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How Apple’s Daily Cash Compares to Other Credit Card Offers

Apple has just introduced Apple Card, a new laser-etched titanium credit card deeply integrated with Apple Pay and Apple’s Wallet app.

Apple says the goal of Apple Card is to “transform the entire credit card experience by simplifying the application process, eliminating fees, encouraging customers to pay less interest and providing a new level of privacy and security.”

An unstated goal of Apple Card is to encourage iPhone customers to use the mobile Apple Pay service.

While Apple Pay is a dominant mobile payment platform in the US, less than a third of iPhone owners have ever used it more than once.

With deep iPhone and Apple Wallet integration, an easy-to-understand cash back program, and an undeniable cool factor, Apple Cash will almost certainly be uge hit for Apple.

A “credit card designed for iPhone”

Apple Card bridges the virtual and real worlds. It’s built into the Apple Wallet app on , offering a familiar experience with Apple Pay.

Customers apply for Apple Card in the Wallet app on iPhone. Real-time transactions and balances are tracked in the Wallet app. And Support is available 24/7 via test from Messages.

Includes a minimalist titanium credit card

If Commander Data used a credit card.

Apple has created a titanium Apple Card for use at locations that don’t accept Apple Pay. Mastercard is Card’s payments partner.

With no card number, CVV security code, expiration date or signature on the card, the physical Apple Card will certainly look like an Apple product. (Apple says taking this information off the card makes it “more secure than any other physical credit card.”)

Apple clearly prefers customers use Apple Card through Apple Pay vs the physical card, as noted below.

Points are out, Daily Cash is in

Instead of traditional credit card points and rewards, Apple Card users will receive a percentage of every purchase in the form of “Daily Cash.” Apple calls it “a clearer and more compelling rewards program than other credit cards.”

Daily Cash is added to Apple Cash card each day and can be used right away for purchases using Apple Pay, to put toward their Apple Card balance or send to friends and family in Messages.

How Does Daily Cash Compare to other credit cards?

Several cards match or exceed Apple Card’s 1 – 2 percent cash back. Wirecutter reviewed 41 cash-back cards and found that cash-back cards fall into three main categories, defined by the rate of cash back that you’ll earn and the credit you need to qualify for them:

To see all the cards they reviewed and the top picks, click here.

Update: Wirecutter has created a post reviewing Apple Card benefits and comparing it to other leading cards. In sum: “so-so rewards but a strong focus on debt management.”

Spending Tools

Apple Card gives customers real-time views of their latest transactions and balance right in Wallet, and Apple Card support is available 24/7 by sending a text from Messages.

Privacy and security

“Apple doesn’t know what you bought, where you bought it, and how much you paid for it.”

Jennifer Bailey, VP of Apple Pay

Apple Card Fees

Apple says there are no annual, late, international or over-the-limit fees associated with Apple Card.

Additionally, Apple Card’s goal “is to provide interest rates that are among the lowest in the industry and if a customer misses a payment, they will not be charged a penalty rate.

APR rates will range from 13.24 percent to 24.24 percent based on credit.

Goldman Sachs + Apple

Goldman Sachs is supporting the launch of Apple Pay. Tiller supports financial feed of Goldman Sachs feeds into Google Sheets and Excel.

How to Get It

Apple Card will be available this summer. Customers can sign up for Apple Card in the Wallet app on their iPhone and start using it with Apple Pay right away in stores, in apps or online worldwide.

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