I received an invite to apply for the card during the preview time period and jumped at the opportunity to see if the “ day by day Cash, ” rewards, no fees and integration with the Apple Wallet app are actually worth the ballyhoo. The Apple Card already has appeal for fans of the brand, offering 3 % cash back on goods or services purchased directly from Apple ( including Apple retail stores, the Apple on-line store, the App Store, iTunes, Apple Music and other Apple-owned properties ), on Uber and UberEats, at Walgreens and Duane Reade stores, on the Walgreens app, on walgreens.com and at T-mobile stores, 2 % cash spinal column on Apple Pay purchases and 1 % cash spinal column on all other purchases. Cash second is referred to as “ casual Cash, ” and it is mechanically deposited into your Apple Cash card daily. There are no fees associated with this card, and it comes with a bunch of fiscal health tools that show users precisely how much they will owe in interest if they carry a counterweight. Below, I break down what I learned from using the Apple Card for a workweek in New York City .
The application process is quick
The application action was very flying, with most details — name, date of birth, e-mail, earphone number and address — auto-filled from my iCloud explanation. I was required to enter annual income and the last four digits of my social security number to complete the application. I was surprised when I did n’t have to include my monthly housing expenses or employment data. A ship’s company spokesperson declined to specify the credit grade needed to qualify for a batting order. The Apple Card is designed for a scope of customers and was created with the iPhone exploiter in judgment. I was approved in a matter of seconds with a 755 FICO sexual conquest from Equifax. After approval, I was prompted to review the credit limit, APR and fees I qualified for before selecting “ Accept Apple Card ” or “ No Thanks ” ( which declines the wag ). After I accepted, the card was added to my Wallet app, and I was able to start using it for Apple Pay and on-line transactions .
Less is more, a minimalist card design is the way to go
All approved applicants have the option to request a physical card, which is delivered within six to eight days ( my card came in five days ). I received a notification when my batting order shipped via FedEx and was able to track its progress through the Wallet app. I was besides notified when my tease was delivered. I have n’t seen real-time tracking for any of the eight credit rating cards I carry, so this was a dainty feature. The Apple Card is made of titanium, and feels perceptibly unlike from the majority of cards made of formative. The wag has a flat finish and is completely white with equitable the chip, your diagnose and the Apple logo etched on the battlefront. The bet on of the calling card only has the Mastercard and Goldman Sachs son, plus the magstripe. There is no tap-and-go feature available with the forcible Apple Card, which is reasonably surprise because many other issuers are rolling out this feature. This is another reason ( along with the higher cash-back rate ) why wag users are more probable to pay with Apple Pay. This slick design is one of the add features that may sway consumers to apply for the card. In fact, a late survey from CompareCards found that 38 % of cardholders said they ‘d be more likely to choose one batting order over another because of the substantial it is made of. And, that count spikes to 53 % for millennials. While I was impressed by the streamlined design, fiscal advisors would never recommend that you base your credit rating calling card selection off the material of a poster .
Quick card activation
The activation process for the Apple Card is what you ‘d expect from the advanced company — childlike and quick. I barely had to unlock my iPhone and hold it over the calling card and box. I was prompted to “ Activate ” my Apple Card, and then I was able to use it right off. Apple Card promotion with energizing instructions. Alexandria White | CNBC
‘Daily Cash’ isn’t daily
Apple has been marketing the unique “ daily Cash ” have of the rewards program, but I discovered that cash back is n’t very casual. You have to wait for a transaction to post to your report before you receive daily cash. A buy can be pending for a few days, so there ‘s a delay on when you receive cash binding. While this makes sense, it ‘s a bit deceiving to say “ daily. ” But you do receive cash back quicker than other rewards cards that typically take one bill bicycle to award cash back. The inaugural transaction I did with my digital Apple Card was a $ 10 recharge to my Starbucks poster, paid using Apple Pay on my iPhone. This transaction was done at 10:25 post meridiem and posted the following day. I did n’t receive cash back the same nox I completed the transaction.
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once the $ 10 transaction posted, I was notified that I accrued 20 cents cash back ( I earned 2 % on my leverage since it was an apple Pay transaction ). I mechanically received the 20 cents in my Apple Cash menu, which I was able to use right away in a number of ways : as a argument credit to my Apple Card proportion, spent like cash through Apple Pay, transferred to a bank account or sent to friends via iMessage. If you do n’t have an active agent Apple Cash card, you can easily set up Apple Cash or your cash back will accrue in your Apple Card score, and you can manually redeem it through the Wallet app .
Apple Pay isn’t accepted everywhere
While Apple Pay is roughly accepted at 70 % of merchants, according to a company spokesperson, odds are you ‘ll run into issues trying to pay with lone your digital Apple Card. I encountered several instances where Apple Pay was n’t an choice just within the beginning day of using my tease in New York City. And, if I had an issue in one of the world ‘s biggest cities, chances are cardholders in smaller cities will have more worry using Apple Pay. Merchants that posed an issue included a batting order shop and a restaurant. In these cases, I had to use a different, physical credit card to pay since I did n’t have my forcible Apple Card so far. After receiving my Apple Card in the chain mail, I was able to use it in situations where Apple Pay is n’t accepted. But since the physical card only earns 1 % cash second, I opted to use one of my other cards that offers better rewards rates .
Earn the highest cash-back rate on Apple purchases
Odds are you ‘re a fan of Apple ‘s products if you apply for the Apple Card, and with this menu you can earn 3 % cash binding on goods or services purchased directly from Apple. There is no other card on the market that offers more outright cash bet on on Apple purchases. Apple products cost a reasonably penny, so earning a generous come of cash back is a great way to offset the monetary value of purchasing AirPods or an iPhone. I ‘m looking to purchase a newly Macbook Air late this year, which starts at $ 1,099, and I would earn at least $ 33 cash back if I buy through the Apple store, which is more than I ‘d earn from any other rewards batting order. Update: Since launch, Apple continues to add newfangled merchants that offer 3 % cash back when you use your Apple Card via Apple Pay. New additions include : Uber and UberEats, Walgreens and Duane Reade stores, on the Walgreens app and on walgreens.com and at T-Mobile stores .
The Apple Card has clean benefits for loyal fans of the brand and people who spend a fortune on goods and services immediately from Apple. You ca n’t beat earning unlimited 3 % cash back on those transactions. And, if you ‘re person who occasionally misses a payment or travels outside the U.S., the card ‘s lack of fees can add up to bad savings. however, if you ‘re looking for an everyday card, you may be better off with a flat-rate cash-back tease like the Citi® Double Cash Card, which earns 2 % cash back : 1 % cash back when you buy, plus an extra 1 % as you pay for purchases. Don’t miss: The Apple Card launches to select users today—here’s everything you need to know Like this story? Subscribe to CNBC Make It on YouTube!