Apple Card Launching in August, Tim Cook Says

(Image credit: Apple)

Apple's credit card, appropriately called Apple Card, is just about ready for primetime. Apple CEO Tim Cook said the card will be available in August.

The announcement came during the company's earnings call Tuesday (July 30). Cook said the card was being tested by Apple employees.

Apple is partnering with Goldman Sachs to offer the card, which aims to solve a slew of problems with existing credit cards. If approved, your Apple Card will instantly be available to use in the Wallet app on your iPhone. (The card isn't available to Android users.) A physical card will arrive in the mail later, and you can use both the card and its digital equivalent to pay for transactions in person or online.

Apple is offering rewards in the form of Daily Cash, which will also be available in the Wallet app. 

Perhaps the biggest differentiator is the lack of fees associated with Apple Card. The company won't charge an annual fee or late fees for missing a payment (though you will continue to rack up interest).

Owing Apple money for purchases not made at Apple give some people pause, but the lack of fees could tempt skeptics.

We'll test out Apple Card when applications open in August.