Apple (AAPL) announced a credit card on Monday, backed by Goldman Sachs’ banking engine (GS) and the MasterCard (MA) payment network.

Apple Card is a digital-first product designed to work within the ecosystem of Apple Pay and the Wallet apps, though a prestige-looking white, titanium card exists when a physical swipe or dip is necessary.

The card offers a not-exactly-groundbreaking 2% cashback reward for most purchases, and 3% on Apple products — if you use Apple Pay for them. If you use the titanium card, you get 1% back. The “Daily Cash” cashback feature differs slightly from the norm by offering the funds instantly, instead of on a monthly basis.

With iPhone sales flagging, Apple has been looking for other service-based ways to grow its business, and this prestige credit card is a clear play. With Apple’s trademark user-friendliness, the company spies an opening for disruption.

But being sleek and user friendly may not be enough, given the stiff competition from JPMorgan and American Express, masters of the premium credit card space.

In lieu of generous reward points and benefits (like those offered by the Chase Sapphire Reserve card or the American Express Platinum), Apple is betting on less-flashy features. In its presentation, the company’s vice president of Apple Pay, Jennifer Bailey, trumpeted low interest rates, fewer fees, as well as a new statement view that encourages people to choose payment options that limit interest, such as payments more often than monthly and a live-interest calculator. Apple Card’s app will also break down spending into categories for budgeting purposes, similar to a variety of personal finance apps, like Mint.

However, the lower fees leave a lot of questions. Bailey said Apple Card would have no late fees, no annual fees, no international fees, and no over-the limit-fees. How this actually works in use is yet to be learned, as is what would happen in the event of an unpaid bill, chronically late payments, or other credit issues. (Though presumably your late payments would impact your credit score.)

Priority on privacy

The company is also putting security and privacy at the forefront, as the payment service will have FaceID and fingerprint technology to authenticate purchases. Apple also promises that it does not have information on what you buy, and that Goldman Sachs will never sell your data.

While the card is pretty and a nice step up from many banking services, the two biggest players in the space, JPMorgan Chase and American Express, already have at least decent user-friendliness and far more to offer when it comes to benefits.