How Apple Card Works?

what’s going on everybody David here
today we’re talking about the new Apple credit card but first off on this
channel we talked about travel exploration of photography this sounds
like something interesting to you please hit the subscribe button don’t forget to
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okay so Apple has announced their new Apple credit card I’m gonna go over this
card with you guys so let’s just jump right into it here is the website so if
bond to Apple I’m looking at their credit card well I’m not really looking
at the credit card yet but they always have a really good presentation I mean
this is one of the best presentations I’ve seen when it comes to a credit card
there are a lot of different travel credit cards that are out there this is
not a travel credit card but they’re a lot of travel credit cards that are out
there and they just pretty much show you what they have they don’t give you any
type of presentation so as we scroll down here we’ll take a look at some of
the benefits of this card and then at the very end I’ll give you my my overall
opinion so looking at this card and like I said it’s not a travel credit card
this is a cashback card and so you probably won’t use it for travel now can
you use it for travel yeah you can earn you’re gonna earn cash back so you can
use that for travel but I don’t really recommend doing that so they just kind
of tell you how Apple’s rethinking the whole credit card business so pretty
interesting that Apple is jumping in this in this game here but this is the
card here and it looks really sleek I have to admit Apple their marketing is
great I mean it’s a simple card it’s got the little Apple logo here it’s a
titanium card it doesn’t have any numbers on it at all so just a clean
clean look so I like that you see a lot of the travel credit cards now Chase
Sapphire Reserve Chase Sapphire preferred some of these other cards they have all
the information on the back and so on the front they do have kind of a cleaner
look on the front but in with this card there’s no numbers on it at all so
that’s that’s pretty nice and more cards are going to probably go to this kind of
setup here alright so let’s let’s look at some of
the the information here and a lot of this stuff I will post a link in the
description so you guys can check it out on your own because some of the stuff is
a little more detailed than what you’re probably going to want to know in this
video I can be talking about it for for 20 or 30 minutes I don’t want to do
that so a lot of what they’re doing is they’re they’re really allowing you full
access so you can see all the information how much interest you’ll pay
if you when you pay your credit card off and things like that but the whole
concept here is the cashback that you get is going to be instant so when you
make a purchase and I will talk about the Earned possibility in a minute but
when you make a purchase those that cash back is going to be instant and you can
use that cash back as Apple pay you can transfer it to other people who have
Apple pay or you can use it to make future purchases but you don’t have to
wait now with travel credit cards and some of the other cash back cards
Capital One cards you do have to wait a period of time and then they will they
will show you what your cash back is so what Apple’s doing is they want to do an
instant so you don’t have to wait and then they let you itemize everything and
they’ll show you so though they’ll give you a blueprint if you’re using your
card they’re going to tell you okay you’re using your card for food here
entertainment here that that a lot of banks already do this but you have to go
into their their website and some of them don’t that they don’t offer it like
on an app so it’s a little bit more clunky a little bit harder to to find
out all this information Apple looks like they’re making it very simple and
easy for you to see exactly where your money’s where you’re spending your money
so that’s good now let’s see they say no fees here not even the hidden ones so
you don’t have like late fee and things like that but just make sure you read
the fine print when it comes to that stuff the they it is a credit card they
are in it to make money so you want to make sure you look at all the fine print
so looking at some of the other stuff here and I’m just moving through it
really quickly here but I just kind of want to go over the some of the the
other benefits here so let’s move down it’s not let him to go down any further
it’s moving down but it showed me this so this is no interest charges so
they’re just showing you if you make a payment there’s no interest charges or
anything like that okay and another unique
how you apply so you just apply I believe you can either apply online or
you apply apply on your phone and then you get it instantly so you don’t have
to wait for the card you actually have it on your phone you have the Apple pay
so you can use that as the or you can use it on your phone like the credit
card on your phone so you don’t have to have a physical credit card so you can
get started almost immediately now you do they do do a credit poll okay so they
are looking into your credit so not everyone is going to qualify for this
card so don’t just think oh well I can just apply it and everyone’s getting the
card no it’s not how it works so let’s let’s look at how it works on
here where they show here I want to go through the through the impossibility
because that’s what’s really important to a lot of us okay so like we said this
is a cashback card you’re gonna get three points every dollar spent and
that’s if you’re spending it at Apple stores or Apple com okay so three points
for every dollar spent if you purchase Apple stuff now I personally don’t
purchase Apple stuff so this is really not going to affect me in any way the
three points or dollars but I’m probably not gonna I can’t think of any Apple
product that I’ve bought in the last few years so I just don’t I just don’t buy
Apple products so three points every dollar spent that’s really not gonna
benefit me but if you buy Apple products all the time and yes this will benefit
you and then you’re gonna get two points for every dollar spent if you use Apple
pay so if you go and use Apple pay you’re gonna get two points for your
dollar spent so that’s pretty nice and then you get one point for every dollar
spent on all other purchases now you have other cash back cards that are very
similar to this you have some Capital One cards that get you two percent
across-the-board so this this earn structure is it’s okay but it’s really
not anything that’s unique another thing here is you don’t have a sign up bonus
so you don’t get a sign up bonus 50,000 points or 30,000 points just for signing
up and hitting a minimum spin so you’re not going to get that as well so just
looking at the card in my my opinion of the card this is not a card for for most
people I I think okay so if you’re a traveler and most of us when we get into
this travel credit cards just credit cards that get you points
usually we’re getting those points are even the cash back like some of the
Capital One cars and you see how Capital One has moved some of their cards into
what they had now have transferred partners and things like that because
they know that a lot of people like to travel and that’s what they use even
their cash back that’s what they use a lot of cash back for so if you are a
traveler this is not going to be a car that you’re gonna really need or want I
mean because you’re really not going to get any benefit from from using this
card so if you do shop at Apple you go to Apple Store you shop on Apple calm
then yes I can see benefiting somewhat from this card and one thing that I do
like about what Apple’s doing is the fact that they’re putting it all out
there as far as showing you how you’re spending and how much interest you’re
gonna owe if you pay a certain amount and all that so I do like that they’re
making it easy for you to find out what’s going on with with your with your
spending habits and things like that so that’s good but as far as a card for for
most people especially if you’re a traveler this is not this is not a card
that I would get I would I would definitely look into the dedicated
travel cards and it would have been nice if they did have some type of a sign up
bonus just to kind of get people interested in getting the card with this
set up yes it’s instant you can get it fast you can do it online and you can
use your phone in order to to make purchases so that’s all great but you
still want to kind of push people up push people over that that little hump
and by giving them a sign up bonus I think a lot of people would would jump
on it a lot faster the other thing here is this is all you have its cash back
cards so yes you can use it to make other purchases just understand a lot of
people don’t really get that whole okay three points every dollar spent yeah
three points for every dollar spent let’s say you spend $10,000 well that’s
equivalent to 300 dollars in in cash back that you’ll get which
sounds good but not it’s gonna take you a while to spend $10,000 so that $300 is
good to get but it’s it is gonna take you a little time to get that and that’s
all you’re getting you’re getting that straight $300 whereas if you were
getting it in points with let’s say another car to travel or credit card you
were getting it with points well now you can transfer those points over to an
airline or hotel and really maximize those points because you get more value
when you transfer points as opposed to just getting cash back so it’s a decent
card I just it’s not for me it’s not one of the cards that I would would have in
my wallet and then you have to also understand too if you are into getting
credit cards or travel credit cards and things like that and I know I keep
saying travel credit cards and the reason that I’m doing that is because
the majority of the people who are looking at cards like this to get points
or to get cash back the majority of the people they use a lot of those cards for
travel so that’s why I keep going back to travel but when it comes to this card
compared to let’s say another even another cash back card let’s say a Chase
Freedom Card the beauty of that Chase Freedom Card is are the chase freedom of
the chase freedom unlimited card is the fact that you can get another card in
the chase ecosystem and transfer those points so the cash back points that you
have with the chase freedom you can transfer them up to a Chase Sapphire
Preferred Chase Sapphire Reserve Chase Inc
preferred I think it’s called you can transfer it up to those cards and now
you have points that you can use for travel as opposed to just using it for
cash back so there’s more flexibility what I would like to see Apple do is
have this card and then launch another car that’s a travel card another card
that will allow you to do the exact same thing that I just said where you can
transfer these cash back points up to an Apple Apple credit card that is a travel
card I think that would be a really good move for them and then have a sign-up
bonus with that travel card I think a lot of people are interested in this
but it’s not necessarily a car that I think a lot of people won’t get I think
it looks sleek I have to admit I think the card looks really nice and if they
just kind of work a little bit more get a travel card out there I think I think
they will have something and maybe that’s something they have they have
planned down the road most most credit card companies they have the cash back
cards you see them across the board pretty much all the different banks so
you have chase you have city you have the Amex Amex line so they all have like
a cash back card and then as you move up then they have some of their travel
cards so let’s hope that Apple starts doing that now I’ll tell you if Apple
does do that then that’s something I would definitely be interested in so
more importantly though I’d love to know what you guys think so please post in
the comments what do you think about this card are you gonna get it do you
think it’s worth getting a credit pool because that’s another thing I think
about too if you get a credit pool well then it might hurt you from getting
other cards like the chase ecosystem the 5:24 roll is this something that you’re
interested in do you think it’s worth a credit pool so please post in the
comments below if you like this video please give me a thumbs up please
subscribe for more and I’ll talk to you the next one bye

8 thoughts on “How Apple Card Works?

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