Apple Just Launched A New Credit Card You Can Use On Your Phone

Nowadays, it's completely normal to own several different kinds of credit cards. Some offer cash back, while others offer airline miles or even discounts on your favorite brands. For many years, Apple users have been pushing the tech company to release a branded card of their own, and it seems as though they've finally given in. So you might be wondering, "What is the Apple Card?" Be prepared to add yet another highly versatile card to your collection.

On Tuesday, Aug. 20, Apple alerted users of its latest and greatest creation, called the Apple Card. According to the Apple website, it comes as a real laser-etched titanium card, but if wherever you're spending allows for Apple Pay, you can also use it digitally, with no wallet required.

In terms of rewards, you receive Daily Cash, which is a percentage of each purchase you make. You'll get 3% back on everything you buy from Apple, 2% back every time you buy something using Apple Pay, and if you buy something from a store that doesn't accept Apple Pay yet, you can use the physical Apple Card to get 1% Daily Cash back. Upon receiving that Daily Cash, you can use it immediately, however you'd like, without having to do anything to redeem it. Watch the tutorial on how to see your Daily Cash, below.

One of the most appealing aspects about the Apple Card is that it clearly maps out your spending, by week, month, and year. According to Apple's website, it tracks everywhere you've spent money via Apple Maps, and it sorts your spending into different categories, so you can more easily set budgets for yourself. And that is definitely a feature I could use.

In terms of paying your credit card balance, the Apple Card is transparent regarding the interest you pay. According to Apple's website, it won't highlight your lowest minimum payment that will mean more interest, rather you can see the amount of interest you'll pay in real time based on how much of your bill pay. It also doesn't have any hidden fees, and if you have any questions, you don't have to make any phone calls — the brand will provide you with a number to text, and no matter what time of day it is, customer service will respond right away.

And although the Apple Card is kind of a unique concept as it happens to be one of the first of its kind, it's just as secure as any big name credit card. According to Apple's website, the brand issues three numbers with the card: a virtual card number, which are what you make purchases with online on websites that don't yet accept Apple Pay; a device number, which is locked away in your iPhone's Secure Element once you activate an Apple Card; and a physical card number, which isn't actually printed on the physical card at all. If you do lose your card, you can lock it in the Wallet app, and you can still use the other numbers to make purchases, since they're all independent of one another.

When it comes to making a purchase that doesn't use Apple Pay, you can access your virtual card number easily. Just open the Wallet, tap the three dots, navigate to Card Information, Glance to Authenticate, and Use Your Card Number. You will be required to use both Face and Touch ID in the process, making it extra safe. The video tutorial explains it all.

If this sounds like your kind of credit card, applying for one is simple. Just open the Wallet app on your iPhone, according to Apple, and tap the "plus sign" (+) button in the top righthand corner. Tap the icon featuring the Apple Card, fill in your info, and accept the Terms and Conditions. You'll be well on your way to a new card in no time.

Regardless of how many credit cards you have, it sounds like this one might be worth your while. If anything, I'm getting it for that Daily Cash... it sounds far too good to pass up.