PHOTO: Apple / CNN
Now playing
00:54
Everything to know about the Apple credit card
WASHINGTON, DC - JUNE 22: Facebook
WASHINGTON, DC - JUNE 22: Facebook's Chief Operating Officer Sheryl Sandberg speaks with AEI president Arthur C. Brooks during a public conversation on Facebook's work on 'breakthrough innovations that seek to open up the world' at The American Enterprise Institute for Public Policy Research on June 22, 2016 in Washington, DC. (Photo by Allison Shelley/Getty Images)
PHOTO: Allison Shelley/Getty Images North America/Getty Images
Now playing
01:23
Hear Sandberg downplay Facebook's role in the Capitol riots
screengrab US social media
screengrab US social media
PHOTO: Getty Images
Now playing
04:35
Tech companies ban Trump, but not other problematic leaders
PHOTO: Samsung
Now playing
01:53
See Samsung's new Galaxy S21 lineup
PHOTO: CNN
Now playing
02:47
Extremists and conspiracy theorists search for new platforms online
This illustration picture shows the social media website from Parler displayed on a computer screen in Arlington, Virginia on July 2, 2020. - Amid rising turmoil in social media, recently formed social network Parler is gaining with prominent political conservatives who claim their voices are being silenced by Silicon Valley giants. Parler, founded in Nevada in 2018, bills itself as an alternative to "ideological suppression" at other social networks. (Photo by Olivier Douliery/AFP/Getty Images)
This illustration picture shows the social media website from Parler displayed on a computer screen in Arlington, Virginia on July 2, 2020. - Amid rising turmoil in social media, recently formed social network Parler is gaining with prominent political conservatives who claim their voices are being silenced by Silicon Valley giants. Parler, founded in Nevada in 2018, bills itself as an alternative to "ideological suppression" at other social networks. (Photo by Olivier Douliery/AFP/Getty Images)
PHOTO: Olivier Douliery/AFP/Getty Images
Now playing
03:49
Parler sues Amazon in response to being deplatformed
PHOTO: Twitter
Now playing
02:39
Twitter permanently suspends Donald Trump from platform
Panasonic
Panasonic's Augmented Reality Heads-up Display
PHOTO: Panasonic USA
Now playing
01:06
This tech gives drivers directions on the road in front of them
PHOTO: LG Display
Now playing
01:10
See LG's transparent TV
PHOTO: Twitter/@gregdoesthings
Now playing
02:06
Internet gets creative with empty iPhone boxes
NEW YORK, NY - JUNE 3: The Google logo adorns the outside of their NYC office Google Building 8510 at 85 10th Ave on June 3, 2019 in New York City. Shares of Google parent company Alphabet were down over six percent on Monday, following news reports that the U.S. Department of Justice is preparing to launch an anti-trust investigation aimed at Google. (Photo by Drew Angerer/Getty Images)
NEW YORK, NY - JUNE 3: The Google logo adorns the outside of their NYC office Google Building 8510 at 85 10th Ave on June 3, 2019 in New York City. Shares of Google parent company Alphabet were down over six percent on Monday, following news reports that the U.S. Department of Justice is preparing to launch an anti-trust investigation aimed at Google. (Photo by Drew Angerer/Getty Images)
PHOTO: Drew Angerer/Getty Images North America/Getty Images
Now playing
03:25
Google employee on unionizing: Google can't fire us all
Now playing
02:01
Watch 'deepfake' Queen deliver alternative Christmas speech
Now playing
01:42
Watch father leave daughter dozens of surprise Ring messages
PHOTO: Photo Illustration: Kena Betancur/Getty Images
Now playing
04:50
Zoom's founder says he 'let down' customers. Here's why
Now playing
00:48
See Walmart's self-driving delivery trucks in action
Now playing
01:25
This robotaxi from Amazon's Zoox has no reverse function
(CNN Business) —  

Five months after it was announced, Apple’s first credit card is now available — but not to everyone.

Hundreds of thousands of people signed up online to be notified when the Apple Card became available. Apple has randomly selected a limited number of them to receive invites Tuesday to apply for and use the new card before it rolls out later this month to everyone who qualifies, the company announced on Tuesday.

Apple Card is an Apple-branded credit card issued through Goldman Sachs that runs on Mastercard’s network and is only available to iPhone users. It works similarly to any other credit card — you can use the physical card at all the usual places, as well as inside the Apple Pay feature to make contactless payments with an iPhone.

The credit card may fill some coverage gaps for Apple among merchants that don’t accept Apple Pay.

Apple told CNN Business that Goldman Sachs will oversee customer data and transactions, and that the bank would not misuse the data or sell it to third-parties. Goldman Sachs did not immediately respond to requests for comment.

Apple, which teased the card in March, will give 3% cash back on Apple products, including iPhones and software subscriptions, 2% on any Apple Pay purchases and 1% on all other purchases.

PHOTO: Apple / CNN

Its cash back percentage on Apple products is on par with other cards, including those offered by fellow tech giants. For example, Amazon offers Prime members 5% on all purchases using its branded card on its platform and at Whole Foods, and a $50 sign-up bonus. Uber offers 4% on dining.

The physical card itself is optional, but free, for people who sign up for Apple Card. It has the usual Apple look: It’s white, made of titanium and has Apple’s logo on the top left. It’s slightly more substantial than a typical credit card and it doesn’t display any credit card numbers.

To activate the card, you’ll need to tap it with an iPhone. The device will receive a notification and walk you through the set-up process.

Anyone who wants to use Apple Card must also authenticate who they are with a fingerprint or via Face ID. They also need to set up the Apple Cash feature, which gives them the option of saving the cash they earn back on purchases or spending it instantly after they earn it each day.

Apple Card syncs up with the iOS Wallet app to display a colorful representation of how much money you have spent, sorting transactions into categories like entertainment or food & drink. A payments wheel shows how much interest will be charged if you only pay part of the balance. Apple Card does not have any fees besides the variable interest charged when a balance is kept unpaid. It charges 12.99% to 23.99% interest rate, depending on your credit score. That’s slightly lower than what Apple initially advertised, pushed down by the Fed’s rate cut. But those aren’t better or worse compared to competitors.

The card comes at a time when iPhone sales are on the decline, and the company looks to diversify with services such as its gaming subscription service Apple Arcade and its news app subscription service, Apple News+. The iPhone no longer accounts for the majority of Apple’s revenue.