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Launched on August 20, 2019, the Apple Card was designed by Apple and developed by Goldman Sachs. While it's primarily designed to work with Apple Payin the Apple Wallet app, Apple provides each customer with a physical titanium card.
Goldman Sachs had stated that this was the "most successful credit card launch ever." Both Apple and Goldman Sachs have been pleased with the amount of consumer demand for the Apple credit card.
The card is issued through Goldman Sachs and exists within the Mastercard payment network.
Applying for the Apple Card
Applying for the card is a relatively quick and straightforward process. A prospective applicant will need to follow the steps below.
- Open the Wallet app.
- Tap the + symbol in the top-right corner.
- Tap Apple Card, then Continue.
- Fill in the name, date of birth, email address, and phone number fields, then tap Next.
- Review the offer of credit limit and APR from Goldman Sachs, then tap Accept Apple Card.
- On the Card Added screen, tap Continue to add it to Apple Pay on the device.
Denied Applications
Early reports stated that the card might be available to those with sub-optimal credit scores. Users with credit scores below 600 are likely to be declined. Additionally, anyone who has put a credit freeze on their account must lift the credit freeze before applying, or the application will be denied.
Apple has launched a new program specifically for users who are denied their Apple Card application. The four-month program coaches users on how best to increase their chances of being approved for the card. While paying down debt and decreasing income-to-debt ratio seem like common-sense tactics, many people aren't familiar with how companies make creditworthiness decisions.
Their new Apple Card financial health website helps users understand some key factors used during a credit card application.
Physical card
The physical card is made primarily out of titanium, weighing 14.75 grams, or approximately half an ounce. The weight makes it somewhat lighter than other "luxury" style metal cards. A composite of 90% titanium and 10% aluminum alloy gives the card better sturdiness overall.
The Apple Card is Apple’s first foray into directly lending consumers money
The card displays no card number, CVV security code, expiration date, or signature. The cardholder's name is printed on the front of the card, while the Apple, MasterCard, and Goldman Sachs logos are engraved.
This design choice lends itself to a rather minimalistic and sleek-looking card compared to competitors' offerings.
NFC in the packaging lets you activate the physical card
Upon delivery, cardholders who own newer iOS devices can activate the physical card by moving it near the product packaging. Those with aniPhone Xor earlier will need to open the Wallet app and tap it against theiriPhone.
Fees, rates, and limits
Depending on the cardholder's credit history and income, there is a minimum APR of 13.24% and a maximum of 24.24%. The Apple Card has no yearly fees, no fees for transactions, and no fees for penalties.
It does have credit limits. The limits are determined by the cardholder's credit score, credit age, and income at the time of application. Cardholders have reported credit limits as low as $50 and as high as $15,000.
An Apple Card may be shared using Apple Card Family. It requires each person to be over 13 years old to share the card.
Monthly Installment Plans
As of December 2019, users can purchase iPhones using their Apple Card and pay it off with a 0% interest rate over 24 months. The 3% cashback would still apply, thus giving users a great value when purchasing their new iPhone.
An update to the service in June 2020 allows users to purchase almost any Apple device or accessory on some length of the installment plan. Depending on price, users can buy devices on 6-month or 12-month installment plans at 0% interest.
One can also bundle devices, like an Apple Pencil and iPad, increasing the installment plan to 12 months despite the individual products' lower pricing.
There are only two products Apple doesn't support with this method:Apple Watch and iPod Touch.
Use with Apple Pay
While users can place orders with their physical card, the Apple Card is designed to be used alongside Apple Pay. Apple Pay is the company's touchless, tap-to-pay payment method. Those who use their card with Apple Pay receive additional cashback benefits in Apple Cash.
Using the card via Apple Pay, either online or at a point-of-sale terminal will merit a user 2% cashback in the form of Apple Cash at most retailers. Cardholders may earn 3% back when using the card via Apple Pay at specific retailers, including Uber, Walgreens, and Nike.
A cardholder can view their Apple Cash balance in the Wallet app. A cardholder can use Apple Cash at retailers, send to others via iMessages, withdraw to a bank account, or use it to pay down the Apple Card balance.
The Wallet app
Cardholders can view additional information about their card inside the Wallet app on their iPhone. There, they can see any outstanding balance, remaining credit, weekly activity, itemized transactions, and make payments.
The Apple Card lives in your Wallet App
The Wallet app also provides insights into how a user may better use their card to avoid paying interest on their outstanding balance.
Cardholders can also send a text message to Apple support for help understanding their bills or to file a dispute.
The wallet app also can export transaction data in multiple formats, including CSV, Quicken, and Quick Books.
Common Apple Card Questions
How do you apply for Apple Card?
The Apple Card can only be applied for within the Wallet app. You can start applying by clicking the plus-button in the top right corner.
What kind of credit do you need to be approved for Apple Card?
Apple does not specify what qualifies individuals for the card. There is a minimum APR of 13.24% and a maximum APR of 24.24% depending on your credit. The Apple Card has no yearly fees, no fees for transactions, and no fees for penalties.
Is the Apple Card really titanium?
Approximately 90% of Apple Card's material is titanium, with the remaining 10% of the alloy made up of aluminum. This is done to improve scratch resistance and durability of the card.
Does Apple Card offer cash back or rewards?
Yes, you will receive 3% cash back at partnered retailers and Apple, 2% cash back for purchases made with Apple Pay, and 1% cash back for purchases made with the physical card.
Apple Card Controversy
Discrimination accusations
In November of 2019, David Hansson, the creator of Ruby on Rails, had posted to Twitter that he'd received 20 times the credit limit of his wife. He alleged that Apple had been indicative that Apple was taking part in gender-biased practices.
It should be noted that Goldman Sachs, not Apple, handles all applications and determines a user's APR and credit limit.
A Goldman Sachs spokesperson responded by stating, "Our credit decisions are based on a customer's creditworthiness and not on factors like gender, race, age, sexual orientation or any other basis prohibited by law."
The allegations piqued the interest of Wall Street regulators, who began an investigation to determine whether New York law was violated and if Goldman Sachs' algorithm practiced gender-biased discrimination on applicants of the Apple Card. The investigation found no evidence of discrimination.
iPhone 13 pre-order issues through iUP
Customers attempting to pre-order the iPhone 13 through Apple's iPhone Upgrade Program ran into errors when attempting to check out with Apple Card as payment. No official statement has been made about the problem, though it appears the system was overloaded thanks to the mass amounts of people trying to buy an iPhone.
FAQs
Does Apple Card have any perks? ›
Apple Card gives you unlimited 3% Daily Cash back on everything you buy at Apple — whether it's a new Mac, an iPhone case, games from the App Store, or even a service like Apple Music or Apple TV+. You also get 3% Daily Cash back on purchases you make at select merchants when you use Apple Card with Apple Pay.
What is the highest credit limit you can get with Apple Card? ›The limits are determined by the cardholder's credit score, credit age, and income at the time of application. Cardholders have reported credit limits as low as $50 and as high as $15,000. An Apple Card may be shared using Apple Card Family. It requires each person to be over 13 years old to share the card.
How does Apple credit limit work? ›According to Apple, your Apple Card credit limit is determined by a number of factors, including your income, the minimum payment amounts associated with your current debt, your credit utilization ratio and your credit score. Once approved for the Apple Card, you can view your credit limit by going to the Wallet app.
How do I lower my Apple Card interest rate? ›Stop new interest charges by paying your monthly balance in full every month on or before the due date. To avoid being charged interest, pay your monthly balance in full every month on or before the due date.
Does Apple Card have lounge access? ›In line with most no-annual-fee cash back cards, the Apple Card doesn't come with lounge access, annual statement credits or other premium benefits.
Does Apple Card have a welcome bonus? ›Here's how to get a $150 Daily Cash bonus. Apple Card users automatically earn Daily Cash on every purchase, but new signups can earn a $150 bonus for a limited time. Daily Cash is like many other cashback programs offered by credit cards — with a twist.
What is the average Apple Card limit? ›The Apple Card credit limit is usually around $2,500 to start, according to forum posts, and some cardholders report limits as high as $20,000.
How often does Apple increase credit limit? ›The Apple Card will increase your credit limit no more than once every six months, generally. It's typical for credit cards to have a waiting period between increases. Keep in mind that your chances of getting a credit limit increase are best if you've made the last six consecutive payments for the account on time.
What is the minimum income for Apple Card? ›There is no minimum income limit you need to have. The amount is used in part to determine your available credit limit if you are approved. Check your last year's tax return.
How do I increase my Apple Card limit? ›- Open the Wallet app and tap Apple Card.
- Tap the More button. , then tap Card Details. .
- Tap the Message button. .
- Type a message requesting a credit limit increase, then tap the Send button. .
Does Apple Card do a hard or soft pull for credit limit increase? ›
Whether you get an Apple Card credit limit increase automatically or ask for one on your own, you don't have to worry about a hard credit pull. Goldman Sachs, the card's issuer, only carries out soft pulls for credit limit increase requests.
Does Apple increase credit limit automatically? ›Does Apple Card automatically raise my credit limit? Goldman Sachs says they don't automatically give a higher credit limit, but it does sometimes happen. For example, to get approved for an Apple Card, the card issuer will do a soft credit inquiry to come up with your credit limit and interest rate offer.
What is a good APR rate? ›A good APR is around 16%, which is the current average for credit cards. People with bad credit may only have options for higher APR credit cards. Some people with good credit may find cards with APR as low as 12%. A good starting point is looking for credit cards with 0% interest intro periods of up to 21 months.
What is the best interest rate for the Apple Card? ›Apple Card's new high-yield Savings account is now available, offering a 4.15 percent APY. Apple Card users can choose to grow their Daily Cash rewards by automatically depositing their Daily Cash into a high-yield Savings account from Goldman Sachs.
Can your Apple Card limit decrease? ›Yes, just contact an Apple Card specialist at Goldman Sachs Bank. However, lowering your Credit Limit may lower your FICO credit score, because you credit utilization may increase. Write to: Goldman Sachs Bank, Lockbox 6112, P.O. Box 7247, Philadelphia, PA 19170-6112.
Is Apple Card accepted at restaurants? ›Pay with Apple Card anywhere Apple Pay is accepted, and use the titanium card or virtual card number anywhere Mastercard is accepted.
How many credit cards is too many to have open? ›It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
What credit score do you need for Apple Card? ›You need a credit score of 700+ to get the Apple Card. This means at least good credit is required for approval. While it's possible to be approved with a lower score if you have a high income or other positive factors, it's best not to take the risk.
Does Apple give a Christmas bonus? ›Retail employees who were hired before March 31, 2021 will be given $1,000, and employees who joined after that date will be given $500. Employees hired for the holiday shopping season will get $200. Apple plans to provide the bonuses to those who work in retail stores, those who do online sales, and AppleCare staff.
Does Apple have annual bonus? ›Apple has classically paid bonuses in April and October, it said, and some divisions have already shifted to an annual model.
Does Apple Card have 0% interest? ›
Now when you shop at Apple using Apple Card, you can pay monthly at 0% APR for your new iPhone, iPad, Mac, Apple Watch, and eligible accessories when you choose to check out with Apple Card Monthly Installments.
What is a Tier 1 credit card? ›Tier 1 credit is generally defined as a credit score of 750 or higher. The term is most commonly used among auto lenders, but other lenders use it as well. People with tier 1 credit have the highest level of creditworthiness and will usually receive the most favorable terms on loans and lines of credit.
What credit card has the highest credit limit? ›On our list, the card with the highest reported limit is the Chase Sapphire Preferred® Card, which some say offers a $100,000 limit. We've also seen an advertised maximum credit limit of $100,000 on the First Tech Odyssey Rewards™ World Elite Mastercard®, a credit union rewards card.
How many cards should I have for Apple pay? ›If you get an error that you already have the maximum amount of cards in wallet with less than 12 cards (iPhone 8 or later) 8 Cards (all models earlier than iPhone 8) signing out of your Apple ID and back in usually resolves this issue.
How many times should I ask for a credit limit increase? ›WalletHub, Financial Company
You can request a credit line increase every 4-6 months, or even more frequently. But your chances of being approved for an increase are best if you wait at least 6 months from when you opened your account or last requested a higher limit.
You typically can only request an increase once every six months. Card issuers may review your credit report if you request a specific credit limit.
Is your credit limit increasing a good thing? ›Increasing your credit limit can lower your credit utilization ratio, potentially boosting your credit score. A credit score is an important metric that lenders use to judge a borrower's ability to repay. A higher credit limit can also be an efficient way to make large purchases and provide a source of emergency funds.
What is the debt to income ratio for Apple Card? ›Make sure all your unsecured debt obligations are less than 50% of your monthly income; Not have maxed out all of your credit cards within the last 3 months.
How do credit card companies verify income? ›A credit card issuer may request proof of income documents to verify your stated income. But a lender won't typically call your employer or the IRS to verify your income. Proof of income documents may include, but aren't limited to: Pay stubs.
Does anyone qualify for Apple Card? ›To be eligible to apply for Apple Card, you must be 18 years old or older, depending on where you live. You must be a U.S. citizen or a lawful resident with a valid, physical U.S. address that's not a P.O. Box. You can also use a military address. Your device must be compatible with Apple Pay.
Why did my Apple Card limit decrease? ›
Your credit card limit could have been decreased for several reasons, such as missing payments (including on a different card or loan) or changes in income. This could lead the issuer to assess that the risk of you missing payments in the future has increased.
Why did my credit limit increase automatically? ›The second way you may get a credit limit increase is if a credit card company increases your limit without a request from you. This typically occurs after you've demonstrated responsible credit habits such as making on-time payments and paying more than the minimum payment required.
What bank does Apple Card use? ›Apple Card and Savings accounts are issued or provided by Goldman Sachs Bank USA, Salt Lake City Branch, Member FDIC. The Apple Cash card is issued by Green Dot Bank, Member FDIC. Daily Cash is earned on purchases after the transaction posts to your account. Actual posting times vary by merchant.
Can too many soft pulls affect credit score? ›Soft inquiries do not affect your credit score. Hard inquiries can lower your credit score, though it is one of the less influential credit score factors.
Why are Apple credit cards heavy? ›Chip Lupo, Credit Card Writer
Yes, the Apple Card is made out of metal. The Apple Card is made of titanium and weighs around 15 grams, compared to a traditional credit card made of plastic, which only weighs 5 grams.
How do hard inquiries impact your credit score? A hard credit inquiry could lower your credit score by as much as 10 points, though in many cases the damage probably won't be that significant. As FICO explains: “For most people, one additional credit inquiry will take less than five points off their FICO Scores.”
Is Apple Card hard to get? ›Yes, it is hard to get the Apple Card because it requires at least good credit for approval. Unless your credit score is 700 or higher and you have a lot of income, it will be difficult for you to get approved for the Apple Card.
Does Apple Card add to credit score? ›If you apply for Apple Card and your application is approved, there's no impact to your credit score until you accept your offer. If you accept your offer, a hard inquiry is made. This may impact your credit score.
What income do you need for Apple Card? ›There is no minimum income limit you need to have. The amount is used in part to determine your available credit limit if you are approved. Check your last year's tax return.
What credit score do you need for the Apple Card 630? ›You need a credit score of 700+ to get the Apple Card. This means at least good credit is required for approval. While it's possible to be approved with a lower score if you have a high income or other positive factors, it's best not to take the risk.
Does Apple automatically increase credit limit? ›
The Apple Card will increase your credit limit no more than once every six months, generally. It's typical for credit cards to have a waiting period between increases. Keep in mind that your chances of getting a credit limit increase are best if you've made the last six consecutive payments for the account on time.
Does getting denied for Apple Card hurt your credit? ›However, the Apple Card is unique in that it requires only a soft pull when you apply. This means your credit score won't be impacted if you are denied the Apple Card or if you are approved and decide not to move forward with your application.