The Apple Credit Card Is Surprisingly Awesome with Solid Cash Back Rate & Financial Planning

Earlier today, Apple made a game changing announcement for the credit card industry. While it has been speculated about for years, Apple finally unveiled its intent to become a credit card company with the introduction of Apple Card. In addition to removing most of the sources of traditional credit card service revenue such as late fees, annual fees, and over limit fees to name a few, Apple also promised not to track payments or sell card activities to third parties. Although there will be a physical card available, this is clearly a card that is meant to be iPhone first. Users will apply for and be approved for the card via their iPhone, use it with Apple Pay, and even contact customer service via Messages. Apple is partnering with Goldman Sachs as the bank of record.

Apple Card Rewards – Daily Cash

Another game changer is the immediacy of reward payments, 2 percent of payments made via your phone and 3 percent on Apple product and software purchases. Not only is the cash back offer extremely competitive with similar cards, but it's also available immediately. Instead of waiting for an aggregated reward at the end of the month, Apple Card will add the reward to your Apple Card immediately upon purchase, hence the name Daily Cash. Daily Cash will be tallied along with all your itemized Apple Card purchases in the Apple Wallet app. 

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Finance Tracking

Apple promised that the Apple Card will help consumers live a healthier financial life and provides options to help people keep an eye on Apple Card use. The Wallet app will help users keep track of Apple Card purchase histories (and relevant locations shown on Apple Maps), spending categories, and card balances. It will also provide a quick way to send family and friends instant e-cash via the Apple Messages app or even call upon Apple Card customer service for immediate payment or service inquiries.

Use Apple Card without Apple Pay

For those businesses that still have yet to support Apple Pay tap-to-pay services using an iPhone or Apple Watch, Apple is providing a beautiful titanium, laser-etched physical Apple Card with a built-in security chip. The Apple logo and name of the credit card user are the only printed items on the front of the card. No credit card numbers, CVV code or expiration date clutter the card or put your uniquely assigned credit card number at risk. Note that purchases made with the physical Apple Card will only qualify for one percent Daily Cash rewards, so encourage your favorite vendors still tied to traditional credit card systems to upgrade to the 21st century.

Apple will offer its Card to iPhone Wallet users some time this summer.
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Mike Riley's picture

Mike Riley is a frequent contributor to several technical publications and specializes in emerging technologies and new development trends. Mike was previously employed by RR Donnelley as the company’s Chief Scientist, responsible for determining innovative technical approaches to improve the company’s internal and external content services. Mike also co-hosted Computer Connection, a technology enthusiast show broadcast on Tribune Media's CLTV.