Apple Card Release Date Set For August: How To Use It?

After its underwhelming reveal on March 25, Apple Card will launch in the United States in the first half of August.

Apple Card’s launch month was revealed Tuesday by CEO Tim Cook during the company’s earnings call. Cook didn't specify a specific day for the launch but did reveal several Apple employees have been testing the Apple Card since March when it was announced at an Apple Special Event in California.

“Thousands of Apple employees are using Apple card every day in our beta test, and we plan to begin the rollout of Apple card in August,” according to Cook.

Cook also said Apple Card’s roll-out will be accelerated after the launch. Analysts said Apple might use its new credit card as a launch pad for more financial services in the Wallet app in the future.

Apple’s further expansion into financial services, however, might ignite opposition at the House of Representatives whose Democratic majority remains wary of Big Tech firms such as Apple and Facebook moving into Big Finance.

The House’s opposition to Facebook and its new cryptocurrency called Libra is a case in point. Opposition to Libra and huge regulatory issues have reached a point where Facebook is now publicly saying it might not launch the digital currency at all.

In a filing with the U.S. Securities and Exchange Commission (SEC), Facebook on Monday said not only is Libra “based on relatively new and unproven technology,” the laws and regulations around digital currency are “uncertain and evolving.”

Apple Card is a credit card designed for the iPhone. It’s to be used with the Apple Pay contactless payment system, and is built into the Apple Wallet app on the iPhone.

Apple Card is both a digital service and an actual physical card for use where Apple Pay isn't accepted. There’s a titanium Apple Card for shopping at locations where Apple Pay isn’t accepted for now.

Apple Card gives customers easy-to-understand, real-time views of their latest transactions and balance right in Wallet. Purchases are authenticated by Touch ID or Face ID.

The card’s unique card number will be stored in the iPhone's Secure Element security chip.

Apple Card can be used for purchases using Apple Pay. Users can view their Apple Card balance anytime. Apple Card support is available 24/7 by sending a text from Messages.

Apple Card has a rewards program with Daily Cash, which gives back a percentage of every purchase as cash on customers’ Apple Cash card each day.

There are no fees associated with Apple Card. There are also no annual, late, international or over-the-limit fees. Apple says its card’s goal is to provide interest rates that are among the lowest in the industry. If a customer misses a payment, he won’t be charged a penalty rate.