We examined the fine print to see what details we could find out about Apple's main disruptor chart.
You still have to qualify.
At its presentation on Monday, Apple looked like 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.
Daily Cash calls Apple 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, a peer-to-peer money exchange system like Venmo or PayPal, which lets you send money to others through iOS. Expect these two names to be merged in the future.
Apple says that an Apple Cash Card is required to receive 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 on unlimited Daily Cash rewards.
Apple has been annoyed with unlimited daily cash rewards, meaning that there is no arbitrary limit to how much 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 can make the most of trying 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 balance and the longer you are with a credit card, the more credit your bank will extend over time.
Keep an eye on the estimates for interest.
An Apple Card feature that Apple has celebrated is the ability to track your app 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 more money you'll need to balance your balance.
The fine print is not a "gotcha", it's just a reminder that 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 if you're late for a payment, and there are no renewal fees, international fees or fees to exceed your limit.
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 already own – you will still be charged interest. According to the Apple website:
Delayed or missed payments will result in additional interest on your balance.
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 specifically discuss interest rates when presenting the Apple Card, but when looking at their website footnotes they become clear:
The variable APRs vary by credit standing between 13.24% and 24.24%. Prices starting in March 2019.
Software may change, but not a big surprise
The final entry from the Apple Card is not too shocking. It's the case that Apple Card software changes when Apple goes through the app and service.
But that's enough to remind you that software and services are changing and mature. Apple Card terms and services 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, 2:41 pm PT.
Update, 16:54 PT : Added information about Apple Pay Cash.