Apple, in partnership with Goldman Sachs, launched the Apple Card in 2019, a cash-back credit card ideal for Apple users. The card offers 3% cash back at Apple and select merchants with Apple Pay, 2% cash back with Apple Pay anywhere, and 1% cash back on all other purchases. There is no annual fee, and the purchase APR ranges from 17.74% – 27.99% variable.
One unique feature of the Apple Card is the option to have rewards deposited directly into a high-yield savings account. Users can also pay for new Apple products over time with no interest through Apple Card Monthly Installments. The card rewards are issued as daily cash back, which can be deposited in a savings account or transferred to Apple Cash.
To maximize rewards, users should primarily use Apple Pay for purchases, earning up to 3% cash back at select merchants. Apple Card is part of the Mastercard network and can be used at most retail locations in the U.S. and internationally. However, to earn the higher rewards rate, users must use Apple Pay, which is accepted at 85% of merchants in the U.S.
The Apple Card has no annual fee, no foreign transaction fees, and offers a simple way to earn and use rewards. While there are no promotional APR offers, the card provides daily cash back rewards. Users must have an Apple iCloud account to have an Apple Card and can make payments through the Apple mobile app or over the phone.
Building credit with the Apple Card is similar to other credit cards, with the account information reported to credit bureaus monthly. The variable APR for the Apple Card ranges between 19.24% and 29.49%. Users can earn rewards by making purchases on the card and paying balances in full by the due date to avoid interest charges.
Overall, the Apple Card is a valuable option for Apple users who want to earn simple cash-back rewards. However, users should compare their goals and spending habits to ensure the card aligns with their needs and preferences. The card offers a metal credit card upon approval, but the best rewards are earned by using Apple Pay for purchases.
Read more at Yahoo Finance: Ideal for Apple fans who want to save on tech purchases