Apple at today’s “It’s Showtime” event officially announced Apple Card, a brand new credit card with smarts, built on principles of simplicity, transparency and privacy in partnership with Goldman Sachs and MasterCard.

Available this summer, there are no fees with Apple Card whatsoever. As if that weren’t enough, interest rates are much lower than usual and you get cash back rewards automatically, for every purchase. You will be able to sign up for the card on your iPhone, and be able to start using it within minutes, even if you didn’t yet receive the physical card.

That’s because you’ll be approved online.

Not only that, but iOS will automatically add the card to the Wallet app.

The physical card is actually made of titanium and your name is laser-etched on it. There’s no card number printed on the plastic, no CCV nor is there the expiration date visible.

Heck, there isn’t even the standard line for your signature—all in the name of boosting security and solving similar issues plaguing other credit card products.

Speaking of security, the digital representation of the plastic is stored in the iPhone’s Secure Element, a part of the main processor walled off from the rest of the system.

Nothing gets sent to the cloud. All happens on the device, and your data is never used by Goldman for advertising purposes. Card information is stored securely on Goldman Sachs servers, with a payment token added to your iPhone like with Apple Pay. This lets you use the digital card to pay in apps and stores, on the web—anywhere Apple Pay is accepted.

You’ll be able to text Apple right from the Messages app to change your information on file, ask questions and more. iOS will provide a nice overview of your transactions and spending habits and Apple is even using machine learning and Apple Maps to transform the names of locations on your card statements into places you’ll easily recognize.

You’ll be able to keep track of your spending by color-coded categories for better overview, as well as get real-time trends to better understand what you’re spending your money on.

Apple Card chooses an interest rate in real time, based on your balance and spending patterns. Thanks to clear layout and pretty charts akin to the Screen Time feature, you’ll get detailed breakdown of your payments.

Aside from no fees, another major benefit to using this card is cashback rewards. They’re calling it Daily Cash, and it’s like real cash that can be used to cover your balance, send some money to a friend, make a payment with Apple Pay and more.

Every time you pay with Apple Pay on your iPhone, you get two percent in Daily Cash. If you buy something from Apple, you get a three percent Daily Cash. If you buy anything with a physical card, you get one percent in Daily Cash rewards.

How cool is that?

Apple also revealed some interesting updates to its mobile payments service, Apple Pay. For starters, the mobile payments service is on target to surpass ten billion transactions this year.

Retail acceptance for Apple Pay rose to seventy percent in the US, or higher in Canada, the UK and Australia, where Appel Pay has an unbelievable 99 percent acceptance. By the end of this year, Apple Pay will be available in more than for countries worldwide, the company said.

To learn more about Apple Card, read Apple’s press release.