Apple Credit Card Review
The Apple Credit Card, known for its sleek design and seamless integration with Apple Pay, offers several unique benefits and features tailored for Apple enthusiasts. However, there are specific details and limitations you should be aware of before applying.
Key Benefits
Daily Cash Back
- 3% Daily Cash Back at select merchants:
- Nike: Available only in the United States.
- Panera Bread: Excludes third-party app orders, plastic gift card purchases online, and Bulk Gift Card program purchases.
- Walgreens: Not available at Sprint Express, independent health service providers, or third-party delivery apps.
- T-Mobile: Valid for in-store purchases, bill payments, and AutoPay on t-mobile.com and the T-Mobile app. Excludes authorized T-Mobile dealers and Sprint account payments.
- Exxon Mobil: Available at Exxon- or Mobil-branded pumps and convenience stores in the U.S. via Apple Pay.
- Ace Hardware: Valid for in-store and online purchases using Apple Pay, excluding third-party merchant purchases.
Interest Rates and Fees
- Variable APR: Ranges from 19.24% to 29.49% based on creditworthiness as of February 1, 2024.
- Hard Inquiry: Accepting the card after approval will result in a hard inquiry, which may impact your credit score.
Daily Cash Options
- Direct Deposit: Daily Cash can be directed to a Savings account or Apple Cash card. If neither is set up, it will be applied as statement credit.
- Savings Account: Provided by Goldman Sachs Bank USA, available for Apple Card Owners and Co-Owners who meet eligibility requirements. Daily Cash will automatically deposit into the Savings account unless changed.
Apple Card Family
- Co-Owners: Have full visibility into each other’s account activity and are individually liable for balances.
- Participants: Can spend on the account but are not responsible for payments. Negative account activity can impact their credit.
Security and Usage
- Apple Cash: Provided by Green Dot Bank, only available in the U.S. on eligible devices. Sending and receiving money with Apple Cash requires being 18 or having a family organizer set up Apple Cash Family for minors.
- Transfer Limits: May apply to transfers to and from Savings and Apple Cash accounts.
Apple Card Monthly Installments (ACMI)
- 0% APR: Available for eligible products purchased at Apple Store locations, apple.com, the Apple Store app, or by calling 1-800-MY-APPLE.
- Trade-In Program: Trade-in values vary based on device condition and configuration. Credit or Apple Gift Card value is applied based on the qualifying device.
General Terms
- Credit Approval: Apple Card is subject to credit approval and general eligibility requirements.
- Co-Owner Liability: Each Co-Owner is individually liable for all balances, and account activity is reported to credit bureaus for both Co-Owners.
For more information, visit the Apple Card Customer Agreement and the Apple Card Eligibility Requirements.
