There’s no shortage of material written about the credit card Apple announced yesterday. In digging into how all this will work, a few things stood out. While much of this might be obvious to some of you, thought it worth sharing for those still trying to work all this out.
First things first, spend a minute to make your way through Apple’s new Apple Card page.
There’s tons of useful info on the page and, likely, answers to all of your questions.
One thing in particular to notice is the set of images of the physical, laser-etched, titanium Apple Card. Notice the MasterCard logo, as well as the chip on the front and the magnetic strip on the back. The physical card is for you to use in places that do not take Apple Pay. It’s a MasterCard.
Note the lack of a card number, expiration date, and CVV code. They serve no purpose other than as a reminder for when you have to type those things in or read them over the phone. Having them appear on the card does serve as a security risk, so why include them. If you need that info, it’s all contained in the Wallet app on your phone.
Side note: Obvious, I know, but Apple Card is not a good fit if you don’t own an iPhone. Yet another brick for the walled garden.
Another point that supports the Apple Card as MasterCard model is made by John Gruber in this Daring Fireball post:
Footnote 4 on the Apple Card web page says: “Variable APRs range from 13.24% to 24.24% based on creditworthiness. Rates as of March 2019.” What a crock of shit this “low interest rates” line is. Those interest rates are usury, right in line with the rest of the credit card industry. 24% interest ought to be criminal, and 13% is not “low”.
Yup. This is the world of credit card usury. If at all possible, pay off your credit card every single month. Credit card interest rates are beyond awful.
Those awful rates aside, there’s a lot to love here.
There’s the instant cash back (2% on everything you buy using Apple Pay, 3% on everything you buy from Apple). And the incredible detail in the statements, including the ability to tap on a transaction and have the merchant’s location appear on Apple Maps. That last is just genius.
There’s the fact that there’s no annual fee. Zero. And complete fraud protection. Don’t recognize a transaction? Tap it to let Apple know and you won’t be liable for the fraud.
And there’s the 24/7, text your questions, tech support. With a live person at the other end.
I’m digging this. The new Apple Card will definitely have a place in my Wallet.