Almost five years after introducing Apple Pay to iPhone users, Apple introduced a credit card built into its mobile wallet. While the card looks cool and has high tech features, other reward cards that are already on the market might be a better deal. Apple encourages users to pay with their phone wherever Apple Pay is accepted and use the physical card when that is not possible. The card will be available in the US this summer.
Rewards are Apple-friendly
Receive 3% cashback on your spending in the Apple Store, Apple.com, App Store or iTunes; 2% for purchases with Apple Pay; and 1% for purchases of non-Apple or non-Apple Pay items with the physical card.
Interest rates are typical
13.25% to 24.24%, depending on creditworthiness.
Additional credit for privacy / security
The account number is saved on the cardholder’s smartphone. Cardholders use Face ID or Touch ID to authorize purchases.
It’s free of charge
No annual, late, overrun, cash advance or international transaction fees.
The card weighs less than conventional metal credit cards, but is less prone to wear and tear compared to plastic cards.
Cash is paid out immediately
Rewards are loaded onto the card in real time.