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What makes the Apple credit card special?

What makes the Apple credit card special?
Image source: Getty Images


Back in August 2019, Apple made clear its intention to be a key player in the digital payment space by launching its credit card, the Apple Card. Though the Apple Card is currently not available in the UK, this has not stopped it from generating a lot of buzz across the banking and payments industry.

So, what exactly makes this credit card from Apple special? Let’s find out.

What is the Apple Card?

Powered by Goldman Sachs and MasterCard, the Apple Card is a one-of-a-kind credit card from Apple that is linked to Apple Pay and built into the Apple Wallet app on iPhone. According to Apple, the card is designed to help customers lead “a healthier financial life”.

The digital version of the card can be used anywhere in the world where Apple Pay is accepted. However, users can also order a physical card for use where Apple Pay is not supported and any place MasterCard works.

Because it’s built into the Apple Wallet, signing up for the card is simple. Just open the Apple Wallet app on your iPhone, click on the Apple Card interface, follow a set of activation steps, including filling out a couple of personal details, and then wait for approval.

The whole process takes just a few minutes. Once approved, you can start using the card straight away for digital transactions. If you also want a physical card, Apple will ship one to you in a few working days.

When is the Apple Card coming to the UK?

At the moment, Apple has not announced any plans to bring the Apple Card to the UK.

However, according to a report by Patently Apple, the company has already filed applications to trademark the Apple Card in Europe, so a launch in the UK might just be in the horizon. But we’ll have to wait and see.

What’s special about the Apple Card?

If you’re a regular credit card user, you might be wondering whether the Apple Card is worth all the hype.

Well, as it turns out, it just might be. The Apple Card has a few compelling features that make it truly stand out.

These include:

Daily Cash

The Apple Card has an unlimited reward scheme known as Daily Cash that’s available to all users. With this scheme, you get cashback for any transactions you make using the card.

The amount of cashback depends on where you use the card. For example you get:

  • 3% cashback on purchases made at Apple stores or services (and at other select merchants including Nike, Uber and Uber Eats)
  • 2% cashback on all purchases made using Apple Pay
  • 1% cashback on all purchases made using the physical Apple Card

The cash back rewards are paid out daily. You don’t have to wait for months to accrue a minimum amount of points to be able to redeem them as is common with many other cards.

Anything earned is added to your Apple Card daily to use as you please. If you have not signed up for Apple Cash, you’ll still get your rewards but on a monthly basis as a credit balance.

No fees

The Apple Card boasts of zero common fees. That means no annual fees, over-the-limit fees, foreign-transaction fees or late fees. There are also no penalty rates with the Apple Card.

Flexible payments

The Apple Card offers the flexibility to schedule your payments in multiple ways. For example, you can schedule payments weekly and fortnightly instead of just monthly. This will help you cut down on overall interest charges. There’s also an option to make one-time payments if required.

The Apple Card additionally has a feature that shows you a range of payment options and a calculation of the interest cost on different amounts of payment in real time.

Other features

as if that wasn’t enough, the card also includes:

  • A unique spending tracking feature
  • Instant notifications for purchases (which can help you recognise unusual transactions)
  • Partnership with MasterCard that offers benefits typically available to holders of MasterCard including identity theft and fraud protection
  • A high level of privacy and security (Touch ID and Face ID biometrics and no card number, security code, expiration date or signature on the physical card)

Takeaway

The Apple Card comes with several special features and perks that will undoubtedly be popular with fans of the Apple brand, especially those already familiar with Apple Pay. 

We don’t exactly when the Apple Card will come to the UK. if you simply can’t wait, you might be able to find some good alternatives on our list of the best rewards credit cards

Looking for a new credit card?

Great credit card offers are out there — you just need to know where to look! If you’re after the top offers on the market, a great place to start is our list of the top credit cards.

Click here to see MyWalletHero's top credit card picks for October 2020.


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