31 Mar Apple Credit Card
Apple recently announced that later this summer you will be able to apply for an Apple Card. This new credit card has many features that make it very desirable and I am sure that many of those will be replicated by others in the very competitive credit card market. Uniquely, the Apple Card is designed primarily to be used with your iPhone or Apple Watch. Apple also showed the new sleek physical card that could become the latest status symbol. With just a chip and your name etched in a titanium card, I bet there will be plenty of folks flashing that card. It will be available this summer and you will be able to apply right from the wallet app on your iPhone. The card has no annual fee which is not new for credit cards but some of the other features are new and will change the credit card scene. Many cards give you rewards ranging from 1 or 2% of your purchases. Some even make redemptions of those rewards automatic but Apple went one step further and makes it daily cash. So, you get 2% every time you use Apple Card with Apple Pay and 3% when you buy from Apple. If you use the physical card you get 1%. You get these credits immediately as a credit to your account. There are no penalties for missing a payment, although interest would accumulate, no international fees and no over-limit fees. To help you make informed choices, Apple Card shows a range of payment options and calculates the interest cost on different payment amounts in real time. As a way to pay less interest, Apple Card will also suggest paying a bit more every month and offers the flexibility to schedule more frequent payments. The card is issued in conjunction with Goldman Sachs which is their first foray into the credit card market. While my current card provides me with much of what the Apple Card will provide and, frankly, better rewards, I still want one of those cool titanium cards.