apple-card-paymentCredit cards come in all different flavors, from cash back and travel rewards to no-frills options. For Apple enthusiasts, the recently launched Apple Card is a welcome addition. As a cash back rewards credit card, this card offers a little something for everyone. The unique features of the card combined with the ease of application make it an attractive option for those in the market for a new go-to credit card. Here’s what you should know about this new credit card option.

Benefits and Features

The Apple credit card is a daily cash back credit card offered by Apple and Goldman Sachs. Released to the public in 2019, this card suits consumers looking for a card offering rewards potential along with no annual fee, competitive interest rates, and ease of use. The most notable features of the card revolve around its cash back benefits, detailed below.

Daily Cash Back with Apple Card

Card accountholders earn:

  • 3 percent daily cash on every purchase from Apple stores and
  • 3 percent daily cash on select merchant purchases when using Apple Pay with the card, including Uber, Uber Eats, Walgreens, and Nike
  • 2 percent daily cash on all other purchases made with the card through Apple Pay
  • 1 percent daily cash on all other purchases

Daily cash back earned with the card is easy to accumulate and simple to use. Cardholders use daily cash back for Apple Pay purchases in stores or online. Alternatively, cash back may be transferred to the cardholder’s bank account through the Wallet app. Also, rewards may pay down a card balance. These reward redemption options make it easy to use what you earn quickly and without any fees.

Fully Digital Experience

In addition to cash back rewards, the credit card also offers a fully digital experience. The card lives on the iPhone in the Wallet app and it seamlessly works with Apple Pay anywhere the digital payment option is accepted. Cardholders apply from their phone and can be approved within minutes. For those who prefer a more traditional credit card experience, don’t fret. Fortunately, cardholders receive a sleek titanium card accepted anywhere Mastercard payments are used.

A Great Option for Every Consumer

Although some equate Apple to an elite brand, this credit card stands out for its appeal to all consumers. Cardholders do not need to have the highest income or the best credit to apply for the card. Also, Apple adds features to the card specifically designed for those who want more transparency and guidance when it comes to their spending habits and debt management. The card offers the following money-conscious benefits:

  • No annual fees, over-the-limit fees, or late fees
  • Competitive interest rates ranging from 12.74 to 23.74%
  • Interest estimates on unpaid balances, helping cardholders make better decisions on payment amounts
  • Free Apple phone installment plans
  • Breakdown of spending categories
  • Real-time transaction monitoring

Downsides to Consider

While the Apple credit card includes a handful of features and benefits worth noting, but disadvantages exist. Compared to other cash back cards on the market, the Apple credit Card best fits consumers who use Apple Pay often. Unfortunately, individuals who do not have an Apple device or those who don’t spend via Apple Pay only earn 1 percent cash back on purchases. Comparatively, other cash back rewards cards offer higher earning potential without needing to use Apple Pay.

How to Apply

Applying for this credit card takes just a few moments on your phone. In the Wallet app on an iPhone, tap the + button. Select “Apply for Apple Card” and fill in the requested information. Additionally, approval comes in a matter of seconds for most iPhone users. Once approved, start using the card through Apple Pay immediately, or wait for the titanium physical card to arrive in the mail.

About Melissa

Melissa is a freelance personal finance and fin tech writer, developing content for several different publications around the web and in print. She has several years of experience writing for top-notch publications, driven by her career expertise in the wealth management and financial planning arenas.

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