Apple is trying to make waves in the financial industry with the release of the highly anticipated Apple Card later this month, and some lucky consumers are already using the card. On August 6, the technology company announced that it will open the Apple Card application for a random selection of people who opted for the "Notification List", which was opened earlier this year.
I received an invitation to apply for the card and took the opportunity to see if the "Daily Cash" rewards, no fees, and integration with the Apple Wallet app are really worth the hype on goods or services purchased directly from Apple (including Apple retail stores, the Apple Online Store, the App Store, iTunes, Apple Music, and other Apple-owned properties), 2% cashback on Apple Pay purchases, and 1
There are no fees associated with this card. Also included are a number of financial wellness tools that show the users exactly how they work, they owe a lot of interest if they carry a balance. Below I summarize what I learned with the Apple Card in New York City last week.
The application process was fast
The application process was very fast, phone number and address – are automatically filled out from my iCloud account. I had to enter the annual income and the last four digits of my social security number to complete the application. I was surprised when I did not have to spend my monthly housing costs or employment information.
A company spokesperson declined to provide the credit rating required to qualify for a card. The Apple Card was developed for a number of customers and was developed with the iPhone user in mind. I was approved by Equifax in a matter of seconds with a FICO score of 755.
Upon approval, I was asked to review the credit limit, annual interest, and fees I qualified for before selecting "accept Apple Card" or "no, thank you" (which rejects the card).
After I accepted, the card was added to my Wallet app and I was able to use it for Apple Pay and online transactions.
Less is more, minimalist card design is the way to go
All eligible applicants have the option of requesting a physical card, which will be delivered within six to eight days (my card arrived in five days). I received a notification when my card was sent through FedEx and was able to track progress through the Wallet app. I was also notified when my card was delivered. I did not see real-time tracking for any of the eight credit cards I have with me, so this was a nice feature.
The Apple Card is made of titanium and feels noticeably different than most plastic cards. The card has a matte finish and is completely white with just the chip, your name and the Apple logo on the front. On the back of the card are only the Mastercard and Goldman Sachs logos and the magnetic stripe.
This elegant design is one of the additional features that may cause the consumer to apply for the card. In fact, a recent study by CompareCards revealed that 38% of cardholders said they chose one card over another because of the material they consist of. And this number rises to 53% for Millennials. Although I was impressed with the sleek design, financial advisers would never recommend that you base your credit card choices on the material of a card.
Fast Card Activation
The activation process for the Apple Card meets your expectations of the innovative business – easy and fast. All I had to do was unlock my iPhone and hold it over the card and the packaging. I was asked to "activate" my Apple Card, and then I was able to use it immediately.
"Daily Cash" is not daily
Apple has marketed the premium cash "Daily Cash" feature, but I've found that cashback is not really daily. You must wait for a transaction to arrive in your account before receiving cash daily. A purchase can last for a few days, so there are delays if you get cash back.
While this makes sense, it's a bit of a shame to say "daily." However, you get your money back faster than other reward cards, which usually require a billing cycle to recover money.
The first transaction I made with my digital Apple Card was charging my Starbucks card for $ 10 paid on my card with Apple Pay iPhone. This transaction was conducted at 22:25. and booked the next day. I did not get any money back the same night I completed the transaction.
After posting the $ 10 transaction, I was told that I paid back 20 cents (I earned 2% on my purchase as it was an Apple Pay transaction). , I automatically received the 20 cents on my Apple Cash Card, which I could immediately use in different ways: as deposits on my Apple Card balance, which I have spent like cash on Apple Pay, transferred to a bank account or sent via iMessage send to friends.
If you do not have an active Apple Cash card, Apple Cash is easy to set up. Otherwise, your cash back will be credited to your Apple Card account and you can redeem it manually using the Wallet app.
Apple Pay is not accepted everywhere.
According to a company spokesman, Apple Pay is roughly accepted by 70% of merchants. However, there is a likelihood of problems when you only pay with your digital Apple Card. I've seen several cases where Apple Pay was not an option the first day after using my New York card. And if I had a problem in one of the largest cities in the world, cardholders in smaller cities would probably have bigger problems using Apple Pay.
Dealers with a problem included a card shop and a restaurant. In those cases, I had to use another physical credit card to pay because I did not have a physical Apple card yet.
After I received my Apple Card by mail, I was able to use it in situations where Apple was unable to pay numbers is not accepted. However, since the physical card only earns 1% cashback, I opted for one of my other cards, which offers better premium rates.
Earn the highest cashback for Apple purchases.
Chances are you're a fan If you apply for the Apple Card, you'll get 3% cashback on goods or services purchased directly from Apple. There is no other card on the market that offers more cashback for Apple purchases.
Apple products cost a pretty penny. So, if you make a generous amount of cashback, you can easily offset the cost of buying an AirPod or an iPhone. I want to buy a new Macbook Air later this year, starting at $ 1,099. When I buy from the Apple Store, I earn at least $ 33 in cashback. That's more than I would earn with another reward card.
Apple Card Transaction