Is Apple’s Upcoming Credit Card Worth Adding to Your Wallet?

In recent years, the always-hyped Apple product presentations have been a bit hit or miss. While this week’s installment earned mixed review, the element that consumed all of my attention was the announcement of Apple Card — a new credit card the company is launching with Goldman Sachs. I had actually seen rumors that such an offering was in the works but, it is now official. So now comes the big question: is Apple Card going to be a credit card worth having?

What Apple Card Will Offer

Let’s start with the basics, including what makes Apple Card different from nearly any other credit product. Apple proclaims that this is the first credit card designed for iPhone, which is evident in many aspects of the card. For example, it seems that users will be able to apply for Apple Card through the Wallet app and, if approved, will be able to immediately use it for Apple Pay purchases. Wallet will also serve as the hub for all things Apple Card, as it will offer tools for understanding your spending along with more basic features such as viewing your current balance.

Another unique aspect of Apple Card is Daily Cash. Instead of paying out cashback on a monthly basis like most rewards cards, users will receive the cash back they’ve earned on daily basis and can use it via Apple Pay. What’s more, cardholders will earn 2% Daily Cash on all purchases made with Apple Pay and 3% Daily Cash when shopping at the Apple Store,, iTunes or the App Store.

Since not everywhere takes Apple Pay just yet, Apple Card also comes with a physical card. However, in true Apple form, the titanium card is as much of a fashion statement as it is a payment tool. Also of note is that the card is without an actual number on display, but you can generate a virtual card number in the Wallet app.

Finally, I should point out that Apple Card will bear no annual fee. Moreover Apple is boasting a long list of fees they won’t charge, including cash advance fees, over-limit fees, late fees, etc. On top of that, the company says “our goal with Apple Card is to provide interest rates that are among the lowest in the industry,” and will show cardholders how much they’ll be paying in interest when they select how much of their balance they’d like to pay off in a given month.

My Thoughts on Apple Card

There are many elements of Apple Card that make it a tempting proposition. Beyond the sexy titanium card, earning 2% on Apple Pay purchases is pretty strong, while 1% back on everything else is fairly standard. However one notably absent feature is any sort of sign-up bonus. That said, if you have a large Apple purchase in your near future, I could make an argument that the 3% cash back you’ll earn on such a buy could almost be seen as an initial bonus since this would surely add up to a hefty sum. Speaking of cash back, I definitely think that the Daily Cash concept is solid in principle, although I’m not sure how often I’d actually tap my funds. As for the financial health elements, as much as I support the intent, it’s hard to say how helpful they’ll be without getting to try them out first-hand.

With all that said, my final verdict is that the Apple Card seems like it will at least be a decent option for those who don’t already have a rewards credit card. It also gains major points if you plan on making a large Apple purchase any time soon. As for those already armed with rewards cards, that latter point also applies but I’d say the trick is to list to areas where the Apple Card would fit into your current rewards line-up. For me, the 2% on Apple Pay purchases would be a win at places like Target or Walgreens but my Uber Visa would still be victorious at restaurants. Also, with no annual fee, there’s honestly little harm in giving it a shot. Because of this, I am at least considering applying for the Apple Card when it arrives this summer — if for no other reason than I want to give it a full review. 😉


Kyle Burbank

Kyle is a freelance writer and author whose first book, "The E-Ticket Life" is now available on Amazon. In addition to his weekly "Money at 30" column on Dyer News, he is also the editorial director and a writer for the Disney fan site and the founder of

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Basing on your its features, it can be a great addition to my credit cards but looking forward on your full review when its finally out.

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