'Created by Apple, Not a Bank'

The Apple Card will be stored inside the Wallet app on iPhones. Photo: Apple, Inc.

I’m sure most of our readers are aware by this point that Apple announced its new Apple Card – a credit card, not as we’ve known it before, that’ll be launching this summer. And that headline at the top of this column is word-for-word how Apple announced the new credit card: “A new kind of credit card. Created by Apple, not a bank.” Ooof … that got my attention.

While we knew some kind of partnership with Goldman Sachs was in the works, we didn’t understand just how significant the partnership would be at this point.

I didn’t care so much about the rewards aspect of this new Apple Card: 3% back on everything you buy from Apple, 2% back every time you buy something using Apple Pay and 1% back on those purchases where you can’t use Apple Pay. And then there’s the whole Daily Cash element on every purchase – but I’ll get into that some other time. I will point out that the no fees thing is intriguing. Apple stated that there will be no late fees, international fees, overdraft fees or cash advance fees with this card.