has our attention. Apple's new, mostly digital credit card, an extension of Apple Pay, promises approval in minutes, up to 3 percent cashback, no late penalties, and virtually no additional fees. Apple's disruptive payment card issued by Goldman Sachs and Master Card seems almost too good to be true.
Maybe that's it. We examined the fine print to find out what details we could find out about Apple's main disruptor map. We do not try to stop you from signing up with the Apple Card ̵
Reading the footnotes learned from Apple.
You still have to qualify
At its presentation on Monday, Apple made it appear that anyone could open the Wallet app, apply for the Apple Card, and start using it a few minutes later. This may be the case for many, but you still need to get approved for an Apple Card. Apple did not disclose the details, but made it clear that you need to qualify:
US customers can now log on to apple.com/apple-card for the latest Apple Card news. The Apple Card will be available to qualified US customers this summer.
You can earn daily cash rewards even without an Apple Cash account.
Apple Daily Cash understands a 1 to 3 percent cash back reward that you receive each time you use the Apple Card online or in stores. What is Apple Cash and why is that relevant? Good question. It seems to have something to do with the Apple Pay Cash Card, which includes a peer-to-peer money exchange system, such as Venmo or PayPal, that lets you send money to others on iOS. You can also shop in stores, in an app, or online, just like a credit card linked to Apple Pay. Expect these two names to be merged in the future.
Apple says that an Apple Cash Card is required for receiving Daily Cash, but if you do not have an Apple Cash Account:
Daily Cash may be requested by you as a credit on your bank statement. Daily cash is subject to exclusions and additional details apply. For more information, see the Apple Card Customer Agreement.
There is a limit to unlimited Daily Cash rewards.
Apple has made unlimited daily cash rewards, which means that there is no arbitrary limit to the cash back you can earn. For example, if you spent $ 6,000 on the purchase of iPhones ($ 1,000 on Amazon) for the family, you could earn $ 180. If you spend more, you can earn more.
That's all theoretical. In reality, you will be topped if you try to exceed your credit limit. So, if your limit is $ 3,000, you can only earn $ 90 in daily cash by the next billing cycle. If you reach a maximum of 10,000 euros, you can earn up to $ 300.
The credit limit is a standard part of issuing a credit card. The better your credit and the longer your credit card, the more credit you will extend over time.
Keep an eye on the estimates for interest.
An Apple card feature that Apple has celebrated is the ability to keep track of how much you owe with the app. If you do not cash out at the end of the month, you can tell the app how much you pay. Apple's software then estimates the interest cost for you, so you can see how much you have to pay to balance your balance.
The fine print here is not a "gotcha", it's just a reminder The estimate is based on your balance at the time of using the app. Outstanding transactions and other purchases made before the end of the settlement cycle are not included in the interest estimate.
Late payments will cost you
Let's talk about charges. The Apple Card will not charge you any fees if you arrive late for a payment. There are no annual fees, no international fees or fees to exceed your limit. That's great.
But yes, there is a catch. While Apple does not charge you a penalty for not paying. No additional fee of $ 25 in addition to what you owe – you will still be charged interest. According to the Apple website:
Late payments or missed payments lead to additional interest on your credit.
In other words, Apple does not give you any money for nothing.
Interest rates continue to apply, of course
Speaking of interest: Apple did not discuss interest rates specifically in the presentation of the Apple Card, but looking at the footnotes of the website they become clear:
Variable APRs are between 13, depending on their credit rating 24 percent and 24.24 percent. Prices starting in March 2019.
Software may change, but not a big surprise
The final entry from the Apple Card is not very shocking. It's the case that Apple Card software changes when Apple goes through the app and service.
However, this is a reminder that software and services are changing and mature. The terms and services of Apple Card may change before launching this summer. So if you are interested in a card, you should check the terms and conditions before signing up for the digital line.
Published March 25 at 14:41 PT.
Update, 16:54 PT : Additional information about Apple Pay Cash.
Update of March 26 at 15.00 PT