As we approach the sixth anniversary of the Apple Card, it’s clear that it has become a popular choice for credit card users. If you’re thinking about applying for the Apple Card, here’s everything you should know.
Quick Facts About the Apple Card
- Manage and apply directly through the Wallet app on your iPhone
- Receive a complimentary titanium card designed by Apple
- No late payment fees
- No charges for exceeding your limit
- No foreign transaction fees
- Developed by Apple, with financial backing from Goldman Sachs
- All payments are due on the final day of each month
- Check your approval status with a soft credit inquiry
- Apple Card Savings Account feature available
Defining Daily Cash
“Daily Cash” is the term used by Apple to refer to the cashback you earn from purchases made with the Apple Card. You receive this Daily Cash immediately after a purchase is recorded in your Apple Card account. Unlike many other cashback cards, which pay out at the end of the statement cycle, Apple’s cashback is available right away.
Your Daily Cash is usually credited directly to your “Apple Cash” balance. This Apple Cash acts as a separate digital card in the Wallet app, competing with services like Venmo and Cash App.
The funds in your Apple Cash account can be used for purchases via Apple Pay, sent to friends and family through Messages, or transferred to a linked bank account. Additionally, you can use these funds to lower the existing balance on your Apple Card.
If you choose, you can also have your Daily Cash rewards applied directly to your Apple Card balance, which is useful if you don’t have an Apple Cash account.
Recently, Apple introduced Apple Card Savings Account. This feature is exclusively for Apple Cardholders, allowing you to automatically deposit Daily Cash rewards into savings, which currently offers a 3.90% interest rate, and enables you to make deposits from a linked bank account.
Potential Daily Cash Earnings
The Apple Card comes with various rewards and benefits that make it appealing for multiple reasons. The standout feature is the opportunity to earn “Unlimited Daily Cash” on every purchase. However, the cashback percentage varies based on where and how you make the purchase.
- Earn 3% Daily Cash on all purchases made at Apple Stores, on Apple’s website, and for digital purchases through the App Store, iTunes, and Apple services, including Apple Music and Apple TV+
- Receive 2% Daily Cash on all transactions made with Apple Pay, both online and in-person
- 1% Daily Cash on all other purchases
You can also earn 3% Daily Cash when using Apple Pay at select retailers:
- Ace Hardware
- Booking.com
- ChargePoint
- Duane Reade
- Exxon and Mobil gas stations
- Nike
- T-Mobile
- Uber
- Uber Eats
- Walgreens
This collection of stores provides an excellent opportunity to earn 3% cashback on your purchases. Additionally, the 2% cashback rate on Apple Pay transactions aligns well with many top cashback cards available today.
Monthly Installments with Apple Card
An additional advantage of the Apple Card is the “Monthly Installments” feature, which allows users to purchase Apple products on a financing plan with no interest over time.
If you hold an Apple Card, you will notice an “Apple Card Monthly Installments” financing option. You can finance almost any Apple product using this plan, covering all major product categories from Apple:
- iPhone: Spread payments over 24 months
- Mac: Spread payments over 12 months
- iPad: Spread payments over 12 months
- Apple Vision Pro: Spread payments over 24 months
- Apple Watch: Spread payments over 24 months
- AirPods: Spread payments over 6 months
- Apple TV 4K: Spread payments over 6 months
When trading in an iPhone for a new one, the trade-in value is immediately deducted from the new purchase price, decreasing your monthly payment.
Additionally, you earn 3% Daily Cash on all purchases made under the Apple Card Monthly Installments plan. For example, if you purchase an iPhone 14 priced at $799, you would receive the full 3% Daily Cash—around $24—credited instantly, even before the device is fully paid for.
No approval procedure is necessary for the Apple Card Monthly Installments. Instead, the amount of your installments is counted toward your total Apple Card credit limit. For instance, if your credit limit is $5,000 and you finance an iPhone 14, the iPhone’s cost is deducted from this limit.
Security and Privacy with Apple Card
The Apple Card incorporates several security and privacy features designed to safeguard your information and finances against unauthorized charges.
- Advanced Fraud Protection: The Card Security Code refreshes automatically every day.
- No card number or security code is displayed on the physical card.
- You can lock your Apple Card through the Wallet app.
- Receive real-time transaction alerts via the Wallet app.
Sign-Up Bonus for Apple Card
From now until March 21, Apple is offering an exclusive sign-up bonus for the Apple Card: “Apply for a new Apple Card by March 21, and every month you make 10 or more purchases, you’ll receive $20 Bonus Daily Cash through December 31. You can apply in as little as a minute.”
To qualify for the sign-up bonus, you’ll need to apply using the provided link.
Apple Card Savings Account
Another unique offering for Apple Card users is the Apple Card Savings Account, also backed by Goldman Sachs.
The Apple Card Savings Account allows for the automatic deposit of your Daily Cash rewards into the account. Whenever you earn Daily Cash, the money can seamlessly be transferred to the high-yield savings account through the Wallet app.
In addition to automatically adding Daily Cash to the savings account, Apple Card holders can also deposit extra funds via a linked bank account or an Apple Cash balance.
As of March 17, 2025, the Apple Card Savings Account offers an impressive 3.90% APY—significantly above the national average. This matches the interest rate offered by Goldman Sachs through its own Marcus savings account, and you have the opportunity to earn a bonus rate by applying through this link for a limited time.
Evaluating the Apple Card
Having explored the various benefits and features of the Apple Card, it’s time to assess its value.
With no annual fee, the Apple Card offers attractive rewards and benefits—especially for users who frequently spend on Apple products and services.
The Apple Card is a good fit if:
- You’re not worried about a potential one-time dip in your credit score.
- Apple Pay is widely accepted by the businesses you frequent.
- You make purchases from Apple, the App Store, and Apple Services.
- You can responsibly utilize the Apple Card Monthly Installments feature to finance Apple products at 0% interest.
- You appreciate managing everything through the Wallet app on your iPhone.
- While there’s a web-based interface for the Apple Card, the Wallet app is the ideal way to manage your account.
However, the Apple Card shouldn’t be seen as an essential credit card. There are numerous other competitive cashback alternatives available from issuers like Chase, Citi, and Discover.
It’s worth noting that you can apply for an Apple Card and determine your credit limit and interest rate offer without impacting your credit score.
Expert Opinions on the Apple Card
I had the opportunity to speak with Emmanuel Crouvisier, the developer behind the popular CardPointers app, which is designed to help users maximize their credit card rewards.
Many advantages exist with a top-tier rewards card, such as the Chase Freedom, Sapphire Preferred, Citi Premier, or Amex Gold card. These provide transferable points that can be utilized for travel, yielding much greater value than those earned with the Apple Card. Most of their multipliers for various categories far exceed what the Apple Card offers.
With the Apple Card, you can earn a maximum of 3% back on purchases, while the cards I mentioned can yield 5x points on specific categories like restaurants and gas stations. Those points can offer significantly more value, such as redeeming for business class flights to Europe.
A person spending $10,000 on their Apple Card in a year may receive a maximum of $300 in cashback, but the same spending on a rewards card could earn up to 50,000 points. With a proper redemption, those points could be valued at $2,000, representing a potential value that is seven times greater. CardPointers aims to assist users in maximizing their rewards by using the appropriate card for every transaction.
Even if cash back is your sole focus, other cards can match the Apple Card’s cashback percentages while offering additional categories and merchants. I hope to see Apple further enhance their cashback categories, especially as more banks make exclusive deals with specific retailers.
Readers of DMN can save 50% off the typical price of CardPointers and receive a $100 Savings Card upon signing up.
Conclusion
As usual, credit cards can be a powerful financial tool when paid off monthly. Carrying a balance leads to interest charges that can overshadow any rewards you might earn.
Personally, I find the Apple Card to be a valuable asset for specific Apple Pay transactions and Apple purchases, while my go-to card remains the American Express Gold Card and Blue Business Plus.
It’s worth noting that the dynamics around the Apple Card may shift soon, as Goldman Sachs reportedly plans to end its partnership with Apple. Stay updated on the developments regarding that situation.
What are your views on the Apple Card? Are you currently a user or contemplating applying? Share your thoughts in the comments below.
DMN is backed by CardPointers: Download CardPointers for free and unlock savings of over $750 annually by optimizing your credit card rewards. DMN readers can save 50% on CardPointers Pro’s annual and lifetime plans and receive a $100 Savings Card, making the lifetime upgrade effectively free.
