Apple Card* We promise you the opportunity to earn cashback on everything you buy, including your Apple purchases, without an annual fee. but, Cashback Earn money with this card in a different way than the old one Cashback Credit Card.
Using your Apple Card will earn you daily cash. This happens every day (as opposed to the end of a typical statement period on a reward card), and can be redeemed with other funds in your Apple Cash account.
However, before signing up for an Apple card, it will help you understand how the rewards program works and what redemption options you may be entitled to decide for yourself whether it is worth it.
Apple Card Program Basics
Apple cards do not have annual fees Foreign transaction fees There are also no postponed fees and no staged compensation programmes offering you a backback of up to 3% on some purchases. Here’s how the rewards program works:
- You’re back 3% back to products or services purchased directly from Apple, including Apple Online and Retail Stores, iTunes, Apple Music and other Apple-owned properties.
- Currently, 3% daily cash earned by some merchants, including ACE hardware Booking.comChargePoint, Duane Reade, Exxon™, Mobil™ Gas Station, Nike, T-Mobile, Uber (including Uber Eats and Uber One), and Walgreens
- 2% back to Apple Pay purchase transactions
- 1% back to everything else
The Apple Card issued by Goldman Sachs was built to work in collaboration with Apple Pay. However, if you are shopping through the app or on websites that do not accept Apple Pay, Virtual Card Number It works with the wallet app. You can also request a titanium card to respond. This card is also a Mastercardso wherever MasterCard is accepted worldwide.
The average variable interest rate range for Apple cards is 18.24% to 28.49%, but it can help reduce your interest payments by estimating the amount you pay for a particular purchase and suggesting payments that will help you repay your balance faster. Like most credit cards, paying off your balance completely each month will help you avoid interest completely.
Apple card users can also access it exclusively High-yield savings account With Goldman Sachs. When you set up an Apple Savings account, your daily cash rewards will automatically be added to your savings account, providing 3.75% APY. There are no minimum deposit or balance requirements. You can withdraw your reward at any time without paying any fees.
That said, Apple cards are more restricted than other credit cards because the reward redemption options are limited. After all, the cards are designed for Apple enthusiasts, and the rewards are directed towards keeping you that way.
How does Apple Card Cashback work?
Earn cashback with your Apple Card and you’ll be rewarded in the form of daily cash. In most cases, the term “daily cash” is used solely to describe the amount of cashback approved for a reward account. Unlike other cashback credit cards that are awarded once a month when your credit card statement closes, you earn daily cash.
When you have daily cash, it will be automatically added to your Apple Cash or Apple Savings account (if you have it). Apple Cash is a component of Apple Pay that allows you to maintain a cash balance that can be used to purchase or send money to a friend. For example, if you shop with Apple Pay and have a balance in your Apple Cash account, you can use it to pay for your purchases instead of using a different form of payment associated with your account.
Apple Cash is perfect especially if you are a consistent Apple Pay user. I often leave my cashback balance in my Apple Wallet and use it to cover coffee and other fun expenses when I shop using tap-to-pay on the register.
– Alice Lesperance
Credit Card Editor
How to find cash every day
Finding cash every day is easy. Unlock your iPhone, open the wallet app and select your Apple Card. Next, tap on the three dots in the top right corner and select Daily Cash. It’s where you can see the amount of cash you earn every day, where it’s deposited, and special offers.
Your daily cash will not expire or lose value, so you will find it in one of three places where you can choose to leave it:
- With your Apple Savings account.
- With Apple Cash, you can transfer it to your bank account.
- It accumulates on your Apple card (if you don’t have two other options set up).
If you do not set up any of these options, your daily cash will continue to grow and redeem as an Apple Card Statement Credit, which counts as a payment.
How to change your daily cash destination
Want to change where your daily cash is sent? Find your daily cash and take the same steps you see under the daily cash election heading. As long as you have savings or Apple Cash setup, just tap on what you want to change it. It usually takes at least one business day for your selection to take effect. Anything you successfully select has a blue checkmark next to it.
If you choose to send it to your savings, you can gain interest in the balance. However, if it is set to contribute to you Apple Cash Balance, you can use it to buy and send money to someone you know. Choose the best method for your purpose and switch whenever you like.
What can I redeem my daily cash from my Apple Card?
You can use your daily cash rewards:
- Buy items via Apple Pay
- Send money to a friend
- Repay your credit card balance
- Increase your savings with a high-yield Apple Savings account
If you use cashback to make purchases through Apple Pay, you can use Apple Pay where Apple Pay is accepted, such as in grocery stores, boutiques, restaurants, etc., so the options for redeeming your cashback rewards are almost limitless.
You can also use Apple Cash to purchase on iTunes, Apple Music, The App Store, Icloud, and Apple News+.
Pros and cons of Apple Card Cashback Program
Apple cards have some generous benefits and rewards, but that’s not for everyone. In fact, you need to be an Apple customer to get the most out of this cashback credit card. To access and use all the features of your Apple Card, you must add your Apple Card to a qualified iPhone or iPad that you own on the latest version of iOS or iPad. According to Apple. Otherwise, you can only use Apple’s line of credit and use it in a licensed Apple purchase store or online.
Consider these additional advantages and disadvantages to determine if the Apple Card rewards program is right for you.
Is Apple Card cashback program worth it?
If you are a dedicated Apple customer who has made many purchases with the brand and already uses Apple Pay, then Apple Cards and its rewards program may well fit the way you already spend your money. However, if you don’t have an Apple device and don’t plan to get one, this card and its rewards program are of little value.
At the end of the day, Apple cards are ideal for consumers who are already operating in the Apple ecosystem and most want to do. Redeem their rewards Towards purchasing or Statement Creditor deposit your compensation into a high-yield savings account.
Conclusion
While Apple cards are ideal for Apple enthusiasts, don’t forget to compare them to other options. There are still many Top Reward Credit Card This allows you to earn similar reward rates in popular bonus categories. Furthermore, the reward structure of these cards is not bound by mobile devices. You may also have more options to cash out with rewards.
As always, you should Compare credit card offers Before selecting a card, we consider it in terms of compensation rates, benefits, welcome offers and fees.
*Information about Apple cards is collected independently by Bankrate. Card details have not been reviewed or approved by the card issuer.
