Of all the things you need in your wallet, you may feel that another credit card is not one of them. But the new Apple credit card could get you to change your mind.
The card is now available to qualifying applicants in the United States — all you have to do is sign up.
While the Apple Card is stacked with cool features — which we’ll cover in detail — we went to a credit card expert to get his take.
Apple Card: An expert shares his thoughts
Credit card expert Jason Steele says that the Apple Card has some great benefits, but it’s not top of class.
“Apple is trying to redefine what a credit card should be, much like it did over a decade ago with the mobile phones,” he says. “It offers tight integration with the iPhone and powerful tools to manage your finances.”
“But if you’re looking for the most possible cash back and competitive cardholder benefits, then the Apple Card is not for you.”
Indeed, the credit card’s exclusivity — it was initially made available to only a select number of customers and it forces you to play in the Apple ecosystem — makes it a card that not everyone will go for.
Apple Card: Everything you need to know
But if you’re a fan of all things Apple and perhaps are in the hunt for a new credit card, these five facts we compiled from Apple’s website will tell you all you need to know about the Apple Card:
1. Earn Daily Cash with every purchase
Apple promises that every time you use the Apple Card, you’ll earn a percentage of it back as Daily Cash, which can be redeemed for real cash. This is the card’s rewards program.
Daily Cash is converted immediately into real money (only if you have an Apple Cash Card). You can use it to pay a bill or pump it back onto your Apple Card. You get:
- 3% back on everything you buy from Apple
- 2% back every time you buy something using Apple Pay
- 1% back on purchases via Apple Cash at merchants that don’t take Apple Pay
2. Scrutinize your purchases with one click
The Apple Card’s interface on your iPhone, Apple Watch, iPad or Mac will allow you to learn more information about any purchase by tapping it with your finger. A map will open that shows where the purchase was made.
This is valuable tool to help stop a crook that may have stolen your account number. The map feature also shows your transaction history at stores you’ve bought from.
You also get an instant notification whenever a purchase is charged to your Apple Card account.
3. In-phone budgeting tool shows your spending
Everything you purchase will be recorded and organized by color codes. This effectively becomes an in-app budgeting tool that allows you to see where your money is going.
You’ll get “spend summaries” that you can tap for weekly and monthly totals. Inside the categories, you can tap on particular merchants to see purchases there.
4. You won’t be charged hidden fees
The Apple Card appeals to money-conscious customers by being fee-free. That means the card doesn’t bill you for an annual fee, cash advances or over-limit fees.
If you miss a payment, the Apple Card doesn’t charge late fees and it won’t charge you a higher interest rate.
5. Card emphasizes interest not balance
The Apple Card is also different in another way: Instead of focusing on your balance, it puts the emphasis on your interest. So, it will tell you based on how much you want to pay for your monthly bill, the amount of interest you’ll actually be paying.
There’s also a variable APR with the Apple Card. It ranges from 12.99% to 23.99% as of August 2019.
The Apple Card, issued by Goldman Sachs, is a digital credit card (you can also get a physical card) that aims to make your iPhone a conduit for any transaction you make.
- You must be at least 18 years of age
- You must be a U.S. citizen
- You must own an iPhone with the latest operating system, along with 2-factor authentication
If you’re eligible to apply for the Apple credit card, when you open your Apple Wallet and tap the black plus symbol, you should see an Apple Card option. From there, you click it and go through the application process and approval in a matter of minutes.
An Apple Card like the image below will then be added to your Wallet app.
If you don’t see it, it could mean that your iPhone is not compatible (Apple says the credit card works only with iPhone 6 and later).
If you want to swipe and earn more with your purchases, there are many other credit cards to consider. Click here to learn about some of Team Clark’s favorite rewards cards.