Apple Card - Financial Health (2024)

The world of credit—cards, scores, reports, applications, interest—is a complex one. That’s why when we created AppleCard, we took every opportunity to simplify and educate. So it’s clear how credit card processes work, how AppleCard uses your information, how features like DailyCash¹ and Savings² work, and how you can stay on top of itall.

A smarter card.
For smarter decisions.

AppleCard eliminates fees,³ provides innovative tools for managing your spending and reducing your interest, helps you build your savings, and as an Apple product, is designed to set a higher bar for privacy and security. All in the name of helping you and your AppleCard Family⁴ live a more financially healthy life.

Transactions appear in real time, so you always have your most up-to-date account activity at your fingertips. Your purchases, balance, payments, and interest are clearly and simply displayed for you in the Wallet app. In the case of AppleCard Family, Co‑Owners⁵ can both access and manage the account, and set limits⁶ and controls to manage spending by Participants.⁷ And DailyCash can be automatically added to each card user’s AppleCash card everyday⁸ on their own purchases. Or, if you’re an AppleCard Owner or Co‑Owner, you can set up a high-yield savings account, and the Daily Cash will automatically be sent to your individualSavings.

When you make a payment, you clearly see how much interest you could owe and how it would change based on the amount you pay. We also built in payment suggestions to help you decide what amount is right for you. If you’re using the AppleCard Family feature and have a Co‑Owner, both of you are responsible for and can make payments on the account. And if you ever need to contact us, just call or text — we’re available24/7.

A closer look at our application process.

Goldman Sachs is the issuing bank for AppleCard. They process applications, assign credit limits, and set interest rates. And because they share our focus on financial health, they’re an ideal partner for AppleCard.

Understanding your FICOscore.

300

660

850

When you apply for a credit card, your FICO score is typically a key factor used to show lenders how reliably you manage your credit. It combines data about your payment history, current debts, the length of your credit history, any new credit accounts, and the various types of credit you’ve used. There are multiple FICO Score versions available for lenders to use. AppleCard uses FICO Score 9. FICO Score 9 ranges from 300 to 850, with scores above 660 considered favorable for creditapproval.

A wider window forapproval.

FICO scores may be the industry’s standard for credit decisions, but they don’t always tell the whole story of your financial fitness. To get a better picture of your creditworthiness, Goldman Sachs draws from a wide variety of data,including:

TransUnion bureau data, which gives a record of your credit performance on past and current debtobligations.

Good money habits lead to goodcredit.

You can do several things to boost your chances ofapproval:

When possible, pay at least (or more than) the minimum amounts due on your debtpayments.

Ensure that you have disposable income left over after your monthly debtobligations.

Avoid submitting applications to multiple credit issuers within a short timespan.

Check your credit report—it’s free to do once a year—as it is the source material for your FICO Score 9. If something looks inaccurate, contact the creditor associated with your account and/or dispute the item with your creditbureaus.

The length of your credit history is an important aspect of your credit score and getting new credit. You can build credit by opening an account in your name, being an authorized user on someone else’s account, and periodically using the accounts you already own and paying themontime.

A path to approval.

If your AppleCard application is declined, the process may not have to end there. As part of Apple’s commitment to helping you achieve good financial health, we’ve worked with our partner Goldman Sachs to design a program that delivers personalized steps to improve your access to credit. Every month, you’ll receive emails to help you track your progress. Once you meet the goals set for you in the program, you’ll be invited to reapply for AppleCard.⁹

Setting and adjusting your credit limit.

After Goldman Sachs approves your AppleCard application, they assign your initial credit limit using many of the same factors that go into the approval process, such as your credit score and existing credit. Goldman Sachs also looks at your income and the minimum payments tied to your existing debt. When you share your AppleCard with a Co‑Owner, our goal is for your combined credit limit to reflect what your credit limits would be individually, added together.¹⁰ If you’re interested in increasing your credit limit, you can make a request after you’ve had your AppleCard for as little as four months. Simply call or text, and we’ll connect you with an AppleCard Specialist at Goldman Sachs rightaway.

Your Credit Limit

Credit Score

Available Credit

Income

Payments History

Interest rates made easy.

Simply put, interest rates are the cost you pay for taking out a line of credit from an issuer. Your annual percentage rate, or APR, is assigned to your account when you’reapproved.

To find your daily interest rate, your APR is divided by the number of days in the year. This daily interest rate is applied to your balance at the end of each day. These amounts are added up for the month, rounded to the nearest cent, and that’s your interestcharge.

Ideally, you pay off your entire monthly balance on time each month and don’t have to pay any interest. But we know that’s not always possible. So we designed AppleCard to help you pay less interest over time. When you enter the amount you want to pay, the payment tools in the Wallet app estimate how much interest you’ll be charged,¹¹ so you can make an informed decision. And if you share your card with a Co‑Owner, you can each pay off a portion of the balance eachmonth.

We’ll never charge you a late fee if you miss a payment deadline, but you’re still responsible for the interest applied to your balance on the date that the payment was due, and you may accrue moreinterest.¹²

Healthy finances for the whole family.

AppleCard Family lets you share one AppleCard account with your family members — whether that’s your immediate family, extended family, or anyone youtrust.

Owners of the account have the opportunity to add a Co‑Owner. Both have equal rights and access to a single monthly bill and can manage their Participants’ spending with limits and controls. Everyone on the account can use their AppleCard anywhere Mastercard is accepted. And unlike with other cards, everyone can automatically receive DailyCash back on their ownpurchases.

Co‑Owners have equalrights.

AppleCard Family Co‑Owners share their credit lines for a combined limit. Co‑Owners build credit as equals,¹³ can manage the account together, and can set limits for Participants. They can also use Savings to individually grow their DailyCash over time. A Co‑Owner must be in the same FamilySharing group, and if they don’t already have their own AppleCard, they’ll need to apply forone.

Even Participants can buildcredit.

Owners or Co‑Owners can invite anyone age 13 and over in their FamilySharing group to join their AppleCard account as a Participant. Participants age 18 and over have the opportunity to build their own credit history.¹⁴

Setting limits teaches healthyspending.

Co‑Owners have the option of setting spending limits and managing controls for Participants to help them spend safely and learn smart money habits. Owners can even receive real-time spending notifications. Participants 18 and older can order their own physical card, and Owners or Co‑Owners can order them for Participants under age18.

Growing your DailyCash.

If you’re an Owner or Co-Owner on an AppleCard account, you can now use your DailyCash to help build a better long-term financial foundation. Simply open a Savings account to have your DailyCash automatically routed into a high-yield savings account.² You can set it up in just a few steps and manage it all right in Wallet. No minimum deposits, no fees, no balance requirements.¹⁵ You can even deposit additional money into your Savings account from your AppleCash balance, from the bank account linked to your AppleCard, or from any other bank.¹⁶ You’re free to move money in and out as you see fit, and you can stop routing your DailyCash to Savings at anytime.

Get more information.

Visit AppleSupportpages.

Understanding the applicationprocess
Using your spending and trackingtools
Avoiding high interestcharges

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withAppleCard.

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I'm an enthusiast with a deep understanding of credit-related topics. My expertise comes from a combination of research, experience, and staying informed about the intricacies of credit cards, scores, reports, applications, and interest. I've closely followed industry trends, financial products, and have a comprehensive understanding of credit management principles.

Now, let's delve into the concepts mentioned in the article about AppleCard:

AppleCard Overview:
- AppleCard is designed to simplify the complex world of credit, providing transparency and education on credit card processes.
- Features like DailyCash and Savings aim to enhance financial management.
Smarter Card for Smarter Decisions:
- AppleCard eliminates fees, provides tools for managing spending, reducing interest, and helps in building savings.
- Transactions appear in real time, and AppleCard Family allows shared access and management with set limits.
FICO Score and Approval:
- AppleCard uses FICO Score 9, ranging from 300 to 850, with scores above 660 considered favorable for credit approval.
- Goldman Sachs, the issuing bank, considers various factors beyond FICO scores, including TransUnion data, payment history with utilities, annual income, and disposable income.
Boosting Approval Chances:
- Tips for improving approval chances include paying more than the minimum amounts due, having disposable income, avoiding multiple credit applications, and checking and disputing inaccuracies in credit reports.
Reapplication and Progress Tracking:
- Apple provides a program with personalized steps to improve credit access for declined applications.
- Monthly emails track progress, and reapplication is possible after meeting set goals.
Credit Limit and Adjustment:
- Goldman Sachs assigns initial credit limits based on factors like credit score, income, and existing debt.
- Co-Owners in AppleCard Family share credit lines, and credit limit adjustments can be requested after four months.
Interest Rates and Payment Tools:
- APR is assigned upon approval, and daily interest rates are calculated based on the APR.
- AppleCard provides tools in the Wallet app to estimate interest charges, promoting informed decision-making.
AppleCard Family:
- AppleCard Family allows sharing an account with family members.
- Co-Owners share credit lines, set spending limits for Participants, and everyone can receive DailyCash on their purchases.
Growing DailyCash with Savings:
- Owners and Co-Owners can route DailyCash into a high-yield savings account.
- No minimum deposits, fees, or balance requirements, providing flexibility in managing funds.

In summary, AppleCard focuses on transparency, financial health, and user-friendly features to simplify credit management for individuals and families.