NEW CREDIT CARD: Apple Card Review
Apple has announced its coming release of the Apple Card credit card. According to rumors that this card is expected to be launched in conjunction and with Goldman Sachs, and it will be a Mastercard. As for availability, you’ll be eligible to make an application for the Apple Card sometime this summer.NEW CREDIT CARD: Apple
Interesting Features, But Not A Game-Changer
Based on the presentation that was made today at Apple’s product and service “Special Event” Apple Card will come with several interesting features, but it’s not as exciting as the stage-based advertisement will have you believe.
Let’s take a look at the specifics…
Made to work with Apple Pay
No-annual fee Apple Card is built to be used in conjunction with Apple Pay from the Wallet app on your iPhone. This is not just because the simplest method to obtain the card is via using the application, but because you’ll get higher rewards for purchases via Apple Pay than with the physical credit card.
Particularly, you’ll get the benefit of 2% cashback on all purchases you make through Pay for purchases made through Pay with the exception of purchases made with Apple products such as iTunes, which will give you a rebate of 3. However, when you make use of the physical card without Apple Pay, it will only provide 1percent cashback, which is a major incentive to not use this card.
A unique feature that a lot of people who use credit cards will appreciate is this: the Apple Card will give out cashback rebates every day. Therefore, instead of waiting for the next statement from your card, or, even worse waiting until you’ve earned at least $25 rewards to withdraw the cash, you have earned the card will transfer it to you instantly using the Wallet application.
Other Important Things to Be aware of:
- Instant Approval and Instant Use – You’ll be eligible to apply for the card using the Wallet app. If approved immediately and you are able to use the card for purchases instantly through Apple Pay.
- Transparent transactions – This feature remains to be determined, however, Apple states that they’ll utilize the machine-learning process and Apple Maps to provide you with more information about your transactions, including precisely who the merchant is and where it is situated. If you’ve ever had the transaction in the form of “EXC FEDALLOC ORK” on your credit card report and you wondered whether the transaction was real or if you’ve been victimized by fraud, you’ll see the attraction of this option.
- No Fees – No annual fee, no late fees, no foreign transaction fees. The card has lower rates of interest than similar cards, but there is no evidence to prove that claim.
- No Information Selling or Mining – Apple assures you that your personal information won’t be shared with any other marketers, nor will it be used by Apple to promote to you in the future.
- Intelligent Physical Card It’s a physical Apple Card that will have no credit card number on it, it will not have an expiration date as well as no CVV printed in the reverse, and no personalization line at the front and all this information will be accessible through the Wallet application. This method lets Apple to offer an aesthetic credit card continuity, in terms of a sleek interface, however, it’s not clear if prospective card customers will consider this to be beneficial.
- Aucune Upfront Benefit It’s not at the time of writing. This is not surprising, considering the fact that this card is that offers a 2% flat cashback on the majority of purchases that is a very high returns rate in today’s marketplace.
So, What Do We Think?
Although Apple has taken some time to create an account that’s different from other credit cards available on the market It is also unique because the Apple Card is also designed to connect you in the Apple ecosystem, almost penalizing you for using the card in any other way, such as by reducing your rewards to one percent for purchases outside of Apple Pay. The 2% bonus on Apple Pay purchases is generous but the 3% reward on Apple purchases is ideal for the avid Apple lover, but perhaps not for people who don’t use Apple frequently.
In our opinion, however, there are alternative 2percent cash-back credit cards available on the market that can equally well be used using Apple Pay AND be given the 2% discount on all purchases, not only Apple Pay purchases. By making the card more restricted, Apple is being self-serving and hoping that cardholders don’t know the difference or don’t want to take the time to investigate (and they could be correct).
Overall it’s not a bad credit card offered by Apple however, it is not a game-changer. We’ll be interested to find out what the market is thinking about.