Apple has announced a new credit card and what from what was written on the Internet about it, it sounds attractive: up to 3 percent cash back paid daily, no late or international fees, and a physical card made of titanium. So, what is the catch with this Apple Card?
There is a lot of information to be known about the Apple Card such as how to get it, how it works, how it compares to the credit cards we are used to. If you might like the idea of an Apple Card, below we provide you some information.
What do you need to do to qualify for an Apple Card?
In order to apply for an Apple Card, you need an iPhone, and some existing credit might also be required. Apple has not announced the exact credit score range within which you will need to be in order to qualify for Apple’s credit card. However, some suggest that if you have lower credit scores higher interest rates, up to 24.24 percent will be for you. That has been estimated in comparison with other credit cards in this category such as Discover Card and Chase Freedom.
Mastercard would process the payments while Goldman Sachs issues the Apple Card. Goldman Sachs will be looking at other criteria beyond credit scores, Apple told The Verge, but no specifications have been mentioned, and the issuing company declined to comment.
This summer the Apple Card will become available, and in order to apply for it, you will need to use the Wallet app on your iPhone. Along with the approval, instant access to a digital version of the card will be provided as it appears automatically in the app. The physical, chip-enabled card will also be shipped to you after a brief waiting period.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.