Apple this morning announced its highly anticipated new credit card, Apple Card, is launching today for all customers in the U.S. Customers will be able to apply for the Apple Card through the Wallet app on the iPhone, then immediately begin using it by way of Apple Pay — before the physical card arrives in the mail.

Powered by Goldman Sachs and Mastercard, the card will work both as a traditional credit card and through Apple Pay anywhere that Mastercard is accepted. In lieu of points, which are favored by many of today’s credit card users, Apple Card doles out cash back for purchases. And it especially incentivizes users to choose Apple Pay, which offers 2% back instead of just 1% for non-Apple Pay purchases.

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