendees.