Apple Card Review 2021 – How is Apple Credit Card Two Years In?

Apple Card Review 2021 - How is Apple Credit Card Two Years In?

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Hey i’m adam jusko and this is strictly Credit cards where we talk about Strictly Credit cards subscribe why don’t you in This video we’re going to take a look at The apple cart it’s been out on the Market for about two years We are going to see what has changed What hasn’t what we think of the card in Today’s Marketplace if you find this video Helpful and you’re logged into your Youtube account we just got this new Thing called Super thanks and if you hit that thanks Button down there you can give me a Couple bucks if you’re so Inclined or maybe more if you’re so Inclined anyway apple card Has been out for about two years now and They’ve kind of tinkered around the Edges but it hasn’t Changed a whole ton unfortunately Because It is an okay card but it is not a great Card however for some people it is going To be attractive obviously if you are a Big Apple fan you’re probably going to like It also if you’re someone that is maybe Newer to credit or maybe has a little Bit lower of a credit score Apple has some transparency around its Approval process

That would make you think that maybe This is a card that you could go after As well so we’ll talk about that as we Go along So apple and their card issuing partner Goldman sachs would like you to think of The apple card as your everyday credit Card that you use Across the board on all of your Purchases but Apple being apple they cannot help Themselves but put roadblocks in front Of you that in my opinion would stop you From making this card The one card that you use for everything And i will tell you what i mean so the Apple card Is a no annual fee mastercard credit Card That gives you rewards using the Following formula you get three percent Cash back on your apple purchases when You pay with your apple card You get three percent back on purchases At a list Of about a handful of retailers when you Pay at those retailers Using apple pay so you have to use your Apple card as the payment method In apple pay the apple pay software on Your iphone and then use your phone To make those payments at these Retailers and so those Include uber panera t-mobile

Exxon mobile nike walgreens Dwayne reed there may be a couple others That i’m forgetting in there but there Aren’t that many of them there’s like Seven or eight Places where you could get three percent Back when you use apple pay To pay at those locations anywhere else That you Make purchases and use apple pay you Would get Two percent cash back so those are Pretty good numbers but it sort of Assumes that we live in a world Where apple pay is available everywhere And that’s just not the case Apple says that 85 percent of merchants Accept Apple pay and maybe if you count you Know a zillion Online merchants maybe that’s mostly True but i don’t believe that 85 percent Of actual Physical locations are going to accept Apple pay and so what they’ve done is They’re giving you that two percent On all those apple pay purchases and Then three percent on some of those Other purchases But everywhere else you either can’t use The card because it is Expected to go through your phone and Use apple pay Or you could get the physical apple card

But when you actually use it you sort of Get Penalized in the fact that you only get One percent cash back On all of those purchases and apple sort Of touts the look and feel Of their physical credit card and then They sort of penalize you for using it One percent cash back Not very competitive in today’s market So they don’t want you to use that Physical card they want you to use apple Pay they’re trying to force you into Using apple pay If you want those greater rewards but Then they hurt you When you try to use the card at places That don’t accept apple pay There is not any sort of new card holder Bonus opportunity on the apple card so If you’re comparing this card to other Cards Out there on the market that do give you Potentially 150 bucks or 200 bucks On the front end if you spend 500 or a Thousand dollars within those first few Months of having those cards You don’t have a comparable offer here And so that obviously is to The apple cards detriment now like i Said apple likes to run everything Through Your iphone so the cashback you receive On this card is going to go into your

Apple cash account In your apple wallet on your iphone from There you can use it to either pay off Part of Your apple card balance or you could use It for other purchases as well but You’re not going to get that cash back In your hand it’s not going to go Into your bank account now the way apple Gives your money Is a little different than other cards You get it on a rolling basis so when You make purchases pretty much the next Day You are getting the cash back into your Account so you can see How much you are earning on an ongoing Basis and you can actually use that cash Back Quicker than you could with other cards Where they’re not going to give you the Cash back until the end of a billing Cycle And oftentimes they are going to have Some sort of redemption Threshold that you might have to hit Before you can actually get the money Oftentimes 25 bucks With a lot of cards out there so that’s A little nicer it’s fun to see it Accumulated it is nice that you could Use it on a rolling basis whenever you Wanted to instead of Waiting to hit whatever that threshold

Is now before we look at the other Features of this card Let’s dissect those rewards real quick And see what we think of them three Percent cash back on apple purchases Obviously is a good thing if you buy From apple often well then that’s going To be attractive to you beyond the apple Purchases that is a big Question how does apple pay fit into Your lifestyle or how does it fit into The lifestyle you are willing to have in Terms of how you make payments do you go To a lot of places that are going to Accept apple pay is this something that You see as something Simple in your life so you have those Three percent categories with certain Retailers and you have two percent Everywhere else Well if you could get two percent or Three percent on almost all of your Purchases you were always using apple Pay Almost everywhere well then i could see How that would be pretty attractive Because that is fairly Competitive with other cards that are Out there on the market However if you can’t use apple pay all The time well then you have the physical Card Use that card you’re only gonna get one Percent again you’re sort of getting

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Punished Whenever you use the card somewhere even If apple pay is not accepted it’s not Your fault apple pay is not accepted And the thing is there are plenty of Other two percent flat cash back cards Out there on the market where you get Two percent on everything that you buy And you don’t have to go through a Certain pay wallet in order to do you Just have the card that’s good Everywhere the credit cards are accepted So apple is sort of Hoping that you will buy this vision of A world where apple pay is everywhere Even though most of us know that it is Not everywhere so i’m not thrilled with That reward structure but if you are Someone that is very into the apple Ecosystem i could see how potentially it Is something that you would think is no Big deal And you would like those rewards as they Stand so now let’s look at some Some of the other features of the apple Card and then we’ll also talk about the Approval process Which i find pretty interesting and much More transparent than most other credit Cards out there on the market As an apple card holder you not only get The cash back on all of your purchases But For those apple purchases you can also

Get no interest financing so if you buy An iphone or other apple stuff You can choose to pay over time without Any interest so depending on what it is You’re buying you could have six months 12 months or 24 months to stretch Out your payments you would pay in equal Installments over whatever that period Is Until you have paid off the item without Paying any interest so that is pretty Nice and you would Still get the cash back on those Purchases within the last year apple has Introduced apple card family which is a Way for you to share your card with People in your family and also a way to Potentially help them build up their Credit history Build up their credit score there are Two mechanisms under the apple card Family program number one you could have Co-ownership you could be a co-owner With Somebody else on the card you’re both Responsible for paying off the card And it would get reported on both of Your credit reports Equally so as long as you make your Payments on time it’s going to help both Of you In your credit history and your credit Score if you don’t make your payments on Time it’s going to hurt both of you

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Equally secondarily you could have what Apple calls participants the rest of the Credit card industry Calls them authorized users so anybody 13 or Up you could put on your apple card and They could use it as well They would not be responsible for paying It back you as an owner or Co-owner would be responsible however if One of the participants or more than one Of the participants is 18 Or above you also could have The payment history reported on their Credit report as a way To help them establish credit for the First time and then hopefully That payment history on their credit Report would allow them to get their own Credit card down the road When the apple card first came out apple Really touted the privacy and security Features of the card some of those are Inherent to the iphone and the fact that You may have Face id or touch id or that sort of Thing in order to actually get into the Phone so obviously other people can’t Easily do that but then some of them are More specific to the card things like The fact that apple will not Sell your information to any third Parties like some Card companies do also the physical

Apple card does not have any numbers on The card so if somebody got a hold of Your card They could not strip the numbers off and Just use it somewhere online or Something Like that so if you’re at a restaurant Or a store or whatever they copy down All your numbers Like they could with other credit cards They can’t do that with the apple card It is interesting to me though that that Apple card is something that they sort Of tout as one of these security Features Because they talk about the apple card Being this beautiful metal card made of Titanium And the fact that they have the security Feature no one can steal your number but Then they punish you for using the apple Apple card by only giving you one Percent when you use the physical card Versus apple pay let’s talk rates and Fees i’ve already said this is a no Annual fee card this card also has no Foreign transaction fees it has no Late fees in terms of interest rate you Could get a rate anywhere from 10.99 To 21.99 depending on Your credit history at least that is the Range as i make this video so if you Have a better credit history it could be Closer to that 10.99

If your credit history is not so good or You don’t have much credit history Probably up closer to that 21.99 Now let’s talk about that apple card Approval process because i really like What apple and their issuing partner Goldman sachs are doing here in terms Of transparency they tell us a lot of Information about how things are going To go And they are sort of soft i guess you Might say In terms of making sure that they aren’t Hurting your credit score While they do it so apple tells us that When you apply They are going to look at your scores Through the credit reporting agency Transunion The fico credit scoring model that is Going to be used Is fico 9. and if you have a score that Fico 9 score through Transunion of 660 or above They say that is favorable for credit Approval so that’s a lot to know you Know exactly who they’re going to pull From You know what score they’re looking from You know which score they are using Since fico has A lot of different scores over the years So you know All of those things now you might say

Well that’s still not enough i don’t Necessarily know if i am going to be Approved or not well the good thing is When you actually go And fill out the application what they Are going to do is they’re going to tell You You are either approved or you are not Approved but if you are not approved It’s not going to hurt you in any way They’re going to do what is called a Soft poll or a soft inquiry which means It is not going to hurt your credit Report so if you get declined It’s not going to hurt you anyway in any Way if you get approved Well then when you go through and you Actually say yes i want the card well Then you are going to get a hard inquiry On your credit report but that’s what You wanted anyway because you’re hoping To get the card So you only get the hard inquiry if you Actually get approved and you get the Card if you get declined You don’t have that in addition apple Has a program that they call Path to approval and they invite Some people who are declined into this Program and it’s hard to understand Exactly who Gets invited into the program because Some people seem to Even if their credit scores are a little

Lower where some people it seems like Their credit score is a little higher Maybe don’t get Invited in but anyway this path to Approval obviously are people that are Sort of on the bubble That they’re declining but they feel Like maybe they could approve if they Could just improve their credit history A little bit so this path to approval Basically is a program where they say Here are the you know three or four Things we want to see from you over the Next Six months or whatever the period is and If you do all these things Well then we are going to invite you to Apply again for the card And you have to assume that your chances Of being approved are pretty good at That point so Maybe they want to see six months more Of you making payments on time with your Current cards or maybe you have Too much debt for their liking and if You can pay it down to you know x amount Versus where It started well then that would be Something that would allow them to Approve you so You have the option if they invite you Into this path to approval to do those Things and if so They would then tell you why don’t you

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Reapply again and you have to assume That you would get approved at that Point And then i also should mention here that Apple says you could get a credit line Increase on your apple card in as little As Four months so some people if they don’t Have much credit history or maybe their Credit history Is not perfect sometimes they’ll get a New credit card but they’ll get a very Measly credit line and so then they’ll Feel like well it’s great to get Approved but i can hardly use the card So potentially within four months or After four months you could get a credit Line increase with the apple card So bottom line i don’t love the apple Credit card but if you’re someone very Into the apple ecosystem or you’re Making a big purchase with apple i could See why you would get this card for the Zero percent Financing and the three percent cash Back on those apple purchases i don’t See this As an everyday credit card for most People even people really like apple i Can’t imagine this would be Your everyday credit card however if you Are someone that is newer to credit or Maybe your credit score is not quite as High

Apple is being pretty transparent here In terms of the fact that you could get Approved for this card If you are at that 660 credit score or Above and so there’s sort of no downside If you’re someone that’s trying to build Up a credit history To at least applying and seeing if you Can get approved assuming that you think This is a card that is you know good Enough For you to sort of start off with maybe You can’t qualify for some of those two Percent cards i talked about earlier Or other cards on the market that you Might want so This is a very good opportunity as a way Perhaps to get a new credit card if You’re new to credit Or you’re sort of rebuilding your credit Back up again so questions comments i’d Love to hear those in that comment Section below otherwise i thank you for Watching and we will talk to you again Soon

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