What is Apple’s new “Apple Card”? Here’s a quick look at the new Apple Pay-powered credit card.

Apple will be launching its Apple Card credit card next month, MacRumors reported. This has been confirmed by no less than Apple CEO Tim Cook during Cupertino’s earnings call for the third fiscal quarter of 2019. Cook didn’t provide a specific date, however. He only said Apple “[plans] to begin the rollout of Apple Card in August.”

The Apple Card is a credit card linked to Apple Pay and built right into the Wallet app. Users can use the Card for in store purchases on the iPhone, as well as online purchases on the iPhone, iPad, Mac and Apple Watch.

Apple, in partnership with Goldman Sachs, will also release a physical card for traditional in-person purchases. The card is made of titanium and features a sleek design that’s unlike any other credit card today. Nothing is displayed on the card, except the owner’s name, the Apple logo, the traditional magstripe and a chip.

The physical Apple Card can be used for both Apple Pay and non-Apple Pay purchases. This card can also be used wherever MasterCard is accepted, thanks to a partnership between Apple and MasterCard. This will allow users to make purchases using their Apple Card in different locations.

Apple will reward purchases made using Apple Card. Purchases made at an Apple Store will reward users with a 3 percent cash back, all Apple Pay purchases will be rewarded with a 2 percent cash back, and all standard purchases will be rewarded with a 1 percent cash back. It’s unknown if these rewards can be stacked on top of each other.

The cash back comes in the form of “Daily Cash” which is paid out on a daily basis. It is added to the Apple Cash Card in the Wallet app and can be used for a lot of things: purchases, transferred to a bank account, or even sent to friends. Apple will also release some tools that will help Apple Card users keep track of their spending habits. These tools can be found on the Wallet app.

Apple will limit the Apple Card to the U.S. at first, but might release it to other countries as well. Since it works wherever MasterCard is accepted, fans can hope to see it in more countries in the future.

Apple Card on an iPhone
Apple Card on an iPhone Apple Inc.