Apple Card Review

What We Know So Far

Apple Card Review

Apple plans to release a rewards credit card this summer that’s a step up from its current rewards card and a contender to dominate the rewards credit card game—among Apple users, that is. The card, issued by Goldman Sachs, reserves its best rewards for Apple purchases and transactions made using Apple Pay, which makes it less of a physical card than it is an incentive program for using Apple’s proprietary technology.

But if you’re among the Apple faithful, it’s worth keeping tabs on Apple Card details as they trickle out. The company gave a vague launch timeframe—summer 2019—and asks interested customers to sign up for Apple Card updates via email. Here’s a review of what we know about the Apple Card so far.

Apple Card Details

Annual Fee $0
Rewards Rate 3% Daily Cash on Apple purchases, 2% on Apple Pay transactions, 1% on other purchases
Ongoing APR 13.24%-24.24% variable
Late Payment Fee $0, but your balance will accumulate additional interest for late or missed payments
Foreign Transaction Fee $0
This card does not offer a sign-up bonus or an introductory APR for purchases or balance transfers. The company has not specified a recommended credit score for this card.

Pros & Cons

What We Like

  • Low end of APR range is among the best

  • Great rewards rate on Apple and Apple Pay purchases

  • Offers financial-management tools

  • Innovative security features

What We Don't Like

  • Only worth it for Apple users

  • Sub-par rewards rate on non-Apple and non-Apple Pay purchases

  • High end of APR range is average

Apple Card Sign-up Bonus

The Apple Card doesn’t offer a sign-up bonus, according to preliminary information the company has published ahead of the card’s release.

Earning Points & Rewards

The Apple Card offers what it calls Daily Cash, its own version of cash-back rewards. Cardholders earn 3% Daily Cash on Apple purchases, 2% on purchases made with Apple Pay, and 1% on purchases made at merchants that don’t accept Apple Pay. (The physical card, like many cards going for a high-end look, is made of metal—in this case, titanium.)

Apple Card does not limit the amount of Daily Cash you can earn, but the website says nothing about whether or not Daily Cash expires.

Redeeming Rewards

Daily Cash accrues on your Apple Cash card, which you can then use on anything that accepts Apple Pay. Users without an Apple Cash account can opt to have Daily Cash applied as a statement credit.

Tip:

Maximize rewards by redeeming Daily Cash as a statement credit. Using Daily Cash via Apple Cash means you’re not earning rewards on those purchases, when you could get 2% back using Apple Card with Apple Pay.

Apple Card’s Other Features

  • Numberless Credit Cards: Both the physical and virtual Apple Cards have no numbers on them. For non-Apple Pay transactions on apps or websites requiring a card, the Wallet app or Safari web browser autofills a virtual card number.
  • Face ID and Touch ID: Use Apple’s Face ID and Touch ID technology when making an Apple Pay transaction.
  • Integrated Map Data: Tap a transaction you don’t recognize to pull it up in Maps and see where it occurred.
  • Text Support: Text questions or to receive help with your account.
  • Budgeting Tools: Apple Card breaks down your spending by category.
  • Credit Card Debt Tool: You can play with an adjustable slider to see how much you pay each month affects how much interest you owe.

Apple Card’s Additional Fees

Apple card does not charge a penalty APR, returned payment fee, cash advance fee, or overlimit fee. Late or missed payments, however, will result in additional interest accruing on your balance. Apple has not provided details about a cash advance APR.

Is This Card Right For You?

If you’re not an Apple user, don’t bother, but if you are, the Apple Card could be a great (but not the best) way to earn 2% cash back on most purchases. Apple Card is Goldman Sachs’ first credit card, so this is unknown territory, and the customer experience remains to be seen.

But as Apple Pay enthusiasts know, it’s not a payment option everywhere. If you apply for this card, plan to keep the physical card on you. If you’re out for the rewards, keep an option with a rewards rate better than 1% at the ready, too.

Next Steps

The company plans to make Apple Card available in summer 2019, and you can sign up for email updates on the . In the meantime, check out our roundup of the best credit cards for money back.