Get the Apple Credit Card: Full Review
A lot of people are disappointed with the Apple credit card, and they might have a good reason to be. Today I took a look at the terms and conditions and really looked at the fine detail and after looking at it guys, you might not want to pick up this card I’ll. Tell you exactly why, with all these reasons here, hey guys, it’s Tree for money, growth Academy, where we demystify, simplify and multiply your earnings potential.
So let’s just jump in this to day. What’s going on with the Apple credit card, as we look at the fine details and that little print in the terms and conditions now right out, the gate is the card for everyone know the cards, not for everyone. I know during the Apple launch event it made. It seem like this card was gonna be delivered to everyone out there, and anyone who owned an iPhone or Apple device could apply for this titanium card, guys, that’s not how it works, like any other credit card. You’ve got to actually apply for that credit card, and you’ve got to have the qualification you’ve got to meet their requirements in order to get that credit card. So it’s gonna come down to your credit score if you’re gonna be able to get accepted. For this card, so just right out of the gate, the cards not for everyone, just because you have an iPhone – does not mean that you’re going to get one of these cards. So during the big event on stage, they said that it was unlimited cash rewards. Well, that comes with a little caveat, because there is a limit for the unlimited cash rewards.
Well, if you spent twelve thousand dollars buying Mac computers for your family at the store and got three percent back, you would earn three hundred and sixty dollars in reality, though, your limit is set by your credit limit on the credit card. If your limit is six thousand dollars, you’ll only be able to earn a hundred and eighty dollars back until the next billing cycle. So there you guys have it there’s not unlimited rewards. It works like any other system. It’s gonna go by. You know what is the limit that you have on your card. You can max that out, but only to that point. So there is a limit on the unlimited cash daily rewards. So let’s talk about the Apr rates because during the actual event they don’t really cover the Apr rates and no one ever wants to cover those because those aren’t sexy and they don’t sizzle. But here they’re. So, like any other credit card, company Apple’s gonna have higher interest rates for people that are actually carrying a balance. Now what they did release is they said that users will pay an APR between thirteen point.
Twenty four and twenty four point: twenty four percent based on an individual credit scores. So I can’t tell you you know what side of the spectrum you’re going to be on. That’s gonna really depend on what your current credit score is and that works like any company, guys they’re good they’re gonna charge. You a different interest rate depending on what your credit score is now it’s a wider range than most companies in the industry, which is good if all’s we’ve got thirteenth all the way to twenty four percent. So that’s a pretty wide one. If you look at other credit cards, it’s not that wide. So this is a good range and for people with great credit scores you know, Apple could actually be a good deal because you could land at that 13 % side of the spectrum and because apples interest is significantly lower than that national average.
So the national average is about seventeen point, six, seven percent, so you can see that this is really falling below that average and it’s possible that people in the mid 600 to low 1600s will actually be able to get this card. We won’t know until we start hearing reports coming out, but I think it’s highly possible that people in the low mid 600 range credit score will be able to get this card. So I did some digging because I really wanted to figure out: does Apple? Have the lowest interest rates in the industry and now it doesn’t and there’s a lower card in the industry, and it’s pin fed promise Visa card and its eleven point. Nine percent, and it has absolutely no fees, no annual fee, no late fee, no cash advance fee. No foreign transaction fee and rates as low as eleven point nine percent, but there’s no cash back offers, though so it doesn’t have some of the perks with other cards, but it does have a low APR it.
The apple cart still is probably better than this pin fed card, but just trying to show here that there are cards out there that are lower than what Apple said was the lowest in the industry. Alright. So how about the feast? Because that was a big point that they talked about on this stage was no fees. Is that true, let’s look at the fine print, so there is a catch later missed payments are gon na result in additional interest towards your balance. So you won’t ever get a twenty five dollar late fee, but it will be added to your interest. Okay and that’s something to pay attention, so Apple is just not giving away free money with no consequences that money, instead of being a late fee, is just gon na roll over to become additional interest on your balance.
Now, here’s the interesting thing that we don’t know will that interest rate that they’re charging be temporary until you pay off that specific balance right there or what happened be that your interest rate overall is gon na increase. So let’s say I was out of 13 %. You know APR with the Apple credit card and I had a few late payments during the year. You know I’d miss paying those back, but I eventually got it done. Does that mean for the following year or the following months that they’re gon na jack up my APR annually to now be instead of 13 % to be like 15 %? Now we don’t have the full details on what’s gon na happen with this, but that’s a big possibility – and I imagine that’s my that might be what they actually do, because there’s got to be some kind of deterrent they’re, not just gon na give away this money Without free concert, without consequences, so that’s something to kind of check out for and look just pay your credit cards guys make sure to pay them and there won’t be any consequences. Now there are fees for certain transactions, even though that they said there’s no fees.
There are some fees for transactions, so Apple will charge a 1 % fee to make an instantaneous transfer from Apple pay to a debit card. So if I wanted to move my Apple pay cash to a debit card, I’m gon na get a 1 % fee and that’s gon na max out at $ 10. Now here’s the thing. If I do direct bank transfers from my Apple pay to my bank or ACH I’m not going to get charged it’s only if I’m moving that money to an actual debit card, am I gon na hit gon na get hit with that 1 %? So in essence, the Apple card doesn’t have fees, but apples additional services do have fee. So that’s something to also kind of take a look at and be careful with all right.
So let’s talk about the security and fraud prevention of this card, because Apple really kind of stressed this during the event that this was a big major selling point for the card, and we know just from experience in using Apple products. That Apple definitely is one of the front leaders when it comes to privacy and security for its consumers. So that’s something they’re kind of really clinging on to. But I want to read something by Catherine Hutt from the Better Business Bureau. She agreed with Apple’s move to remove the information from the card that way. Someone who found your wallet can’t go items online before you cancel it and she’s under the belief that this was actually a very smart move and she hopes to see the rest of the industry begin to make this move when they remove all this information off the Card that way, if you did lose your wallet, you know how to a restaurant or somewhere and someone picked it up. They couldn’t make a bunch of online charges before you had the chance to cancel it. So she did praise him for that. But Hutt said Apple card carriers still need to be careful. A fraud prevention and the reason for this is is she mentions that the actual biggest way that these scammers are getting into cards is getting into phones, for example, and using weak passwords right? So it all starts with the phone. Someone gets ahold of that phone.
You know there’s possibility that they can break in if they know those passwords so you’re going to need to take a look at that. Make sure that you have secure passwords on your devices. The other thing was one of the big techniques that scammers use is phishing, so that’s when they call you or I a scammer calls you and pretends to be a bank or the IRS or someone. It starts to kind of fish out your information from you, so that you provide them with your credit card information, so you still have to be. You know on the lookout you still have to be on the lookout for these scammers and whatnot. Don’T get totally relaxed because Apple can’t protect you. If you hand, you know over your information, so just take a look at that. So what about the cash back? Is it as great as they’re making it out to be because they kind of made a a big racket about this cash back?
It’S gon na be 3 % cash back on Apple products, 2 % back on anything used, Apple pay for and 1 % back on. Anything you actually use your physical card for now, 2 % I’ll take 2 % and 3 % all day over 0 percent, but its 2 % and 3 %. Really that great. When we kind of get into the details here and I’m gon na show you something so if you’re familiar with credit cards, you know a hard card to beat. Is the city double cash card? It’S 2 % cash back on everything and that’s regardless. If the merchant has Apple pay, so if we were in an Apple store buying an iPhone, what do we use our Apple credit card or our city double cash credit card? If we use the Apple card, we get 3 % back, which is one percent more than what Citi double cash would give back so to go with Apple, then here’s an example why it might still be better to use the city car and forego the extra 1 % from Apple all right, so let’s take a look at this all right, so we’re gon na buy the iPhone.
The first example we’re gonna use the Apple card, so I’m gonna buy it for one thousand three hundred and forty nine dollars. Okay, awesome then, of course, on your iPhone you’re gonna drop that sucker, so you need to get AppleCare on that. So, if I get AppleCare on that through the store, there’s gonna be one hundred and ninety nine dollars. Okay, so that right, there is gonna bring my total on this purchase to one thousand five hundred and forty eight dollars so with this Apple purchase, I’m gonna make that three percent back okay. So that means that I’m going to get, let’s see three percent. I’M gonna get forty six dollars and forty four cents back from Apple on that. Okay. So that’s going to be my three percent back that I’m gonna get so that brings my overall total. If I subtract this right here from my total, that’s going to bring it to one thousand five hundred two dollars and forty four cents and that’s going to be the total that I’m gonna pay for that Apple card. All right.
So, let’s see how that really compares up to the city, double cash, and I’m gonna show you why this is gonna be really interesting. So if we go to the city double cash, what we’re gonna notice, if I buy the same exact phone, one thousand three hundred forty nine dollars and zero cents. Okay, now the interesting thing with this city: double cash is, if you actually do have to opportunity to get this card, you should probably get it, because I’m going to show you exactly why. So in that warranty section, I’m gonna pay, zero dollars and the reason I’m gonna pay zero dollars for this is because I get a two-year warranty from City on this. Now that warranty does cover whatever electronics you, the electronics you’re purchasing.
So I don’t need to buy that Apple care because I’m going to be covered by city’s double cash warranty. So in essence, I’m gonna save 199 dollars on that. So on top of that, I’m gonna get my 2 % back on that purchase. Because, the city double cash, gives you 2 % back alright. So that’s gonna bring my total now on that 2 % back I’m gonna get. Let’S see that’s gonna be cool. $ 26.98 is what I’m gonna get back alright. So if I take that subtract it from my total right here, that’s going to give me, let’s calculate it all out, one thousand one hundred and twenty three dollars and two cents: okay, guys now, if we take both of these and we subtract what those were going To be, let’s see what a savings that is, that is, a total savings of three hundred and seventy nine dollars and 42 cents of savings.
Can you guys see why it would be so important than in this situation, where the Apple card actually isn’t that great of the deal and the city double cash is actually a lot better deal because with the city cash, the perks that I’m getting right. So I’m getting the two percent and I’m also getting the perk of having a full warranty with this all right. So I’m getting the warranty perk with this, so it really doesn’t make this Apple car. Look that appealing, even in the Apple store, where they’re giving me 3 % back. It’S still better for me to go ahead and go with the city double cash, so that I can get that three hundred and seventy nine dollars and savings, because I don’t have to pay for that right. There anymore for the warranty and I get to apply that right back to my savings, so I think Apple during this launch really dropped the ball with this card and making it something extraordinary. There’S no signup bonus, so there’s no draw to really come to this card and I think that’s going to turn off a lot of credit card. Churners people who really you know, sign up for these bonuses and use the cards and whatnot. It’S not going to appeal to these individuals and I think something that they could have at least out. If they didn’t do a sign up cash bonus like moe, the industry does out there.
I think something that would have been really cool is if they would have had an incentive. If you signed up for this card, you could get a discount of some sort, some percentage off on some Apple product, whether that’s you know encouraging to come in and buy a new iPhone 10s. You know and getting 10 % off or 5 % off that. What that would haven’t been good, but there’s no signup bonus to this, and so that’s where I thought they really dropped the ball with this, where they could have done something really unique with this card during its launch to bring more people in one to incentive, more Sales of their services and products, but also to encourage people to sign up for this card – and I don’t want to beat up on the Apple car too much because it does have some positive things about that – and there’s a video right here that talks all about Some of those positive things with this card that they’re doing that’s very unique. That I think is great for the industry.
One thing that I really liked was the payment reminder notifications, so you can stay on track and avoid interest charges. It’s gonna help. People really stay out of debt, and I I’m really excited about that, because that’s one thing that a lot of people stumble with is they just forget to make a payment. So the fact that I can get a push notification right to my phone and it’s right there for me to make those instantaneous payments. I love that I think that’s gonna help. People out another positive with this card is to simplify due dates. So, with this card, it’s gonna be due at the end of every month, so no tricky. You know you know the 23rd of each one. It’S gonna be right at the end of the month and you can also set up weekly and bi-weekly payments so that you can really kind of accelerate the pay down of that interest. And I like this, simplified visual presentation of your interesting of your payments, because I think it’s really gonna help people internalize and visualize what they need to pay off, how much money they’ve actually really spent, how much money of interest are they actually incurring? And it’s kind of like mint when people that use mint, they become a lot more financially responsible, and I think that’s what this Apple credit card has. The potential to do is to help a lot of people become more financially responsible and get out of debt. A lot faster now, one of the other positives to this card is the push notification. So there isn’t a purchase is made you’ll get a push notification also if any unusual charges occur.
You’re gonna get a push notification now why that would be so helpful to me and why I would have loved that a few more ago is one of my cards got hacked into a Visa card got hacked into these people down in Brazil, took about a Thousand dollars – and I didn’t know about it – my business partner actually caught the error in our credit card statement, it was a card that we don’t use. Often we don’t look at, but he saw that these charges had actually occurred. Now I would have never known if I didn’t go back digging into those statements, so it would have been great to actually have my institution, let me know, but visa and my bank, even though the charge was so unusual and it was in Brazil, they did not Notify me about this, I had to go find at my partner how to go, find it in our actual credit card statements. So I really like that any unusual charges and all my purchase notifications are gonna puff right up on my phone right on my screen.
So I can see in monitor and have that security and comfortably of, what’s going on with my credit cards at all times, alright, to wrap all this up. One thing you’ve got to understand about this Apple credit card. Is it’s meant for the mass market? It’S meant to replace you know the credit cards out there that are from crappy banks that don’t really do anything for the consumers. That’S who this card’s meant for this card, like you know the Apple computers and all their other devices, aren’t built for or not meant for any specialized subcategory group right, they’re, not for some special tests or credit card churners. That’S not who this card’s for this card is meant to replace crappy credit cards in the market and to be beneficial to the consumer. That’S who this cards for so, if you’re, serious credit card churner, don’t even go for this card. It’S probably not even worth the credit card inquiry because the rewards aren’t there.
But if you’re just you know a regular person out there and you just want to replace your other bank card – that’s not giving you much back at all. You might want to get this card. I think it’s a really great idea, and I think it’s gonna help you pay down that interest a lot faster and the cards are really going to be a Bennett for for people who already are inside the Apple ecosystem, already have things synced up with Apple And really enjoy that simplified. You know kind of unified use within the Apple ecosystem, thanks for watching guys, make sure to subscribe down below and while you’re here take a look at all of our other article on the web. They’Re really helpful videos that I believe can help you guys make sure to read this article right here if you’re interested in that Apple card, where I talk about a lot of the benefits of that card and who it’s actually good for thanks for reading guys see You later.