Apple will begin accepting applications for its highly anticipated credit card in August 2019, tech news outlet The Verge reported on Tuesday, July 30.
Apple CEO Tim Cook made the announcement during the company’s third fiscal quarter of 2019 earnings call. Cook claimed that “thousands” of Apple employees were already testing the card and that the service was ready for the rollout. The exact launch date has not yet been revealed.
The Apple Card, initially announced in spring 2019, will be available in digital and physical form. The card’s key feature is that it will not use the traditional identification data, such as the expiration date, the 16-digit card number or the CVV code. Instead, each card will generate these numbers randomly every time a transaction is made.
According to Apple, its creditor Goldman Sachs will be unable to trace the transactions. The bank will reportedly not receive any data on the amount of money spent or shops visited by Apple’s customers.
In terms of cashback, Apple Card will also reportedly return 2% from all purchases made with Apple Pay and 3% from Apple Store purchases.
Earlier this week, Apple announced its results in the third fiscal quarter of 2019. The company reported a $53.8 billion revenue in the past quarter — a growth of 1% year-on-year. According to Apple, international sales accounted for 59% of its revenue. The company’s operating expenses during the reported period were close to $8.8 billion.
Late June, Apple announced that its Chief Design Officer Jony Ive is leaving the company to start his own business. Ive is responsible for the designs of such iconic products as the iPod, iPhone and iPad.