Apple Card: 10 things you need to know before applying for Apple’s new credit card
By GB Blog Official 2019-03-29 601 0
1. What is the Apple Card?
The Apple Card is a credit card, both virtual and physical, integrated with Apple Pay, that you can use for online and offline payments. The card will be available in the US in the summer of 2019 and comes with several notable features including interesting design (for the physical card), enhanced security, detailed tracking for your payments, etc.
For the Apple Card project, the company has partnered up with Goldman Sachs and Mastercard.
2. What are the Apple Card’s key features?
When it comes to the physical Apple Card, it follows Apple’s signature style when it comes to design. You get a titanium card with laser-etching for your name and the Apple logo. Inside the card, there is a chip that works in much the same way as most other bank cards — however, there is no support for contactless payments.
You will not find a CVC number, expiration date or any other data engraved on the card as you normally would with other bank cards — this information is generated digitally when you require it to make a payment.
The Apple card is integrated with Apple Pay and you will be able to use anywhere that Apple Pay is supported, as well as in most locations where regular cards are supported.
3. What are the perks of having the Apple card?
One of the main benefits of the Apple Card is convenience. According to Apple, it makes it much easier to manage, track and organize payments. How? Apple uses machine learning to match map and banking data and translate the information into the precise names of stores that you’ve made purchases at as well as the specific products you’ve bought.
Another incentive is the cash back plan. With the Apple Card, you will be able to get a 2% cash back on payments you make using Apple Pay, 3% cash back when purchasing Apple products (this also includes Apple services like iCloud storage, Apple Music, in-app purchases for iOS games, etc.) and 1% cash back on other transactions. What’s more, when purchasing Apple products, you will be getting your 3% cash back instantly (a feature that Apple calls Daily Cash). This is a new and rather attractive option to gave onboard, as with most bank cards offering cash backs, you will need to go through a waiting period before receiving your rewards.
According to Apple, there will be no fees associated with using the card: no annual fees, no fees for international transactions, no late fees and no over-the-limit fees. While there is a natural incentive to pay off the balance in full and on time every month, Apple says that there will be no penalty fees for being late on payments.
Strong privacy protection is also on the list of the promised perks. According to the company, it won’t see your purchasing data and all payments will need to be authorized by Face ID or Touch ID.
Apple also promises efficient customer service: you will be able to get in touch with customer service representatives and get answers to your questions regarding the Apple Card via iMessage.
4. Are there any disadvantages of using the Apple Card?
There are a few things to remember before getting the shiny new card.
First you will only be able to apply for the Apple Card if you are an iPhone user. The card will not work on Android (or other) devices — and this a serious limitation that other credits cards and payment services don’t have.
Second, in order to qualify for the Apple Card, you will need to get credit approval. You will be asked to provide your Social Security number and, will be offered an interest rate depending on your credit score.
Speaking of interest rate, for the Apple Card, it could range from 13.24% to 24.24% while the average rate on other cards is estimated at around 14.22%.
5. How to use the Apple Card?
There are three ways in which you can use the Apple card.
First, it can be a virtual credit card sitting in your Apple Wallet. In this case, you would use it exactly as you would use Apple Pay: whether online, via tap-to-pay sales terminals and other contactless service points.
Second, you can use it just like a regular chip credit card. When the card is launched in summer, however, it will not support contactless payments — so you won’t be able to simply tap it to the terminal.
Third, if you are using the Apple card online (for instance, with a merchant who does not support Apple Pay), things are a bit different compared to a regular credit card. You won’t find a CVV number or an expiration date printed on the Apple Card — so, when paying online, you will need to go back to the Wallet app, which will generate these numbers digitally. You can use the same card number with all your payments or choose to generate a different number for online transaction that you make.
6. How does the Apple Card compare to other cards?
While the Apple Cards does offer cash back services, you only get a 3% cash back when shopping on Apple’s marketplaces. In other case, the cash back drops to 2% or even 1%, which is hardly impressive compared to cash back offers by other providers.
As noted earlier, the interest rate on the Apple Card will range between 13.24% to 24.24% compared to an average of 14.22% across the country.
Another thing we’ve already noted above is that the Apple Card will not support contactless payments.
With that, there are several notable advantages that the Apple Card has over traditional bank cards. Namely, visualized spending records, enhanced security, simplified application process, easy customer service access, Daily Cash, etc.
7. Is the Apple Card safe?
One of the key perks advertised by Apple for its new product is advanced security. How is this achieved?
As we’ve mentioned above, your physical Apple Card won’t have a CVC number, expiration date or any other information imprinted on its surface. Instead, the system will create a unique device number for your Apple Card that will be encrypted and stored inside the Secure Element inside your iPhone. Thus, nobody will be able to see your personal data or card data when you make a purchase.
When you are making a payment, the Apple Card will create a unique, one-time code to authorize it. Additionally, you will need either Face ID or Touch ID to confirm your identity. This means that even if your iPhone gets stolen, nobody will be able to make a payment via your Apple Card.
8. How to apply for the Apple Card?
First, you will need to be an iPhone user.
Second, you will need a certain credit score in order to qualify (Apple has not yet revealed the needed credit score range). Plus, additional conditions may be imposed by Goldman Sachs who will issue the card.
The application process itself is rather straightforward. You can apply for the Apple Card via the Apple Wallet app on your iPhone. Once and if approved, you will first gain access to the digital version of the card. After some time, you will receive the physical Apple Card.
9. Will the Apple Card work in my country?
The Apple Card will be launched in the United States this summer — there are no specific dates announced yet. At the time of the launch, the card will only be available in the US, but the company did mention that there are plans for international expansion.
10. Does Gearbest support Apple Card payments?
No, presently, Gearbest doesn't support Apple Card payments. You can check here to know more about Gearbest currently available payment methods.
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