Apple to Offer Credit Card in Latest Fintech Development

In the latest fintech development, Apple announced that beginning this summer it will offer a credit card that will connect to customers' Apple Wallet. In addition to a digital card that can be used anywhere Apple Pay is accepted, there will also be a physical card.

An article in The Verge reports that customers "will be able to sign up on their iPhone in the Apple Wallet app and get a digital card that they can use anywhere Apple Pay is accepted 'within minutes.'"

Apple also plans to offer cash-back rewards, which will be applied straight to the card to use toward purchases. The company says there will be "no late fees, no annual fees, no international fees, and no over limit fees," in addition to lower interest rates and APR rates ranging from 13.24 to 24.24 percent.

Goldman Sachs will provide the Apple Card and Mastercard will handle payment processing.

While consumers can benefit from fintech products and services, CUNA and the state leagues continue to argue that Congress and regulators must act to ensure fintech companies provide the same comprehensive consumer protections required of financial institutions.