What is an Apple Card and How does it work?

Apple has launched a new credit card in the US. Apple has teamed up with Goldman Sachs and MasterCard for bringing the apple card. It is introduced in the market to bring a healthy financial life. Initially, the credit card was made available only to the selected customers and later on, it became available to everyone. It is optimised for Apple and works like traditional credit cards. 

What details are required for applying?

The information such as first and last name, phone number, address, date of birth, nationality, citizenship, social security number and yearly income. Other information may also be required based on the profile of customers. Details such as a scanned copy of the driving license and any other additional information or documentation required for the approval.

How to apply for an apple card?

  • You can sign up for an apple card from the wallet app. 
  • Tap on the apple card interface then you will be asked for basic information about yourself. 
  • Completing the activation steps it is simple and faster as most of the information will be retrieved from the apple id. 

Apple card setting up takes a few minutes. You can apply through the app or through the website. The card is both a virtual and physical card. Once you have entered all your details it will sign up and you can use your virtual card which can be used for making digital payments. 

The issuance of a card is dependent on the credit score. Having a good credit score will speed up the process and make you qualify for getting an apple card. This process is similar to any other credit card. The physical will be delivered to your address by the apple. 

Who qualifies for the card?

To qualify for an apple credit card the user must be 18 years of age or above. They should be US citizens or lawful residents with a US residential address without a P.O box.

The user should have an iPhone iOS 12.4 or later to qualify for an apple card. The card will not be provided if you do not have an iPhone. Two-factor authentication is required and the user should sign in icloud on iPhone and on apple id. 

When you apply for a card Apple will do a soft credit check and provide you with a credit card limit. Once you select the final submit button it will do a hard pull on your credit score. 

Card approvals are done by Goldman Sachs, and Goldman Sachs uses TransUnion for credit score checking. 

How to use it?

This card is launched with the feature to enable payments just like normal debit or credit cards. It can be stored in a wallet and used for digital transactions with Apple pay. It can also be used as a default card and used in shopping online on apple watch, ipad and mac. 

It can also be used for non-apple pay purchases by using the physical apple credit card. As Apple is partnered with Goldman Sachs and Mastercard the plastic card can be used where mastercard is accepted for payment. The credit card is designed by the apple and it is unique among credit cards. It supports digital apple payments and apple is also providing physical cards. 

Click here for What is the CVV number on a credit card?

How is an Apple credit card different from a normal credit card?

Apple credit cards are unique, the card has a laser etched name of the user. The front side of the credit card will not have card number nor the card expiry date. On  the backside of the card there is no CVV number and there is no signature. It is the most secured and protected credit card even if someone steals or finds your credit card there is no way to use the card nor make any online purchases.  

There is a built in chip and magstripe behind the card. The card number and CVV number are available on the phone. If the user wants it will be available on the wallet app. 

The physical card will not support contact less payment. You should use apple pay payments from your iphone. The cards are issued for free and there is no charge even for replacing your lost card. Your card can be managed from your phone and you can know how much you owe, your spending activities, organise and color code your preferences. It provides you with round the clock customer service through imessage. 

Apple cards are enabled with a whole new security level. Every transaction is automatically authorized for using touch id or face recognition along with the security codes. All the data is stored on the device and Apple does not store any data.

Click here for When can your credit card get blocked?

Rewards and interest rates

Apple provides instant access to your reward points for every purchase you make using your apple card you will get 2% back and it will get added to apple cash card. This is irrespective of the purchase amount that you spend. If you use a physical card you will receive 1% cash back. If you spend on purchasing anything at an apple store or services you will be rewarded 3% cash back. 

There is no penalty or late fee, interest rates are the lowest in the credit card industry. It will recommend you monthly payment amounts so that you can manage your payments and accrued less interest. 

Annual Maintenance Fees 

There is no annual fee or international fee or fee for applying or fee for making late payments nor fee for exceeding your credit limits.

There are no late fees but when you miss a payment the amount outstanding will remain due but there will not be collection fees on late payments. No penalty for late payment and there are no interest rates but late payment will affect your credit score. There are no foreign transaction fees but Mastercard charges an exchange rate for foreign transactions. 


If you are an apple user it will be very easy for you to get an apple card. Sign up from iPhone and activate your account and enjoy the benefits of apple. Apple uses a Mastercard network and it provides safe fraud protection, identity theft protection and is enabled with many secured features. With best features of 3% cash back, no fees, worldwide acceptance, clear transactions, privacy focused. It is the best card with best enabled features for credit card customers. 

Meet the author
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Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It’s a commercial mortgage banking company. He has a “Doctoral Degree in Commerce” and two master’s degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.







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