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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: SOPA Images / LightRocket / Getty Images December 06, 2021 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
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The Apple Card comes with no annual fees, no foreign transaction fees and no late fees, as well as a generous rewards program that gives you up to 3 percent back for each purchase you make when you meet certain requirements. Once you sign up, you’ll earn: 3 percent back on Apple purchases and purchases made with select merchants when you use your Apple Card and pay with Apple Pay 2 percent back on all purchases made with your Apple Card and Apple Pay 1 percent back on everything else The , issued by Goldman Sachs, was obviously built to work in conjunction with . However, in instances where you’re shopping with an app or on a website that doesn’t accept Apple Pay yet, you’ll get a virtual card number that operates in the Wallet app. This card is also a Mastercard, so it’s accepted anywhere Mastercard is accepted around the world. In addition to offering lower interest rates than the , the Apple Card also helps you pay less in interest by estimating how much you would pay on a specific purchase, then suggesting a payment you can make to pay down your debt faster. That said, the Apple Card is fairly limited since you can’t transfer balances to it or use it for a cash advance. It also appears that , including one that comes with a 0 percent APR balance transfer offer. How does the Apple Card s cash back work
When you rack up cash back with the Apple Card, you’ll be awarded what Apple refers to as Daily Cash. For the most part, the term Daily Cash is used only to describe the amount of cash back you’ve accrued in your rewards account. Unlike other that award you points or cash back once per month when your credit card statement closes, however, Daily Cash accrues every day as you earn it. As Daily Cash accrues, it is automatically added to your Apple Cash account. Apple Cash is a component of Apple Pay that lets you maintain a cash balance you can use for purchases or send back and forth with friends. When you shop with Apple Pay and have a balance in your Apple Cash account, you can use it to pay for purchases instead of using another form of payment tied to your account. What can you redeem Apple Card s cash back for
Because Daily Cash you accrue is added to your Apple Cash account, the options for redeeming your cash back rewards are nearly endless. With Apple Cash, you can: Send money to friends through Messages Transfer money to your bank account Use Apple Cash to pay down your credit card balance You can also use Apple Cash to make purchases when you shop by way of Apple Pay. You can use Apple Pay to pay anywhere it is acceptedin grocery stores, boutiques, restaurants and more. You can also use Apple Pay to make purchases on iTunes, Apple Music, the App Store, iCloud, Apple News+ and more. Pros and cons of Apple Card s Cash Back program
While the Apple Card offers some generous benefits and rewards, it’s definitely not for everyone. In fact, you actually have to be an Apple customer to get the most out of this cash back credit card. According to Apple Support, accessing all of the card’s benefits requires you to add your Apple Card “to an eligible iPhone or iPad that you own with the latest version of iOS or iPadOS.” If you’re wondering if the Apple Card’s rewards program is right for you, consider these additional pros and cons: Pros Cons Top rewards rate of 3 percent is higher than many cash back credit cards offer No annual fee or hidden fees Cash back rewards accrue daily in the form of Daily Cash Must use Apple Pay for the best rewards rates to apply No way to redeem your rewards directly for options like gift cards or travel Rewards mix with your Apple Cash balance, which may not be ideal if you’re saving cash back for a specific redemption Is Apple Card s cash back program worth it
If you’re a steady Apple customer who makes a lot of purchases with the brand and already uses Apple Pay, then the Apple Card and its rewards program may be right up your alley. But if you don’t have an Apple device and also don’t plan on getting one, this card and its rewards program are of little value. At the end of the day, the Apple Card is best for consumers who already operate in the Apple universe and who mostly want to redeem their rewards for purchases they make or statement credits. The bottom line
While the Apple Card can be ideal for Apple enthusiasts, don’t forget to compare it with other options out there. Plenty of cash back credit cards let you earn a similar rate of rewards and they aren’t tied to your mobile device, plus you may have more options when it comes to cashing them in. As always, you should you’re considering in terms of the rewards rates, welcome offers and fees before you sign up. The information about the Apple Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer. SHARE: Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Related Articles