This probably won’t surprise anyone, but Apple is jumping into the credit card game.
But what I like about this card is that it is a cash back credit card … where you can get the cash back daily.
Most cash back credit cards make you wait 6 months to a year to actually see cash back.
It seems to have a lot of nice features.
Here’s what I like in a nutshell:
- Daily cash back
- Not just Apple Pay, but also an actual, physical card
- Text Messaging support
- Colored spending summary on your phone
- Did I mention NO FEES?
- They have a cool system that shows you the interest you’ll pay depending on the payment amount
- Apple’s security features
Let’s go through each of these, but first a little something about the card itself.
It works through Apple Pay, so the idea is that you’ll use Apple Pay from your phone most often .
They will also send you a physical credit card in the mail for those places that do not take Apple Pay.
The issuing bank is Goldman Sachs.
The due date for all your bills will be the last day of the month and if you pay more frequently (say, twice a month) you’ll save on interest.
This is assuming you have a balance on your card.
There are no annual fees, no cash advance fees, no international fees… even if you miss a payment date, they won’t charge late fees. (That alone makes me love the card.
Daily Cash Back
I love a good cash back credit card, don’t you?
Here’s how daily cash works:
There are three tiers of percentage of cash back.
If you buy something FROM Apple, you get 3% of the purchase back. So, absolutely buy your next iPhone or Mac using this card.
If you buy ANYTHING using Apple Pay, you’ll get 2% back.
If you buy ANYTHING not using Apple Pay (but using Apple Card), then you get 1% back.
As I said above, you get the cash back daily. No more waiting 6 months.
Physical Apple Card
In addition to the Virtual card you keep on your iPhone in the Wallet app, you can also get a physical card for use in places that don’t accept Apple Pay.
Or, even if you just don’t want to use Apple Pay.
Transactions purchased this way will still get 1% cash back daily.
The card itself is (according to Apple) “a titanium, laser-etched, Apple-designed credit card.”
I have to admit it looks pretty spiffy.
Text Messaging Support
Another cool feature is that rather than call a support number and go through an endless menu where you have to ‘Press 1 for address change… Press 2 for balance… etc…’
Now all you’ll have to do is to send them a text message.
Color Coded Expense Summary
Apple will make it easy to see where you’ve been spending your money.
They classify your expenses to some general categories and then color code them.
For example, food and drinks are color coded orange, entertainment is pink, etc…
They graph everything real time so that you can take a look and control it. That way if you see you’ve gone berserk with food and drink, you now have reason to control yourself. 🙂
This is my second favorite feature. My first favorite is the cash back. (who doesn’t want cash back??)
There’s no annual fee, no surprise fee’s, no late fee, no over spending your credit limit fee. What’s not to love?
If you accidentally miss a payment, you’ll still pay the interest charged, but you won’t pay a $39 late fee that EVERY OTHER BANK IN EXISTENCE charges.
Apple’s got a winner with this feature.
You Can View Your Potential Interest Expense
The idea with this feature is that you can visually see how much interest you will pay if you only pay $x towards your bill.
This might seem like a nasty reminder, but actually it’s really helpful.
If you’ve ever just paid the minimum until you had the cash to pay off your bill, you never really see how much interest you’re paying.
The wretched bank just slaps it on AFTER the fact.
But Apple is showing you BEFORE the fact.
This will help you decide to pay it off sooner since you can see how much it’s going to cost you in interest charges.
Apple’s Credit Card Security
When you get the Apple card, Apple will create a ‘device number’.
The device number is used along with a security code that Apple generates when you authorize a purchase.
The authorization is either by face recognition or by fingerprint (depending on the version of the iPhone you have).
The physical card you’ll get has no number on it… not even the cvv.
Finally, Apple says they don’t even know what you bought or where you bought it. All the data you see in your wallet (on the iPhone) is generated right on your phone and not on their servers.