The Apple Card is well-known for its iPhone exclusivity and deep integration with Apple Wallet, but how does the credit card stack up on the benefits side of things? There are a lot of things the Apple Card does really well. It’s super easy to apply for, Apple’s interface is one of the best on the market, and the physical titanium card is a nice bit of icing on top. For Apple’s first-ever credit card, the Apple Card is a pretty strong product.
There is one major issue for the Apple Card, however, and that’s all of the endless competition it’s faced with. One quick look at the credit card market reveals a heap of fierce competitors. There are credit cards offering 5 percent cash back on rotating categories, 10x points on certain travel purchases, dining credits, airport lounge access, and so much more. For someone who regularly pays off their balance every month and cares exclusively about the benefits that come with their cards, here’s an overview of everything included with the Apple Card.
Right off the bat, there are the Apple Card’s earning rates. Any purchases made with the card via Apple Pay earn 2 percent cash back, whereas paying with the card outside of Apple Pay (such as at a restaurant or entering its details online) earns just 1 percent. Additionally, Apple notes that paying with Apple Pay at select retailers gives cardholders a boosted 3 percent cash back rate. This includes Apple, the App Store, Panera Bread, Uber, Walgreens, and others. Those aren’t the most amazing rates available for a credit card, though Apple Card is unique in how it pays that cash back to people. Rather than making folks wait to be paid their earnings once a month, all cash back earned is paid the following day. It’s a system Apple calls ‘Daily Cash,’ and it’s something more credit card issuers should take note of. Use the Apple Card, wait one day, and any Daily Cash it’s earned goes onto the Apple Cash card in the Wallet app. It’s that simple.
Other Apple Card Benefits You Should Know
Outside of its cash back rates, the Apple Card comes with a few other perks prospective cardholders should be aware of — one of which is its Monthly Installments feature. When buying new Apple products directly from Apple, Apple Card members have the option to pay for those things with interest-free monthly payments. Payments are broken up across 24 months, Apple charges 0 fees or interest to do so, and these payments still earn 3 percent Daily Cash. Any ongoing installments can be quickly viewed directly from the Apple Card in the Wallet app, and if someone wants to make additional payments, they can do that too.
Another key feature of the Apple Card is Family Sharing. Have an Apple Card and want to share it with a partner or trusted friend? Adding them as a Co-Owner gives them equal access to use and manage the account while building up their own credit. Additionally, younger users can be added to the Apple Card as Participants and use it without being responsible for making the monthly payments. It’s similar to how other credit cards support additional cardholders, though Apple’s implementation is a bit more flexible.
Then there are the Apple Card’s smaller (though equally important) benefits. For one thing, Apple Card comes with virtually zero fees. Apple doesn’t charge an annual fee, late fees, over-the-limit fees, or foreign transaction fees. The Apple Card is also backed by Mastercard’s Zero Liability Protection, ensuring Apple Card users are safeguarded against unauthorized transactions should they appear. In a similar vein, Mastercard ID Theft Protection monitors “the surface, dark, and deep web” to identify and alert Apple Card users about potential identity theft. In the event someone’s identity is compromised, Mastercard provides someone with an expert to help them cancel accounts, notify credit issuers, file affidavits, etc. Other benefits include free shipping with stores that use ShopRunner, access to travel purchases with Mastercard Travel, exclusive access to select restaurants through the ‘Priceless Cities’ program, offers/perks at “premier golf clubs,” and a 10 percent discount on rental homes through onefinestay. Overall, the Apple Card has a good lineup of benefits. Not all of them will be useful for everyone, but as a free card with no annual fee, the Apple Card packs a pretty strong punch.
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