The Apple Card, a virtual credit card, is set to be released on iPhones in collaboration with Goldman Sachs and Mastercard.

Users will be able to sign up immediately and utilise it within minutes across the globe.

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There will also be clear spending tracking, including the names of stores, and details of when payments are due.

Customers can message Apple to change and update Apple Card details. There are no late, annual, international or over-balance fees with Apple stating that it is committed to a low interest rate.

Apple Card rewards

Rewards can also be garnered with Daily Cash giving 2% cashback with every purchase and received daily.

Products purchased directly from Apple will earn 3% cashback.

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In terms of security, purchases are verified with either Touch or Face ID. Apple cannot see what you are spending your money on and promise not to sell this information to third parties.

For places that do not accept the virtual card, consumers can receive a physical card made from titanium. No CVV number, card number, or signature will be shown on the card for security purposes. If these details are needed, users can find it in their Wallet app.

Apple Card is anticipated to launched in summer 2019.

This move has been predicted for sometime. Apple Pay is also gaining acceptance across retailers and merchants with Target being the latest.

London-based travel app Citymapper is also getting into the card sector and has unveiled a contactless card, dubbed Citymapper Pass.

The new card will enable the city’s commuters to pay for different modes of travel.

Through the offering commuters can pay for travel in buses, tube, trains, Santander bikes, and Citymapper Ride.

The subscription service will enable unlimited trips on tube, trains, and buses in London for £30 per week.

In addition to that, commuters can also avail unlimited bike rides and two journeys on Citymapper Ride for a weekly charge of £40.