If you are a proud member of team iPhone then you’re already familiar with Apple’s quality not only regarding their products but also their innovations in revolutionizing the modern technology boom. With that being said we have to ask: can Apple have that same revolutionary effect on the financial industry? With technology like Apple Pay it’s not surprising that Apple took their ambitions a step further through the creation of its Apple Card.
What is the Apple Card?
The Apple Card is
A new kind of credit card. Created by Apple, not a bank.
and as you would expect from Apple made products the Apple Card boasts plenty of cool features!
Cash Rewards
Now getting cash rewards is not a surprising feature. We know! But sometimes balancing all of those details like tracking points or purchase restrictions can be a hassle. Luckily, the Apple Card gives you daily cash rewards on all your purchases without having to track points or deal with restrictions. Ranging from 1% to 3% cash back (depending on the purchase) you will either receive cash back daily through your Apple Cash Card or applied as a credit on your statements.
No Fees
The absolute worst thing about credit cards are all the added fees banks charge. As if paying interest isn’t stressful enough some genius in the banking industry suggested “hey, let’s see if we can charge people in other ways”. Ugh, how irritating! The folks at Apple obviously agree as they highlight that the Apple Card comes with NO FEES. What do we mean? That means fees like: annual, balance transfers, reward redemption, returned payment, over-limit, paper statements, cash advance, financing, credit limit increase, expedited payment, express card delivery, reward recovery, reinstatement, setup, maintenance, hidden, and late fees are a thing of the past for Apple Card holders. (This abandonment of fees is a trend that’s increasing in popularity as newer banking platforms develop)
Interest Transparency
According to Apple:
Most credit card statements emphasize your minimum credit due. And if you pay just that it costs you a lot in interest over time.
Even if your credit score is good enough to garner a low interest rate, you’re probably not sitting down each month calculating how much you are paying in interest. Apple Card’s transparent interest has a sliding user friendly interface that displays your total balance while allowing you to adjust your current balance and interest amounts. In other words, you get to easily see how much of your payment will go towards interest and make adjustments in real time. This is way better than the current standard of simply making a bigger payment and hoping the company applies it towards your principal amount.
Other Features
Other Apple Card features that are worth noting are:
- Maps
- Display the exact location your transaction took place
- App Security
- Integration with Face ID and Touch ID
- Card Security
- The physical card has no imprinted number (as seen in the image above). Instead you are assigned a virtual card number adding another layer of id theft protection.
- Easy Chat
- Need a question about your account? Simply text your concern using the 24 hr helpline.
- Colorful Spending Charts
- Budgeting is hard. And going back to track all of your purchases is quite a hassle as well. Apple Card places each purchase into an appropriate color coded category allowing you to easily identify which areas you spend money the most-great financial planning tool.
Applying is Easy
Reinventing how we live with technology has always been Apple’s goal. But can Apple change the way we bank? Only time will tell however if we want your very own Apple Card simply apply through the Wallet App on your iPhones. Remember this is a credit card so make sure to do your research and compare offers. You can learn more about the Apple Card here.
This article does not constitute an endorsement.
