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If you’re a fan of Apple products, you may be wondering - is the Apple Card worth it?
The Apple credit card comes with no annual fee, no foreign transaction fees, and no late payment fees.
You’ll also be able to earn Apple Card cashback, which varies across spending categories.
Buying an Apple product could net you 3% cash back, while Apple Pay purchases are credited at 2% cash back rewards – while the base cashback of 1% may not be as high as some other cash back credit cards.
This full Apple credit card review covers all this and more, including how to apply for the Apple Card,, how redeeming rewards works, and who the Apple Credit Card will suit best.
Because the Apple Card might not be the right fit for everyone, we’ll also look at the Wise debit card which doesn’t require a credit check, and can be 4x cheaper than bank cards for international payments. More on that later.
You can apply for the Apple Card¹ quickly online or using your Apple device, to check your eligibility and see what interest rate you’d be offered. There’s no impact to your credit score until you accept the offer of a card - and then no regular fixed fees to pay. You can also estimate your likely interest costs to cut the amount you pay to manage your card, and earn unlimited cash back rewards as you spend.
Here’s the top line information you need about the Apple Card² :
|10.99% - 21.99% variable
3% cash back on Apple purchases and spending with partner retailers, when you use Apple Pay
2% cash back rewards on other Apple Pay purchases
1% cash back on all other eligible spending
|Not applicable - credit checks will apply prior to your application being approved
No penalty or late fees
No foreign transaction fees
Family sharing option allows up to 6 card users on a single account
Let’s first look at what’s required to be eligible to apply for Apple Card³:
- Age restrictions vary by state, but you’ll have to be at least 18 years old
- You’ll need to be a US citizen or legal resident with a valid US address
- You might need to prove your identity with a Driver’s License or photo ID
- You’ll need a mobile device which can be used with Apple Pay, and you have to use two-factor authentication
If you comply with these basic eligibility requirements, your Apple Card application will then be assessed based on your indicative soft credit score. However, this process won’t actually influence your credit history unless you accept the offer of a card, when a* hard* credit inquiry is made.
The easiest way to apply for an Apple Card is to use your iPhone⁴:
- Open the Wallet app and select the + button
- Select the Apple Card option and then Continue
- Follow the prompts to complete the application form
- Check over the terms and conditions and mark your agreement
- Accept the credit limit and APR you’re offered
- Your virtual card is added to the Wallet app
Once you have opened your Apple Card account, you can also apply for an additional physical card to spend in person in places Apple Pay is not accepted. This isn’t issued automatically when you apply for an account.
|💡 New to Apple Pay? Find out how to use Apple Pay with your Apple devices here.
Let’s look at a little more detail about how the Apple Card works - including the fees you’ll pay, the rewards you could earn, and other features that are worth knowing about.
The Apple Card has no annual fee, no transaction fee, and no penalty fee. The APR offered - as well as your credit limit - will vary depending on your credit score, and also changes based on the Prime Rate.
When it comes to paying your bill every period, the Apple Card has a neat feature which lets you see how much interest you’ll pay based on different potential repayment amounts.
So you’ll see the overall cost of only paying the minimum repayment amount, and can adjust the amount you pay every month until you’re happy with the interest charges overall. As with any credit card product, interest costs can mount up steeply over time, so paying back the full bill every period is the best option.
The Apple Card is a cash back rewards card. You can earn:
- 3% cash back on Apple purchases, including products, in-app purchases and iTunes spending when you use Apple Pay
- 3% cash back on spending with partner retailers when you use Apple Pay
- 2% cash back rewards on other Apple Pay purchases
- 1% cash back on all other eligible spending
Apple preferred partners may change over time - but at the time of research they include:
- Uber Eats
- Panera Bread
Rewards are credited on a daily basis and can be redeemed against Apple spending or your credit card bill.
The daily cash back offered by the Apple Card is a benefit if you don’t want to wait to see your rewards being credited. However, one of the biggest perks is probably the option to co-own your Apple Card with up to 5 other members of your Family Sharing group.
That means you can have a joint account with a partner, add teenage kids to your card, or combine credit limits with another Apple Card holder. Anyone over the age of 18 will have their spending reported to credit bureaus, to build a credit score, and each co-owner gets their own cash back rewards.
You’re a frequent Apple Pay user - To use an Apple Card you’ll need a compatible device like a recent iPhone. Assuming you have one, and like to use Apple Pay anyway, adding an Apple Credit Card to your Wallet for easy payments can be a simple way to earn more in rewards. If you live and shop frequently somewhere where Apple Pay is a standard means of payment, getting an Apple Card may be a no-brainer.
Higher than average cash back on Apple products and preferred partners - Getting an Apple Card may also make sense if you are buying big ticket items from Apple, or if you usually use one of the Apple preferred partners. Have a T-Mobile cell plan? Pick up your gas at a local ExxonMobil? In this case, the cash back rate of 3% may well beat the market.
Family sharing options⁵ Being able to add co-owners onto your Apple Card is another feature which may appeal to families: the option to share a credit line can make a lot of sense. Maybe you want a shared account with a partner to access higher credit and make sure both of you build a good credit history - or you might want to give your kids access to the Apple Card for emergency purchases when you’re not there.
You prefer Android devices - One basic requirement of the Apple Card is that users need a compatible device. If you’re not a fan of the iPhone, that might rule out the Apple Card right away.
You’re unlikely to max out the Apple product and Apple Pay rewards - Before you choose the Apple Card, it’s worth thinking about how and where you’ll likely use it. While the 3% headline rewards on Apple and partner spending is good, it’ll only pay off if you’re actually shopping with these retailers often. The 2% level of reward for other Apple Pay purchases can be still competitive - but once again, think about whether the places you usually shop actually accept Apple Pay. If they don’t, the lowest tier of Apple Card rewards, at 1%, might not be the best you’ll find out there.
The APR you’re offered might not be attractive - You'll be able to see in just a few minutes what credit line and APR you could get with an Apple Card. Make sure this is attractive for you before you sign up. Simply checking what the deal would be won’t impact your credit score, so there’s no harm in looking - but as the APR used with Apple is based on your personal credit score, it may be on the high side for some customers.
Getting a credit card isn’t the right option for everyone. If you spend and make withdrawals often in foreign currencies - when you travel or shop online with international merchants for example - you might be better off with the Wise debit card.
With a Wise debit card, there’s no interest to pay and no credit check in place. You won’t pay any annual charge, and every time you spend in a foreign currency, you’ll know you’re getting the best available exchange rate with no foreign transaction fee. Hold 50+ currencies in your Wise account, and spend with the real exchange rate in 200 countries with the Wise card.
The Apple Card might be a good fit if you want to co-own your credit line with family members - especially if you’ll often spend with Apple and Apple Pay. If you’re not an iPhone user, or if you prefer to use a physical credit card to make payments, it’s probably not a good card for you.
Whether you decide to apply for the Apple Card, you could save money if you choose the Wise card for your international spending. Your Wise card is linked to the world’s most international account to hold dozens of currencies, switch between them using the real exchange rate, and avoid foreign transaction fees every time.
|📱 More Apple articles for you
The Apple Credit Card can be a good option for people looking for a low fee card which offers cash back rewards when you make mobile payments. It’s probably the best fit for people who can maximize the 2% and 3% cash back tiers on Apple Pay spending - if you’ll mainly be using a physical card to make payments, you could get better rewards with a different cash back card.
Apple will report your credit history to major credit bureaus, so if you use your card responsibly, you can build your credit score. However, this also works in the opposite direction - failing to pay back your bills in full, or missing payments, may negatively impact your credit score. Settle your credit card bill in full every period to build credit as quickly as possible.
The Apple Card is a rewards credit card which allows users to earn extra when they use Apple Pay, or buy from Apple directly. You can check your eligibility online in minutes and get your virtual card quickly with no need to wait for a physical delivery in the mail.
All sources checked on 29 October 2021
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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