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Apple Card Arrives, But For Select Customers Now

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Tech giant Apple Inc. (AAPL) Tuesday started rolling out its new virtual credit card Apple Card.

The card, which is issued in partnership with Goldman Sachs, will be available for limited number of customers at first and then become widely available to all iPhone owners in the US later this month. Apple said consumers who expressed interest in the card will start to receive sign-up invitations.

Apple has focused on privacy, saying that purchase information is stored on the user's iPhone and that it cannot see the information.

To signup for the card, a user requires an iPhone with iOS 12.4. The signup involves entering your address, birthday, income level, and last four digits of your Social Security number. That information is sent to Goldman Sachs, which will approve or decline your application in real time.

Apple Card offers a 2% cash back on purchases with the Apple Pay service, no fees, an app to manage related finances, and a focus on data privacy.

Customers are also eligible to receive a physical, titanium card if applied. However, the Apple Card won't use a traditional 16-digit card number, CVV code, or expiration date as a personal identifier. Instead, it will generate those numbers randomly during each transaction to keep purchases secure.

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