Apple is finally now releasing the first batch of its previously announced Apple credit cards. However, not everyone will be able to get their hands on one as the initial release will only be for a limited amount of people.
The Cupertino-based tech giant first announced its new credit card five months ago with the promise that it will effectively change how Apple users do transactions.
Since Apple first announced its new credit card, hundreds of thousands of people immediately signed up on the company's website to be notified on when it would become available.
Apple announced this week that a select few who had signed up should receive email invites on Tuesday. Those who received invites will be the first ones to try out the new service before it officially rolls out to the rest of the public later this month.
Apple's new credit card, called the Apple Card, was made possible through the company's partnerships with both Goldman Sachs and MasterCard. Goldman Sachs will be issuing the cards, while transaction will be handled by MasterCard's network. The card will only be available to iPhone users, who will be able to use it in conjunction with a dedicated app.
The credit card itself will function just like any other credit card, which means that it can be used at all the usual places that accept MasterCard payments. The difference is that the card can be used with Apple's Apple Pay feature to make contactless payment using just a smartphone.
In addition, users will be given a 3 percent cash back bonus if they use the card to buy different Apple products and subscriptions. Cash backs will also be given for other purchases as well, namely 2 percent cash back for purchases made with Apple Pay and 1 percent on all other purchases.
Apple will be offering the card to its users completely free of charge. Unlike other credit cards, the car is made of titanium and will feature a Spartan design without any credit card numbers on display. Users can utilize their iPhone's security features, such as Face ID and fingerprints, for authentication.
The card itself will be able to sync with the iOS Wallet app, which will display useful representations of purchase histories and purchase categories. Users can also use the app to track the cash they have earned back, which they can then use to save or spend instantly.
Apple's credit card is of course not really a new concept. Other tech firms such as Amazon currently do offer a similar service. Amazon currently offers its Prime members a 5 percent cash back on all purchases using its own branded credit card. Uber had released its own branded credit card as well, one that offered users a 4 percent cash back on dining-related purchases.
