What to expect: The mobile-first credit card is backed by Mastercard and requires a basic credit check when signing up through iOS 12.4. Your application will be approved or declined in real-time, a process that should take less than a minute to complete.

Apple is now processing applications from users interested in the Apple Card, the tech giant's debut credit card. The rollout, described as an early preview, involves a random selection of applicants that pre-registered their interest in the card. A full rollout to all iPhone users in the US is slated for later this month.

If approved, you'll get the digital version of the card in your Apple Wallet immediately and can request for a physical card to be sent via snail mail. The Verge got some hands-on time with the titanium card and said it felt a bit heavier than your typical metal credit card. Notably, it doesn't support contactless payments - Apple wants people to use their iPhone or Apple Watch for that as the publication notes.

Interestingly enough, you'll have three numbers associated with your Apple Card. There's a number assigned to your phone, a number attached to the physical card and a virtual number that you can use for online merchants that don't accept Apple Pay. The physical card doesn't have the number printed on it, nor is there an expiration date or security code. Everything is stored on the card's chip and magnetic stripe for increased security.

The Apple Card offers a daily cash back reward structure that affords one percent back on purchases made with the physical card, two percent back on Apple Pay purchases and three percent back when buying Apple goods and services.