Apple Card is here. While this is new to us all, rumor has it that Steve Jobs attempted to release a credit card back in 2004. So, what is the big deal? What makes this credit card so special?
The top selling features of this credit card are:
- ZERO annual fee.
- No credit card number visible on the titanium card.
- 3% cash back on Apple products and services.
- Cash back is available within 24 hours.
- 2% cash back for all other purchases made using Apple Wallet.
- 1% cash back for all purchases using the titanium card.
- Cool factor of owning a titanium credit card. Throw it on a table and it’ll get everyone’s attention.
- Apple Wallet visually shows how much you need to pay to avoid paying interest.
- Purchase history shows company location and contact information if user forgot where they made the purchase or help track purchases.
- No international fees.
- No over limit fees.
- No late fees.
Too good to be true?
As with everything there are cons. One of the cons is that this card offers high interest rates of 23.99% and any purchase made using that fancy titanium card is only 1% cash back. The APR is between 12.99% to 23.99% so even with good credit it looks like the way they make money is through higher interest rates.
To be honest I don’t like the fact that Goldman Sachs is the bank behind this card but I do see benefits enough for my personal uses.
Will everyone get approved?
I signed up to be notified when the Apple Card would become available. When I received the e-mail from Apple in August 2019, I did what a lot of people did, tapped on Apply inside the Apple Wallet app. It was more of a curiosity thing at first but lo and behold I was accepted. Mind you, my credit isn’t all that worthy to begin with, so I was a bit surprised. My credit limit is a higher amount than my previous credit card vendor granted me as well. I was excited and worrisome at the same time.
Will everyone get approved? It appears so, according to Business Insider. Goldman Sachs and Apple are offering “subprime” credit cards. While this idea sounds great for people who spend wisely, it can lead to bad financial consequences if these people are not careful. Not going to lie, it reminded me of the 2008 financial crash. This whole idea to be doing business with Golden Sachs feels iffy. However, that’ll make sure I adjust to never pay on interest.
Why did I get one?
I applied for probably the same reason everyone else did – was for that titanium card and the 3% cash back for Apple products and services. 2% on anything else purchased with my phone is not bad either. To be honest I am still getting used to the idea of using my phone to make purchases at local retail stores. I think this card will be used mostly for Apple purchases to be completely honest though.
How fast did I get the card?
I first signed to be notified via email once the new Apple Card would be available for me. I then applied on August 8, 2019, the same day I received the email invite from Apple. The application was simple, just asked for verification of income and last four of my social security number. Told me within a few minutes that I was approved. It allowed me to easily switch my Apple Card to be used as default purchases on my Apple account. To get the titanium card, there was an option I could request one for free. I finally received mine on August 21, 2019 via UPS 2nd Day Air. Delivery driver just left it on my porch. All that was required to activate the card was a tap inside the Apple Wallet app.
Is this card for everyone?
From a financial standpoint, no this is not. I think the interest rates are too high to carry a balance over 30 days. If used responsibly it could be a great benefit but as with every credit card, it’s a liability that needs to be monitored often. This card is exclusive to Apple devices, so if your wanting to use another phone then this may not be a good idea. Who knows, maybe Apple Wallet will be available on all other devices soon. On a personal note, I am not benefiting enough because the stores I shop for do not accept Apple Pay which means I am stuck with using titanium card or other means.
Who is this card good for?
This is great for purchasing Apple products and services. Mostly because you get 3% cash back. As an app developer who needs the latest devices anyways it is a no brainer for myself as I have to buy it anyways.
The approval rate seems to be wide open right now. So, if you need to build your credit history this may be beneficial but just remember to spend responsibly and pay it off before 30 days.
The titanium credit card has been great talking points with cashiers around town and restaurant waitresses. It can be used as a strategy to get attention or “break the ice”, but also can be embarrassing if everyone knows your only getting 1% cash back with high interest rates.
So, all in all what do you think? Are you interested in applying for the Apple Card? I hope this helps someone answer any questions they may have about the Apple Card.