Mac A. P.
Apple is that one big fruit company that most people love for its electronic devices, but do you also know that it offers its own payment card?
Apple Pay is available as a secure payment option for merchants in lieu of your existing debit or credit card, and the Apple Card is an extension of that.
What is the Apple Card?
Apple Card is a credit card being offered by Apple that offers two percent cashback for Apple Pay purchases.
Of course, it lets you have a bigger cashback of three percent for purchasing Apple gadgets and products at partner merchants such as Duane Reade, Exxon, Mobil, Nike, Panera Bread, T-Mobile, Uber, Uber Eats, and Walgreens.
The best of all, Apple Card has no annual or monthly membership fees for life.
It was launched in March 2019, backed by Goldman Sachs Bank USA as the issuer as well as Mastercard.
Advantages of having an Apple Card
Having an Apple Card gives you greater advantage if you are already inside the walled Apple garden.
It has an even lower APR than other credit cards with cash back, at only 10.99% up to 21.99 APR, depending on your creditworthiness.
Of course, you can pay in full or earlier to avoid the interest charges, but it is also a good thing that Apple encourages you to pay less interest by showing the computation in real time. You can immediately see the interest amount depending on how big or little you intend to pay today.
Moreover, it lets you pay in installments with no interest for Apple devices, which is an awesome help if the purchase goes towards your business.
How likely am I going to be approved for Apple Card application
It is not that hard to get an Apple Card, as Apple stated that a score of 660 is already in favor of approving your application, based on FICO Score 9.
Your creditworthiness is also determined by Goldman Sachs based on other factors such as credit performance, payment history for utilities, and annual/monthly disposable income.
If you get declined, you can even request for a free credit report copy just in case a credit bureau is responsible for it.
There is also an invitational Path to Apple Card program, which is essentially a free coaching program geared towards improving your financial health. The monthly credit review even helps assess your progress without having a negative impact on your credit score.
Will getting an Apple Card help boost my credit score?
Applying for an Apple Card will not impact your credit score, whether you are approved or not.
However, a hard inquiry will be conducted only after you accept your Apple Card after getting approved.
Generally, hard inquiries can deduct a tiny bit of points but it does affect you negatively if you don’t have a good payment history.
But once you get your Apple Card, you can leverage that to make purchases that you can also closely monitor to build a good credit history.
Conclusion
Apple Card can be a great asset in helping you build your credit score.
Paired with Apple Wallet, you can easily and securely manage your expenses so you can never miss a payment.
You can apply now for an Apple Card at https://www.apple.com/apple-card/.