Apple’s new credit card is just weeks away from launch. In partnership with Goldman Sachs, Apple is anticipated to launch Apple card in the US within the first half of August. The credit card announcement was made back in March with the promise to release it in summer timeframe.

iPhone users will be able to use the service through the wallet app, which they can download with the updated version of iOS 12.4. The teaser for the card goes – “a credit card created by Apple, not a bank.” Users will be able to see their spending history, notification, and also know balance with the help of Apple Pay.

As a perk of the Card, users will not have to pay any late fees or penalties other than the interest charge that varies within a range between 13.4 and 24.4%. Apple Card also enables users with 3% cashback on any Apple purchases made with the Card, it enables 1% cashback on buying things using the physical titanium credit card and 2% for Apple Pay transaction.

In the Bloomberg report, it says that Apple asked Goldman Sachs to make changes to the Apple Card backing infrastructure as late as May, so it doesn’t seem like the run-up to launch has been entirely plain sailing

Apple employees have been testing the card for long and are expected to launch within a few weeks in the US.