For example, if a significant part of your spending is with merchants such as Panera Bread, T-Mobile, Uber and Walgreens, you could earn more than our estimate. Note that this doesn’t factor in the 3% cash-back rate you earn when using Apple Pay to shop with certain merchants. $11,543.50 on other purchases x 1% back = $115.44.įor a grand total of $396.31 in rewards annually.$1,000 in spending on Apple purchases x 3% back = $30.Here’s what such a cardholder could earn in cash back over a year using the Apple Card: Of that $25,087 of credit card spending, we estimate half - $12,543.50 - might be purchases one could make via Apple Pay. that would be in the market for this card has an annual income of $84,352 and $25,087 in expenses they are likely to be able to charge to a credit card. Using government data and other publicly available information, we estimate that a household in the U.S. In addition to depositing your credit card rewards, you can move funds over from an external bank account that you’ve linked.Īnnual percentage yields (APYs) and account details are accurate as of April 18, 2023. You must hold an Apple Card to be eligible for the savings account. There’s no minimum balance requirement or minimum deposit to open the account. With a 4.15% APY as of the time of writing, this savings account offers an attractive opportunity to earn interest on your nest egg. In April 2023, Apple and Goldman Sachs added another way to use rewards earned on the Apple Card - as automatic deposits to a high-yield savings account. You can also redeem your rewards for statement credit to your Apple Card balance. You can then use it just like you would any other balance in your Apple Wallet, including for purchases in stores or online, to send to a friend or just withdraw it to your bank account.

Rewards come in the form of Daily Cash, deposited daily to your Apple Cash card in the Wallet app. There is no welcome offer with the Apple Card. Some noteworthy merchants include the following: To earn the 3% back, you must use Apple Pay and shop at a qualifying merchant.

Recommended credit score: Fair to excellent.Ĭardholders earn 3% back on everything bought from Apple and from participating partners, 2% back every time something is bought using Apple Pay and 1% on all other purchases.

Does the issuer offer a preapproval tool? Yes.

Other perks and benefits: Pay for eligible Apple purchases interest-free with monthly installments financial management tools no foreign transaction fees.

Rewards: 3% back on everything bought from Apple and from participating partners, 2% when using Apple Pay and 1% on all other purchases.

There are competing cards on the market that offer more rewarding cash-back programs.

However, those who are less interested in integration with the Apple ecosystem and more interested in maximizing rewards may prefer to leave the Apple Card untouched on the tree. The card is issued by Goldman Sachs and operates on the Mastercard payment network. You can also request a sleek, physical card made of titanium. The Apple Card charges no fees, and if you’re approved, will be instantly available in your Apple Wallet. It might not be the fabled apple from the Garden of Eden, but the Apple Card is still pretty tempting if you want a credit card that easily integrates with your iPhone and other gadgets from the tech giant. The Apple Card charges no annual or foreign transaction fees and offers decent rewards and seamless integration with your other Apple products.

Apple card no foreign transaction fees