3 Reasons Why Apple Credit Card is Best
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Introduction on Apple Credit Card
Apple’s credit card was launched a couple of years ago and it’s quite popular. This is a no annual fee and no hassle card primarily targeted at Apple’s customer base. Apple card uses MasterCard as their global payment network so you can use it all over the world. Goldman Sachs is the issuing bank for Apple Credit Card.
This card claims to be the only titanium card currently in the US Credit Card market and it comes with clean design. Apple card work with websites and Apps that don’t accept Apple Pay through their virtual credit card number. You can save this virtual credit card number in apple wallet and Safari even autofill’s during your purchase. Let’s see the top 3 reason why you should consider getting Apple Card.
1 – Apple Credit Card’s Cash Back Options
Apple offers 3% cash back on purchases towards apple products and services like apple music and app store purchases. So you get cash back on your iPhones, Macbook, apple watches or any apple services though Apple’s platform. Best part of the cash back is its 2% Cash back using ApplePay either through the iPhone or apple watch.
Nowadays, we can find Apple Pay enabled terminals at almost every merchant. So literally you can get 2% cash back for most of your purchases. Then you get 1% cash back on all transactions using the physical titanium card purchases. All the earned cash back can be redeemed anytime for any amount which is a huge plus over many cash back credit cards. Your cash back is added to your card as cash everyday irrespective of the amount and there is no cap on how much cash back you can earn.
2 – Apple’s Privacy Policy with Apple Card
When it comes to privacy and security, Apple is the best in industry for all of its tech products. They are following the same principle towards it’s Card business too. There is no credit card number printed on either front or back on the titanium apple card. All apple devices are secured using the latest technologies like Face ID or fingerprint sensors. Your data is used by Goldman Sachs for operating your card but it’s sold to any third parties for marketing or advertising.
3 – Apple specific features
Apple has added a cool new graphs and stats built within the wallet app for Apple card. So you need not login to another web portal to track and check your spending. Color coded spend categories gives you more insight on the spending habits. It also uses the map to show exactly where you spent the money. All these features built within wallet app is very helpful for you to keep track of your spending.
Apple also allows you to buy products at apple store with interest free monthly installments. When check out at apple store, you have to select Apple card monthly installments. Interestingly you will earn your 3% cash back upfront for the whole purchase price even if you pay them monthly.
Features that are missing from other credit cards
Most of the credit cards in this category often provides a 15-month or 18-month 0% APR for balance transfer or 0% APR for purchases. Also most of the cash back credit card’s offer a sign up bonus in some way. These features are missing in Apple Card and if they introduce some of these features, it will be a huge boost for its promotion.
Demystifying the Apple Credit Card: Application Process and Credit Score Requirements
In the realm of financial innovations, the Apple Credit Card has carved a unique niche, seamlessly blending financial management with the convenience of Apple’s ecosystem. Introduced in 2019, this partnership between Apple and Goldman Sachs has captured the attention of tech-savvy individuals and credit card enthusiasts alike.
Eligibility and Application Process
To embark on your Apple Credit Card journey, you must meet certain eligibility criteria. Firstly, you must be at least 18 years old and a legal resident of the United States. Secondly, you’ll need to possess an iPhone 6s or later, running iOS 12.0 or later.
The application process is straightforward and can be completed within the Wallet app on your iPhone. Begin by tapping the plus sign (+) in the top right corner of the Wallet app. Select “Apple Card” and follow the prompts to provide your personal information, including your name, address, Social Security number, and income details.
Credit Score Requirements for Apple Credit Card
While Apple doesn’t publicly disclose the exact credit score requirements for the Apple Credit Card, it’s generally understood that a good to excellent credit score is preferred. This typically means a FICO score of 670 or higher. However, individuals with fair credit scores may still be considered, especially if they have a strong history of responsible financial management.
Factors Influencing Approval Odds
Your credit score is a significant factor in determining your approval odds, but it’s not the sole determinant. Apple and Goldman Sachs also consider other factors, such as your income, debt-to-income ratio, and payment history. A stable income and a low debt-to-income ratio can significantly improve your chances of approval.
Application Tips to Increase Your Chances of Approval
To boost your chances of approval, consider these tips:
- Check Your Credit Report: Before applying, review your credit report to identify any potential errors or discrepancies. Address any issues promptly to improve your credit score.
- Reduce Your Debt Utilization: Aim to keep your credit utilization ratio below 30%. This demonstrates your ability to manage credit responsibly.
- Maintain a Steady Income: A stable income stream suggests financial stability, a favorable factor for credit card issuers.
- Avoid Multiple Credit Inquiries: Limit applying for multiple credit cards within a short period, as excessive inquiries can negatively impact your credit score.
Alternative Options for Those with Limited Credit History
If you have a limited credit history, don’t be discouraged. Consider building your credit by becoming an authorized user on a family member or friend’s credit card account with a good history. Additionally, consider applying for a secured credit card, which requires a security deposit that acts as your credit limit.
Final Thoughts on Apple Credit Card
With all the above advantages it’s very easy to recommend for anyone who is looking for a cash back card and uses Apple devices. Another great feature is you can check your eligibility for Apple card online without having an impact to your score. If you got a credit score of 660 and above, you have better odds for the approval. Let me know what you liked and disliked with Apple’s credit card.
The Apple Credit Card offers a unique blend of features and rewards, making it an appealing option for tech-savvy individuals. While a good to excellent credit score is generally preferred for approval, there are steps you can take to improve your chances, such as checking your credit report, managing debt utilization, and maintaining a steady income.
