Apple targets banking with launch of new credit card

No word on when (or if) it'll arrive here in the United Kingdom, but Apple Card hits the U.S. this summer.

What's even cooler is that users will also be able to request an insanely cool physical credit card, which will be made of titanium and the user's name will be laser-etched.

Apple has officially announced its all-new Apple Card at its "Show Time" services-based event on Monday. There are no fees (not even worldwide or over-the-limit fees), interest rates are "low", and clear reward programs. The American company has also promised lower interest fees.

Created by Apple and designed for iPhone, Apple Card brings together Apple's hardware, software and services to transform the entire credit card experience. "Purchases are automatically totalled and organised by colour-coded categories such as Food and Drinks", said Apple. What this means is that you'll be able to know whether you'll be able to save up on interest by either paying it bi-weekly or monthly. All of your transactions live on your device, and Apple uses machine learning on the iPhone to categorize your spending.

"Every purchase is secure because it is authorised with Face ID or Touch ID, and a one-time unique dynamic security code", said Apple. "Apple Card is created 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 Inc. CEO Tim Cook speaks during a company product launch event
Apple Inc. CEO Tim Cook speaks during a company product launch event

Of course if you're not big on digital-only stuff, or you want to shop where Apple Pay isn't available, they're offering titanium (plastic obviously isn't good enough) credit cards to use in the real world. If you need that information, you'll find it in the Wallet app.

Should trouble or a question arise, users can text Apple Card and get immediate replies. Apple Card offers those those, too. What's more, Apple Card partner Goldman Sachs will not share or sell user data to third parties for marketing or advertising, Bailey said. Payments with this card will get users 1 percent "Daily Cash" back. Apple Pay Cash is a virtual debit card of sorts that lets users transfer money over iMessage and can also be used as a tap-to-pay tool in stores.

Meanwhile, the company is working on a games subscription service for its App Store that will focus on iPhones and iPads and bundle together paid games from different developers, Bloomberg reported, citing people with knowledge of the plans.

Right around the same time Apple was hiring more people for Apple Pay, Goldman Sachs had a spike in "consumer" banking jobs, specifically those for its Consumer Banking Technology group.