Languages: English Hindi

All you need to know about Apple’s Credit Card

The new credit card on the block, Apple credit card comes with new and better safety features. However, it will be limited to iphone users.

In an attempt to occupy a permanent place in the minds of individuals and make Apple a part of day-to-day conversations, the company is coming out with a range of different consumer products. The recent launch of Apple Credit Card has caused quite a stir in the industry. Apple has collaborated with Mastercard and JP Morgan to launch this card. However, only time will tell if Apple Credit Card will disrupt the already saturated market of credit cards.

Features of Apple Credit Card

Improved safety feature: One of the distinct features of the card is that the card does not have numbers. This is feature is said to improve the safety of the card if the card is lost. The actual credit card number is generated in the Wallet app. So, if you lose your card or get news of a data breach, you can just get a new number from the app. No need to make calls or get a new card. This feature may prompt other banks to follow suit.

Two-in-one card: The apple card is a physical as well as a digital card. You can sign up for Apple Card and start using it through Apple Pay. This means you don’t have to take the card everywhere and use your app wherever Apple Pay is accepted.

Know your key spending areas: Everyone uses a credit card for different reasons. It is always a better idea to know how much we are spending on the different products and services. Apple credit card does exactly that. Apple credit card assigns a specific category and colour for the products that you buy.  This will help you to track the areas where you spend the most and keep a tab on your spending.

Daily cash facility: With Apple credit card, you don’t have to wait till the end of the month to get your cash balances. Here you get a percentage of your purchases as Daily Cash. So, you can enjoy cash benefits on the very next day as well.

Light on pocket: Interest rates on credit cards are expensive. In addition, the cards come with annual maintenance fees, late fees etc. Apple credit card does not come with any fees, and according to the company, the interest rates will be one of the lowest in the industry.

Although there are many features that sets this card apart from the rest, it has a few limitations as well. The Apple card is limited to the i-phone users and android users cannot sign up for the apple credit card.

Secondly, it seems that the objective of the card is to engage customers to buy more apple products such as Apple Watch and iphone etc. It plans to keep apple users within the Apple ecosystem. The card plans to give back 3% cash when purchasing apple products from Apple Pay.

An Apple credit card may seem like the ultimate status symbol but it will be better to compare the apple credit card with the other credit cards before you grab the Apple card. If you believe that Apple card has lot to offer and you don’t mind getting another credit card, Apple credit card can be good option.

Although there are many features that set this card apart from the rest, it has a few limitations as well.

Cons of Apple Card:

The Apple card is limited to i-phone users and android users cannot sign up for the apple credit card.

It seems that the objective of the card is to engage customers to buy more apple products such as Apple Watch and iphone etc. It plans to keep apple users within the Apple ecosystem by giving them cashback.

As the use of the Apple card is linked to Apple Pay, there maybe a few problems in using the card as it is not one of the popular payment mechanism. Apple Pay is not available everywhere and hence you may have to use cash or other cards for the transaction.

Many credit cards give attractive deals and options to lure customers. The Apple card does not have  any attractive introductory offers.

Although it offers 2% cashback on Apple Pay purchases, there are not many people using Apple Pay at retail stores.

Conclusion

It may be tempting to get an apple credit card, but don’t get your hopes up as it may not be launched in India for a few years. They can definitely introduce after it gains traction in the US. Also, Apple Pay is also not available in India. If it is introduced in India after a few years, you can look at Apple card if you have a small business and you have to frequently buy Apple products. If you don’t spend a considerable amount on Apple products, you will be better off using other credit cards.

SHARE WITH:

Contact us: onlineacctopen@gmail.com