You can spend Apple Card cash back rewards on other purchases, send them to other people, or use them to repay your card credit. But it can help you save money with elite rewards rates of up to 2% - 3% on select purchases, as long as you pay the bill in full every month. To help put the Apple Card’s rewards rates in perspective, the average cash rewards credit card gives a bit more than 1% back on all purchases. With a credit score in that category, you can qualify for some of the best credit cards, and the Apple Card doesn't make that list. Credit Rating Requirement: After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness. money - and we have not reviewed all available products and offers. Using an Apple Card with Apple Pay can earn you up to 3.0 percent cash back. If used responsibly, especially paying your card balances on time and maintaining low credit utilization, an Apple Card can be a great way to build and improve your credit score. Contact us to interview one of our experts. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. Good/Excellent By: Robin Ratcliff. He was born in California but currently lives as a digital nomad with a home base in Colombia. They include Uber, UberEATS, T-Mobile, Nike, Duane Reade and Walgreens. With a few notable holes in its list of features, this card doesn't quite live up to the hype. Apart from that, the card is not a good choice for people who plan to carry a balance from month to month, thanks to an APR that could be anywhere from 10.99% to 21.99% (V), depending on an applicant’s creditworthiness. This includes no foreign transaction fee, which is a fee you often see among cash back cards and no-annual-fee cards. We have not reviewed all available products or offers. You will generally need fair to good credit, which means a FICO® Score in the mid-600s or higher, to be approved for the Apple Card. That might not be a big issue on a card with broader bonus rewards categories – gas, groceries or travel, for example. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! I already cancelled it. The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Goldman Sachs will lock it down for review for no reason and trying to get it unlocked is a nightmare. Now if only I could get the four hours of my life back- the length of time it took to cancel it. If your credit score is low (for example, if your FICO9 score is lower than 600), 4 Goldman Sachs might not be able to approve your Apple Card application. The Apple Card’s 3% rewards rate also extends to purchases made with a select group of brands that have partnered with Apple. 1 star equals Poor. No guarantee that the card will be active when you go to use. Before you apply for a personal loan, here's what you need to know. Apple Card reports to all of the three major credit bureaus. Detailed transaction information: Apple color codes your transactions based on the type of purchase. These include: On None of that makes the Apple Card more rewarding or less expensive. An application must be submitted to the issuer for a potential approval decision. Published: September 18, 2020. Earn 2% cash back on all other Apple Pay purchases. The digital Apple Card will be added to your Wallet app if your application is successful. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions. Failed to send the feedback. Purchase protections: While many credit cards offer purchase protections and extended warranty coverage, the Apple Card doesn't. Purchases: N/A However, some cards offer 5% back or even more in certain spending categories. Also, if there's a freeze on your credit report, you must lift it before you can apply for an Apple Card. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Plus, without an annual fee to worry about, you won’t feel pressured into spending more than you ordinarily would or closing your account earlier than you’d like. Apple provides several examples of reasons an application could be declined on a support page. I have way better cards that I can use. Anyone who has good or excellent credit, meaning a FICO® Score of at least 670, is better off looking elsewhere. We designed Apple Card to put privacy and security first. Young adults without a credit history may not qualify for an Apple Card.