Wednesday June 19, 2019 1:08 pm PDT by Tim Hardwick
In summer 2019, Apple will launch an Apple Card credit card that's linked to Apple Pay and integrated into the iPhone Wallet app, bringing with it some innovative tools to help users manage their spending. Backed by Goldman Sachs and Mastercard, Apple's virtual credit card will also be available as a physical titanium card for use at merchants that don't accept Apple Pay. Whether you make digital Apple Pay payments or use the titanium equivalent to make purchases, Apple Card will give you cash back rewards on them, and that means Apple will be entering a market dominated by a raft of already well-established cards offering similar cash back reward schemes. So apart from being built right into iPhone and with all that it entails, how does Apple Card stack up against the big banks' rival offerings? Keep reading to find out. How Apple Card Cash Back Works First, let's take a look at how Apple's cash back scheme works. Apple Card will offer three types of cash back rewards depending on how and where you use it. For purchases made from Apple's online store or any of its retail stores you get 3% cash back. This figure also includes purchases made from the App Store, iTunes Store, and Apple services. For purchases made using Apple Pay, Apple's digital mobile payment platform, you get 2% cash back. For all other purchases using the titanium Apple Credit Card, you get 1% cash back. Cash rewards are either paid daily into the Wallet app via your Apple Cash digital card (if you've signed up for it), or paid on a monthly basis as a credit on your statement balance.