Apple is no stranger to disruption. This time around, they're taking a shot at the banking and payments industry.

At yesterday's Apple event, the company unveiled their latest 'designer' product — a credit card.

Dubbed the Apple Card, the card works just like any other credit card, but with a few added benefits:

• Users receive instant cash back when making purchases.
• All card transactions are stored on the phone. Users can also geo-locate all transactions made with the card.
• No fees and lower interest.

Apple has always been in the status symbol business, and the launch of this new card is a step in the direction of bringing them closer to being a bank.