Wednesday, October 27, 2021

Is Apple Credit Card Worth It

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What You Can Do If Your Application Is Approved With Insufficient Credit Or It’s Declined

Apple Card – How it Works – Worth It?

If your application is declined, a message with an explanation is sent to the primary email address associated with the Apple ID you used to apply for Apple Card. The message might show your credit score. If information provided by a credit bureau contributed to your application being declined, you can request a free copy of your credit report from that credit bureau using the instructions in the email you receive.

If you have a freeze on your credit report, you need to temporarily lift the freeze before you apply for Apple Card. Learn how to lift your credit freeze with TransUnion.;

Where Is Your Apple Card Credit Card Number Located

The titanium Apple Card features a minimalist, security-focused design that doesnt include a credit card number. To look up your Apple card number, open your Wallet app, locate your Apple Card, tap the three dots in the upper-right-hand corner of the screen and select Card Information. Complete the authentication step to prove that its really you,;and the Wallet app will reveal your credit card number.

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Also Check: Why Is Google Services Charging My Credit Card

Apple Card Compared To Chase Freedom Flex Card

The Apple Card and the Chase Freedom Flex;credit card have a few differences that could help you make the decision about which card youd prefer to get.

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If you are planning on transferring a balance, the ® Cash Back;is the way to go. But if you dont want to keep track of quarterly rotating categories, go for the Apple Card and look for retailers who accept Apple Pay.

A New Level For Privacy And Security

Apple Credit Card is Launched, Will be Accepted Worldwide

Apple pay technology creates a unique card number for you. Then locks it away in a secure element of your iPhone. This feature is great.

Having a credit card without numbers on it and making it with titanium makes it look great. Also, there are no numbers to hide from other people.

I have a feeling that most people are going to get this credit card just for how it looks. I think this is trendy enough and I have no doubt that Apple enthusiasts will get the card just for that.

Are There Any Downsides In Getting The Apple Card Just For An Iphone

At first glance, applying for the Apple Card just to buy the new iPhone seems like a no-brainer. If youre already deep in the Apple ecosystem, the Apple Card is inherently useful for funding the inevitable future iPhone upgrades, plus the day-to-day convenience of earning extra cash with Apple Pay. The 3% cash back with the Apple Card is essentially an automatic 3% discount on every new piece of Apple tech that you purchase. Although its not much, with the average iPhone costing $1000 thats a guaranteed $30 back on your new iPhone not too shabby of a return. So yes, it could absolutely be worth getting the Apple Card in order to cash in the new iPhone you were intending to buy anyway.

Security And Privacy Protections

Every Apple Credit Card comes with a unique device number that is created and stored on your iPhone. That number is required for every purchase, along with a one-time dynamic security code that is generated for every transaction.

To authorize a transaction, your Apple Credit Card depends on either Face ID or Touch ID. As a result, someone without your face or your fingerprint could not use your Apple Credit Card if they got hold of your phone.

Also, the physical version of the card has no numbers on it, making it impossible for a thief to steal your credit card number to make a fraudulent purchase.

Apple believes that “privacy is a fundamental human right.” Though the Apple Credit Card lets you generate your spending history on your phone, Apple does not store, sell or use information about your spending habits.

Also since Apple uses the unique device number rather than store credit card numbers, there is no card number to be shared with merchants.

Using Apple Card For Non

If you need to pay for purchases that can’t be made with Apple Pay, you can use the physical version of the Apple Card that Apple sends once you sign up. In addition to Goldman Sachs, Apple is partnering with Mastercard, so the physical Apple Card can be used wherever Mastercard is accepted.

When your physical card comes in the mail, setting it is simple. On the iPhone XS, XS Max, and XR, all you need to do is hold your iPhone near the envelope that it came in for an NFC scan and then tap the “Activate” button on your iPhone when it pops up.

On the iPhone X and earlier, you need to open up the Apple Card, open the Wallet app, tap the “Activate” button in the Wallet app and then hold your iPhone near the packaging that the Apple Card came in. Unlike traditional cards, you do not need to place a phone call for activation purposes.

Cash Back Depends On What And How You Buy

APPLE CREDIT CARD REVIEW & UNBOXING | Application Approval Benefits Explained – Is It Worth It?

The amount of cash back you get depends upon what items you buy and how you buy them: 2% Daily Cash every time you use Apple Card with Apple Pay, 3% Daily Cash on all purchases made directly with Apple, including at Apple Stores, apple.com, the App Store, the iTunes Store and for Apple services, and using Apple Pay for Uber and Uber Eats.

While the 3% cash back is generous if you buy a lot of Apple products, the 2% cashback category is restrictive if a retailer doesn’t accept Apple Pay, you’ll only get 1% cash back. Many other cashback cards allow you to earn up to 2% on most purchases.

Unlike some other cash back cards, such as the Discover it® Cash Back and the Capital One® Savor® Cash Rewards Credit Card, the Apple Credit Card has no sign-up bonus to reward new customers.

Its Not Really An Apple Credit Card

Its created by Apple but its backed by a bank. That bank is Goldman Sachs.

Who also happens to be a leader in the sub-prime mortgage scandal of 2007. Where they admitted to defrauding investors and agree to pay a 5.1 billion dollar settlement.

Also, all credit card processing is done through MasterCard.

What Fees Can I Expect

Good news: The card charges no annual fee, late fees or foreign transaction fees.

Simple cash-back cards often have no annual fees, so thats not a competitive edge. But;its lack of late fees or any charges for making purchases abroad is more unusual for this category of card.

Apple also touted no over-the-limit fees, but those fees have been essentially extinct for years.

So all youll have to pay to hold the card are;interest charges when you carry a balance from month to month. When the card began accepting applications in August 2019, Apple said the interest rate was a variable APR of 12.99% to 23.99%, based on creditworthiness. The low end of that range is around;1 to 3 percentage points lower than many top cash-back credit cards from major banks, although credit union cards tend to carry even lower rates.

Apple won’t offer balance transfers from other cards at launch.

How Much Can I Earn Using The Apple Card

Apple has not put a limit on how much you can earn through Daily Cashyet. Its possible things could change down the road, but the Daily Cash categories make it more lucrative than your standard 1% cash back cards.

The money you can earn when you use the Apple Card will depend on two things:

  • how much you typically spend in a month,
  • and how much of your purchases fall in the 3% and 2% Daily Cash categories.
  • For comparison, lets see how much you could earn if you spend $1,000 monthly using the Apple Card. Well assume $250 of that spending will be in the 2% and 3% cash-back categories respectively.

    • $500 a month x 1% x 12 months = $60
    • $250 a month x 2% x 12 months = $60
    • $250 a month x 3% x 12 months = $90
    • Annual cash back on $12,000 annual spend = $210

    If you are a premium spender and spend at least $2,000 monthly using the Apple Card, your cash-back amounts change.

    • $1,000 a month x 1% x 12 months = $120
    • $500 a month x 2% x 12 months = $120
    • $500 a month x 3% x 12 months = $180
    • Annual cash back on $24,000 annual spend = $420

    In both scenarios, these cash back amounts are not to be overlooked but they dont necessarily stand out against competitor cards, like the;Chase Freedom Flex;card.

    Is The Apple Card Right For You

    Apple Credit Card Review: Fees, Payment and Security

    If you already use Apple Pay for the majority of your purchases, the Apple Card might be a good choice for you. If you dont use Apple Pay and dont plan on using Apple Pay in the future, the Apple Card wont be as good of a fit ;and you might want to consider a different cash back rewards card instead.

    Ultimately, the Apple Card is best for people who are excited about using mobile wallets and who already make a lot of purchases with Apple and its selected retailers. However, since the Apple Card accepts applicants with fair credit;and gives people who were initially declined the opportunity to improve their credit score and apply again, the Apple Card might also be a good option for people who want to use a credit card to help build their credit.

    If you are interested in the Apple Card, apply and see what happens. If your application gets declined, you might be able to use the Path to Apple Card program to reapply successfully in the future. If your application gets accepted, remember to use Apple Pay for as many purchases as possible to maximize your Daily Cash and take advantage of everything the Apple Card has to offer.

    The information about the Apple Card has been collected independently by;Bankrate.com. The card details have not been reviewed or approved by the card issuer.

    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.

    » MORE:;How the Apple Card stacks up against the competition

    Why Your Application Is Pending Or In Review

    Goldman Sachs might need more time to review some applications, or request more information to verify your identity. After you apply, you are shown a message in Wallet app that will indicate your application is in review. Updates regarding your Apple Card application will be sent to the primary email address associated with your Apple ID.;

    The Simplicity Of Applein A Credit Card

    With Apple;Card, we completely reinvented the credit card. Your;information lives on your iPhone, beautifully laid out and easy to understand. We eliminated fees and built tools to help you pay less interest, and you can apply in minutes to see if you are approved with no impact to your credit score. Advanced technologies like Face;ID, Touch;ID, and Apple;Pay give you a new level of privacy and security. And with every purchase you get Daily;Cash back. Apple;Card. Its;everything a credit card should;be.

    You Live In Or Travel To Cities With Widespread Apple Pay Acceptance

    Is Apple Card worth it? Best Credit Cards For Cash Back!

    Apple claimed in announcing the Apple Card that 70% of U.S. retailers accept Apple Pay. Certainly, as of this writing, several major;merchants;do accept it , including Target, McDonald’s, CVS and Best Buy. It’s also worth noting that the Apple Card has no foreign transaction fees, and Mastercards are widely accepted around the world, so;in general it will make a;decent travel buddy.

    » MORE:NerdWallet’s best credit cards for digital wallets

    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.

    Are Its Interest Rates ‘among The Lowest In The Industry’

    When the;Apple Card debuted in August 2019, Apple noted that it would;have a variable APR of;12.99% to 23.99% based on creditworthiness.

    The low end of;that range is better than average; and better than what many other cash-back credit cards offer. But only those with excellent credit are likely to qualify for that rate.

    And you might be able to do even better still with a .

    It’s worth noting that the Apple Card app has some terrific visual incentives to help you understand how much credit card interest you’re potentially accruing if you don’t pay your bill;in full every month.; The “Choose Amount” dial goes from red to green as it displays an estimate of the interest youll;pay, based on the payment amount you choose.

    There’s also a longer-than-average grace period that lasts until the end of that month’s billing cycle, rather than the typical 21-day window, giving you some extra time to pay your bill before you start accumulating interest on your balance.

    Daily Cash Isnt A Misnomer 3% 2% 1% Every Single Day

    Since using the Apple Card, waiting for an entire billing cycle to end just to redeem my rewards from other cards seems archaic. You really will earn usable cash back every single day when you shop with an Apple Card. Its brilliant.

    Of course, you likely wont earn a ton of cash back each day, that just depends on where you shop and how much you spend and so you may end up waiting a month to redeem the money anyhow but the ability to cash out early is a nice perk.

    Even better yet, there is a growing list of retailers that offer an impressive 3% cash back bonus when you pay with Apple Pay, such as Nike, Uber, T-Mobile, Walgreens, Mobil, Apple itself, and more.

    All other Apple Pay purchases will earn 2% cash back, and purchases made using the physical Apple Card will earn 1% cash back.

    With that being said, if you need to use a physical card, the Citi Double Cash card is a better alternative, which nets 2% cash back even if you dont use it through Apple Pay.

    Fees To Watch Out For

    New Apple Credit Card providing pretty substantial rewards ...

    “Fees don’t help you. So we don’t have them,” the Apple site boasts. And indeed, there are no annual fees, late-payment fees, or foreign transaction fee. But of course, your unpaid balance will continue to accrue interest at the regular annual percentage rate , which is a variable rate ranging from 10.99% to 21.99%.;

    Is The Card For You

    Although the Apple card offers some unique features that can help motivate cardholders to stay on top of their debt, the rewards program can easily be bested by other cards. Theres a bushel of other no-annual-fee rewards cards that offer welcome bonuses, intro APR offers and other perks. Choose one of those options over this bad apple.

    To view rates and fees of the Blue Cash Preferred® Card from American Express, please visit this page.

    What Is Apple Card And How Does It Work

    The benefits of Apple Card

    Apple Card is a rewards credit card that offers some genuinely useful perks while waiving some common fees. Perhaps the cards biggest pitch is its cashback structure, which allows cardholders to earn 3% back on Apple products, 2% on any purchases they make using Apple Pay, and 1% back on everything else. Plus, since its launch, Apple Card has continued to add brands to that top category, with purchases from Uber/Uber Eats, Walgreens/Duane Reade, Exxon/Mobil, Nike, Panera, and T-Mobile now earning 3% Daily Cash back.

    Also notable is that customers can now earn 24-month, interest-free financing on new iPhones via their Apple Card. These monthly payments will be added to your Apple Card balance, making it easy to pay. And, in case you were wondering, the 3% Daily Cash you earn from buying your iPhone will all be awarded to you upfront at the time you finance your purchase. You can learn more about that particular program here.

    In terms of fees, theres no annual fee, over-limit fees, late fees, foreign transaction fees, etc. Meanwhile Apple describes the APRs as competitive, although some experts have said they arent that great . Elsewhere some of the highlights of the Apple card include a simple and seamless application process, a unique iPhone-based dashboard, a fancy titanium physical card, Daily Cash cashback, and more.

    Application process

    Using in Wallet

    Shopping online

    Linking a bank account

    Earning cashback

    Making payments

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