Apple Card – The Tea Has Spilled

If you’ve been keeping up with the news lately, then you’ve probably heard of Apple’s new Apple Card. It’s basically just a credit card that is offered by Apple- but unique, of course.

The Tea

Apple Card will begin accepting applications sometime in the summer of 2019 (this year). The credit card lives on your iPhone, in the wallet app, and is then immediately available for use via Apple Pay. For merchants that do not yet accept that method of payment, however; Apple has something special in store. An Apple-designed titanium card that can be used anywhere in the world.

Apple-designed titanium credit card

Apple Card offers 2% cash back on every purchase and 3% cash back on purchases made to Apple.

Daily Cash

Unlike most credit card companies which reward cash back on a monthly basis, Apple Card rewards its cash back daily. It goes straight to your Apple Cash Card – daily – which you can then spend exactly like cash. It’s that simple.

Spending

The Apple Card offers charts and uses location data to help you better understand your spending. This could be useful if you’re spending a lot but not realizing how much you’re actually spending overall. It’s useful if you’re trying to stick to a budget or see where your money is going without putting in much effort.

Interest

Apple claims to offer the first credit card that actually helps you pay less interest. The Apple Card enables you to see how much interest you’d be paying based off of what you put forward as your payment. The more you pay now, the less you’ll pay later. This is true everywhere, but Apple makes it clearer to see with minimal effort.

It Could Be Better

The Apple Card seems more like an attempt to keep you locked into Apple’s ecosystem than anything. You can only apply via an iPhone and the Apple Card itself lives inside of an Apple App. However, its adoption will likely promote payment systems like Apple Pay to be more widely accepted- which is a good thing.

The cash back that Apple is offering isn’t all that great either. Amazon offers 5% cash back along with a $50 sign-up bonus on their credit cards, while Apple is only offering 3% overall.

I’ll be interested in keeping up with Apple’s new Apple Card as time progresses. It’s an interesting move but there is definitely more work to be done.

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