Apple entered the U.S. credit card arena in August of 2019 with the goal of offering a simpler product that is accessible on the iPhone, Apple Watch, as well as a numberless card made of titanium. The first consumer product issued by Goldman Sachs, Apple Card is part of the Mastercard network.
Table of contents
Apple Card Ratings
When industry experts did an Apple Card review, they found much to recommend about it, including:
- Fast reward redemption process
- No fees
- Easy-to-use financial tools
- Low starting interest rate of 10.99%
- In-app messaging to customer service
However, they felt it wasn’t as beneficial as other comparative cards in this class because the Apple Card offers:
- No cash advances or balance transfers
- Subpar rewards on non-Apple Pay purchases
- Few benefits
- No welcome bonus
Apple Card Features
Three note-worthy Apple Card features are unique to the card:
- Security — The Apple Card is designed to be used with Apple Pay on an iPhone or Apple Watch, which gives an extra security level as either Face ID or Touch ID is required to complete the transaction. For other purchases, a sleek titanium credit card is also issued in the cardholder’s name without a printed card number on it, which could offer further fraud protection. Apple Card purchases made on the internet with the Safari web browser automatically autofill your card number information without displaying it.
- Apple Card Monthly Installments — This feature offers up to two years of no interest to pay off Apple product purchases made directly with Apple at a retail store or online. This allows you to charge a new iPhone, Apple Watch, Mac or MacBook on your Apple Card and pay it off in installments and earn 3% cashback on your purchase.
- Financial Management Tools — By design cardholders should pay less interest each month. If you choose not to pay your balance in full, you decide how much you want to pay. A handy tool will offer advice on how much interest you will be charged and how to pay off your balance faster.
Daily Cash Rewards Program
The Apple Card rewards program, Daily Cash, offers quick and easy rewards redemption. The cashback amount appears in the cardholder’s Apple Pay account within 24 hours of the cleared purchase transaction. Users also have the option of applying the amount as a statement credit to lower their monthly bills. There is no limit on the amount of Daily Cash a cardholder can earn, and the bonus funds never expire.
The Daily Cash reward system benefits those who buy Apple products directly from Apple and regularly use Apple Pay as their primary form of payment. Cardholders earn:
- 3% on all Apple product purchases made at The Apple Store or Apple.com
- 3% on Apple Pay purchases made at Uber, Uber Eats, Walgreen’s, Panera Bread, Nike, Exxon, Mobil and T-Mobile
- 2% on all Apple Pay purchases
- 1% on all other purchases
Why Choose the Apple Card
The Apple Card is a great choice for those who buy and use Apple products regularly and who pay their monthly bill in full each month. It is worth getting if you plan on buying a Mac, iPhone or an Apple Watch to take advantage of 24 months of no interest. It is also good as a first credit card and anyone looking for a low-interest rate.
How To Apply
Apply for the Apple Card in the Wallet app on your iPhone or Apple Watch. You must be at least 18 years old and have a 600 or higher credit score to qualify for the card. If your application is declined you will be invited to participate in the “Path to Apple Card” program. This program aims to increase your credit score.
Selecting the right credit card can be a confusing process, especially with all the options available to you. Let us help you narrow down your choices by checking out the latest reviews at MoneyMash.com.