Apple Card: A cheat sheet
The wait is over! Apple Card has finally arrived and will be available to millions of customers starting in July 2019. If you’re an Apple user, this new credit card might just be the perfect addition to your wallet! This guide will explain exactly what you can expect from Apple Card, what it offers that your current credit card doesn’t, and how to use it properly so you can get the most out of your new Apple Card.
What is an APPLE card?
You can use Apple Pay to make purchases at over a million locations across the world. You can store your reward and/or cash rewards on the card, as well as your personal identification, which is protected by Touch ID, making it one of the most secured credit cards in existence. If you’re an iPhone user, you can also look up deals from nearby retailers and easily checkout with Apple Pay.
How to use your Apple Card
Signing up for the Apple Card is easy. Simply follow these steps:
- Create an Apple ID or use your existing ID if you have one. This will also create a corresponding card with all of your credit cards linked to it, so make sure you have the right Apple ID before proceeding. 2. Review and agree to the Terms and Conditions that govern how this product works, who can have it, and what’s being done with your personal information in accordance with the General Data Protection Regulation (GDPR). 3. Accept that there is a fee of $0 annual percentage rate (APR) on purchases, which automatically expires after one year; but on cash advances and balance transfers there is a variable APR that starts at 4%. 4.
What you need to know about your APR and fees
The Apple Card has a variable APR of 22.99% to 26.99% which is a little higher than the average credit card APR of about 17%. However, you can get a 0% interest on your Apple Card for up to twelve months by meeting certain requirements like paying off your balance in full each month or adding at least $6,000 each billing cycle. But beware!
How to make payments
To make a payment using Apple Card, simply take the card out of your wallet and hold it in front of the contactless terminal. That’s it! If you want to pay with points, Apple Credit transfers or other ways, simply do that through the App beforehand.
Ways to minimize interest charges
Save money on interest charges by paying your bill in full before the due date. Paying your bill in full allows you to avoid any interest charges and will also help you track your spending. If you’re disciplined, try an envelope system where you put all of your monthly expenses in envelopes for different purposes (rent, groceries, etc.). This way, it’s easier to track spending and stop going into credit card debt.
Additional benefits
Apple is offering a suite of bonus features that’ll make shopping, paying and transferring money more secure. The credit card will offer a lower annual percentage rate than your standard VISA or Mastercard and it comes with the reassurance of no security deposit on purchases for new cards issued after September 16th. You can use Apple Pay to buy stuff online, in stores and apps. Plus, you’ll get a cool birthday present from Apple just for signing up!
