Author: jeremymjudkins

Is the TITANIUM Apple Card worth it ?

Is the TITANIUM Apple Card worth it ?

Apple recently announced their latest “product.” Apple Card. This comes in two flavors, one sits digitally in your Apple Wallet on your iPhone. The other version is a sexy titanium card, with a very minimalistic, but premium look. BUT… Is it actually worth getting?

Lets summarize some of Apple Card’s key features:

Rewards:
3% back on Apple Store purchases
2% back every time you use Apple Pay
1% back every time you use the physical titanium card

I think a lot of people will be getting the card to “flex” in public. The flashy, yet minimalistic card is sure to draw some heads. I have yet to have it in my hand, but I’m sure it will make a nice “clink” when you set it down on the counter. Something that people who already have metal credit cards are already familiar with.

Unfortunately, if you want the luxury of using the physical variant of the card, its going to cost you! You will get half the rewards back – 1% vs 2% if you use apple pay. Apple is most likely making this decision, because they earn more revenue for every apple pay transaction, plus it cost them money to create and ship every card. The decrease in rewards will help compensate for that.

Game Changer: The most notable feature of the rewards on this card, is that you are given your rewards every day, vs every statement cycle. You can redeem these rewards as credit back into your Apple Card, or if you have an Apple Cash Card in your “wallet,” you can send it there as well.

Fees:
According to Apple, there are zero fees. No annual fee, no late fees, no rush order fee, no foreign transaction fees, no over limit fees. While this isn’t a first in the industry, it is much appreciated.

Interest Rate:
Apple claims it will have one of the lowest interest rates on the market, but from what I have seen, it is nothing special. Seems to range from about 13% and up, depending on your credit worthiness. Of course, the rates can change based on the prime rate set by the US government. Currently prime rate is 5.5%.

Am I impressed/ is it worth it?:
Let’s be honest… I probably wouldn’t be excited about this card if it wasn’t branded by Apple. The only reason I want it is for the sole purpose of reviewing it and seeing if it is worthy of the hype. I am excited to see the personal finance tracking features, and on the Keynote it was cool to see how transactions are easily trackable.. they show you GPS coordinates of where the transaction takes place.

As far as the rewards go… 2% back isn’t really a game changer. Citi has a card that has offered that for years. 3% back on Apple products also isn’t very impressive. Bestbuy and Amazon both offer 5% back using their cards. I’ve even seen Bestbuy doing promotions up to 10% back if you use their card.

However, this card does have a few key features to instigate a “change” in the credit card market. The focus on zero fees is great, as well as the security of the card stored locally on a chip on your iPhone.