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We look at whether the Apple Card is still worth it in 2023.
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Hey credit Warriors welcome to the show Now you may have seen our recent video On reports in the Wall Street Journal That Goldman Sachs wants to stop issuing The Apple card and pass it off to Another issuer now that report is Unconfirmed it's from people with Knowledge of the situation after all but It did get me thinking is the Apple card Still worth it in 2023 and in this video We are going to get into all of that but First my name is Ben Hedges aka the Credit Shifu I post videos about credit Cards and how to use credit card points For luxury travel if you like the sound Of that do subscribe on YouTube and you Can also follow me on all of the other Popular social media my handles are on Screen now so what are the main selling Points of the Apple card well there is The Sleek titanium card and the card Also has no numbers printed on it which Could be advantageous if security is a Concern of yours but you won't be using The physical card much anyway because You will earn much better Awards when You use the card through Apple pay on Your phone so the car just earns one Percent cash back when you use the Physical card but two percent back when You use it through Apple pay for any Spending category then there are also a Load of merchants where you get three Percent back if you use Apple pay with
Them these include apple and there are 11 in total although they separate Uber And ubereats that's really just one in My opinion so I would say there are ten But you know three percent on those it's Decent the cashback you earn hits your Account daily which is unusual with most Rewards credit cards the cashback or the Points will post at the end of the Statement cycle so that would be monthly You can also have the cashback go Directly into your Apple savings account And start earning interest there too Another really cool thing if you really Like apple is that you can pay monthly For Apple products with no interest so You could buy a MacBook Air over 12 Months at 99 per month with no interest For example it's kind of like having a Zero percent APR credit card that isn't Just zero percent APR for the first 12 Months on everything it's zero percent Forever but just on one Merchant Apple Then in addition to that the card also Prides itself on having no fees so There's no annual fee no late fee and no Foreign transaction fee the card will Still charge you interest though if you Roll over a balance to the next month it Is still a real credit card even though Apple presented us all you know Wonderful rainbows and titanium whatever Sleek designs but it is still a credit Card it will still charge you interest
The interest ranges from 15.99 to 26.99 Depending on credit worthiness so those Are the advantages of the card let's now Go through all those points again and Rip it apart so the titanium card very Cool but you're never gonna use it Because you are a sucker if you pay for Something with a credit card and get Just one percent cash back like even the City double cash gets two percent cash Back on everything and also has no Annual fee so realistically you're all Is going to use the card through Apple Pay so that you get that two percent Cash back and to be honest that's not Even that great a rate either it simply Matches the city double cash the Wells Fargo active cash the TD uh what's it Called double up card there's a load of Two percent cards nowadays it really Isn't that hard to get two percent cash Back on everything not using Apple pay Then there are also other cards that Compete with the Apple card on mobile Wallet purchases for example the U.S Bank altitude Reserve that gives three Points per dollar on mobile wallet Spending which includes Apple pay and Those points are worth at least one cent Per point but if you redeem them for Travel they're actually worth 1.5 cents Per point so that turns your 3x back Okay on mobile wallet spending into Actually 4.5 cashback that totally
Destroys the value proposition from the Apple card on mobile wallet now the Altitude Reserve does have a 400 annual Fee but it is offset by a 325 dollar Credit for travel dining takeout and Restaurant delivery purchases taking you Down to an effective annual fee of just 75 and there are actually some other Things on this car that could take it Down even more but 75 is just the Easiest figure to use because that Credit is really easy to get so if You're into travel and do Mobile Wallet Spending the altitude Reserve is a Really great alternative if you spend Three thousand dollars a year through Mobile wallet on the altitude reserve And then you use the points you earn for Travel you will get 135 dollars in value Compare that with just sixty dollars Cashback if you spent the same amount Through mobile wallet on the Apple card The difference between those two numbers Is 75 which pays off the effective Annual fee on the altitude Reserve so Basically if you're going to spend more Than three thousand dollars a year Through mobile wallet the altitude Reserve makes more sense then we also Have the new PayPal Mastercard that Earns three percent back on all PayPal Purchases and has no annual fee now this May be easier to do online websites that Accommodate PayPal I have a PayPal
Button but some stores do even allow Paypal in store as well and you know What Apple even accepts PayPal so you Could actually get the same rate three Percent with the PayPal Mastercard at Apple as you would with the Apple credit Card but actually for Apple products you Could get an even higher rate of Cashback and a cheaper price check out This 15-inch MacBook Air it's 1299 at the Apple Store with three Percent cash back on the Apple card but If you hop over to Amazon you can get The exact same thing for a hundred Dollars cheaper at 1199 and five percent Back with the Amazon credit card I had To check it out several times to make Sure it's true but it is it's true all Of it It's all true but the Apple credit card Does give you the ability to pay over Time with no interest for Apple products Which is a feature that I cannot fault Not everyone necessarily has a few Thousand dollars just lying around to Buy a new computer when their old one Breaks now I don't often recommend going Into debt but one of the only times I do Is when you can get a zero percent APR Offer now normally we're talking about Zero percent APR cards that are like Zero percent for 12 months but the Apple Card offers zero percent interest and Monthly installments on Apple products
So it could be a very good deal Especially if you're buying something That is for your business and it's going To help you make money like in my case Buying a faster computer to help me edit Videos faster and actually my editor did Just take advantage of a zero percent APR deal not on the Apple card but on Another card to buy a brand new iMac so He can edit videos at home and be more Efficient so that is one thing I cannot Fault the Apple card on the payover time Feature but the cash back rates are not Competitive when compared with other Cards the titanium card is kind of a Waste because you'll probably never use It And cashback being paid daily well That's not really something that's Important to me I can wait until the end Of the month it's like I earned 50 cents Cashback today what am I going to do With that well I'll probably wait a few Weeks maybe a month until it builds up To more and I could actually buy Something with it so when we ask is the Apple card still worth it in 2023 I Think it really depends on worth it for Who if we're talking about the staunch Apple Enthusiast who always wants the Latest iPhone every year no matter Whether they can afford it or not I Would say yeah go get the Apple card and Pay zero percent interest on Apple
Products with pay overtime you'd Otherwise just be putting on another Credit card anyway and paying interest Or another person who may benefit could Be the beginner to the credit card game Who likes the sound of the zero risk Application that the Apple card has okay They will not perform a hard credit Check if you are rejected for the card And actually even if you're approved It's only a soft pull until you actually Accept the offer an apple and Goldman Sachs happen been known to approve some Lower than average credit scores for This card as well and then the way the Apple software displays your balances Your interest payments Etc it's very Very clear and easy to understand so This could be great for a beginner who's Just getting into the credit card game But for someone who is really trying to Maximize credit card rewards on their Spending this card is just not worth it There's no welcome bonus which is Normally pretty standard on credit cards Of any level and the cashback rates that The card earns are just not competitive Compared to other cards now guys if you Do want to browse a selection of what I Think are the best cards out there I Will put my top credit card picks a link To that page in the description below my Top picks focus more on travel credit Cards so below that I will also put the
Top cash back credit cards on our Partner website creditcards.com for you To check out as well as always using our Links does really help out our show so We thank you very much if you do Advertise a disclosure rather than the Bottom of the description section if you Want to see it also if you have a credit Card you probably need a wallet to put In and so don't forget we do have a Wallet store we do sell wallets we have Our credit Shifu minimalist wallets Which are great for people who just want To carry cards not so much cash and then We have our larger traveler wallets Which have space for both cards your ID And some bills in there as well link for The wallet store is below thanks so much For watching guys please subscribe on YouTube follow us on all the other Social media handles on screen now and We'll see you next time bye bye
