Another benefit of the Apple Credit Card is its
security and privacy. First, the physical card has no printed account information on it. Once
user is approved for Apple Card, a unique device number is locked away on your iPhone's secure element.
Each transaction requires that device number and a one-time security code that's generated from Touch ID or Face ID, with no signature required.
According to TechCrunch, you'll even be able to manually generate a new credit card number to use for situations where you need to disclose a number, but don't necessarily trust the merchant. Apple also promises that their partner bank Goldman Sachs "will never share or sell your data to third parties for marketing or advertising."
There are two other features up Apple's sleeve which will attract a lot of users. The first one is that
users get daily cash when buying with Apple Card. The company says: "When you buy something using Apple Card, you get a percentage of your purchase back in Daily Cash. Not a month from now, but every day. There's no limit to how much you can get. And it goes right onto your Apple Cash card, so you can use it just like cash." This is how it works:
- Uses get 3% back on everything bought from Apple
- Users get 2% back for paying Apple Pay
- If store, website, or app that doesn't take Apple Pay yet, Apple Card still gives users 1% back in the form of Daily Cash.
However, the small letters on the end of their website say "Daily Cash is subject to exclusions" which the future users will have to research in detail in the Apple Credit Card Customer Agreement.
The second is that there are
no fees and not even the hidden ones, according to Apple, more precisely "No annual, cash‑advance, over-the-limit, or late fees." And if users pay their full balance, they won't be paying interest. If, nevertheless, users cannot pay the full amount, Apple calculates the interest they will end up paying.
Apple Credit Card benefits - Summed up
- Easy to onboard
- Intuitive to use
- Keeps users' spending on track
- Gives cash-back
- Privacy and security
- No fees
The disadvantages of the Apple Card
Although Apple is advertising the card as unique and with lowest interest rates, users can find
other cards with even lower interest rates. If users are interesting in lower interests
it is better to go with non-reward credit card, according to Alaina Yee from Macworld. Here are more details about how Apple card compares to other specific U.S. credit cards: