As an amateur travel hacker and points hoarder I can definitely say that Apple's forthcoming credit card is not for me. Never mind that (1) I live in Canada and (2) my phone runs Android, even if I were a candidate for an Apple Card I can get a lot more value from the cards that I currently use.
Here's what the Apple Card offers in terms of rewards:
Even the most ardent Apple fan is going to have limited purchases from Apple, so that 3% is, at best, an occasional perk. 2% is fairly standard for a no-fee cashback card, and not unlike the Tangerine MasterCard here in Canada or the Citi Double Cash Rewards Card in the United States. Pinky swear, no affiliate links here—feel free to click away if you're interested in either of these cards. As for Apple's 1%, well... it's better than nothing, but not really competitive with other credit cards on the market.
So who, then, might the Apple Card be suited for?
One type of user would be the person who doesn't want their card purchases to be tracked. The price I pay for an up to 6% return on my monthly spend is, in addition to a large annual fee, the high probability that my purchase history is being collected and shared with third parties. For me, it's an acceptable deal (I'm an Android user, remember); for others, it may not be. Apple promises that it doesn’t know what you bought, or where, or how much you paid. The same goes for Goldman Sachs and MasterCard, hopefully...
I'm of the opinion that the card is even better suited for the user who carries a monthly balance. Credit card debt is the worst kind of debt, and to combat it Apple gives you this clever visual aid to help you deal with ongoing interest charges:
If you can get your credit card debt under control you'll be on your way to a higher credit score, and a better crack at higher-tier cards with better rewards plus additional perks. Apple definitely deserves kudos for that!
If you need a card that's basic, it's not a horrible one. The software to manage it should be top tier and it looks nifty using it.
Also, I'm a big fan of lowest interest rate cards first, then simple cash back options if you really need it, and lastly the complex points for this or airline cards or whatever.
I'm one using a CC to purchase something I don't want to rip out of savings, but paying back the couch over 3-4 months and a bit of interest is worth the convenience and peace of mind. So I like low interest rates best, I see many cards even with decent credit sitting at close to 20% - I feel that's loan shark territory given the still insanely low interest rate metrics overall.
Is the Apple Card Right for You?
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Originally Posted by Ipse
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