The Truth About Apple Card | Apple Savings, Buy Now Pay Later & Full Wallet App Guide!

so I can't believe it's been almost four years since Apple released the Apple card in collaboration with Goldman Sachs and what I want to do in this video is give you guys my long-term review of using it over that time span I'm going to talk about the pros the cons who I would recommend this to and everything in between and then I'm also going to dive deep into the actual Apple wallet and all of its features because over time since Apple has released this the Apple wallet application has gotten a big robust change with a bunch of features that a lot of people don't really talk about so I'm going to give you guys some of those perks as well so definitely stay tuned and again this is not Financial advice I just wanted to give you guys my first hand review of the Apple card what I use it for who I'd recommend this to if anybody and go from there but let's get into it okay so let's get started with everything that you should know kind of on the surface level when it comes to the Apple card itself so this was actually personally my second credit card ever and for the most part I think I'm Gonna Keep it in my wallet for the time being or at least I don't really see me getting rid of this card in a foreseeable future because there is a nice Apple hack that I'm going to talk to you guys about in a little bit but on the surface level it is a no fee credit card so it has zero annual fee and the beauty of it is that there's no hidden fees no late fees nothing extra they need to pay on top of it it is a zero fee card and people are saying anywhere on the internet that you can go as low as maybe having a 620 or 630 credit score and still be approved in some cases for the Apple card but they do recommend you have about a 660 670 or higher credit score to be approved for this credit card and then depending on your income and your credit history and all that good stuff is going to determine what your actual spending limit is going to be I've seen anywhere as low as 500 all the way up to thirty thousand dollars depending on who you are so I kind of fall a little bit in between there but that's to eats their own and it's gonna be on a case-by-case basis but on the surface level you do get at three percent cash back on everything you buy Apple related so that includes all Hardware at an Apple store but on top of that it also includes all of their services so if you're a subscriber to Apple One or iCloud or apple arcade or any of those things you do get three percent cash back and then also you get three percent cash back on anything in the App Store so if you do an in-app purchase so let's say you have one of your favorite games and you want to buy some you know some Jewels or whatever for 299 you will get three percent cash back on that in-store purchase or that in-app purchase as well so anything Apple related will give you three percent cash back and then something else in the three percent cashback category Apple does have some Partnerships for instance with Panera with Nike with Ace Hardware so there's some other Merchants that fall into a category which I'll put a link down below for you guys to check out and those do actually qualify for that same three percent cash back it's not every Merchant but Apple does have about you know anywhere from 10 to 50 Merchants that are in this little ecosystem that will also give you three percent cash back then you also have two percent cash back on any Apple pay purchase so Apple pay is when you physically use your phone you double tap hold button you put it to a payment terminal and you pay contactlessly with Apple pay now not every Merchant actually has Apple pay but in the US you do have about 85 percent of retail Merchants that take Apple pay and that is a big chunk something that was not there in 2019 so as the years have gone on Apple pay has been adopted by a lot of merchants because it's easy to use it's secure it's contactless and I'm sure covid kind of expedited that process as well and now with those Apple pay purchases that includes online purchases as well so if an online Merchant or a retailer or something like that has the Apple pay button in an Apple pay option that also qualifies for that two percent cash back which pretty much puts a lot of categories in that two percent cash pack kind of section which is very very good for zero annual fee card and if you're in the credit card world at all you know that one percent cash pack is kind of like the low bearing ground 1.5 on everything it's pretty good but if you can get two percent cash back on a lot of these Merchants that is a great thing to have and then of course if you do have to physically use a card everything else you get one percent cash back and now one of the rare things with the Apple card is that it is day daily cash back so the daily cashback means that at the end of the day after all of your purchases you do have access to that cashback pretty much within 24 hours in your Apple account so we will talk about how to use it and how to use it with your savings account in a little bit but that is on the surface level what you need to know so three percent on Apple and their Merchants two percent in all Apple pay situations and then one percent on everything else okay now for this section of the video I want to put my iPhone over here so you can see exactly what the Apple Wallet app can do because there's a lot of nuance in this apple wallet which again sets it apart from the rest of the companies that make credit cards because Apple again is a tech company first and then they just partner with Goldman Sachs to actually do the credit card portion of it but they had to do it the apple way so the first thing you're going to see is that this is my Apple card right you have the card on the top which actually turns into a different color depending on what types of categories you spend money on and if you pay it all off then it's going to turn white which we might do live on this video for you guys to kind of see what that looks like then you kind of see right here you have a couple of different tiles that you can look at you have your card balance so you see exactly how much you owe which is that big bolded number and then on the bottom is your available money so the available credit that you have on this credit card you have your weekly activity which lets you know exactly how much you're spending a week and then you have your payment tile right here which it says payment due in one week you click on this and what makes this so nice is that there's no other credit card company that really does this it allows you to see exactly how much it would be to pay in full and then to actually also pay everything that you've already have past your current statement so you're actually in the blue which is what I like to be in if you pay right here it's still no interest charges but if you do carry over a balance it'll let you know exactly how much you will be paying in interest and again it'll make it kind of like a yellow red Hue to kind of make sure that you actually don't do that if you don't have to right so it's really good to see exactly how much you would pay in interest because it does add up over time but you like to keep that and make sure it paid off every single month to make sure you're not paying any interest and then down here in the middle it says your savings account now this is the brand new feature that came with iOS 16 in a couple months ago so the savings account is something that is exactly what it sounds like right is a savings account that Apple create did that this is only for Apple card users so Apple card users have the ability to now put money into this actual savings account at a 4.15 apy which is extremely competitive now there are some banks that are offering 4.3 4.4 like Ally and Sofi which I'll link down below if you guys do want to check it out I actually use Sofi as my main bank but if you want to actually just stay in the Apple ecosystem see exactly how it grows over time then this is a great way to do it you can see that I have 70 on here and started little by little and what's great is that it integrates with that daily cashback and then you do have the option to actually make your daily cashback go directly into your Apple savings account so you have a couple of ways to actually use this you have your withdraw money and your ad money you can actually withdraw in real time so if you want to withdraw money and put it to your actual daily cash accounts I want to withdraw a dollar press next you actually have the ability to send it yes to your bank account but you can also send it to your Apple cash if you send it to your Apple cash it'll go immediately and you can use it kind of as a debit card immediately or you can transfer it to your bank which takes about two to three business days so that's one good thing to know that you have full access to your money now Apple does kind of advertise unlimited funds but I do believe that they recently put a cap so if you have like a quarter of a million dollars or 250 000 so for every dollar you have over 250 000 Apple won't give you that 4.15 anymore they'll kind of lower that all the way down something to consider if you are somebody that can put that type of money in there but for the most part for normal people like myself it is pretty much unlimited you also have the ability to add money so you can add money the same way from an external bank account if you would like to which is great to see and then you have your top three dots which you have your account details you have your current balance the available balance you have the ability to add money and withdraw and then it even breaks it down to find out how much you've actually earned so far so you can see I've earned about 56 cents so far and then you have your routing numbers account numbers Bank information everything that you need and you also have the ability to actually contact customer service now Apple customer service is one of the best because it integrates with imessage very easy to use something to consider it which is again another value add on top of all the other credit card companies which customer service for the most part unless it's like a American Express is pretty terrible now again this savings account is only for Apple card users and we do have an in-depth video on how to set it up which I'll link down below if you guys do want to check it out but it's very easy to set up when you go into your Apple card and your Apple wallet you just click on the three dots and there'll be an option here where it says daily cash to actually create an apple savings account so down here it'll kind of give you the option to do Apple savings and then you can actually from here also dictate where you want your daily cash elections to go so you can do it to your Apple cache which is literally money that you can use right away or withdraw it into a bank account or if you wanted to send it directly to your savings account which is what I like to do because it's kind of just you know money that just goes directly into that savings account which I can use for a rainy day and then this is a great segue to get into that daily cashback so in this daily cashback section you get a breakdown of how much lifetime daily cashback you've had so in four years I've had about a thousand dollars of Lifetime received daily cash back and let you know what that was between a one percent two percent three percent and then a bonus bonuses usually occur with referral programs like right now for instance I believe Apple's offering some sort of referral for instance if you invite invite somebody to the Apple cash or apple card you do get a little bit of a kickback which is nice so about 75 of daily cash back at least for right now and it's not always available and then you have like I mentioned earlier your bonus Merchant so Apple Ace Exxon Mobil Nike Panera T-Mobile Uber just a bunch of different merchants and apples collaborated with to give you a full three percent instead of two percent and now keep in mind that that three percent is still through Apple pay so if you're using the physical card you will only get one percent at these merches but you have to use Apple pay and if you use Apple pay you get the full three percent cash back some of the beautiful things about the apple cart is just the actual security aspect and the peace of mind so for instance if you do lose your card right if you do lose your card and you go to card details you can actually turn off the card completely so you go into your card information which I'm gonna kind of white out here but you have the ability to actually request Advanced fraud protection so security code changes periodically to keep your virtual card numbers safe so it kind of changes the actual security code of your number on a random note so you actually aren't able to use it online purchases all the time so you have to go in here every single time if you do want to use it online like that but another thing is that you can request a new card number since there is no physical card number on the credit card because that's the apple way you can request a brand new card number if it does get lost or stolen and of course I'll send you a brand new card if needed and then in this card details section you do have a bunch of other options so you have the ability to add a user for free so you can add any family member they'll get shipped an apple card with their name on it they'll have access to their own Apple card and they'll be able to use it on their iOS device with their Apple ID so if you want to add a family user by all means go for it I believe you can add up to five different people at no cost you also have the ability to schedule payments now that's something that I don't personally do I just get reminders and I'll pay it whenever I want to pay but I always pay it on time or before then then you also have your ability to see your monthly installments now this is what the ultimate cheat code comes into play so you can see that there's a bunch of monthly installments on here that I've done over the years I have a couple active ones which are kind of weird I have like some gift cards and stuff like that but then these are all the completed ones now what I do on occasion is actually buy the products to review to see if I like them or not and then you know if half of the time I end up returning them because either there I need the 13 inch MacBook Air or 15 inch MacBook Air I don't need both of them so what you can do with the Apple card is actually the Apple card allows you to finance Apple Hardware at zero percent interest at 612 or I believe up to 18 months depending on the price of the product so airpods you can do for six months versus a MacBook Air you can do for 12 months and things like that but what you can do is actually put it on the Apple card Finance it and if you don't like it instead of paying the full you know a thousand dollars up front you're only paying whatever the finance the amount is which is about 80 to 100 and then you're able to return it without actually paying any money at all and then you'll get refunded your 80 and they do have daily cash adjustments so if you do return something they'll actually take away the daily cash that you earned on that purchase but something to note if you're on the US and you want to do the zero interest kind of try for 30 days kind of thing something that I would recommend doing but then you also get information like your credit limit your available credit your APR so if you were to miss something how much you would be charged and that's a ridiculous 27 so make sure you pay on time all your bank accounts you have your Apple card benefits which takes you to the website to see everything that we've been talking about you have the ability to make your default card so I don't actually do that I like to use different cards for different situations but that is everything that you have you also have the ability to lock your card and request a replacement card so all things that are kind of peace of mind that can be done directly from the application and then some other options you can look at over here are the fact that you can schedule payment you have your monthly installments and then notifications as well and then the last thing that I do want to talk about is that Apple did add the buy now pay later feature to Apple card users so if you're in a situation where you want to buy something online and you want to actually pay for it later there will be a toggle on the right hand side and apple basically lets you borrow 50 to a thousand dollars unless you break it up into four to six week increments so you're able to purchase something in advance I'm not a huge fan of it I've never actually used but it is available to me if I do want to try it I'm not a big fan of doing these short-term loans but if you are in a situation where you need to use it at least it will be there and it has been slowly rolling out and for the most part I think a lot of people do have it now at this point so those were all the nuanced features that I wanted to talk about with the Apple Wallet app Apple continues to improve the wallet app over time it started with just that little wheel that kind of lets you know exactly what your interest rate is how much you would pay in interest if you don't pay in full at the end of every month but little by little they've had the new buy now pay later function they've had all the security updates that they've had with there the ability to increase your credit limit whenever you want to which is great to see if you need it and things like that like I've had two credit limit increases without me even asking for them and it doesn't affect your credit at all so and then of course that apy feature is great for people that are just really locked into the Apple ecosystem right a lot of the major Banks don't give you any apy it's like very small maybe Max half a percent if you're really looking into it there are some other Banks which I will link down below that I mentioned earlier which give you a little bit more but if you want to stay kind of integrated into apple and you want to see everything on your idevice and you want to see kind of a grow every single day over time then the 4.15 is plenty because you only get a little bit more with the other ones but worth looking into but so that's just about going to wrap up the review of the Apple card and the Apple Wallet app itself like you guys saw there is a lot of good that comes with this apple card now again there are some other zero fee cards in that credit card world that might give you a little bit more bang for your buck or might kind of be a little bit better for what you actually use it for but if you're an Apple fan if you're somebody that uses a lot of Apple products if you primarily go to Apple pay Merchants then this card is kind of a no-brainer in that world especially with the integration in the iOS which is I think what really sets this card apart from everybody else it's the first card that really gives you a very friendly user experience to find out exactly how much you owe what your late fees would be what your interest would be and things like that but again try to pay off your card in full every single month and the last bit that I will say is that I personally don't use this card too much because I'm more into the travel hacking on the credit card side but if you're somebody that's just big into cash back and getting that daily cash back especially with that big 4.15 apy right now that Apple has no savings account then this card is definitely a great option for you now I will link down below the Apple card to register for it and I will also link below some other banks that are doing some better apis like for instance sofa is doing I believe leave a 4.3 or even up to a 4.4 savings account so I'll link some options down below for you guys to check out but that's going to do for this video Everybody let me know what you guys thought about this type of video again I wanted to kind of talk about this in a long form fashion and talk about what I use it for and everything in between but that's gonna do it leave a comment down below are you an Apple car user do you want to get an Apple card is it something you see in your wallet in the future let me know in the comments down below but if you guys want to watch more iOS I'm pados from Mac OS content click on one of these videos right here and until next time I'm Fernando peace foreign

Channel: 9to5Mac

Views: 195,188

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Id: I3HLuzKCgzw

Length: 15min 12sec (912 seconds)

Published: Tue Jul 25 2023