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Apple announced the its new credit card during its services event in March, where it also unveiled the Apple TV+ streaming video service, Apple Channels and Apple News+.
Goldman Sachs is providing Apple with the software tools for Apple Card, while Apple will provide the service inside of Apple Wallet app. The card can be used by tapping an iPhone at a payment terminal, or by using a physical card made out of titanium that Apple will also ship.
Cook said several Apple employees have been testing the Apple Card, and it will roll out to the public in August. But Cook did not give a specific launch date for the Apple Card. Cook told CNBC's Josh Lipton that the card rollout will ramp up after the initial launch in August.
The Apple Card will provide users with an interface that shows them where each purchase was made. It will break down purchases into different categories, like entertainment, food and shopping, so people know how much they've spent on certain purchases each month.
The Apple Card will provide daily cash back instead of a rewards points system. Cash can be spent right from the Apple Cash card. Apple also promises there aren't annual fees, late fees, over-limit fees or cash-advance fees. Variable APRs for the Apple Card will range from between 13.24 percent to 24.42 percent based on creditworthiness.
Apple may also use the Apple Card as a starting point for more financial services in the Wallet app in the future.
CNBC's Kif Leswing and Josh Lipton contributed to this report.