While surprise unveilings are not uncommon for Apple, the announcement of a new credit card at its March event was unexpected. The Apple Card promises no fees, cash rewards, and Apple’s trademark commitment to privacy and security. It’s housed in the Apple Wallet app, so you can use it through your iPhone or Apple Watch anywhere that accepts Apple Pay. For places that don’t accept Apple Pay, there’s the titanium physical card with your name laser etched on it.
“This depends on how you spend and on what,” Dana Marineau, vice president and financial advocate at Credit Karma, told Digital Trends. “Since the card rewards you more when you use Apple Pay, the likely target consumer is iPhone users. It may make more sense for an avid Apple fan and user to use this card — those who buy a lot of Apple products or use its subscription services, such as Apple Music, etc.” That’s because you get 3% cash back on Apple purchases – something Apple calls Daily Cash. If you make purchases through Apple Pay, you also get 2% cash back. Use the physical card and you get 1% cash back…
There are other advantages, too. Marineau highlights the lack of an annual fee, late fees, international fees, or over-limit fees. You can redeem Apple’s Daily Cash at Apple Pay whenever you make a purchase, even the same day. You can also use it to pay down your credit card bill or share it with your family and friends.
MacDailyNews Take: We’re going to get Apple Card as soon as it’s available and it will quickly supplant our other go-to credit card immediately, we suspect!