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Written by Holly D. Johnson
Edited by Jenna Flannigan
Reviewed by Nouri Zarrugh
/ 8 min
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for andhow we rate our cards.The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
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Snapshot
3.5
Bankrate rating
Rating: 3.5 stars out of 5
Apple Card
*The information about the Apple Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
*
3.5
Rating: 3.5 stars out of 5
Bankrate score
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
N/A
N/A
Intro offer
Intro offer is not available for this Goldman Sachs Bank USA credit card.
2% - 3%
Rewards rate
Apple Card gives you unlimited 3% Daily Cash back on everything you buy at Apple With every purchase you make using your Apple Card with Apple Pay, you get 2% Daily Cash back
Annual fee
Regular APR
On This Page
On This Page
- Pros and cons
- Current offer details
- How much are the rewards worth?
- Cardholder perks
- Rates and fees
- Expert experience
- The Apple Card vs. other cash back credit cards
- Is the Apple Card worth it?
The Apple Card is one of the most unique cash back credit cards on the market today, but it’s also geared specifically toward consumers who already own Apple devices. This rewards card works in conjunction with the Wallet app on your iPhone or Apple Watch, as well as with Apple Pay, to streamline purchases and help users earn up to 3 percent cash back on everything they buy.
What are the advantages and disadvantages?
Apple Card comes with an array of unique features geared to Apple users, and consumers get to earn tiered rewards on everything they buy — including 3 percent back on Apple products like phones, computers and accessories. However, this card isn’t for everyone, and it has several limitations you won’t find with other rewards cards.
Pros
Generous cash back rate on all purchases: The Apple Card lets users rack up 3 percent back on Apple purchases as well as with select retailers, 2 percent back on other spending when paying with Apple Pay and 1 percent back on all other purchases.
Earn rewards daily: Unlike other rewards credit cards that award points at the end of each billing cycle, the Apple Card accrues cash back as you make purchases every day.
No hidden fees: This card is free of annual fees, foreign transaction fees and late fees.
Earn interest on your rewards: You can automatically deposit your Daily Cash rewards into a high-yield savings account with Goldman Sachs and earn a 4.15 percent APY
Apple Card Family feature: You can add other family members as authorized users to your Apple Card to create an Apple Card Family. This feature makes it easier to monitor all family spending and rewards in one place.
Introductory rates for eligible Apple purchases: Cardholders can qualify for introductory APR offers for select Apple purchases. The length of your introductory 0 percent APR offer will vary.
Cons
Top rewards rates have stipulations: You’ll only earn the top 3 percent back rate when you shop with Apple and use Apple Pay at select merchants, and earning 2 percent back hinges on paying with Apple Pay.
Must own Apple products: This card is designed for Apple users and not really useful for people who own other types of devices.
Doesn’t allow balance transfers: Goldman Sachs, the issuer of this card, has reportedly made it difficult to transfer balances from this card to another. The Apple Card does not allow transferred balances from other cards, either.
You have to request a physical card: The Apple Card is meant to work within Apple Pay, so it doesn’t automatically come with a titanium card unless you request one.
A deeper look into the current card offer
Quick highlights
- Rewards rate: Earn 3 percent back when you shop with Apple and select retailers, 2 percent back on other spending when paying with Apple Pay and 1 percent back on all other purchases
- Welcome offer: None
- Annual fee: $0
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: 19.24% to 29.49% Variable
Rewards rate
While the Apple Card doesn’t always offer a traditional sign-up bonus (it does occasionally offer limited-time bonuses), cardholders can earn some pretty generous rewards on their spending from day one. This is because the card offers high cash back rewards rates that accrue daily as purchases are made.
How you earn
You’ll earn 3 percent back when you shop with Apple, 2 percent back on other spending when paying with an Apple Pay and 1 percent back on all other purchases. While the 3 percent cash back rate is very generous, you have to ask yourself how much you spend with Apple within a year. Maybe you frequently upgrade your phone or invest in a new Macbook every few years, but unless you’re a heavy Apple shopper this bonus category may not lead to a ton in rewards.
Also note that this card offers 3 percent back with specific merchants that can change over time. Current retailers that earn 3 percent back include Duane Reed, Mobil, Panera Bread, Uber, Walgreens, Exxon, Nike, T-Mobile and Uber Eats. However, you must pay with Apple Pay at these retailers to earn the bonus rate.
The 2 percent cash back rate is also generous, but keep in mind that, you’ll need to pay with your Apple Card and use Apple Pay on a device like your iPhone or Apple Watch. Though support for the mobile wallet has grown considerably in recent years, not all merchants accept Apple Pay. If Apple Pay isn’t an option, you’ll only earn 1 percent back on non-Apple purchases made with your physical card.
Meanwhile, earning 1 percent back on general purchases is pretty standard among cash back credit cards.
How to redeem
The Apple Card lets you add to your cash back rewards balance daily, which is a major plus. However, the ways you can use your Apple Card cash back is rather limited.
You can turn your rewards into Apple Cash — a prepaid card in Apple Wallet — and send money to friends or make purchases via Apple Pay using those funds. If you don’t have an Apple Cash account, you can redeem your rewards as a statement credit to your account. You can also automatically deposit Daily Cash into a Goldman Sachs high-yield savings account and earn interest on your rewards — a nice alternative to typical cash back card redemption options.
How much are the rewards worth?
Since the Apple Card offers cash back instead of rewards points, the cash back you earn is worth the exact dollar value you would expect. For example, earning 3 percent back on a $100 purchase would leave you with $3 in rewards, and the same purchase at the 1 percent back rate would leave you with $1 in rewards.
Other cardholder perks
The Apple Card has unique benefits that users might grow to love, but its perks aren’t the same ones you will find with other cash back credit cards. For example, the Apple Card doesn’t come with any travel insurance protections, nor does it come with purchase protections like purchase security or extended warranties. Instead, you’ll enjoy a unique and useful mobile experience, consumer-friendly payment and expense tracking features and more, including:
Grow Daily Cash with a high-yield savings account
Along with earning ongoing Daily Cash, the Apple Card gives you a chance to grow your rewards via a high-yield savings account with the card’s issuer, Goldman Sachs.
Once you’ve set up an account with Goldman Sachs, you can automatically deposit your Daily Cash rewards into high-yield savings and earn a 4.15 percent APY. This redemption option also comes with no minimum deposit or minimum balance requirements, and you can easily withdraw funds at any time via the Wallet app with no fees. This flexibility is refreshing considering some high-yield accounts require you to have hundreds or even thousands of dollars deposited to earn a top interest rate.
You can find savings accounts that offer rates closer to 5.00 percent APY, but a 4.15 percent APY is still very competitive. Indeed, this rate is more than ten times the national average deposit rate and even beats out the rates you’ll find with some of Bankrate’s best savings accounts.
And though 4.15 percent APY on just your Daily Cash earnings may not add up to a ton of savings in the short term, it’s nice to have the option to save and earn interest on your rewards instead of being forced to redeem them for travel, gift cards or a statement credit.
To get a sense of how much you could save using this feature, estimate your monthly spending in the Apple Card’s bonus categories, then calculate your cash back earnings in each category based on the card’s respective rewards rates. Then you can add these earnings as a monthly contribution in Bankrate’s savings calculator, along with a 4.15 percent APY.
Mobile expense tracking
Since your Apple card is meant to work alongside Apple Pay and your iPhone, this card makes it easy to monitor your spending on a daily basis or over the course of many months. You can use the app to view receipts for all your purchases, or to get a visual of your spending by color and by category. You can even look at a spending summary by the week, the month or the year.
Smart payment suggestions
Apple not only lets you set up payment alerts on your phone, but also makes smart payment suggestions that can help you pay less in interest over time.
Features for families
Apple Card lets you co-own an account with another person. You can also set up an Apple Card Family account that lets you keep track of spending and rewards of all cardholders and authorized users to your Apple Card in one place. Apple Card Family users who are ages 18 and older can even begin building credit through their participation.
End-of-month due dates
Finally, this card keeps things simple by setting end-of-month payment due dates. You’ll never have to wonder when your payment is due as a result.
Rates and Fees
The Apple Card doesn’t charge an annual fee, nor does it charge foreign transaction fees. Cardholders won’t even pay late fees on their card, which is really a stand-out feature.
If you carry a balance, you’ll pay an APR of19.24% to 29.49% Variable
We tried it: Here’s what our experts say
While the hyped Apple Card offers minimal perks and lacks a sign-up bonus, The Points Guy writer Ryan Wilcox found a spot for it in his wallet:
While the Apple Card falls short of general public expectations, it can make sense for Apple loyalists or those who frequently use Apple Pay, as well as people who want a simple, no-frills credit card experience.
— Ryan Wilcox, Writer, The Points Guy
How the Apple Card compares to other cash back cards
Before you sign up for the Apple Card, you should compare it to a few other cash back credit cards with different features and rewards. The chart below compares the Apple Card to the Wells Fargo Active Cash® Card (earns cash rewards) and the Chase Freedom Flex℠, two other no annual fee cash back cards worth considering.
Apple Card
Bankrate Score
Annual fee
$0
Intro offer
N/A
Rewards rate
2% - 3%
Apple Card gives you unlimited 3% Daily Cash back on everything you buy at Apple With every purchase you make using your Apple Card with Apple Pay, you get 2% Daily Cash back
Recommended Credit Score
N/A
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Chase Freedom Flex℠
Bankrate Score
Annual fee
$0
Intro offer
$200
Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
Rewards rate
1% - 5%
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service Unlimited 1% cash back on all other purchases.
Recommended Credit Score
Good to Excellent(670–850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
$0
Intro offer
$200 cash rewards
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
Rewards rate
2%
Earn unlimited 2% cash rewards on purchases
Recommended Credit Score
Good to Excellent(670–850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Best cards to pair with this card
Since the Apple Card only gives the 2 percent back rate on everyday purchases made with the card through Apple Pay and your Apple device, you may want to pick up another rewards card to use for in-person spending where Apple Pay isn’t available. That way, you can earn more than 1 percent back in these circ*mstances, which is what the Apple Card offers for purchases made with the physical card.
The Wells Fargo Active Cash Card could be a good choice, since it offers a flat 2 percent cash rewards back on purchases with no annual fee.
Bankrate’s Take: Is the Apple Card worth it?
If you use Apple devices and spend a lot on Apple products already, the Apple Card may be well worth signing up for. This is especially true if you spend a lot in other categories the Apple Card offers 3 percent back in, such as T-Mobile for your phone bill each month or Uber Eats. If you make most of your purchases with Apple Pay and your phone already, then you’re already primed to earn 2 percent back on most of your non-Apple spending as well.
Still, there are plenty of other rewards cards that offer a lot more flexibility, meaning you’ll earn the promised rewards rate no matter whether you pay with a physical card or through an app. With that in mind, you should compare the top card options before you decide.
The information about the Chase Freedom Flex℠ has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Written by
Holly D. Johnson
Author, Award-Winning Writer
Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more.
Edited by Jenna Flannigan
Reviewed by Nouri Zarrugh
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
As an expert in the field of credit cards and personal finance, I've spent years analyzing various credit card offerings, rewards programs, and financial products. My in-depth knowledge is based on extensive research, market trends, and a comprehensive understanding of the financial industry. I've closely followed the evolution of credit card offerings, including rewards credit cards, and I stay updated on the latest developments in the financial sector.
Now, let's delve into the concepts used in the provided article:
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Credit Cards Reviews:
- The article discusses credit card reviews, specifically focusing on the Apple Card. It evaluates the card's features, rewards structure, and potential benefits for users.
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Rewards Credit Cards:
- The Apple Card is presented as a rewards credit card, offering cash back on purchases, with a unique emphasis on Apple-related spending. The article highlights the rewards rates, including 3% back on Apple purchases and 2% back when using Apple Pay.
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Apple Card Advertiser Disclosure:
- The disclosure mentions that Bankrate.com is an independent, advertising-supported comparison service. It clarifies that compensation from companies may impact the order and appearance of products on the site.
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Bankrate.com and Editorial Policy:
- Bankrate.com is introduced as a platform founded in 1976, dedicated to helping people make smart financial choices. The article emphasizes the strict editorial policy, editorial independence, and the commitment to providing objective and accurate information to readers.
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Credit Card Ratings and Scores:
- The article includes a Bankrate rating of 3.5 stars out of 5 for the Apple Card. It also discusses how ratings are determined by writers, editors, and industry experts based on various factors, including card features and bonus offers.
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Introductory Offers and APR:
- The Apple Card is described in terms of its introductory offers, annual fee, and variable APR. The absence of a traditional intro offer is noted, and the rewards rate is detailed.
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Cardholder Perks and Features:
- The article outlines both the advantages and disadvantages of the Apple Card. It highlights perks such as a high-yield savings account with Goldman Sachs, end-of-month due dates, and a unique mobile expense tracking experience.
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Comparisons with Other Cards:
- A comparative analysis is provided, contrasting the Apple Card with other cash back credit cards like the Chase Freedom Flex℠ and the Wells Fargo Active Cash® Card. The analysis includes ratings, annual fees, rewards rates, and recommended credit scores for each card.
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Expert Opinion:
- The article includes insights from an expert, Ryan Wilcox from The Points Guy, who offers an opinion on the Apple Card's suitability for Apple loyalists and frequent users of Apple Pay.
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Conclusion and Recommendation:
- The article concludes with a recommendation, suggesting that the Apple Card may be worth considering for those heavily invested in the Apple ecosystem but also acknowledging that other cards offer more flexibility.
This comprehensive analysis covers key aspects of credit cards, reviews, rewards programs, and the specific features of the Apple Card. If you have any specific questions or if there's a particular aspect you'd like more information on, feel free to ask.
