Apple announced a new Apple Card credit card at its “show time” services event, in which the company promises to improve the credit card experience with simpler applications, eliminating fees, lower interest rates, and better rewards. Apple Card will be built into the Apple Wallet app on the iPhone, meaning cardholders will be able to manage their card straight from their iPhone.

Apple’s new credit card will be available in the US this summer and will even offer a more compelling rewards program than other credit cards with Daily Cash. The card will give back a percentage of every purchase as cash on cardholders’ Apple Cash card each day.

“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay. “Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.”

Users will be able to sign up on their iPhone in the Apple Wallet app and get a digital card that they can use anywhere Apple Pay is accepted. In addition, users can track purchases, check balances and see when their bill is due directly from the app. You will receive a physical titanium card upon signing up, though there is no credit card number, CVV, expiration date or signature, as that information is stored directly in the Apple Wallet app.

Apple Card clearly labels transactions with merchant names and locations via machine learning and Apple Maps. Purchases made are further totaled and organized by color-coded categories including Food and Drinks, Shopping and Entertainment.

Rather than the traditional points-based reward program, Apple Card will offer cash back rewards in the form of Daily Cash, which is applied straight to your Apple Card to spend or put toward your purchases. You will receive two percent cash back on purchases made via Apple Pay using an Apple Card, and purchases from Apple will get 3 percent cash back. Making purchases with the physical credit card will earn you one percent cash back.

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