You do not have to look far to know that Apple is a major player in the global technology network, however what you may not know is that they are entering the financial market and could now be a major player within that niche, so if you are looking for a credit card but are unsure of what you want then the Apple credit card could be just the thing that you are looking for.

What is the Apple credit card?

One of the things that make the Apple Card so exciting is that it is created by Apple, and not by a bank, and thus Apple has completely reimagined everything that people already know about credit cards. It will represent everything that Apple is known to stand for and consequently it promises simplicity, privacy and transparency.

As you might expect, Apple credit card works with the Apple Pay app which allows a card to be used with ease by tapping your phone instead of the card and offers extra security to using your credit card both online and offline. As well as all this, Apple credit card also encourages the user to pay less interest and enables the user to buy things effortlessly through the use of your Apple iPhone or if you prefer to have a card, then the titanium-designed Apple credit card can be used anywhere in the world.

How to use the Apple credit card

The Apple credit card can live on your phone in the Wallet App, which opens you up to a lot of new opportunities. The Apple credit card takes seconds to sign up too and can start being used within minutes from your phone with Apple Pay, anywhere, globally.

For every purchase that is made with the Apple credit card, Apple rewards you with daily cash, yes you heard me, daily cash and it really is cash, so you can spend it however you want simply by using your iPhone. So how does it work? it’s actually really simple for every time you spend, Apple will give you back 2% of your purchase, paid directly to your wallet every day with no limit to how much you can get, there are no capped payments, and if you purchase something directly from Apple, they give you 3% back as daily cash, whether you have spent money in the Apple store, apple.com, iTunes or the App store, you will get 3% back as cash. If you happen to find a store, app or website that does not accept Apple credit card/ Apple pay yet, then you will still get 1% back as daily cash.

Every purchase will have to be verified by Face ID or Touch ID and all details of the card itself will be stored within a secure area of your iPhone. This method goes a long way to protecting you from thieves and identity fraud, as even Apple themselves cannot see what you are spending your money on, as the processing all takes place on your individual iPhone and not on any of the Apple servers.

With the Apple credit card, you are able to know more about your spending all with a simple glance at your phone, for instance, if you see a charge you don’t recognise, you can tap the screen to pinpoint where exactly on the map that charge occurred. Everything that you buy gets a category and a colour for you to easily see what sort of thing you spent your money on such as eating out, shopping and so forth, and those same colours then show up in your spend summaries showing you exactly how much you are spending on which activity and at what time.

If you prefer to actually have a credit card then that is also an option available to you. All customers will be given a physical card for places that do not as of yet accept Apple pay or touch payment. The card is made of titanium and will have the Apple logo incorporated on it with your name laser etched on to it also. The care will have no card number, no signature and no CVV on it at all, in order to make it more secure, however, owners can find that information on the wallet app if it is needed.

How does the Apple credit card differ from traditional credit cards?

Traditional credit card issuers offer multiple types of credit cards from Interest free credit card to balance transfer credit card, but Apple only offers a standard credit card with no balance transfer options or significant interest-free periods - whether this is going to change in the future is yet to be seen.

Where to use Apple credit card

The Apple credit card can be used for online purchases or for in-store purchases wherever Mastercard credit cards are accepted.

How much does it cost?

This is the question that everyone wants to know about anything to do with their finances and the honest answer is it costs less than most other credit cards and actually encourages you to pay less interest. Generally, with most credit cards currently available in the market, transaction statements place emphasis on the minimum amount that is due, and paying the minimum amount will, in turn, increase the amount of interest that you pay, however, Apple Card is different. When you are ready to make a payment to Apple, they will estimate the interest that you would end up paying based upon a payment amount that you choose, and this is all done in real-time which allows you as the customer to make an informed decision in a quick time about how much of your balance you are going to pay. As with every card, the best way to save on interest is to pay in full every month, however, if you are unable to do that, Apple does the math for you.

Apple also offers customers smart pay options/suggestions that encourage them to pay off a little more than they would normally pay which helps them to pay off the balance in quicker time.

Payments are also always at the end day of the month with the option to set up weekly or biweekly payments to coincide with payday.

Unlike other credit cards, Apple Card does not have any hidden fees whatsoever, there are no annual fees, no cash advance fees, no international fees and no fees for going over the limit or for returned payments. If payments are missed Apple will simply keep accruing interest on your account at the regular interest rate.

What are the interest rates of the Apple credit card?

As of March 2019, the variable APR for the Apple credit card ranges from 13.24% and 24.24% based on the creditworthiness of the applicant.

How do I find out more information on the Apple credit card?

For more information on the interest rates or on the Apple Card, in general, visit the Apple website on the following link: https://www.apple.com/apple-card