Apple finally came out with it’s innovative new card but we are just not impressed. While it does offer a few features:
•No card number, No CVV code
•No Fees
•3% at Apple, 2% with Apple Pay
•No expiration date
•No signature
•Physical Titanium Card
•No International Travel Fees
Apple announced a rewards credit card. The Apple Card is designed for the iPhone and will work with the Wallet app. You sign up from your iPhone and you can use it with Apple Pay in just a few minutes.
You control the Apple Card from the Wallet app. When you tap on the card, you can see your last transactions, how much you owe, how much money you spent on each category.
You can tap on a transaction and see the location in a tiny Apple Maps view. Every time you make an Apple Pay transaction, you get 2 percent in cash back. You don’t have to wait until the end of the month as your cash is credited every day. For Apple purchases, you get 3 percent back.
As previously rumored, Apple has partnered with Goldman Sachs and Mastercard to issue that card. Apple doesn’t know what you bought, where you bought it and how much you paid for it. And Goldman Sachs promises that it won’t sell your data for advertising or marketing.
When it comes to the fine print: there’s no late fees, no annual fees, no international fees and no over-limit fees. If you can’t pay back your credit card balance, you can start a multi-month plan — Apple tries to clearly define the terms of the plan. You can contact customer support through text messages in the Messages app.
The Apple Card isn’t limited to a virtual card. You get a physical titanium card with a laser-etched name. There’s no card number, no CVV code, no expiration date and no signature on the card. You have to use the Wallet app to get that information. Physical transactions are eligible to 1 percent in daily cash.
Apple Card rewards structure
Apple will be providing rewards in the form of cashback at the following rates:
- 3% on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services
- 2% when using the Apple Card with Apple Pay
- 1% on physical card purchases made outside of Apple Pay
While it’s decent return on Apple and Apple Pay purchases, many cards offer 2% back or more. Unless this card offers a bonus for first-time cardholders we have no interest.
Alternatives to the Apple Card
There are many cards out there that already earn 2% back on all purchases without having to use Apple Pay. You can actually earn 4% back on Apple Pay purchases with the U.S. Bank Altitude Card. Cards like the Citi Double Cash Card offers 1% cash back on every purchase, and then an additional 1% cash back when you pay for those purchases. The Capital One Spark Business Card offers 2% back on everything and the Chase Freedom Card offers 5% back categories and 1% back on anything else.
Then you have the Uber Visa Card offering 4% back on dining, 3% back on hotels and airfare, 2% back on online purchases, and 1% back on everything else, and has no foreign transaction fees and no annual fee. Honestly, you don’t see the Uber Visa talked about by leading travel blogs because they get nothing for mentions of the card (you’ll likely see them sell you the worthless Chase Sapphire).
No Sign-up Bonus
So Apple comes out with a credit card with no Bonus? There are so many better cards with a sign-up bonus and better rewards.
-Bank of America has a 3x cash back card with all online purchases, 2x groceries/drugs with $200 BONUS
-Uber Visa is 2x online, 3x travel, 4x dining with a $100 Bonus + $50 Streaming Credit
-Discover is 2x the first year and 5x on dining/bars & Paypal right now $50 Bonus
-Cash+ from US Bank gives 5x on Uber/Lyft, 2x Groceries, well you actually pick your categories so it’;s up to you. $150 Bonus.
Also, when you apply for an Apple card you may not be able to apply for any Chase card for 24 months because of their 5/24 rule.
Store it with caution
Apple issued special instructions this week: keep away from “hard surfaces or materials”. Your leather wallet or jeans pocket “might cause permanent discoloration”. Don’t let it touch another credit card or “potentially abrasive objects” like coins or keys.
The physical #AppleCard is available now.
