The Apple Card is a good credit card for people who make a lot of purchases with Apple Pay, and it’s easily worthwhile given its rewards and $0 annual fee. Apple purchases made with the card via Apple Pay yield 3% cash back, while other Apple Pay charges provide 2% back. Those cash back rewards are doled out the same day you make a qualifying purchase, and they can be redeemed for Apple Pay purchases, put toward the account balance, or messaged to friends and family.
If you do not regularly use Apple Pay, or you don’t have the
good or excellent credit needed to qualify, this card is not for you. Cardholders will receive just 1% cash back on non-Apple Pay purchases, which is pretty much average for a rewards card. Its regular APR range is similarly unspectacular.
What I Like About the Apple Credit Card
No Fees
The Apple Card has no annual fee, no foreign transaction fee, and no late fee. The average credit card charges a
$25.22 annual fee, a
1.57% foreign fee and a late fee of up to
$33.68, according to
WalletHub’s Credit Card Landscape Report. So, if you want to avoid fixed costs and save money compared to the crowd, the Apple Card is a good fit.
Strong Apple Pay Rewards
The Apple Card is most rewarding when used in combination with Apple Pay. Cardholders earn 3% back when buying Apple products using Apple Pay. Other Apple Pay purchases earn cardholders 2% back. Those reward rates are about 2-3 times higher than average, according to WalletHub research.
Interest-Free Financing Options
The card offers an introductory rate of
0% for 6 - 24 months on new Apple purchases (terms apply). You can pay off these purchases with 6, 12 or 24 equal monthly installments. This type of arrangement enables you to avoid interest charges entirely, and for a fairly long time at that, but you can only use it to buy a limited selection of items. You can also find
0% introductory APR offers from other cards that last just as long and give you more flexibility.
What I Don’t Like About the Apple Credit Card
Average Physical-Card Rewards
Apple Card purchases made with the physical credit card, rather than via Apple Pay, earn just 1% back. That’s only so-so.
The average cash rewards card gives
1.17% back on all purchases, according to
WalletHub data. In contrast, the
best rewards credit cards offer the equivalent of at least 2% back on all purchases. In other words, using a different card for non-Apple Pay purchases can really pay off.
High Regular APR
Apple previously said its “goal is to provide interest rates that are among the lowest in the industry.” However, it has a regular APR of
18.24% to 28.49% (V), which is unfavorable compared to the
average APR on a credit card offer right now:
22.73%.
It’s best to pay your bill in full every month if you decide to get the Apple Card. That will prevent interest charges from sprouting up.
High Credit Score Requirement
The Apple Card requires good or excellent credit for approval. Our research indicates that such a requirement means you likely need a credit score of 700 or higher to have good odds of success. You can
get your free credit score here on WalletHub if you’re not sure where you stand.
Finally, it’s worth noting that the Apple Mastercard from Goldman Sachs is not the first Apple credit card to hit the market. Previously, there was a Barclays card offering rewards on Apple purchases, as well as an iTunes Credit Card, but they have been discontinued. If you’re still interested in alternatives, you can check out our editors’ picks for the
best credit cards for shopping.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
