Apple Credit Card Review: Daily Cash Back & Generous Rewards

Apple Card Review
The Apple Credit Card is loaded with nifty features, generous rewards, and an innovative user experience.
  • Annual Fee:
    $0
  • Regular APR:
    10.99% - 21.99% variable
  • Recommended Credit Score:
    Good, Excellent

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The Apple Card is Apple’s first foray into the world of credit cards and revolving debt.

Issued by Goldman Sachs, the card works with Apple’s expansive technology framework to reward purchases by loyal customers – while minimizing perks for other uses.

Think of it less like a physical credit card and more like an in-house incentive program to promote the use of Apple’s proprietary technology.

Apple Credit Card Pros and Cons

Pros:

  • No fees of any kind
  • Innovative security features
  • Increased data privacy
  • Tiered cashback program that feeds into your Daily Cash balance
  • Zero-interest financing on eligible Apple purchases
  • Mastercard perks including ID theft protection, 24-hour hotline, and Mastercard Priceless experiences

Cons:

  • Cashback rewards optimized for the Apple network
  • Requires Apple hardware and Apple Pay
  • Few benefits outside Apple purchases
  • Variable welcome bonus lower than competitors (usually around $50)

What is the Apple Credit Card?

Apple’s credit card is their first move into the revolving debt market. Apple partnered with Goldman Sachs to issue the card on the Mastercard network in 2019, with a few updates to the terms of use and rewards system since then.

While Apple claims they’ve “completely reinvented the credit card,” it’s more like they’ve taken the next logical step in modern spending.

The card lives in your Apple Wallet and uses proprietary technology to secure your data and transactions.

And while they do issue a physical card, too, it’s made of titanium and completely numberless, making it impossible for anyone to steal without accessing your Wallet.

From the get-go, it’s clear that Apple built the card with their product network in mind.

You earn the best rewards for spending on Apple products, followed by using Apple Pay. The lowest rewards tier pays out for using the physical titanium card.

Still, the Apple Card comes with no fees, savvy budgeting tools, and robust security features to keep your data secure.

How Does the Apple Credit Card Work?

Naturally, the Apple Credit Card is specialized to work with Apple tech. You can apply for the card at Apple.com, or by using the Wallet app if you have an iPhone.

If you’re approved, you’re instantly assigned a digital card to use via Apple Pay. But if you want to use your card somewhere that doesn’t accept

Apple Pay, you’ll have to wait for your physical card. (Note that if you want a physical card, you’ll have to request one.)

If you have any issues applying for or receiving the Apple Card, you can text Apple’s customer support team 24/7. Or you can place a voice call directly from the Wallet app!

Apple Card Review:

  • Annual fee: None
  • Regular APR: 10.99-21.99%
  • Rewards: 1-3% cashback
  • Foreign Transaction Fee: None

Apple Credit Card Rewards

Earning Rewards

Apple’s cashback program, Daily Cash, posts rewards to your account the day after you make a purchase.

How much you earn depends on how – and what – you buy:

  • 3% cashback on all Apple purchases including hardware, software, and downloads
  • 3% cashback from select partners like Uber, Walgreens, Panera, and ExxonMobil
  • 2% cashback on every purchase made using Apple Pay from any Apple device
  • 1% cashback on all purchases made with your titanium card

Redeeming Rewards

When you earn Daily Cash rewards, they post to your Apple Cash account after your transaction clears.

You can use your balance to pay your credit card bill, make Apple Pay purchases, or send money via text message to anyone with an Apple Cash account.

Or, if you don’t set up Apple Cash, your rewards post to your credit card balance instead.

Apple Credit Card Features and Benefits

Unlimited Daily Cash Back

Apple’s Daily Cash program lets you earn cashback on all purchases with no limit or expiration date.

The cash posts to your Apple Cash balance after your purchase clears. And if you close your account with an unredeemed balance, Goldman Sachs will send you the remainder by check, electronic transfer, or account credit.

Pay for Apple Purchases in Installments

With your Apple Card, you can pay off eligible purchases in 24 monthly installment payments at no interest.

And whether you’re after a new iPhone, a MacBook, or an iPad to round out your collection, you’ll still earn 3% cashback!

No Annual, Foreign Transaction, Late Fees – or Any Other Fees

Apple has completely done away with fees for the Apple Card. That includes annual, foreign, and late fees, as well as overdraft charges.

And Apple doesn’t charge cash advance fees or balance transfer fees (because they don’t offer either.)

However, the Apple Credit Card is still a credit card – which means you do have to pay interest. And any late or missed payments will result in additional interest.

Low APR

Speaking of the Apple Card has one of the lowest interest rates available on a cashback card, ranging from 10.99% to 21.99%.

Robust Security & Privacy Baked into the Product

Apple is renowned for being one of a few big tech companies that actively advocate for customer protections.

Their commitment to privacy resulted in a card that is more secure than most competitors – though that’s partly because mobile pay systems, Apple’s primary payment method, are more secure than physical cards.

For instance, you have to use Face ID or Touch ID to authorize any Apple Pay transactions before you start.

Plus, both the physical titanium card and virtual cards are numberless. But don’t worry – for non-Apple Pay transactions online, the Wallet app or Safari browser will autofill a virtual number for you.

Moreover, your iPhone stores a unique number that’s different from your card number for added security.

And each transaction uses a dynamic, one-time security code for authorization, regardless of the method of payment.

Additionally, Apple institutes rigid security and privacy measures to prevent them from seeing where you shop, what you buy, or how much you paid.

And if you learn that a website or store you frequent has been compromised, you can generate a new card number immediately within the Wallet app.

Savvy Budgeting Tools

Apple’s budgeting tools seem like nothing special on their face – in fact, they don’t even include a free credit score.

What they do offer is categorized spending breakdown, budgeting tools, and an interest calculator to encourage paying down your balance.

But there’s more to it than that.

For instance, Apple uses machine learning to relabel cryptic transaction codes with easy-to-understand descriptions of where and what you bought.

Moreover, thanks to Apple Maps, you can pinpoint your spending habits by geographic location.

Additionally, Apple redesigned credit card statements to be easier to read. Their interactive features help you understand credit card interest, how payment behaviors affect your APR, and offer suggestions to improve your finances.

One of the most helpful budgeting tools appears only when you’ve been denied for the Apple Card: the Path to Apple Card program.

If you don’t qualify initially, this program walks you through steps to improve and track your finances.

For instance, the program encourages on-time bill payments, overall debt reduction, resolution of past-due accounts.

Upon successful completion, not only should your finances be in better shape, but you’ll be invited to reapply for the Apple Card.

How Do I Apply for the Apple Card?

You can apply for the card at Apple.com with your Apple ID or by using the Wallet app on your iPhone.

You’ll receive a notice of approval or rejection after Goldman Sachs issues a “soft pull” on your credit report to determine your eligibility, credit limit, and APR. (This process only takes minutes.)

If you accept the offer, Goldman Sachs will do a hard pull and issue your digital card immediately. But if you want a physical card, you’ll have to request it.

To do so, go to your Wallet app and tap “Apple Card,” and then the three-dot button.

In the pop-up menu, click “Get Apple Card” and follow the instructions to receive your shiny, new titanium.

Note that, to apply for your card, you’ll have to adhere to a few requirements:

  • iPhone 6 or later model with latest iOS update
  • Two-factor authentication
  • An active iCloud account

Additionally, as of May 2021, Apple supports authorized users – called “participants” – through the “Apple Card Family” feature.

Primary accountholders over 18 can add family members ages 13 and up to receive their own cards.

How Does the Apple Credit Card Compare?

#1. Apple Card vs. Citi® Double Cash Card

The Citi® Double Cash Card makes cashback rewards easier to earn than the Apple Card. You get 2% on all purchases: 1% when you make a purchase, 1% when you pay your bill.

You can post rewards to your balance, have them direct deposited or mailed as a check, or convert them to Citi ThankYou points.

#2. Amazon Prime Rewards Visa Signature vs. Apple Credit Card

The Amazon Prime Rewards Visa Signature Card, like the Apple Card, targets their own products first.

You’ll earn 3% on Amazon.com and at the Whole Foods Market (5% with an eligible Prime membership), 2% at restaurants, gas stations, and drugstores, and 1% everywhere else.

Plus, there’s no annual or foreign transaction fees, no earnings cap, and built-in travel and purchase protection.

#3. Apple Card vs. Chase Freedom Flex

Chase Freedom Flex generates generous rewards, no Apple loyalty required:

  • 5% on up to $1,500 in combined purchases in quarterly bonus categories
  • 5% on travel booked through Chase
  • 3% on drugstore and dining purchases
  • 1% on all other transactions

Plus, you’ll get a $200 welcome bonus for spending $500 in the first three months!

#4. Chase Sapphire Preferred® Card vs. Apple Credit Card

The Chase Sapphire Preferred® Card is more costly than the Apple Card with an annual fee of $95 and 15.99-22.99% APR.

Plus, to earn the 100,000 bonus points new cardmember offer, you’ll need to spend $4,000 in the first three months. But at this price, you’ll get:

  • Premium dining and travel rewards
  • 2x reward points on delivery and takeout
  • 25% more redemption value on travel spending
  • No-interest, fixed monthly payments on transactions over $100

Apple Card Review: FAQs

Is the Apple Credit Card Worth It?

The Apple Credit Card is geared toward mobile-first and heavy Apple spenders. If you’re in the market for a catch-all cashback rewards system, this card isn’t for you.

But if you plan to spend big bucks with Apple Pay or on Apple products, this card can reward you for doing what you’d do anyway.

What Credit Score Do You Need for the Apple Card?

Apple is keeping their exact credit score requirements close to the vest, but it does acknowledge it wants to make the card widely available.

As such, it may be possible to qualify with a FICO score below 720. And if you don’t the Goldman Sachs’ “Path to Apple Card” program might help you get there.

Is Apple Card a Visa or Mastercard?

The Apple Credit Card works on the Mastercard network.

Who Issues the Apple Credit Card?

Goldman Sachs issues the Apple Credit Card.

Does the Apple Credit Card Have an Annual Fee?

Nope! The Apple Credit Card has no annual, foreign transaction, cash advance, late, or over-the-limit fees.

Bottom Line: Apple Credit Card Review

The Apple Card is optimized to reward Apple loyalists while minimizing rewards for outside spending.

As such, its earnings structure isn’t competitive in a saturated market unless you’re a mobile-first consumer.

That said, its rewards program makes it an excellent addition to your wallet if you intend to purchase Apple products or use Apple Pay in the near future.

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Jordan Blansit
Jordan Blansit
Jordan is a freelance writer with an inexplicable predilection for investing and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her (or not) craftily avoiding human contact in the California redwoods or Oregon Siskiyous with her black cat, Bean.