Since this was Apple's first foray into the credit card market, it contained some promising elements. To begin, if you have an iPhone and want to apply for this card, you can do so in a matter of minutes through the Wallet app, and once approved, you may use your new card everywhere that accepts mobile wallet payments.
It has some positive qualities, but there are some damaged areas that you should also be aware of. The titanium card is the only way to utilise your Apple credit card account for purchases at merchants that don't support Apple Pay. You'll need to specifically ask for a physical card once you're authorised, which isn't the case with most credit cards. Additional 1% cash back is only available for purchases made using the physical card.
Go shopping with Apple Pay.
Send money to a loved one instantly by texting those who also have Apple Pay. Consider putting it on your Apple credit card balance.
If you don't link your Apple Pay account, your daily rewards will be accumulated and credited to your card balance.
Possibilities of Gain
We need to examine the bonus categories and estimate what an average American family may spend in those areas to get an idea of the Apple Card's* rewards potential. The income and expenditure averages Forbes Advisor uses are based on statistics from several government agencies. We budget based on the annual income of the 70th percentile of wage-earning households, which is $107,908.
Moreover, we must make certain inferences regarding consumer preferences and habits when considering the Apple Card. The card offers 2% cash back on Apple Pay transactions, which can be made at merchants across all spending categories. To arrive at our conclusions, we assume that this hypothetical family charges $32,072 annually on their credit card and that 50% of these purchases (or $16,036) are made using Apple Pay.
The Value of the Card and Its Implications
One of the best flat-rate, annual-fee credit cards that Forbes Advisor recommends is Mastercard, State Goldman Active Cash®. With this card, you can earn unlimited 2% cash back on purchases and the massive $200 cash rewards bonus for spending $1,000 in the first three months.
Your earnings can be redeemed to reimburse prior purchases, as a credit to a qualifying Wells Fargo account, for gift cards or as cash from an ATM (needs a Wells Fargo ATM or debit card) (requires a Wells Fargo ATM or debit card). Like other credit cards, you can elect to put it into your phone's digital wallet, and it doesn't have to be on the Apple ecosystem.
Apple Card* vs Chase Freedom Flex℠
There is no obligation to remain an Apple customer to benefit from the Chase Freedom FlexSM Card's excellent rewards programme. The card has no annual fee and offers bonus rewards of 5% cash back on rotating quarterly categories of up to $1,500 (needs activation), 5% cash back on travel booked through Chase Ultimate Rewards®, 3% cash back on restaurants and drugstores, and 1% cash back on all other transactions.
If you're looking to buy an Apple product and your Chase card includes quarterly bonus categories for places like Amazon, Target, and Walmart, you're better off with Flex. A great welcome bonus is available with the Freedom Flex: $200 after spending $500 in the first three months of account opening. The Freedom Flex is likely more lucrative for many consumers than the Apple Card*.
Acquirements That Meet The Criteria
In comparison to the American Express Blue Cash Preferred® Card, Apple Card*
It's American Express Blue Cash, Favored® Card. (Terms apply) is a better option than Apple Pay, even if you're okay with using Apple Pay. If you spend most of your money at U.S. grocery stores, gas stations, and public transportation, you may find a more suitable option (see rates &' fees).
Is This The Right Card For You?
The Apple Card* stands out from the crowd with its innovative features that encourage responsible spending, but other cards provide better benefits. Many different reward cards don't charge an annual fee and offer advantages like introductory interest rates and sign-up rewards. To avoid this rotten apple, pick one of the alternatives.
