The Complete Guide to Apple Card
Posted by Frank Gogol
Do you own an iPhone and are you looking for a credit card? Do you want to simplify the way you pay for your goods at stores? We might have a solution that can help you change the way you shop.
Have you heard of the new Apple Card? Yes, you heard correctly. The tech giant is revolutionizing the credit market with a new innovative way to simplify payments. Here you can find out how it works and how to apply for one.
Table of Contents
What is Apple Card?
Apple Card actually just a normal credit card. But with one juicy twist. Apple Card lives on your Apple iPhone. Apple recently added a new type of service to its wide array of products. They now also have a foot in the $175 billion U.S. credit card market.
The process is simple. You apply for your card, get it installed on your iPhone, and keep living your life as you would. Only now you can track your spending with all kinds of nifty tracking and budgeting applications. And all of this lives on your phone in an easy accessible Apple Wallet app.
How Does Apple Card Work?
So, how does the Apple Card actually work? The same as any normal credit card. You can pay the usual things you buy on a daily basis. Even your studies (although there are a few things to consider before you pay tuition with a credit card).
The Apple Card uses MasterCard to process its credit card payments. Built-in technology on your phone performs payments through the Apple Pay service. And in cases where a store doesn’t have Apple Pay, you can use the laser edged titanium card Apple gives to the members of their latest service.
The actual titanium card only has your name on it. No numbers and no other forms of sensitive information. Your credit card number is stored on your phone guarded by state of the art technology to keep your information safe.
No Fees No Fuss
Apple claims their service has no fees whatsoever – not even hidden ones. The card obviously has an interest rate that accrues interest on an overdue balance, but they have simple calculators to help you manage the interest you pay on your overdue balances. Apple strives to remain transparent and encourage you to pay as little interest as possible by reminding you about due payments.
Apple Cash Rewards
By simply using your Apple Card you automatically earn Apple Cash through your daily spending. The Apple Cash card is a second card on your Wallet app. You can spend the rewards you collect with any vendor who supports Apple Pay.
Apple Card payments earn the following cash rewards:
- Apple products – 3% of the total value
- Apple Card – 2% of the total value spent through Apple Pay on your phone
- Actual (titanium) Apple Card – Use it at stores that don’t support Apple Pay and still earn 1% cash rewards
Budgeting and Tracking Your Spending Habits
The Apple Card has some never before seen budgeting integration with apps on your iPhone. You can track your spending on weekly or monthly breakdowns. You can even pinpoint each transaction down to a geographical location on Apple Maps. The Wallet app will also categorize your payments into groups like Shopping and Food & Drinks, helping you to budget with greater ease.
How Do I Pay?
Apple Pay and Apple Card work together to perform transactions with built-in technology on your iPhone. Simply bring your phone close enough to the sensor and approve the transaction. Apple Card then requires your authorization through fingerprint scanning and the Face ID function on your phone before any payment will clear. So only you can authorize payments through your phone.
Fraud detection functions may even prompt you over your phone when transactions take place on your Apple Card. This gives you total control over your money and the peace of mind you deserve.
How to Apply for Apple Card?
Like anything involving credit, you first need to apply for an Apple Card before you can become a member. Apple Card is currently not available to nonresident immigrants in the U.S. But nonresidents can always apply for other credit cards available to immigrants.
Below are the basic steps you need to follow to complete the application process. But first, let’s look at the eligibility requirements you’ll have to meet to get an Apple Card.
Apple Card Requirements
The following eligibility requirements need to be fulfilled before you can become an Apple Card client:
- Be 18 years or older depending on the state you reside in
- All clients must be either a U.S. citizen or Lawful Permanent Resident (LPR) with a residential address other than a P.O. Box (U.S. citizens may use a military address)
- Own a compatible iPhone with the latest iOS version
- Use two-factor authentication with your Apple ID
- Sign in to iCloud with your Apple ID
- Frozen credit reports need to be lifted (at least temporarily) to complete the Apple Card application
- Verify your identity with a Driver License or State ID
You won’t be able to complete an Apple Card application without complying with the above-mentioned requirements. If you don’t have a Social Security Number (SSN) you can consider rather applying for credit cards that don’t require a SSN.
How to Complete the Apple Card Application
Below are the basic steps you need to follow to complete an Apple Card application.
Remember an application doesn’t mean automatic success. Supply every piece of information they require to improve your chances of qualifying for an Apple Card. A stronger application will also receive a better (lower) APR (Annual Percentage Rate) which will lower the amount of interest you need to pay on overdue balances.
- Start Application – Make sure you are signed in to iCloud with your own personal Apple ID. Open the Wallet app on your iPhone, tap the add button (it has a + sign on it). Select Apple Card and tap on Continue.
- Supply Information – Follow the steps prompted on your screen and supply the required personal information for your profile.
- Terms & Conditions – Read and agree to accept the terms and conditions if you wish to proceed with the application.
- Accept the Offer – Based on your application and your credit score you will receive an initial credit limit and APR offers. You have 30 days to accept the offer and only accepting the offer will affect your credit score. Accepting the offer will automatically add it to your Apple Wallet. You can also select “No Thanks” if you wish to decline the offer.
Apple Card and Immigrants
Clearly, the Apple Card will offer a number of perks to users, but will it be worth it for visa holders, immigrants, and other non-U.S. citizens? For most, yes.
Apple Card Eligibility and Immigrants
One of the most unique angles of the Apple Card is its atypical eligibility criteria, which, yes, includes some fairly standard items like being 18 years of age and having a U.S. residential address. But it also includes items like LPR status.
The other criteria that will prevent green card holders from getting an Apple Card is a lack of social security number. Green card holders are eligible for social security numbers, but must apply for and get theirs before being eligible for an Apple Card.
Though it’s not explicitly stated, the Apple Card’s eligibility criteria suggest that it be immigrant-friendly, unlike many major credit card companies and banks. While many credit card companies will offer immigrants the possibility of qualifying for their lines of credit, most rule out visa and green card holders for reasons related to visa status or lack of credit history. But Apple Card’s criteria, while including language about LPR status and credit reports, appears to a great deal more relaxed than the average credit card criteria.
The new Apple Card wants to make your life easier and cheaper. It does all of this without compromising on the safety and security of your payments. This credit card works through Apple Pay and it promises no fees of any kind – not even the hidden ones. Their transparent system reminds you about upcoming credit card payments and it will also show you the interest that will accrue on the balance of your card after payments.
Apply for your Apple Card today and simplify the way you pay for things. Your life will never be the same.