It’s been several months since Apple first announced that it would offer its first-ever credit card to consumers – and the wait is finally over.
This week, Apple officially launched the Apple Card, which it hopes will be a new way to engage its customers and offer them an entirely new Apple service. iPhone users can now apply for the card via the Wallet app, the company announced Tuesday.
But what exactly does the Apple Card offer to its users, and how will Apple benefit? Here are five things you should know about the company’s move into the credit card business.
1. It’s an Apple Card, but Goldman Sachs is the issuer
While Apple came up with the idea of the Card and the details of what it offers, the company needed to have a bank officially issue it, which is where Goldman Sachs comes in. Goldman Sachs is new to the consumer lending market as of 2016, and Mastercard is the global payment network the Apple Card will work through.
What does this mean for cardholders? Despite being issued by Goldman Sachs, Apple still has a lot of control over the Card. For example, Apple wanted the Card to have some of the lowest interest rates among rewards credit cards, and it does, according to The Balance.