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During the third fiscal quarter 2019 earnings report, Apple CEO Tim Cook confirmed that Apple plans to release its Apple Card in August.
Thousands of employees are currently testing the card, and Apple will soon be ready to release it. Cook did not indicate a specific launch date in August, so she can come at any time.
Created in collaboration with Goldman Sachs, the Apple Card is tightly integrated with Apple Pay and the Wallet app, although there is a physical titanium card that can be used for personal purchases.
The Apple Card can be used for both standard purchases and Apple Pay purchases, with Apple providing a reward for both use cases. Customers will receive a 3% refund for purchases made at the Apple Store, a 2% refund for all Apple Pay purchases and a 1% refund for all other purchases.
Refunds are made in the form of "Daily Cash", which, as the name implies, is paid to customers daily. Daily Cash is added to the Apple Cash card in the wallet and can be used to make purchases, send to friends, or transfer to a bank account.
In the Wallet app, Apple will offer expense tracking and other budgeting tools. Color-coded categories will give users an idea of how much money they spend on food, entertainment, shopping, health care, entertainment, and more.
At the time of launch, the Apple Card will be limited to the United States, but in the future it may expand to other countries.