Apple credit card rolls out
Newcomer had no numbers on it, no fees
Janna Herron and Edward C. Baig
The new Apple Card is here, at least for a select few.
Apple invited a limited number of people to apply for the card in an email it sent Tuesday. These are people who had expressed interest in the product when it was announced last spring. Everyone else will have a chance to apply for the card in the Apple Wallet app later this month, although no specific date was provided.
The tech company didn’t disclose how many people were to receive the invitation.
The sleek number-less titanium card that integrates with Apple Pay, the company’s digital wallet, was announced in March. Goldman Sachs is the issuer behind the Apple Card and will decide whether an applicant has the proper creditworthiness for approval.
You’ll be notified right away. If approved, you can start using the card through Apple Pay on your phone (or Apple Watch) immediately; it’s up to you whether you want to request the physical card.
The card also uses the Mastercard network, so you can use the card almost everywhere in the world.
The Apple Card in detail
The Apple Card also has no fees. None for foreign transactions, going over your limit, cash advances or late payments. There are other cards that don’t charge some of these fees, but having no fee for cash advances or late payments is uncommon.
The card’s interest rate is broad – between 12.99% and 23.99% and also based on Goldman’s determination of your creditworthiness – but it largely lines up with those of other credit cards. You will need an iphone and must update your device to IOS 12.4 software.
The card is for a single user; you cannot share an account with family members.
The Apple Card also comes with rewards. You earn 3% back on Apple purchases, 2% back when you use the card with Apple Pay, and 1% back when you use the physical card. Comparing strictly by rewards, it’s not the richest among rewards cards. Others could earn you more on your everyday spending.
You also don’t have to wait to earn a certain amount of rewards before redeeming them. The rewards you earn are added to your Apple Cash card every day and can be used for any amount at any time. You can also schedule payments.