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The Apple Card is targeted to launch as early as the first half of August. That timing means the project is on schedule for the summer release date that Apple first announced in March.
According to the report, iPhone users will be able to sign up for the card in the Wallet app, which will have built-in Apple Card support as part of the latest iOS 12.4 update.
Apple is partnering with Goldman Sachs for the card, which is going to be optimized for Apple Pay but will still work like a traditional credit card for all of your transactions. Apple’s virtual credit card will also be available as a physical titanium card for use at merchants that don’t accept Apple Pay.
According to today’s report, Apple expressed misgivings in May about the underlying technology Goldman Sachs had developed to power the credit card, and Apple asked the bank for changes to be made.
However, Apple Card‘s summer launch still appears to be on track, so Goldman Sachs presumably allayed Apple’s concerns in time. The bank is responsible for the underlying infrastructure, managing payment disputes, handling transaction data and collating information for monthly statements.
Thousands of Apple employees have been testing the Apple Card, which offers 3% cash back on Apple purchases, 2% cash back on all Apple Pay transactions, and 1% cash back on all other purchases.
According to Apple, signing up for Apple Card will be as simple as opening up the Wallet app, tapping on the Apple Card interface, and walking through the activation steps. Purchases are tracked in the Wallet app, providing a breakdown of spending across different categories like health, food, shopping, and more.
Bloomberg says Apple has also been discussing an expansion into Europe with financial regulators.
For a look at the Apple Card and what to expect when it launches, make sure to check out our dedicated Apple Card guide.
