Apple and Goldman Sachs have finally done it! The Apple credit card is officially open to new applicants. The full details are outlined below.
Credit Card Summary
So long as you have an iPhone 6 or later, you can apply directly inside of the Apple Pay app. The physical card itself will come later, but you can use the card through Apple Pay immediately. Before going through with a hard pull, the card will give you an “offer” as to what your credit limit would be if you are approved. This is neat as it avoids a hard inquiry if you would not be approved. Once approved, unfortunately there is no sign up bonus.
The reward categories at launch are as follows:
- 3%: Purchases directly from Apple
- 2%: Apple Pay Purchases
- 1%: Every other purchase (including using the physical card).
The rewards are given to out as reward dollars. The reward dollars are given out at the end of the day, and you can use them immediately.
For Apple fans out there who use Apple Pay already, this is a great way to earn 2%+ on your purchases. Apple has stated that going forward, they will partner with more companies to offer some sort of reward scheme there; so we will see what becomes of that. However, it is a little bit of a bummer that using the physical card itself will only get you 1% back in rewards.
In my opinion, without contactless being the standard way to pay in the US yet, and with many places not supporting it, you may be better off with a standard 2% cashback card. That way you would be earning 2% back on each and every one of your purchases. It will be interesting to see what Apple has planned up their sleeve in regard to potential partnerships though. We’ll keep you updated on that front.
What do you think about the Apple Credit card? Have you signed up for the card yet? Let us know in the comments down below.