The Apple Card is a go (sort of). Apple’s new credit card has begun with a soft invite-only launch in the US. Here’s everything you need to know about the Apple Card.
The Apple Card has begun rolling out to customers – but only to the select few – and there appears to be a good amount of excitement around the product.
The world is moving towards more modern banking solutions as well as the deeper integration of our lives with one brand – Apple sees this and is jumping on board.
Splashed on the Apple Card landing page, “A new kind of credit card. Created by Apple, not a bank.” These statements are interesting, but there this a whole lot to unpack.
This is why we have comprised this guide to explain everything you know to know about the Apple Card, from when you can get it to what actually is it.
What is the Apple Card?
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The Apple Card is a credit card. We are going to get into all the bells and whistles but – on the face of it – the Apple Card is simply another credit card. You buy things with it and you pay it off.
The physical card has a very minimalist design and the wow factor is that it is made of metal. On the front, the aluminium card simply features the cardholder’s name, an Apple logo and a chip – all etched onto the sheet of metal.
Remember “Created by Apple, not a bank” – well, Apple is working with Wall Street bank Goldman Sachs to create the credit card. There is no argument that Apple is implementing a lot of its philosophies into this credit card product, but it is partly created with a bank.
Should I get an Apple Card?
Two big selling points of the Apple Card are the integration with Apple Pay and the cashback it offers.
Depending on what stores you frequent, you may never actually have to use the stunning physical Apple Card. You can pay for everything via Apple Pay using contactless payments.
Bringing us back around to “a new kind of credit card”, Apple has been touting the budget-management offerings within Apple Pay as one of its new features. Apple Pay will show detailed listings of your spending and you can allocate budgets to various categories.
If you are from the UK or Europe, you are probably quite familiar with mobile challenger banks (e.g. Monzo, Starling and Revolut). Even the larger banks in the UK have begun to offer much more competent mobile solutions.
However, America is a bit behind on this front (Monzo recently launched in the US to take advantage of this fact). Therefore, Apple is pretty easily able to claim that – for the US – it is a new kind of card.
Then, there’s cashback offers. The cashback offers are firmly aimed at enticing die-hard Apple fans but they will likely be nice to have for anyone.
When buying Apple products using your Apple Card, you receive 3% cashback. This is surely the big sell for those heavily invested in Apple’s ecosystem – if you have an Apple Card and are planning on buying Apple AirPods or Apple Watch Series 3 then it’s a no-brainer.
You get 2% cashback on any Apple Pay purchases. On all other purchases, you get 1% cashback.
Cashback always sounds massively appealing but – perhaps – the more sensible and helpful benefits comes from lack of card fees.
The Apple Card imposes no fees. There is no annual fees, fees on foreign transactions or late payment fees. While there are no fees, you do accrue interest if you miss payments. Your rate will be 12.99% to 23.99% depending on your credit history.
When it comes to making repayments, Apple is looking to make it as easy as possible. When you make a payment, you are able to see what potential interest could be charged. You can move a wheel to adjust the amount you want to pay to determine if a different payment amount may be more beneficial – such as only making a minimum payment.
The payment options are part of Apple’s mission with its credit card to offer flexible and clear payment decisions to its customers.
Another benefit is the security and privacy features of the Apple Card. The Apple Card uses your device number and generates a one-time security code for every transaction. Each transaction also requires authentication via your chosen device security method – Face ID, Touch ID etc.
The physical card has no information on it about the account or its holder beyond their name. You can access these details in the Wallet app if you need to provide a long card number and expiry date.
The app also offers the option to freeze your card and request a replacement if and when required.
When is the Apple Card release date?
The Apple Card doesn’t have a hard and fast release date – instead, it began rolling out to select users in the US via invite on the 6th of August. The Apple Card will become more widely available through August but no word on when it will be freely available.
When is the Apple Card UK release date?
We don’t yet know when the Apple Card UK release date will be and this is partly because the answer could be never.
Apple is working in collaboration with an American bank for the card. The American bank, Goldman Sachs, has reportedly discussed expanding to other countries. However, the information well on a UK release date as well as a global rollout is currently running dry.