Apple CEO Tim Cook said on Monday that the company's new credit card "is uniquely positioned to make the most significant change in the credit card experience in 50 years."
Some credit card experts are less excited.
"Frankly, I'm underwhelmed," said Ted Rossman, an industry analyst at CreditCards.com. "This card will get a lot of headlines, but its bark is greater than its bite."
Many credit cards come with lower interest rates than the ones Apple is boasting, Rossman said.
The rates on the Goldman Sachs-linked credit card, which the company says people in the U.S. will be able to access through their iPhones this summer, is expected to range from roughly 13 percent to 24 percent.
There will also be a physical card, made of laser-etched titanium, available.
Average annual percentage rates on credit cards hover around 17 percent today, Rossman said. Some credit unions offer rates as low as 8 percent.
The card will be a feature in the company's digital wallet service and will provide "a new level of privacy and security."