The Apple Credit Card: What Is the Buzz All About and Is It Worth It?

Technology giant Apple has announced that later in 2019, it will release a credit card in partnership with Goldman Sachs. This credit card will have multiple uses: it will function like a traditional credit card, but it will also be linked to Apple Pay and built into the Wallet app. Since it is one of the first in its category, it has spurred a lot of curiosity amidst tech fanatics. There is a lot of fine print associated with this card, so we recommend you be thorough with everything before opting for it.

How will the card work?

Apple says that signing up for the credit card app will be as easy as installing any app on the phone, and it will be illustrated through some easy-to-follow steps. You will then be able to complete digital transactions with this card, but availability is subject to credit approval just like any other card. For every purchase made with this card, Apple offers a 2 percent cashback. Any purchases made at the Apple Store, App Store or for other Apple services will get you 3% cash back. Apple intends to make this card as widely acceptable as possible. According to CEO Tim Cook, 70% of U.S. retailers currently accept Apple Pay and, by the end of the year, the service will be available in more than 40 countries.

Is the card only a virtual one?

In case if you want to go the traditional way and want a physical card to hold, Apple has that in store for you as well. It is a titanium card, which will be shipped to your address. Purchases you make with this card will earn you a 1 percent cashback. Mastercard has also joined in with Apple for physical transactions, so you will be able to swipe the Apple card wherever Mastercard is accepted, which is almost everywhere.

Apple has come up with ingenious ideas to maintain your security as far as the physical card is concerned. The titanium surface will be laser-etched with your last name. The front of the card does not have a card number, or an expiration date listed, and on the back, there’s no CVV and no signature. This ensures that if your card gets stolen, nobody will be able to use it for online transactions. There is no replacement fee for a lost card, and the credit limit will depend upon the person’s credit score.

Is the Apple credit card going to be the best credit card in the market?

While everything sounds great so far, experts are not quite impressed with this card. And there is good reason for this. Other similar credit cards offer 2 percent cashback on not just Apple purchases but on every purchase that you make, and hence are a better choice any day. There are also a number of credit cards available in the market which work on a no-fee on late payment basis. Additionally, you need to be an iPhone user to be able use this card, which leaves out a large part of the population ie. Android users.

However, considering all its pros and cons, we feel that the Apple credit card may be a good choice for you if you happen to be one of those people who tend to slip up a payment or two here and there, because you won’t be charged immediately. Overall, this no-fees, high-security, high-cashback credit card might be a worthy option for the new-age iPhone users.