The Apple card was introduced in August 2019. Since then, it has created a buzz in the financial market. The Apple credit card has a range of promising features, and one of the most attractive components of the card is the excellent rewards plan that entails the Apple card.
Users reportedly have had a mostly good experience, so the user base increased. There are quite a few features of the Apple Credit Card that are sure to draw you in. However, there are certain disadvantages to the Apple card as well. We will examine both the good and bad.
| Benefits and Drawbacks of Apple Credit Card |
| Benefits of Apple Credit Card | Drawback of Apple Credit Card |
| Applying for the Card is Easy | Not available to customers outside the United States |
| Excellent Awards Programme | Limits you to your Apple iPhone |
| Low Interest on Apple Purchases | Purchasing options are limited |
| No Fee Charge | Lack of perks |
| Offers Daily Cashback | Not always applicable for use |
| User Friendly App | |
| Physical Titanium Card | |
| One Card for One User |
Advantages of Apple Credit Card:
- Applying for the Card is Easy.
If you want to apply for the Apple Credit Card, you do not have to file any lengthy applications for it. Simply download the Apple Pay App, and apply for the Apple Credit Card. After you fill out the brief application, you may be asked to verify your identity. You will be presented with the interest rate, your credit limit, fees, etc., if you are approved.
- Excellent Awards Programme.
The Apple Credit Card offers fantastic cashback opportunities. For all purchases made on Apple products, you get 3% cashback. If you use the card to pay through Apple Pay, you get 2% cashback, and for the rest of other purchases, you are guaranteed 1% cashback. This is a win-win situation as the consumer gets some money, and the company accrues loyalty.
- Low Interest on Apple Purchases.
One of the most interesting features of the Apple Credit Card is that Apple charges you very low interest if you use the card to purchase Apple products. This is to ensure that people can buy more Apple products on credit without worrying about paying back large amounts of interest over time. The annual percentage rate of the card, based on the credit score, is between 10.99% and 23.99%.
- No Fee Charge.
Most banks charge an annual fee for possessing credit cards. However, with the Apple Credit Card, you do not have to worry about this. Apple does not charge any fee for owning the Apple card. The incentive of no fee charge is also offered by other credit card companies, but from Apple this does make the Apple Credit Card more attractive.
- Offers Daily Cashback.
Apple offers you the opportunity to get back a percentage of the amount you gave to purchase an Apple product. You receive cashback on a daily basis. This money is added to your Apple Wallet. The Apple Credit Card Monthly Installments offer 3% cashback on a daily basis on the price of a new iPhone, which includes all taxes and shipping costs.
- User Friendly App.
The Apple Pay is reportedly a very easy app to navigate for users. The Wallet is ingrained in the app, which is also where your money and all the cashback that you receive is stored. The simple user interface on the Apple Pay App makes it all the more viable for larger bases.
- Physical Titanium Card.
The sleek Apple Card is apparently made of titanium, and comes with your name on it and an array of features. The card comes with a magstripe and an in-built chip on the back of the card. Apple takes it a step further– unlike other credit cards, Apple does not put the expiration date, card number, a CVV or signature space on the card. Therefore, the card is more secure than other credit cards.
- One Card for One User:
The Apple Credit Card cannot be shared by multiple users. Your Apple Card is your own, all rewards and incentives that you receive will belong to you. You do not have to share the card or contents with anyone else.
Disadvantages of Apple Credit Card:
- Not available to customers outside the United States.
If you want to apply for the Apple Credit Card and you are not living in the US, think again. Apple has released the Apple Credit Card to the US customer base only. There are plans to expand this, but it isn’t any time soon.
- Limits you to your Apple iPhone.
The Apple Card is quite limiting in the way that you are tied to your iPhone. You can only access the app through your iPhone, which is not available on Android or any other devices. You also need to have an iPhone 6 and above to avail the app and card facilities.
- Purchasing options are limited.
If you read the print, you will see that most of the cashback that you get is mostly on Apple products that you purchase. Other credit cards offer up to 5% cashback on all purchases on a quarterly basis, which is more than the 1% cashback you get on the Apple Card.
- You will be charged with a late fee.
Apple boasts of its no annual fee policy. However, that does not mean there are no fees at all. Apple reserves the right to charge you with an amount if you are late in paying a fee. The additional interest accumulates until you pay off that late payment.
- Not always applicable for use.
The problem with the Apple Credit Card and Apple Pay is that it is relatively new — Apple Pay was introduced in 2014, but the card was released to the market in late 2019. This means that there are many places that are unacquainted with, and will not accept the Apple Credit Card.
While the Apple Credit Card has some strong, charming features, it is also teeming with a number of drawbacks. The heavy reliance on an iPhone and the very exclusivity of the application can be very off putting. However, the Apple Card supersedes all other credit cards in terms of security.
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Business, marketing, and blogging – these three words describe me the best. I am the founder of Burban Branding and Media, and a self-taught marketer with 10 years of experience. My passion lies in helping startups enhance their business through marketing, HR, leadership, and finance. I am on a mission to assist businesses in achieving their goals.