What Other Perks Does The Apple Card Offer
In addition to cash back rewards, the Apple Card offers several features designed to help cardholders manage their finances and build their credit. Use the Wallet app to track your purchases by category or identify spending habits and trends. When you make credit card payments, the Wallets payment wheel will offer recommendations to help you avoid interest charges and pay down your balance more quickly. You can even pay for Apple products in interest-free installments.
You can also share your Apple Card account using Apple Card Family. With this feature, you can share your account with up to five people. Everyone on the shared account can use your Apple Card and view their spending. Account owners and co-owners can see group members activity, set transaction limits and more.
You can designate a co-owner for the account, too. Like an authorized user, they will share your credit line and information reported to credit bureaus regarding the account. Your account co-owner must be at least 18 years old, while children over 13 can also be added to the account.
Should You Get The Apple Card What To Know Before You Bite
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When Apple announced in 2019 that it was launching a new Apple-branded credit card, some fans may have hoped it would reinvent how we pay for things. But the product’s features make it the credit card equivalent of a Red Delicious: relatively ubiquitous and somewhat bland.
Still, despite a crowded market of cash-back cards, consumers may be able to find room in their digital wallets for another one that will earn rewards, especially on pricey Apple purchases.
As with all Apple product announcements , the important question to ask is: Is this product right for you?
Adding Apple Card To Other Devices
You’re not restricted to using Apple Card with your iPhone, even if you need to use that device to sign up for the credit card. Once your Apple Card is active, you can add it to other Apple devices for handling mobile and online payments. Here’s how.
Apple Watch: Launch the Watch app on your iPhone, and go to the My Watch tab. From there, select Wallet & Apple Pay and find the Other Cards on Your Phone section. Tap Add next to the Apple Card.
iPad: Launch the Settings app on your tablet, and select Wallet & Apple Pay. From there, you’ll be able to add your Apple Card.
Mac: If you’ve got a Mac with built-in Touch ID, head to System Preferences and select Wallet & Apple Pay, clicking the plus button and selecting your Apple Card. For Macs that don’t have Touch ID, turn on Allow Payments on Your Mac through the Settings app on your iPhone.
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You Shop Primarily At Stores That Don’t Accept Apple Pay
Some major retailers, including Walmart, dont accept Apple Pay. And while Costco does, you can only use Visa cards there the Apple Card runs on the Mastercard payment network. This is to say nothing of the much smaller merchants where you may run into issues: Food trucks, mom and pop stores, bodegas and others simply may not be equipped to handle Apple Pay.
What Does Insufficient Credit History Mean
The term âinsufficient credit historyâ may appear on an Apple Card application, but donât become alarmed at this. It doesnât mean you have payments that are more than 30 days past due or have other negative marks in your credit file. It simply means there isnât enough credit data on you to determine a credit score.
It could mean that you may not have enough credit accounts. Lenders want to see that you have different kinds of credit accounts and debt obligations to ensure you can manage them all effectively. This is called your credit mix.Itâs also a factor in determining your credit score.
Still, it can keep you from being approved. When this happens, credit card issuers simply canât tell if you are a good credit risk or a bad credit risk. Donât panic. There are ways to address this issue.
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Your Credit Score Is Too Low
Apple lists a FICO credit score of less than 660 as an example of a score that may be too low to qualify for the Apple Card. A score higher than 660 is no guarantee of approval, however, and plenty of users with scores in the 700s have reported being denied.
Further, Apple lists TransUnion as one of the bureaus Goldman Sachs uses to evaluate Apple Card applications. Additionally, Goldman Sachs uses the FICO 9 scoring model to gauge the creditworthiness of those who apply.
Heres what Apple has to say about your credit score on its website:
There are multiple FICO Score versions available for lenders to use. Apple Card uses FICO Score 9. FICO Score 9 ranges from 300 to 850, with scores above 660 considered favorable for credit approval.
The approval decision you receive should include your credit score at the time it was checked by Goldman Sachs, as well as which of the national credit bureaus the issuer used to obtain it.
Keep in mind that you may see a sizable difference between your FICO credit score and your VantageScore score.
Create An Apple Id Without A Payment Method Or Credit Card On Your Iphone Ipad Or Ipod
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How To Pay With Your Apple Card
There are three ways you can use your Apple Card: Using the Wallet app and Apple Pay, by swiping the physical card when Apple Pay is not an option, and by giving the merchant your credit card number.
Once you complete the application process, your Apple Card is automatically added to your Wallet app, and you can make purchases with Apple Pay as you would with any other credit card that you’ve added to your iPhone.
Once your physical card arrives, you can also swipe the card at a point of sale terminal. The card doesn’t work with contactless terminals, though if contactless purchases are an option, you should use Apple Pay with your iPhone or Apple Watch instead.
Finally, if you need your card number and CCV code to make a purchase, like if you’re buying something by phone, your Apple Card can generate a secure, virtual credit card number for non-Apple Pay purchases.
Here’s how to find that number and CCV code:
1. Open the Wallet app.
2. Tap the Apple Card.
3. In the upper right corner, tap the three dots.
4. Tap “Card Information.”
5. You should see the card number, expiration date, and CCV code.
6. You can tap “Request New Card Number” at any time if you suspect the current one has been compromised you’ll instantly get a new virtual number without needing to request a new physical card from Apple.
Capital One Quicksilverone Cash Rewards Credit Card: Best Flat
Why we picked it: The QuicksilverOne immediately delivers you 1.5% cash back for every purchase, every day, making it competitive with other cash back cards, such as the Capital One Quicksilver Cash Rewards Credit Card.
Pros: Because this cards cash back rate is flat, there is no required quarterly signup or maximum allowed spend. Also, your cash back doesnt expire for the life of the card.
Cons: This card doesnt have a sign-up bonus, unlike the Quicksilver. Also, theres an annual fee of $39, which isnt waived the first year, and the regular APR is incredibly high at 26.99% .
Who should apply? This card is a solid choice for those with less than perfect credit who hope to earn rewards while rebuilding their score.
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Chase Freedom Student Credit Card: Best Sign
Why we picked it: This student credit card from Chase offers new cardholders a $50 bonus after they make their first purchase within the first 3 months from account opening.
Pros: The card features a good base rewards program: Cardholders receive 1% cash back on all purchases and an additional 4% cash back on Lyft rides . They also receive a $20 bonus each account anniversary that their account is still open and in good standing for up to the first 5 years of card ownership.
Cons: This card is designed for student credit cardholders, so if youre outside that demographic, you might want to consider other credit cards for no credit.
Who should apply? With a decent sign up bonus and solid rewards rate, this is a good fit for students who want to build up their credit. For more credit cards tailored to college students or recent graduates with a short or no credit history, see our student credit cards.
Adapt To Contactless Payments With Apple Pay
Our review of the best Apple Pay credit cards has identified optimal candidates to include in your iPhones digital wallet. Were confident that digital transactions will continue to grow in popularity and in power. The high-tech security features protecting Apple Pay make it a solid leader in the contactless payment sector.
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Who Qualifies For The Apple Card
To get an Apple Card, you need to be 18 years or older and be a U.S. citizen or a lawful U.S. resident with a U.S. residential address .
An iPhone running iOS 12.4 or later is required to use the Apple Card, and it will not be available if you do not have an iPhone. Two-factor authentication must be turned on, and you must be signed in to iCloud on your iPhone with your Apple ID.
Bmo Preferred Rate Mastercard*
For those looking to minimize debt, this $20-a-year Preferred Rate Mastercard from Bank of Montreal is our pick for the best low-interest credit card. The annual fee is refunded in the first year, and a lower-than-average interest rate of 12.99% means you can minimize interest on balances and new purchases. Plus, get a 3.99% introductory interest rate on balance transfers for nine months .
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Why You Might Pass On The Apple Card
The 2% cash back on most purchases matches many of the highest flat-rate cash-back cards on the market. But it comes with a big asterisk, because you must use Apple Pay to get elevated rates. The physical card earns just 1% back on purchases, and that’s just not competitive when the industry standard is at least 1.5%.
Here are some reasons the card may not make sense for you:
What Kind Of Credit Cards Can I Get With No Credit History
Without a credit history of any kind, youll only be eligible for a few select types of credit cards. The first is a secured credit card, which is a type of credit card that requires a cash deposit as collateral.
When you apply for a secured credit card, your initial deposit will typically be $200 or more, and the money you put down will be used to secure your line of credit. This also means that, generally speaking, your initial credit limit will be low. In fact, a security deposit of $200 typically means having an initial credit line of $200, a $500 deposit means having an initial credit limit of $500 and so on.
The good news is that with a secured credit card, youll get your security deposit back when you close your account in good standing . This is true whether you close your credit card account with a $0 balance or upgrade your card to an unsecured option from the same issuer.
There are also a few unsecured card options for people with no credit history, meaning you wont have to put down a cash deposit, but theyre few and far between. Unsecured credit cards for people with no credit history tend to come with low credit limits and the potential for fees, though this isnt always the case. But if you have no credit history and youre looking for an unsecured credit card, make sure you pick one that doesnt come with major fees.
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How Daily Cash Can Be Used
Your Daily Cash balance, which is transferred to your Apple Cash card can be used for Apple Pay purchases, sent to friends or family using the Apple Cash feature in Messages, or transferred over to your bank account.
Apple Cash can be transferred to your bank account at no cost, a process that takes between one and three days. There’s also an Instant Transfer feature that will cost one percent of the total money being sent. The Instant Transfer fee has a minimum of $0.25 and maxes out at $10. Transfers can be initiated in the Wallet app after linking a bank account to Apple Cash.
Conditions That Might Cause Your Application To Be Declined
When assessing your ability to pay back debt, Goldman Sachs1 looks at multiple conditions before making a decision on your Apple Card application.
If any of the following conditions apply, Goldman Sachs might not be able to approve your Apple Card application.
If you’re behind on debt obligations4 or have previously been behind
- You are currently past due or have recently been past due on a debt obligation.
- Your checking account was closed by a bank .
- You have two or more non-medical debt obligations that are recently past due.
If you have negative public records
- A tax lien was placed on your assets .
- A judgement was passed against you .
- You have had a recent bankruptcy.
- Your property has been recently repossessed.
If you’re heavily in debt or your income is insufficient to make debt payments
- You don’t have sufficient disposable income after you pay existing debt obligations.
- Your debt obligations represent a high percentage of your monthly income .
- You have fully utilized all of your credit card lines in the last three months and have recently opened a significant amount of new credit accounts.
If you frequently apply for credit cards or loans
- You have a high number of recent applications for credit.
If your credit score is low
Goldman Sachs uses TransUnion and other credit bureaus to evaluate your Apple Card application. If your credit score is low ,4 Goldman Sachs might not be able to approve your Apple Card application.
Also Check: Credit Cards That Report To Transunion
How To Build Your Credit With No Or Little Credit
Building credit can take some time, but there are steps you can take to jumpstart the process. Here are just a few of them.
Your Identity Couldnt Be Verified
You may be asked to verify your identity when you apply for the Apple Card. This requires you to use your device to scan your drivers license or state ID. If the information you entered in your Apple Card application including your date of birth, last name and address does not match the information on your ID, your application may be denied.
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How Do You Earn Rewards With The Apple Card
When you make certain types of purchases with your Apple Card, you earn Daily Cash. These cash back rewards are applied to your account every day, and you can decide whether to use your Daily Cash to make purchases, send money to friends or family or make a one-time payment toward your Apple Card balance.
Heres how the reward structure works:
- Earn 3 percent cash back when you buy Apple products using Apple Pay.
- Earn 3 percent cash back when you make purchases with select retailers, including Duane Reade, Exxon, Mobil, Nike, T-Mobile, Uber, Uber Eats and Walgreens, using Apple Pay.
- Earn 2 percent cash back when you use Apple Pay to make purchases elsewhere.
- Earn 1 percent cash back on all other purchases.
Cardholders who apply through Jan. 31, 2021, can earn $50 bonus Daily Cash by opening an account and spending $50 or more in purchases within your first 30 days at Exxon or Mobil gas stations or convenience stores via your Apple Card in the Apple Pay app . Apple often gives new cardholders the opportunity to earn $50 bonus Daily Cash, so make sure you take advantage of it.