Apple announced its first credit card, the Apple Card, earlier this month. And while the company had a lot to share, there were still plenty of details missing.
Today, TechCrunch has a report out that aims to shed some light on the finer details. First, the report confirms that there is no penalty interest rate. That would certainly line up with the whole “no fees” thing that Apple touted repeatedly while announcing the credit card.
“You will continue to pay your agreed upon interest rate on your outstanding balance, but that rate will not go up. It will impact your credit score, as Apple does do standard reporting, but neither Apple nor Goldman Sachs will increase your rate due to late payment.”
Apple spoke quite a lot about interest rates as well, saying they would be low. And it sounds like Apple is going to go a bit out of its way to make sure approved applicants are slotted into the lower end of their interest rate approvals. Credit score will obviously still play a major role in determining if a potential customer gets a card, but, once that is approved, Apple will put a customer into the lower end of the interest pool (between 13% and 24%).
You’ll be able to pay your balance either from Apple Cash (formerly Apple Pay Cash) or from a bank account. Apple basically already confirmed this, because the Daily Cash that owners earn is put back into Apple Cash, which can then be put towards the balance owed. Replacement physical cards are free, which is a nice touch considering the titanium design.
However, one major drawback is the detail that Apple Card does not support multiple users. So you won’t be able to have an authorized user that can access the card.
You can read the full breakdown through the source link below. It’s certainly worth a read, especially if you plan on getting the Apple Card when it launches this summer.
In related news, we know that activating the Apple Card will work the same way as activating AirPods or the HomePod: just bring the card close to the iPhone.