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Is Apple card a credit card? How does it compare?

The Apple Card is a cash back credit card.
Abhiram
Abhiram Kotireddy

June 16, 2020

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Yes, the apple card is a credit card and functions almost fully like a traditional credit card. This card can be especially useful for avid Apple users. The Apple card comes with a sleek design and 3% cash back on apple products, 2% cash back when you use apple pay and 1% cash back on all other purchases. The Apple card has a solid rewards rate especially for someone who solely uses apple products. The Apple card can earn you almost 2% cash back at any time because most major retailers accept apple pay. This allows you to get the maximum amount of cash back using your card. For the full review of the Apple Card, you can click here.

How does it work?

The Apple card is a normal cash back credit card that has specific categories that earn more cash back than others. There are no fees whatsoever with this card, including annual fees, cash advance fees, and even late fees. This means that cardholders must have a high credit score to get this card. However, there is no welcome bonus with this card or introductory APR offer. This card is simple and provides you an excellent cash back rate without any gimmicks or fees. 

The standard APR for purchases is 12.99% to 23.99% depending on your creditworthiness. If you have a higher credit score then this card could be beneficial as the APR would be rather low compared to other cards. There is also no penalty APR so you are not penalized if you make any late payments. This card does provide a competitive edge because of the lack of fees that cardholders have to pay. Many other rewards cards have many fees and caveats attached to the card but the Apple card does not. 

Unique Features 

You can apply for a new account directly within the Apple Wallet app on your iPhone. This makes it highly integrated with your iPhone to provide extra security and convenience to your everyday purchases. You can purchase instantly, and you can even locate where each charge was processed using Apple Maps. Each transaction is authorized by Touch ID or Face ID and of you get your card stolen you can instantly replace it within Apple Wallet while a new one is being sent out. 

Apple also wants the Apple Card to help with money management. It has weekly and monthly spending reports that you can access that will breakdown your spending into categories. You can manage and budget your money to become more efficient and cost-effective. Also, it shows you the total amount of interest you have to pay if you don’t pay your balance. This feature is especially important if you are just starting out with a credit card or have recently gotten a new job and would want to keep track of your purchases or budget your money. 

How does it compare?

How does the apple card compare to other top-rated cash back credit cards? Although there are no fees it is still worth comparing to make sure that the Apple card suits your needs. 

 

Annual Fee

Cash back

Sign-up Bonus

APR

Apple Card

$0

3% Apple products, 2% when using apple wallet, 1% all other purchases

None

12.99% to 23.99%

Citi Double Cash Card

$0

2% on all purchases

None

13.99% to 23.99%

Chase Freedom Unlimited

$0

1.5% on all purchases

$200 back after spending $500 in the first 3 months

14.99% to 23.74%

Wells Fargo Cash Wise Visa Card

$0

1.5% to 1.8% on all purchases 

$150 back after spending $500 in the first 3 months

13.99% to 25.99%

Blue Cash Everyday Card

$0

3% to 1% on select purchases

$200 when you spend $1,000 in the first three months

12.99% to 23.99%

Discover it Chrome

$0

2% on gas and restaurants, 1% on all other purchases

Cash back match for 1 year

1.99% to 22.99%

 It is important to look at other cash back cards side by side with the Apple Card to see how it compares. In terms of cash back rate, the Apple Card is quite competitive and would be a great fit for the avid Apple user. 

Takeaways

The Apple Card is a cash back credit card that earns more rewards when you buy Apple products and use Apple Pay. This card would be perfect for the frequent Apple user that wants a solid cash back card. There are better cards in the market but the Apple Card provides unique features that can help the cardholder keep track of and budget money. Overall, the Apple card can be a solid choice for anyone with an iPhone. 


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