Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Links in this post may provide us with a commission.
Dear Apple Fans: You Can Do Better Than The Apple Credit Card
We covered the news about the upcoming launch of the new Apple credit card a little while ago. My first impression was so what? This thing is a dog with fleas. Maybe calling it junk is going too far but I bet 10’s of millions of people will get the card even though they could do better. And there probably won’t even be a welcome offer on the card.
Why I Don’t Like It
The card will earn the following rates:
- 2% when using Apple Pay
- 3% on Apple purchases
- 1% back on everything else
Blah…those are pretty paltry. You can easily earn 2% on everyday purchases with or without Apple Pay. And unless you are buying an Apple computer every few months or accessories often you won’t use the 3% back much. And in app purchases, who wants 3% when you can get 15% off those purchases pretty much all the time, plus 2% or more from your credit card on top of that.
Even if you are purchasing Apple products you can do better using a business card that earns 5X when purchasing it from the cell provider. And Apple computers are for sale everywhere. You can even stack portals, rewards points, and better earning rates when you purchase them outside of Apple.
What About Their Other Claims?
Don’t get me wrong instant rewards sound pretty cool. But it isn’t anything new really. The Barclay Arrival+ card has had you earning points as soon as your charge posts for years now. The redemption is more restrictive but it is about the same thing.
Who cares if the card is “digital” if you can add any card to virtual wallets as it is. I don’t see the “hype” there.
Using your card right after approval, as if we need to get less than optimal rates right away. But even if that were the case American Express and some other banks will give you a virtual credit card number right away for online purchases. Trust me, better earnings are worth the wait anyway.
Unless this thing comes with a free Apple Watch or an iPhone I don’t see the attraction.
Then Why Will It Be Popular?
Then why will it be popular, because it is Apple. People will pay more for similar performance, or even worse performance, just because it has an Apple logo on it. People also like to keep everything in one family. They become loyal to a brand that won’t be loyal to them in return. Overall most people are sheep and will go where everyone else will go. That leads to a ton of consumers using inferior products. But the card is Titanium! They can now feel good when they rip it out of their wallet instead of using their cracked iPhone screen to pay for their coffee I guess.
Don’t be a part of the flock, demand better! Just so you don’t think I am a Apple hater or Android lover etc. I do own an iPhone :).
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.