Apple is expanding its presence in payments.

CUPERTINO, Calif.–As many had been predicting/fearing, Apple is expanding its presence in payments with a new credit card called Apple Card that one card analyst said is actually three cards in one.

The company said the card, which can be instantly issued and has Goldman Sachs as the issuing partner and Mastercard as the network, will launch this summer in the U.S. Apple’s CEO called it the biggest change to credit cards in five decades, and others agree.

“Apple Card is disruptive–it is to banking what the iPod was to the music industry, what the iPhone was to wireless carriers and iPads were to the laptop industry, or what Uber is to taxis,” said Richard K. Crone of Crone Consulting, which specializes in payments. “This is a seminal moment in the consumer credit history. Every financial institution will be forced to compete and collaborate with Apple.”

Announced during a live event in the Steve Jobs Theater in Apple’s headquarters at which the company also introduced a series of other subscription services, such expanded Apple News and a new Apple Arcade, the Apple Card is part of an expanded Apple Pay ecosystem.

“We want to take the Apple Pay experience even further,” said Apple CEO Tim Cook. “We see a way to transfer another way to pay: the credit card,” Cook said the card is built on the things Apple stands for, such as simplicity and transparency.

Cook said the Apple Card will have a simple application, no fee, a “lower” interest rate, a clear rewards program that pays out daily and will be more secure and private than other payments options.

“We are going to do so much more and change the entire experience,” said Cook.

See you in Clearwater Beach, FL 10/1-4/2019