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The 5 Best Apple Card Benefits

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The 5 Best Apple Card Benefits

Key Points

  • The Apple Card offers daily cash-back rewards that are instantly deposited into the user’s Apple Pay account.
  • The Apple Card prioritizes security with unique card numbers for each transaction and no display of card information on the physical card.
  • Apple Card benefits include a high-yield savings account, monthly installment plans, and family sharing.
  • The Apple Card has no annual fees, foreign transaction fees, or late fees.

Have you ever received one of those pre-approval letters from a credit card company in the mail? On the outside, it lists all the potential benefits for enrolling in the company’s credit card. On the inside is a mock version of the card with a bunch of fine print attached. Apple’s credit card — the Apple Card — probably won’t be advertised with a piece of junk mail in your mailbox anytime soon. Instead, Apple lets the benefits of the Apple Card speak for themselves. Here are the five best Apple Card benefits.

5 Must-Know Facts About The Apple Card

  • The Apple Card automatically deposits cash-back rewards into the user’s Apple Pay account daily. Account members can instantly spend their cash-back rewards or use them toward other purchases or transfers.
  • Unlike the traditional plastic credit cards, the physical Apple Card is made of titanium. This material gives it a sleek, premium feel that ensures durability.
  • Beyond its digital integration with Apple Pay, the physical Apple Card also features a built-in NFC chip. This makes it compatible with all tap-to-pay or other contactless payment terminals. Most retailers that accept Apple Pay do not need to change a thing about their payment terminals to accept the payment method.
  • Apple prioritizes the utmost security measures for its Apple Card. Each transaction generates a unique card number, so the merchant never sees your credit card information. For additional security, the physical Apple Card doesn’t display any card numbers, the CVV, or the expiration date.
  • Unlike traditional credit cards, the user can activate the physical Apple Card by placing it near their iPhone. You will receive a prompt to complete the activation on your device. You and only you can activate and use your physical Apple Card.

Apple Card Specs

LaunchedAugust 20th, 2019
DeveloperApple, Inc.
Issuing BankGoldman Sachs
Payment NetworkMastercard
TechnologyContactless payment credit card
Joint Account SupportYes
High-Yield Savings AccountYes
Cash Back RewardsYes

The History of the Apple Card

Apple launched the Apple Card in partnership with Goldman Sachs and Mastercard in August 2019. However, the Apple Card was not Apple’s first foray into the financial services sector. Apple Pay has been around since 2014, predating the Apple Card by five years. Conveniently, the Apple Card integrates seamlessly with Apple Pay. Apple’s goal for this one-of-a-kind credit card was to go beyond the mere mobile payment services of Apple Pay. The company wanted to go bigger: after commanding the mobile payments market, it was time for Apple to dominate the credit card industry.

The idea behind the Apple Card was to create a card that prioritized simplicity, transparency, and privacy while maintaining the same convenience of Apple Pay and Apple at large. At launch, Apple boasted such key features as easy sign-up through the Wallet app, daily cash-back rewards deposited right into the user’s Apple Pay account, and robust security measures to protect user privacy as no other card could. Plus, its physical titanium makeup with a minimalistic design and laser-etched user information added a touch of luxury and exclusivity to the cardholder experience.

Apple never stops improving its products, including Apple Card. In the years since the Apple Card’s launch, the tech company has introduced additional features and benefits to enhance the cardholder experience. The Daily Cash rewards program has continued to grow and evolve, delivering even greater cash-back rewards from more retailers. Apple also introduced the Apple Card Family plan, allowing multiple family members to share a single card and build credit. The company even introduced a high-yield savings account in 2023.

Apple Pay, Zelle, and other payment apps in a folder on an iPhone.
You can keep track of your Apple Card, Apple Pay, and high-yield Savings through the Wallet app.

Best Apple Card Benefits

All in all, the list of Apple Card benefits is quite extensive. What are the best Apple Card benefits of the bunch? And what makes these particular benefits so great? From the daily cash rewards to the high-yield savings account, the monthly installment plans to the family sharing plan, let’s break down five incredible Apple Card benefits below.

Daily Cash Rewards

The Apple Card’s Daily Cash rewards are one of its benefits. All regular purchases made with the Apple Card accrue 1% cash back. Purchases made with Apple Pay earn double that with 2% cash back. Purchases made at Apple Stores and select partner brands such as Panera Bread and Walgreens earn 3% cash back. Users receive Daily Cash in their Apple Pay accounts, and they can spend it instantly or deposit it into their bank accounts or Apple high-yield savings accounts.

Linked High-Yield Savings Account

Introduced in April 2023, Apple’s high-yield savings account — Apple Savings — offers Apple Card owners a generous 4.15% APY on their cash deposits. The Apple Savings account comes with no additional fees, no number of minimum deposits, no number of maximum transactions, no minimum balance requirements, and seamless integration with the user’s Apple Card. It’s one of the most impressive high-yield savings accounts, and it’s made all the better for its connection with the Apple Card.

Apple Card Monthly Installments

With the success of Klarna, Affirm, Afterpay, and all other buy now, pay later services on the market today; it’s not surprising to see Apple come up with its version for Apple Card users. The Apple Card Monthly Installments benefit allows cardholders to buy new Apple products, earn 3% cash back, and then make monthly payments on the products instead of paying for them all at once. You get all the cash back right away but only have to pay a fraction of the cost of the product each month.

Family Sharing

Another one of the best Apple Card benefits is the Apple Card Family plan. With this benefit, Apple Card account holders can enjoy joint accounts and add additional cardholders. Individuals over 18 years can join as account co-owners, while individuals over 13 can join as authorized cardholders. Families can add up to five cardholders or co-owners to their Apple Card account. This arrangement is an excellent way for families to grow and improve their credit.

No Fees

Lastly — and perhaps best of all? — is the near-total lack of fees associated with the Apple Card. Apple Card owners will never see a late fee, a foreign transaction fee, a returned payment fee, or an annual credit card fee. The same goes for its high-yield savings account, which is equally fee-free. The only time an Apple Card user might see a fee on their statement is from the interest fees generated when carrying a balance from month to month. Additionally, the Apple Card does charge vendors interchange fees.

Apple pay
There are hardly any fees associated with Apple Pay and the Apple Card.

Where To Get An Apple Card

Did these Apple Card benefits convince you it’s time to get an Apple Card? It’s so easy to sign up, which might be another added benefit. All you need to do is go to the Wallet app on your Apple device of choice and tap the Plus button in the top right-hand corner of the screen. Here, you’ll see various payment options — you’re looking for the Apple Card application, though. Tap this option and fill out the application with your name, date of birth, phone number, email address, residential address, etc.

After you complete the application, you’ll either be approved or denied for the Apple Card. If approved, you’ll accept the credit card offer and get instant access to a digital version of your Apple Card in the Wallet app. Your physical metal card will arrive in the mail in 6-8 days. However, you don’t have to wait for the physical card to shop online or in stores with contactless payment options. For many, the entire process takes less than five or ten minutes. It’s a super short wait time to begin enjoying those Apple Card benefits!

Frequently Asked Questions

Does the Apple Card track expenses?

Yes — the Apple Card offers some financial management features within the Wallet app. Apple categorizes your transactions automatically, providing a clear breakdown of your spending in different categories like food, shopping, or entertainment. The Wallet app also provides weekly and monthly spending summaries, allowing you to monitor your expenses and identify trends or areas where you may want to adjust your budget. You can also search for specific transactions, view detailed merchant information, and export your transaction history within the app.

Can you use the Apple Card internationally?

Thanks to the Apple Card’s relationship with Goldman Sachs and Mastercard, you can easily use the Apple Card internationally at any merchant that accepts Mastercard. Of course, it’s important to note that foreign transactions may be subject to foreign exchange fees. Apple provides transparency about these fees within the Wallet app.

What are Apple Card's security features?

The Apple Card has a ton of security and privacy features. Every transaction made with the Apple Card carries a unique card number, ensuring that your credit card information remains secure. Furthermore, the physical Apple Card does not display your card number, CVV, or expiration date, providing protection against potential fraud.

Do you get discounts on Apple products with the Apple Card?

Yes, in addition to 3% cash back on Apple products, Apple also offers an interest-free installment plan called Apple Card Monthly Installments for eligible Apple purchases made with the Apple Card. This plan lets you pay for select Apple products — such as iPhones, iPads, Macs, and more — over several months without interest charges.

What kind of cash back does the Apple Card offer?

The Apple Card provides cash back rewards through its Daily Cash program. You can earn 3% Daily Cash on purchases made directly with Apple — including Apple Stores, the App Store, iTunes, and subscriptions like Apple Music. You can also earn 2% Daily Cash using Apple Pay and 1% Daily Cash using the physical Apple Card for transactions. The earned cashback is deposited into your Apple Cash card daily, and you can use it for other purchases, send it to friends and family, or transfer it to your bank account.

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