Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

An iPhone owner using Apple Card to make a payment. Photo: Apple

Apple today begins processing the first applications from consumers to get the new Apple Card, the credit card it is debuting in conjunction with Goldman Sachs.

Why it matters: It's part of a broader push into services from Apple, but also puts the company in direct competition with the banks and credit cards already part of Apple Pay.

  • Apple won't say how many people of those who pre-registered will be getting the cards Tuesday in the first part of what it's calling a "preview" of Apple Card.

How it works: At its base level, the Apple Card is an "iPhone-first" MasterCard that can be used anywhere Apple Pay or MasterCard is accepted. However, there are several things that make Apple Card distinct from other credit cards out there.

  • Although you can get a companion physical card, it's mobile-first and customers use an iPhone to sign up for the card, view their transactions and pay their bills.
  • The physical card has a traditional credit card number on its chip and magnetic stripe, but that number isn't on the card or otherwise visible. If they need a numeric credit card number to give out, customers can provide a different one stored on their iPhone.
  • Apple says its card has no fees including no annual fee, no foreign transaction fees and no late fees. Also it doesn't boost its interest rate if customers miss a payment. (There's no cash advance/ATM fee — because the Apple Card can't be used that way.)
  • The Apple Card rewards come daily in the form of a credit to an Apple Cash account that can be spent at merchants, sent to a friend over iMessage, used to pay the credit card balance, or transferred to a bank account. Customers get 1% back on traditional card purchases, 2% on Apple Pay transactions and 3% on goods and services purchased directly from Apple.

Go deeper: Apple's growth areas rely on its shrinking iPhone business

Go deeper

Ben Geman, author of Generate
49 mins ago - Politics & Policy

Biden to sign major climate orders, setting up clash with oil industry

Illustration: Aïda Amer/Axios

President Biden will sign new executive actions today that provide the clearest signs yet of his climate plans — elevating the issue to a national security priority and kicking off an intense battle with the oil industry,

Driving the news: One move will freeze issuance of new oil-and-gas leases on public lands and waters "to the extent possible," per a White House summary.

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
4 hours ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.