Apple Card: New iPhone-based, titanium credit card released

Apple has unveiled the "Apple Card", a fully titanium credit card that is powered by the iPhone.

The new release is an extension of Apple Pay, the company said, which allows people to pay with their device by adding their card into it. But they now be able to be issued their credit card by Apple, too.

Though the card is largely virtual, people getting one will also be sent a physical card. It will be made of titanium and have the owner's name etched into it, Apple said.

It does not have the usual card numbers and other information that is included on a credit card, though that can be found on the phone it is tied to.

But it will also come with a detailed app that allows people to see statistics and feedback on their purchases. It appeared similar to the apps made by companies like Monzo, which track spending through an app.

Apple has created features that rely on machine learning and data from Apple Maps to allow the company to streamline the history that normally comes from credit cards, showing where payments were made.

People will be given money for using their card: getting back up to 3 per cent of their purchases in the form of cash, if they are bought from the Apple Store.

Apple said that customer service would be done through messaging – asking to change the address on the account can be done simply by texting the company. "It's as easy as messaging a friend," Apple claimed during the launch.

The card has absolutely no fees, Apple said. People will not be charged late fees or international fees, for instance.

The Apple Card will be issued by Goldman Sachs, Apple said, noting it was new to such consumer finance products.

It also worked with Mastercard to make the card itself, meaning that it should be accepted all over the world.

Apple made the announcement during its services event, which also saw it launch a premium news subscription service as well as one for games.