After a limited release to select customers, today Apple released their new credit card called Apple Card. It isn’t for everyone, but it does offer some interesting advantages. As well as a few drawbacks.
Apple Card is a partnership with Goldman Sachs, their first consumer credit card. And it does seem like an appealing card both in terms of security features and rewards, especially for a cash back card.
- Late payments and overdrafts will not incur a penalty or adjusted interest. You will simply pay more because you have accumulated more interest.
- Rewards are accumulated daily and deposited into Apple Cash which can be used anywhere Apple Pay is accepted, transferred to your checking account, or sent to another Apple Cash user. You earn 3% on all purchases from Apple, Uber, and Uber Eats, 2% when using Apple Pay, and 1% when using the physical card.
- You can apply for the card right in the Apple Wallet app after you upgrade to iOS 12.4, and if approved you can begin using it in Apple Pay immediately. The optional physical card will be mailed to you.
- Titanium card does not have the card number printed on it. The only information is your name. Your number is stored in Apple Wallet in case you need it for online purchases. Has both a chip and a magnetic strip.
- A new card number can be requested at any time in the Wallet App. This is not a throwaway number; if you request a new number your old number will stop working.
- Apple Wallet will give you rich access to spending data including GPS location, all kept securely on your device.
There are currently some major disadvantages to this card though:
- No purchase protection or extended warranty (but it does have fraud protection)
- No ability to export to Quicken, Mint, Personal Capital, CSV, etc.
- Payments must be made in the Apple Wallet app or by calling customer service. There is no way to pay from a web browser or from your Mac.
- There is no option for additional member cards, so each person in the family will need to open their own account if they want one.
To apply for the card simply open the Wallet app in your iPhone and tap the + icon in the upper right corner of your screen. If you have a freeze on your credit report, you will need to do a temporary unfreeze on TransUnion.
Now we have four different but related products and services that people may find confusing if they aren’t familiar with them:
- Apple Wallet: the app on your device that holds your Apple Pay cards, boarding passes, tickets, loyalty cards, etc.
- Apple Pay: the service that allows your iPhone or Apple Watch to be used as a contactless card with your existing credit and debit cards. Or that allows you to easily and securely pay in apps and on websites.
- Apple Cash: an e-cash account similar to PayPal or Venmo. Transfer money between friends, pay at stores with Apple
Pay, and transfer money to or from your checking account. - Apple Card: this new credit card.