As yet another Apple product to add to the company’s ever-expanding roster, the Apple Credit Card may be a surprise launch to some. But to others, it’s common sense for Apple to expand into finance alongside the incredibly popular Apple Pay tool. We take a closer look at Apple’s specifically designed credit card to see whether it’s worth an application or just another gimmick that the big-name brand is trying on for size.
Read on for a full review of the Apple Credit Card, from its availability and suitability for travel to the cashback and credit limit offered to customers. We’ve covered all you need to make the best decision about whether the Apple Card is the best fit for you. If you are already looking for more digital banking solutions to complement Apple Card and Apple Pay Wallet, check digital banks available in the USA.
What is the Apple Credit Card?
As the name suggests, the Apple Credit card is the tech giant’s expansion into the financial market. Issued by well-known brand Goldman Sachs, the Apple Card features no annual costs and offers the ideal companion for the Apple Pay. After all, it was designed for this purpose. First announced on the 25th of March last year, the Apple Card has the same basic functionality as any credit card. Thanks to the use of the Mastercard network, this credit card is just as accessible as anything else on the market – with a host of additional benefits built-in for the average iPhone user.
As a brand, Apple is practically a benefit in and of itself when it comes to the Apple Card. As a household name – from your smartwatch to your earbuds – Apple is a name many know and trust. As such, even in an increasingly crowded market, Apple had plenty of opportunities to grab a sturdy foothold and increase its market share quickly and effectively. The use of a virtual card that works seamlessly with Apple Pay and a physical titanium card, is a massive draw for Apple’s audience – and makes this product just as desirable as any pair of AirPods or the latest generation iPad.
Check the official Apple Card promo video:
When and where is the Apple Card available?
The Apple Card officially made its launch in the US on the 20th of August, 2019. Described as a new kind of credit card, Apple promotes the Apple Card directly through their website. But in true next-gen fashion, applying for the card itself can only be performed through your mobile device – and only if you already own an iPhone. To apply for Apple Card, open the Wallet app, and tap ‘apply.’ As a US-only service currently, Apple has plans to expand its credit offering after a successful launch, but nothing concrete is out there just yet.
Is the Apple Card suitable for travel?
That depends on exactly where you’re planning to travel to. If you’re more into city breaks and high-tech locations, then the virtual Apple Card is your perfect companion. With your in-phone wallet and compatible retailers, there’s plenty of places you can go without ever taking out your purse or wallet. For international travelers, the physical metal card you’re provided with is still a good fit. As a Mastercard product, Apple Card can be used anywhere that accepts credit in general – with no foreign transaction fees included.
What credit limit is offered for the Apple Card?
As with any proper online credit application – especially one through an industry giant like Goldman Sachs – you can expect that multiple factors are taken into consideration to determine your final credit limit. Generally, Apple Card doesn’t opt for defaults when it comes to the amount you can borrow. As the Apple website explains, your application is determined based on your income and the defined minimum payment amounts. This is also the process that determines whether you’ll be approved for Apple Card overall or be turned away. Any requested increases in your credit limit will also be evaluated based on your credit history, as well as your current income. Fairly typical for the average US credit card.
What cashback is provided with the Apple Card?
One of the most significant advantages of applying for Apple Card is the 3% cashback you could be getting on all your regular purchases. If you’re already a fan of Apple Pay, then you could be missing out – something that Apple aims to rectify with a good cashback amount on anything from Apple purchases to Uber and Uber Eats use through Apply Pay. If you’re an Apple fanatic, getting cash back on the tech you were going to buy anyway is an excellent bonus. Or if you’re already a dedicated user of Apple Pay in general, then the Apple Card might be the ideal solution.
For purchases in general made through Apple Pay, users will get a return of 2% cashback – or 1% for the use of the physical card. Apple is clearly pushing to go virtual with its finance tech – so if you’re on board to use your iPhone for all your purchases, then it might be the perfect fit for you and your lifestyle.
Is the Apple Card worth it?
So, is the Apple Card worth applying for? As a relatively standard credit card, for some, it’s just another option in many. But for dedicated Apple fans – or those that are already well used to using Apple Pay to make significant payments – it’s more than worth applying today. With great cashback, a virtual option that works perfectly with your smartphone, and the professional feel of all Apple products, this card has a lot going for it. If you’ve got plans to take out a credit card shortly, and tech is high on your purchase list, then Apple is well worth the consideration.
With Apple now aiming to dominate how we pay for things – as well as what we buy – this industry giant is only looking to get more successful in this particular sector. With plans to expand Apple Card across the globe in the next few years, it’s well worth getting in on the ground floor to take advantage of that great cashback. Not to mention the virtual convenience the service offers.
If you are still looking for other options – check US digital banks.