Apple unveils its first credit card - and it will have no number, signature or expiry date

26 March 2019

The tech giant says it has created a ‘new kind of credit card’ as it partners with Goldman Sachs to launch its first financial services product.

Apple says it wants to “transform the entire credit card experience.” It plans to do this through simplifying the application process, eliminating fees and encouraging customers to pay less interest.

The card will have a feature called “Daily Cash” which will pay 2% cashback on all purchases. Apple says this cashback will be added immediately each day to an ‘Apple Cash’ card and can be used for purchases made through Apple Pay.

Purchases made directly with Apple such as in Apple stores or on the App store, will receive 3% cashback.

The card appears to be made available with an app that tracks spending and puts transactions into categories, similar to UK-based banking apps such as Monzo and Starling. The app will provide weekly and monthly spending summaries.

Image courtesy of Apple

Jennifer Bailey, Apple’s vice president of Apple Pay says: “Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone.”

“Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.”

Apple says there are no fees associated with the card, unlike most - if not all - other credit cards.

Apple says alongside no fees, it wants to provide “interest rates that are among the lowest in the industry.”

Customers that miss payments will not be charged penalties.

Image courtesy of Apple

In order to provide bank and global payment services, Apple has partnered with financial services giant Goldman Sachs, and payments provider Mastercard.

David M. Solomon, chairman and chief executive of Goldman Sachs says: “Simplicity, transparency and privacy are at the core of our consumer product development philosophy.”

“We’re thrilled to partner with Apple on Apple Card, which helps customers take control of their financial lives.”

Apple says that the card will have no number, no CVV security code, expiration date or signature. This is to maximise privacy and security as this means the information is not easily stolen.

While the card will function predominantly through the iPhone’s Apple Pay app, customers will also be given a titanium card to use in places where no contactless payments are available.

The card will be made available in the US this summer.

It has yet to announce when it may be available in the UK.


In reply to by anonymous_stub (not verified)

I'm Sick of hearing the phrase "helping customers take control of their financial lives". I am in control of my financial life already and don't need apps or an apple credit card dedicated to a mobile phone... or any other credit card linked to a phone!

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