The Apple Card is controlled through a revamped Wallet app on the iPhone, which was created in collaboration with Goldman Sachs and MasterCard. It boasts a low-interest rate, variable cash back on purchases, and an all-titanium physical card for usage at stores that don’t accept Apple Pay contactless payments. (Dropping your hefty titanium card on a dinner table will undoubtedly wow when it comes time to collect the bill.) There is no annual cost and no late fines, according to the website.
It’s a virtual and physical card that may be used anywhere Mastercard is accepted for both conventional and Apple Pay purchases. The app companion automatically categorizes transactions, displays where they were made, and offers a layout that makes it simple to examine interest charges, expenditure, and cashback.
The physical card offers 1% cashback, while the virtual card offers 2% cashback on Apple Pay transactions and 3% cashback on Apple purchases. If you don’t have or desire an Apple Cash account, the cashback is paid daily to your Apple Cash balance, or monthly as a credit balance to your card.
But, beyond those fundamentals, there are still a lot of unanswered mysteries regarding how the card works. Here are a few bits of interest.
Apple Card Interest Rate
Interest rates are the scourge of all credit card holders, and Apple’s implementation isn’t all that different. The Apple Card features a variable interest rate that varies depending on your credit or FICO score, ranging from 13.24 percent to a whopping 24.24 percent. The lower your interest rate, the better your credit score is – anything between 670 and 739 is considered “excellent.”
Apple Card offers “Daily Cash,” according to the firm. When you use your Apple Card to make purchases, you’ll receive money that you can spend, send to friends via Apple Cash, or use to pay off your card amount. Your spending habits determine how quickly you receive Daily Cash.
Daily Cash is earned when you make purchases from any official Apple retailer (including the App Store and in-app subscriptions). Every purchase made with Apple Pay, whether on your iOS device or on the web, will earn you 2% back. You’ll get a light one percent cash back on other purchases made with the real Apple Card.
The following are the rewards rates for the Apple card:
- You’ll get 3% off everything you buy from Apple.
- Select partners will refund you 3%. Duane Reade, Exxon, Mobil, Nike, Panera, T-Mobile, Uber, Uber Eats, and Walgreens are among the partners as of the writing of this review.
- When you pay using the Apple card on your iPhone or Apple Watch, you’ll get 2% back.
- Get 1% back on all other purchases.
Apple Card App
The Apple Card is intended to be used in a digital environment. To begin, you must connect in with your Apple ID and apply for the Apple Card through the Apple Wallet app. You may also apply for the Apple Card online after logging in with your Apple ID. If you receive the card. Customers can use the app to manage their spending, make payments (even several payments in a single month), and see in real-time how different payments would affect their balance and, if applicable, interest owed.
According to experts, the app could assist clients in practicing better financial hygiene.
“I hope Apple recognizes the chance it has to change the public’s relationship with money,” Tisdale says. “And I hope they take that seriously because this type of financial education is desperately required.”
Apple Card Cashback System
When you earn cashback with the Apple Card, you’ll be rewarded with “Daily Cash,” as Apple calls it. The term “Daily Cash” is mostly used to refer to the amount of cashback you’ve earned in your rewards account. Unlike other cashback credit cards, Daily Cash accrues every day as you earn it, rather than once a month when your credit card statement closes.
Daily Cash is automatically sent into your Apple Cash account as it accumulates. Apple Cash is a feature of Apple Pay that allows you to keep a cash balance that you may use to make purchases or give to friends.
Because your Daily Cash is deposited to your Apple Cash account, you have practically unlimited possibilities for redeeming your cashback incentives.
You can do the following using Apple Cash:
- Messages can be used to send money to friends.
- Make a deposit into your bank account.
- Pay off your credit card debt using Apple Cash.
When you shop with Apple Pay, you can also utilize Apple Cash to make purchases. Apple Pay is accepted everywhere Apple Pay is accepted, including grocery stores, boutiques, restaurants, and more. Apple Pay can also be used to pay for items on iTunes, Apple Music, the App Store, iCloud, Apple News+, and other services.
Is the Apple Card really fee-free?
There are no annual fees or late penalties with the Apple Card, and missing a monthly payment will not result in a penalty or rate increase, only additional interest accruing at your current rate. For consumers who already have credit card debt, this could help to relieve the pain of late fines and rate increases that every credit card holder who misses a payment due date will face.
According to a NerdWallet report, nearly half of all U.S. households have outstanding credit card amounts of nearly $7,000 each month, and one out of every 11 households believes they will never be able to pay off their debt.
Apple made a huge show of the production value of the real Apple Card, which is composed of titanium. It’s the latest in a long line of prestige credit cards, such as the Chase Sapphire Reserve and American Express Platinum Card.
“It definitely gives you a sense of luxury and power when you put it down on a counter to pay for something because it’s weighty,” says Rathner, who points out that a metal cash back-only credit card is relatively uncommon.
“And you know how Apple is all about gorgeous, uncomplicated design. They have a distinct aesthetic, so it’s no surprise that their physical credit card is as well-designed as the rest of their offerings.” Depending on how much mainstream appeal an Apple Card has, choosing for single percent cashback could be the ultimate power move, but keep in mind that when you use it instead of Apple Pay, you’ll only earn 1 percent cashback.
If you already use Apple Pay frequently for purchases and appreciate the notion of a fee-free card with cash-back opportunities, the Apple Card is the best option for you. When you spend on Apple Purchases or at the select few partner retailers that provide 3% back, you’ll get the best rewards rate. Although the 2% cashback return rate on Apple Pay purchases is reasonable, there are cards that can provide larger cash rewards regardless of which mobile payment program you use.
You won’t have to pay an annual fee, and the card can advise you on how to pay down amounts quickly to avoid interest costs, which might save you money.
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