At Apple's "show time" service event today, it announced a new Apple Card credit card that promised to improve things on the credit card experience with simpler applications, no fees, lowering interest rates, and offering better rewards.
To get an Apple card, users will be able to sign up on their phone in the Apple Wallet app and get a digital card that they can use anywhere. Apple Pay is accepted "within minutes." Customers will also be able to track purchases, check balances and see when their bill is due right from the app.
Apple also says it will use machine learning and Apple Maps to help label stores you use in the app and use that data to track purchases in categories such as "food and drink" or "shopping".  Instead of a point-based reward program, Apple Card provides "Daily Cash" repayments that are applied just back to your Apple card to use or postpone your purchases. Apple offers just 2 percent cash back on purchase and Apple purchases will get 3 percent back.
As rumored, Apple collaborates with Goldman Sachs for Apple Card, with Mastercard handling payment processing.
Development. Check out our "show time" Apple event live blog for the latest updates!