The Apple Card is going to launch next month.
On Tuesday, Apple CEO Tim Cook confirmed the coming launch, which had previously been pegged to some time in the summer.
"Thousands of Apple employees are using the Apple Card every day in a beta test and we will begin to roll out the Apple Card in August," he said in an earnings call.
Apple's credit card is launching in partnership with Goldman Sachs and Mastercard. You'll be able to sign up for it over the iPhone Wallet app, and it'll work wherever Apple Pay is accepted. You'll also get a company-designed "titanium card," so you can use the service at stores that don't accept Apple Pay.
The company's credit card will offer you 2 percent cash back on Apple Pay purchases, and 1 percent cash back on non-Apple Pay transactions. The highest 3 percent cash back offering will occur when you buy something from the Apple Store, Apple.com or iTunes.
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The company is getting into the credit card business when it's increasingly relying on services for financial growth. In the fall, it plans on launching a new game subscription service called Apple Arcade, and a video streaming offering called Apple TV+.
The company's iPhone, on the other hand, remains Apple's biggest moneymaker. However, demand for the product has been declining as prices for flagship smartphones have reached around $1000 or more. In this year's second quarter, Apple's revenue from iPhones sales fell 12 percent year-over-year. Overall, the company's net income dropped about 13 percent from same period a year ago.
However, Apple saw a bright spot in sales for its wearable products, which include the Apple Watch and the Airpods. Revenue from wearables was up 48 percent year-over-year.