Apple Card Review: All the Details on Apple’s Credit Card

The Apple card was released 5 years ago, and now over 12 million people use it. So, is the Apple credit card good? What do all of these people like about it? This Apple card review will shed light on these questions.

A Quick Glance at the Apple Card

To get this card, you need to have an excellent credit score. You’ll be rewarded with the absence of fees, 3% cashback on specific categories, and the opportunity to buy Apple gadgets with no interest.

Detailed Apple Credit Card Review

To get the card, you must be a US citizen and be 18 years old. Moreover, it’s available only on Apple devices because you need an Apple ID authentication. On top of that, the approval depends on your credit score and other private financial information.

Goldman Sachs Bank decides on the card issuing and the credit limit amount. Once the bank approves your application, you can use the card. There is no fee for registration (only interest is charged when you use the credit limit). The interest for utilizing the credit limit ranges from 11% to 24%, depending on the owner’s credit history. The credit limit amount and interest rate are displayed after all data is filled in.

If you often shop at places where Apple Pay is unavailable, you can order a physical card in the Wallet app, which was created in collaboration with Mastercard.

Many other Apple credit cards reviews claim this card hasn’t brought anything new. It’s partly true. The reward rates are standard compared to the other top-tier banking products. However, it has no annual or other fees and no interest on foreign transactions or account transfers. Plus, you can purchase Apple products with it at a bargain.

The Apple Pay credit card is safeguarded by global data security standards, significantly reducing the risk of misuse by scammers compared to conventional plastic cards. You can conveniently use this card via your iPhone at retail locations by simply bringing it near a payment terminal.

Apple Card Pros and Cons

Advantages of Using Apple Card

1. Cashback for Using Apple Pay

Apple Pay card offers a 3% cash back at partnering brands, including Nike, Uber, and Apple stores and services. 2% cashback is credited for all other purchases when paying with Apple gadgets. The best thing is that you can get that money back right away. The bonuses are collected on your bank card, and you can get them through your bank account or use them on things like apps, songs, movies, and online purchases. Bonuses are credited to the card daily, so you can use the money instantly instead of waiting weeks to spend what you’ve earned.

2. High-Security Level

If someone has your full card information, you can instantly request a new card number by contacting Apple Support, which is available 24 hours a day. Hidden card data, customer identification, and verification of purchases using Face ID and Touch ID technologies give this product definite advantages. The creators of Apple Card don’t store data about how and where clients spend their money internally and don’t pass it on to third parties.

If customers lose their cards, they simply set the card status to “Lost” in the application. If a customer loses both the card and the phone, they need to call Apple Card Support.

3. Spending Analytics

Apple card reviews your spending in a simple toolbar. Apple will use machine learning on the device and GPS information to identify and categorize your transactions. It will also color-code your expenses and use charts to show you where you spend the most.

This is not an innovation. There are many services for tracking your spending and identifying your habits. But at first glance, Apple’s interface seems more straightforward to use and understand.

4. No Fees

Per Apple, you won’t pay any international or annual fees, charges for late payments, or going over the credit limit. Although it has no international transaction fees, Mastercard determines the currency rate for foreign transactions. However, the corporation warns that late or missing payments will add extra interest to the customer’s balance. So, even though interest rates won’t increase, you still have to pay interest on the outstanding balance, which affects your credit scoring.

5. Ability to Share Accounts

Apple Card Family allows you to share an account with a maximum of 5 people. It can have two primary cardholders, who share the responsibility for paying the bills and authorized users. All three main credit agencies get reports on account activity from co-owners and participants who are at least 18 years old and have chosen to participate in credit reporting. Unlike in many other systems, all Apple Card Family members can keep their earned cash-back.

Potential Drawbacks to Consider

1. Lower Cashback Using a Physical Card

To get a 2% cashback, you need to use Apple Pay. This suggests the corporation encourages the use of its services, which is not surprising. Is the Apple card worth it? In short, it depends on where you usually shop. Not every merchant or retailer is equipped to support Apple Pay, so you have to use a physical card, which has only 1% cashback.

2. Minimal 3% Daily Cash Options

It might sound appealing to save money for a new iPhone purchase with this card, but if you don’t upgrade your gadgets yearly, consider other options. You probably spend most of your money on food and gas, but if you don’t use Uber Eats or mobile services, this card is not beneficial for you.

3. Lack of Initial Rewards

Many other credit cards offer a generous registration bonus, but Apple Card doesn’t. Sometimes, it does give small introductory bonuses, but they’ll be irregular and unplanned. Except for interest-free financing options for Apple-branded devices, there’s no 0% introductory APR offer on other purchases. Except for interest-free financing for Apple gadgets, no other purchases get a 0% initial APR.

Conclusion

No doubt, the Apple Card is an intriguing product that gives you a lot of options. The main advantage is that it is free. There are no commissions or interest for foreign transactions. But to get the most out of it, you have to use Apple Pay.