One of the most buzzy announcements on Apple’s stage this week was Apple Card, its in-house credit card powered by Goldman Sachs and Mastercard. Consumers, tech press, financial press and Wall Street were all intrigued for various reasons.

But there are still a ton of questions around the way it works mechanically, the terms involved for consumers and its overall benefits. Though I’m not a financial reporter, I did used to cover payments and I’m a huge points hound. Some of the benefits (and caveats) of Apple Card are worth examining a bit more.

In some ways, Apple getting into the credit card game was one of the tech world’s biggest finally’s. Once Apple launched Passbook, it became extremely clear that it was headed towards this end game, with stops along the way for loyalty cards, coupons, external credit cards and ticketing.

This week, we got to see what Apple thinks is a solid ‘version 1’ of its credit card offering. Yes, this is a V1, and Apple is going to be iterating on the concept with new features and benefits.

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