Is The New Apple Card Perfect For You? - mhpllclaw
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Is The New Apple Card Perfect For You?

Apple has launched its first credit card, called the Apple Card, in partnership with the finance company, Goldman Sachs. The Apple Card’s convenient features work best with the iPhone six or later models. A lot of people expressed an interest in the card, so I decided to apply for one. Here’s what you should know.

How to Apply

You can apply for one on your computer at apple.com or directly in the wallet app on your iPhone itself. The application process is very short and if you’re approved, you will have instant access to the card in your wallet. To get an Apple Card, you have to be 18 years old or older and a lawful US resident with a US address. You have the option to request a physical card or not.

How to Use the Card

To use the account without the physical card, if you’re making a purchase with a merchant that uses Apple Pay, you can tap your phone on the card reader and make a payment. If you’re making an online purchase or a purchase by phone, you can give the merchant the card number and they can process the charge without a physical card. If you choose to get a physical card, then Apple will send that to you. It took about five days for me to get my physical card. It comes in a folder with the little Apple logo on the front. When when you open it, it has the physical card inside, and the card itself only has your name, the Apple logo, and the chip on it on the front. On the back is a magnetic strip, the MasterCard logo and Goldman Sachs, which is the financing company behind the Apple Card itself.

Fees and Interest to be Aware Of

The card terms themselves are pretty good. There is no annual fee. There are no late fees or over-limit fees and the interest rate ranges from 12.99 to 23.99% based on your credit. Apple says it is good for international use, but some merchants in other countries require a pin to use a credit card and Apple doesn’t have that pin support yet. The credit limit on the card will be based on your credit score and there is currently no option for authorized users or joint

accounts so it’s one person, one account. The Apple card also offers cashback options based on your purchases. 3% cashback on Apple products and services, 2% on other purchases made using Apple Pay and 1% on all other purchases. The cashback is usually credited on the next day. If you return a purchase, the cashback associated with that purchase will be reversed as well.

Other Benefits You Should Know

Your phone will also receive an instant notification when a purchase is made. The card also offers benefits available to MasterCard holders such as fraud protection, identity theft protection, and a free ShopRunner membership that offers free two-day shipping with some websites. As part of its wallet app, Apple creates a unique card number on the iPhone for Apple Card that’s stored in the secure element. All payments are confirmed with face ID or touch ID along with a one-time unique dynamic security code. So Apple doesn’t know the details of the purchase like where the person shopped or how much they spent using the card. Goldman Sachs, which is Apple’s partner in the Apple Card, can see data for internal reporting purposes, but it cannot be used for external or internal marketing or advertising. And the same goes for any regulatory or operational third party partner.

Payments and Transactions

If you make payments on your account using the bank account you link to your card or by using Apple Cash, you won’t receive paper statements, but you can download a PDF of your monthly statement from the wallet app. When you access your card in the wallet, it shows you your next payment due date, your total balance, your next payment due date and your transactions. The

transactions are color-coded by category and if you’re unfamiliar with the transaction you can tap on it and a map will show of where the purchase was made. The data on your transactions can’t be exported to other applications like Quicken or Mint yet.

The Apple Card also lets you schedule payments on a weekly, biweekly, or monthly basis. There is 24/7 support for the Apple Card is through the messages app on your phone. Apple’s website also has a number of videos showing you how to use the features on the card itself. If you have any questions, send us an email at info@mhpllclaw.com.

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