Apple introduced its own credit card product to the U.S. in 2019 with an early preview. Even though it remains available only in the U.S., it boasted 6.7 million cardholders in early 2022. The Apple Card offers various rewards benefits, so let’s take a look at how you can make the most of those throughout 2023.
No Harm In Applying for Apple Card
The first thing you should know, if you don’t already have an Apple Card, is there’s no harm in applying for one. The card is managed by Goldman Sachs, which only does what is known as a “soft pull” on your credit history when you apply.
This means you can apply for the card quickly and see your credit limit and interest rate offer without impacting your credit score. It’s important to note, though, that Goldman Sachs will perform a hard pull on your credit when you accept the card offer.
This hard pull can impact your credit score, but the affect is usually short-lived. As long as you aren’t applying for numerous credit cards or similar products, you may not even notice it.
Unlimited Daily Cash Back Highlights the Benefits of Apple Card
Probably the top perk cardholders enjoy from Apple Card is its unlimited Daily Cash reward. Every purchase you make using the card gets you as much as 3% of the purchase back.
This reward arrives directly to your Apple Cash balance in Wallet. From there, you can use it to pay a portion of your credit card bill. You can also use it, when supported, for other Apple Pay transactions. This includes buying apps and subscriptions as well as making purchases at retailers offering Apple Pay support.
To give you an idea of how this fits into your Apple Card benefits, this is what you can expect in terms of Daily Cash rewards for some of the most common purchases.
| Get 3% Daily Cash for purchases from Apple | Everything you buy from Apple, including new devices and accessories, apps on the App Store and subscriptions to services like Apple Music, Apple TV+ and more. |
| Earn 3% Daily Cash when you use Apple Card with Apple Pay at select retailers, including: | Ace Hardware |
| Duane Reade | |
| Exxon | |
| Mobil | |
| Nike | |
| Panera Bread | |
| T-Mobile | |
| Uber | |
| Uber Eats | |
| Walgreens | |
| Get 2% Daily Cash at other retailers | Anytime you pay for a service or purchase using your iPhone, Apple Watch, iPad or Mac with Apple Pay. |
| Score 1% Daily Cash everywhere else | If you shop somewhere that doesn’t offer Apple Pay, you can still earn rewards. Just pay using your Titanium Card or the virtual card number found in Wallet. |
No Fees, Other Than Interest On Your Purchases
The Cupertino-based tech giant claims it strives to provide the lowest interest rates in the industry. On top of that, Apple Card comes without any fees other than your interest charges.
Speaking of interest charges, Apple Card does something few, if any, other credit card issuers do. When you view your balance, an easy-to-read chart helps you determine how much you need to pay to avoid interest charges.
Other than that, you won’t see any additional fees for using your Apple Card. There’s no annual fee, no foreign transaction fees and no late fees. Late payments will result in increased accrued interest, though.
Enhanced Privacy and Security: Yes, These Are Apple Card Benefits
When you are accepted for an Apple Card, it’s instantly issued into the Wallet app on your iPhone. You do receive a physical card, the laser-etched Titanium Card, but it doesn’t show your card number.
As for your transaction history and spending habits, that information also lives solely within your account. Neither Apple nor Goldman Sachs will ever provide that information to third parties for marketing or advertising.
Furthermore, Apple Card offers you visibility of your spending on a map. It also makes it easy to dispute a transaction. Whenever you or someone else makes a purchase using the card, you receive a notification on your iPhone. If you don’t recognize the transaction, you can dispute it with just a few taps.
Build Credit Together, As a Family
Cupertino has also made it easy for families to build credit together, thanks to Apple Card Family. This can apply to family, extended family or whoever you call family. Two cardholders can merge their accounts into one, sharing the combined credit limit, managing the co-owned account together and building credit as equals.
You can add up to four participants to one account in addition to the co-owners. Participants age 18 and older can use this to build their own credit history, and everyone gets the Daily Cash back offers. For participants age 13 and older, the co-owners can set spending limits to help guide them in managing their personal finances.
More Features, Including High-Yield Savings Accounts, Coming Soon
Announced in late 2022, Apple Card is also going to offer high-yield savings accounts in the future. While the company hasn’t given many details, such as the interest rate or availability date, the offering is expected to come within a matter of months, if not sooner.
With this savings account, cardholders will have the option to transfer their Daily Cash rewards for safekeeping and to build interest. They’ll also be able to transfer funds to the savings account from other places, and withdraw their money without any fees.
Bonus Reward Earnings Throughout the Year
Periodically, Apple announces other cash back offers to go along with its regular fare. These have included additional Daily Cash for the purchase of new devices, subscriptions to various services and even making your first purchase using a new Apple Card.
It’s important to keep an eye on any emails you might receive from Apple regarding these offers. That way, you can make the most of your credit card and its features and rewards.
I have my 3 kids setup on the Family Plan. It has worked out really really well. The two younger ones have a set limit which I have raised.
All 3 kids are very responsible with the “Families” card.
I have them pay for lots of things all of the time in turn.
That way they get used to using their phones to buy things for the family. Groceries, gas when able, and treats at the coffee shop.
They learn to tip appropriately at restaurants.
They are learning the value of money. The power of credit. And best of all the responsibility of paying off the card always on time.
My wife and I use it as much as possible, at cash registers and online. Costco doesn’t accept MasterCard, so we use their Visa there even if we only get cash back once a year.
Same here. However, just this month amazon visa offers 5% at gas , phone and internet and cable. 3% at grocery stores. BUT just thru end of march. That’s 2-3% over Apple Card.