Apple chief executive Tim Cook has confirmed that its new credit card will launch next month, as the iPhone maker looks to become the latest tech titan to enter financial services.

Apple first announced plans for a Mastercard credit card, issued in partnership with Goldman Sachs, in March.

The card will be released first in the US and will offer two per cent cashback on purchases made either with the digital Apple card within the Apple Pay iPhone app and the physical card itself. The company is also offering three per cent cash back on purchases of Apple products or services.

The company has not yet confirmed a launch date for the UK.

The card will be fee-free, the company states on its website, with no “annual, cash advance, over-the-limit, or late fees”.

Apple also stated that its goal is to provide interest rates that are among the lowest in the industry. Variable APRs for the Apple Card are set to range between 13.24 percent to 24.42 percent, based on the customer’s creditworthiness.

The tech giant is also seeking take on challenger banks with in-app features such as fast digital sign-up and budgeting tools, as well as geographical transaction tracking and spending categories.

Purchases made via the virtual card in Apple Pay will be authorised through Face ID or Touch ID along with a unique security code.

The physical card, which is described as a “titanium, laser etched, Apple designed credit card” will be the first consumer credit card issued by Goldman Sachs. It will not feature any numbers for added security.

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