Echoing Bloomberg’s report from last week, Tim Cook has confirmed that Apple’s shiny new credit card will be debuting in August. It isn’t clear when the card will be released in other countries, but those who are stateside will be able to sign up through the Wallet app next month.

Aside from interest charges (ranging from 13.4% to 24.4%), the Apple Card has no fees. It also forgoes standard reward schemes for a simpler cashback system dubbed “Daily Cash.”

Users can get 3% cashback on any Apple purchases made with the Apple Card, 2% cashback on purchases made with Apple Pay, and 1% cashback with purchases made using the physical titanium credit card. Cashback is paid daily into the user’s Apple Cash account, which they can send to their bank, spend directly, or send to friends.

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