Close to five years after the launch of Apple Pay for iPhone users, Apple has introduced a credit card built into its mobile wallet. Though the card looks cool and has high-tech features, other rewards cards already on the market may be a better deal. Apple encourages users to pay with their phone everywhere Apple Pay is accepted and to use the physical card when that’s not an option. The card will be available in the U.S. this summer.
Rewards are Apple-friendly
You get 3% cash back on what you spend at the Apple Store, Apple.com, the App Store or iTunes; 2% for purchases made with Apple Pay; and 1% for purchases of non-Apple or non-Apple Pay items using the physical card.
Interest rates are typical
13.25% to 24.24%, depending on creditworthiness.
Extra credit for privacy/security
Account number is stored on the card holder’s smartphone. Cardholders use Face ID or Touch ID to authorize purchases.
No annual, late, over-the-limit, cash-advance or foreign-transaction fees.
The card weighs less than traditional metal credit cards but is less likely to suffer wear and tear compared with plastic cards.
Cash is paid instantly
Rewards are loaded to the card in real time.
(Article written by Rivan V. Stinson)