When Apple first announced the Apple Card, it was brushed off as a novel concept, and people said that the tech brand should stick to what it knows best – making sleek consumer tech products. After all, what does Apple know about banking and financing? Despite initial criticism, Apple Card has continued its development and has slowly expanded its services. You may not have been aware of Apple Card or its sleek, all-white physical product, but there’s one thing that Apple knows how to do well: beautiful UX and branding. If you’re interested in learning more about Apple Card and the new Apple Card Daily Cash feature, keep reading below.
Apple Card is the company’s solution to a new, modern, cashless society. It integrates seamlessly with iPhone and certain security features such as Face ID and Apple Pay. There are three features that work with the Apple Card: Wallet, Apple Pay, and Cash. Wallet lets you see your connected debit or credit cards and all your boarding passes and tickets. The Wallet app is where you’ll be able to see your Apple Card financial details and statistics. Apple Pay allows you to pay contactless with your iOS device. Apple Cash allows you to send and receive money like a digital bank app.
Apple claims that this new card, made out of titanium instead of plastic, encourages users to pay less interest due to real-time calculations and how much you’re going to be paying for something. Another cool feature is that you can gradually pay for Apple products without any interest. Want to buy the new iPhone 14 Pro? You can pay a bit monthly over a long period of time to do that with the Apple Card. The service is partnered with Goldman Sachs and MasterCard for infrastructure and digital operations, so there is a lot of legitimacy behind the product.
What Is Apple Card Daily Cash?
A lot of banks are encouraging users to spend money at certain retailers by offering them cash back or discounts. While some may definitely take advantage of those offers, it’s not something that most consider a prominent feature of a digital bank. The Apple Card Daily Cash feature encourages users to use the card by offering real, instant cash straight into the Wallet app every time they use the card. These are not rewards in the sense that you can use those funds towards the purchase of something else or as a discount, but actual usable cash for whatever you please. Currently, the rate is 2% for every purchase, but all Apple purchases give you 3% back.
You could pay back a family member or friend with this 2% Daily Cash, buy a chocolate bar, save up for a new Apple product, and more. Use Apple Pay to trigger this cash-back feature. What’s good about Apple Pay is that you don’t technically need a physical card to make purchases. You could just rest your phone against a wireless card reader, and you’re good to go. This reduces any risk of theft or robbery and keeps your information way more secure.
How to Get an Apple Card
To get an Apple Card, you’ll need to apply (which is a very straightforward process that you can do on your iOS device). There are some prerequisites that Apple checks when you apply that impact the success of your application. First, only US residents can apply. Second, Apple does a thorough credit check on you to determine whether you’re eligible to be a member. Here are some conditions that could negatively affect your application:
If you’re behind on debt obligations or have previously been behind.
Any negative public records (recent bankruptcy, not paying taxes, property being repossessed).
If you’re heavily in debt or are not able to pay any obligations.
If you frequently apply for credit cards and loans.
If your credit score is low.
If you think you’re good to go and you’re able to apply for an Apple Card, you can go straight to your Wallet app and go ahead with the application process. Fill in your details and wait for Goldman Sachs and Apple to perform a credit check and review your application. You’ll have your physical titanium card mailed to you, and you can begin to integrate your new digital and physical bank with your iPhone.
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