Among the TV shows, magazines, and games services unveiled at Apples Show time event was a surprise entry into a category that couldnt be further outside Apples wheelhouse: a credit card. Dubbed Apple Card, its not a traditional plastic credit card that gives you points on things you buy. Rather, its a whole new way to shop online and offline. Heres everything you need to know about it.
Updated 8/13/19 with information on how to pay your Apple Card bill if your iPhone is unavailable.
The Apple Card is an Apple-branded credit card from MasterCard. Unlike the current Barclaycard Visa with Apple Rewards, which is a partner card, the Apple Card is owned and operated by Apple.
Apple says the Apple Card will be available in August.
With your iPhone, of course. Applications go through Apple Pay in the Wallet app, which means youll probably be periodically bothered to apply if you dont already have one.
You must be 18 or older and a U.S. citizen or lawful resident to apply.
The wallet.apple.com site has instructions for how to sign up, including a video.
1. Open the Wallet app on your iPhone.
2. Tap the (+) button in the upper-right.
3. Select Apple Card.
4. Fill in your info: name, date of birth, email, and phone number.
5. Youll be presented with a screen showing your credit limit and interest rate. Tap Accept.
To apply on your iPad, go to Settings > Wallet & Apple Pay.
Thats right. The card information is stored in the Wallet app, and you need an iPhone to get it.
Probably. Any iPhone that supports Apple Pay and the Wallet app will work, so unless you have an iPhone 5s, youre good.
You cant download the Wallet app on the iPad, so theres no way to apply, and it doesnt have NFC so you cant use it in stores. You will be able to use it for Apple Store app and online Apple Pay if you sign up on your iPhone, however.
Apple is also offering a laser-etched titanium card for those times when Apple Pay isnt available. In true Apple fashion, the card is minimal and gorgeous, with no numbers, expiration date, or CVV code to muck it up.
Youll find that information in the Wallet app.
Apple will provide a button in the Wallet app so you can freeze your card and order a new one.
Apple has partnered with Goldman Sachs. Of note, this is the banks first consumer credit card.
Apple says approval takes minutes, so the whole process probably takes about as long as it would when applying for a store card.
Since all of your card information is stored on your phone, youll be able to start using your new card as soon as youre approved.
Just like you would with any other card. When you buy something at a store that accepts Apple Pay youll be able to hold your phone near the contactless reader or double-click the home or power button (depending on your iPhone model) to quickly bring up the pay screen, and authenticate using Touch ID or Face ID.
Of course. Since its a regular credit card, itll work the same way as any other card.
Since youll have a standard number, expiration date, and CVV in the Wallet app, youll just need to input that information in the payment page for whatever bill you want to add.
Apple didnt mention anything about sign-up bonuses during the Apple Card announcement, but that doesnt mean there wont be sporadic offers to entice new users.
Yup! The primary reward is a daily cash back program that Apple calls Daily Cash. Rather than a complicated points system, it simply pays you cash back for every purchase you make.
Because the Apple Card is a MasterCard, it also carries many of the other benefits common to MasterCards. This includes free fraud and identity theft protection, two-day shipping from brick-and-mortar stores through ShopRunner, travel booking services, and more. For a complete list, look at this MasterCard page.
The Apple Card will pay you 3 percent back on Apple Store purchases and iTunes downloads, and 2 percent back on all other purchases made using Apple Pay. When you use the physical Apple Card, however, youll only get 1 percent back.
Nope, Apple doesnt set a ceiling on how much Daily Cash you can earn, but the amount you earn is based on how much you spend, and there is a limit on that.
Thats why its called Daily Cash. Instead of waiting a month or a year to get a rewards check, anything youve earned will be automatically deposited into your Wallet in the form of an Apple Pay Cash card. From there, youll be able to transfer it to your bank account, send money to a friend, or just use it to buy something at any store that accepts Apple Pay.
Thats not entirely clear yet, but presumably Apple will either charge your card the amount that needs to be reversed or deduct it from your Daily Cash balance.
Everything that you need to see will be right inside the Wallet app, including payment due date, transaction and payment histories, and spending analyzers. Apple will also color-code spending categories so its easy to spot trends in your spending. ... See a lot of orange? Thats things like lunch and coffee. Green? Must be those tickets to Miami.
Again, nope. Apple says there are no fees at all for the Apple Card, even if you accidentally go over your spending limit.
Apple boasted that their interest rates are among the lowest in the industry, but theyre not exactly friendly. On the Apple Card site, Apple says the variable APRs range from 12.99 to 23.99 percent as of August 2, 2019. Thats slightly lower than the originally announced rates of 13.24 to 24.24 percent.
We dont know what Apples terms for cash advances will be, but generally they carry extremely high interest rates.
Instead of a flexible due date, Apple is making all card payments due on the last day of the month, regardless of when you applied.
Apple has the details on how to pay your Apple Card bill, but it doesnt say how you can pay if you dont have access to your iPhone because its lost or stolen. According to a BuzzFeed report, you have two options:
Pay by using another iOS device (like an iPad) to access the Wallet app.
Contact Apple Support, where you will be connected to an Apple Card specialist at Goldman Sachs, and you can make a payment over the phone. You will have to provide your full name, date of birth, last four digits of your Social Security number, and the phone number associated with your account.
Apple or Goldman Sachs does not offer a website or mobile app that lets you make payments on an Apple Card account.
Since there arent any late fees, it isnt clear how Apple will be applying interest changes to your bill. Credit cards are required to offer at least 21 days between when your bill arrives and its due, but since there will presumably be no paper statements with the Apple Card, well have to wait to see the final terms and conditions.
Youll make payments inside the Wallet app using a Pay button.
Yes, in addition to standard monthly payments, Apple will also let you set up weekly or biweekly payments to match when you get paid.
Before you submit your payment, Apple will show a smart payment suggestion wheel that lets you know how much interest will accrue based on how much you pay.
For new customers, yes. Apple is ending this particular promotion with Barclaycard, though the company does still promote the financing of Apple products through a regular Barclaycard Financing Visa. And if you already have a Barclaycard Visa with Apple Rewards, you can still earn points and redeem them for Apple rewards.
Apple says transaction history and spending summaries are all generated on your iPhone, so Apple wont be able to see any of your card data.
Since theyre the ones lending you money and securing each transaction, Goldman Sachs will have a record of every purchase and payment you make with your Apple Card.
Apple says Goldman Sachs has agreed to never share or sell your data to third parties for marketing or advertising.
Apple has baked Apple Card support right into Messages via Business Chat. Instead of calling an automated service, however, youll simply send a text and a person will respond 24 hours a day, seven days a week.