Apple terminates the partnership with Barclaycard when it steps up to launch the Apple card with Goldman Sachs later this month.
According to Bloomberg, the rewards program related to the Apple-branded Barclays card has been discontinued. Previously, Apple brand card users received three points per dollar spent on Apple products, either in the form of an Apple gift card or deferred financing.
The upcoming Apple card is billed as a new type of credit card that will help consumers live a healthier financial life, offering rewards like 3% cash back and no fees.
Bloomberg's report also claims Apple Card will offer financing plans for certain purchases along with a revolving balance sheet. For example, someone may be able to buy the iPhone and receive 0% financing in twelve months.
Bloomberg also claims Apple Card users will be able to manage their card through an iPad companion app in addition to the iPhone.
When Apple Card is launched, iPhone owners will be able to search right through the Wallet app, which can then be used wherever Apple Pay is accepted. Apple cardholders can also request a physical card, which will be sent later and made of titanium.