Apple launches some of the most innovative products to hit the market and now they have something new to offer – the Apple Card. There are a lot of credit cards on the market already so you may be wondering what makes the Apple card so special.
The first thing you should know about this card is that it is meant to be phone-based though there will be a titanium card for regular use. The car will work via Apple’s Wallet application which allows you to track your purchases, pay your bills, set limits and much more.
Apple Card Overview
Apple credit card will be a joint effort with MasterCard and Goldman Sachs. Mastercard is known all over the world for its strong encryption and financial security. Mastercard will work with Apple to connect users with any retailer that uses their POS network. Goldman Sachs is well known for its investment services, it will be the issuing party for the card and cover many of the approval and investigation aspects that come with credit card use. This is the first time either Apple or Goldman Sachs has offered a credit card and it hopes to shake up the industry with its new offering.
What You Get With The Apple Card
The Apple card comes with some pretty impressive features. To start, users will get 3% cashback from any Apple purchase. That means hardware, software, music, subscriptions and more. Anytime you use Apple for Uber rides or Uber Eats you will also get 3% cashback. For all other purchased made through Apple pay to any retailer you will receive 2% cashback. There is a physical card available for account holders and purchased made with the titanium card will earn 1% cashback. One of the best things about Apple cards is that there are no extra fees for going over your limit, international purchases or other annual fees.
Paying your monthly bill is easy with the Wallet application that is built into the Apple IOS. Your wallet also makes it easy to track your spending and stay on top of your budget. Data breaches are always a concern and with Apple’s end to end encryption, the privacy-oriented features make the Apple card even more attractive. Regular credit cards have information on the front and back that makes the card less secure than it could be. Apple’s physical card is devoid of numbers so there is less chance of a lucky thief snagging your information.
Although there are a lot of good things that come with using the Apple credit card, there are a few disadvantages. Mainly, only those spend most of their time on Apple systems and using Apple products will get the most benefit. In addition, though the cashback is good, it is not as attractive as many other cards on the market. Apple card also seems to punish users for opting to pay for a purchase with the physical card over Apple pay, which means that unless you are an iPhone user, this card will be pretty limiting in your wallet.
The Bottom Line
Overall Apple credit card is a great way for those who love Apple and Apple pay to benefit from extra rewards. The cashback is a great way to get more for your money while the tracking in-app help you keep an eye on your spending. The lack of fees is a cherry on top and the card is a good bet for anyone who loves Apple.