Ken Segall, former creative director at Apple revealed in his blog post that Steve Jobs had planned on launching an iTunes credit card in 2004.
The idea then was to have a credit card that gave users free iPoints whenever they used it to buy products and services. Points earned could be redeemed towards free music they could download on their iPods.
Mastercard was the card merchant Apple wanted to work with on the 2004 project, which never came to fruition due to not having their terms met. Apple Pay was a pleasant surprise when it was announced in March.
The new Apple Card promotes contactless payment using your iPhone, but users will have their own physical card made of 100% titanium. Customers can get 2% daily cashback when using their Apple Card for transactions, and 1% cashback when they use the physical card. On the same manner, users get 3% cashback when they use the Apple Card for Apple product, hardware or services.
The 2019 Apple Card is slated for release this summer.