What Are The Security And Privacy Features With The Apple Card
Security is one of the features Apple touted in its Apple Card announcement. Aside from the physical card designed to discourage theft, the digital side of the Apple Card has a lot of features that make it secure and privacy oriented.
The core of the Apple Cards security, like most of Apples other security features for its mobile devices, lies in the Secure Element chip. The Secure Element is an encrypted chip where sensitive information, like Touch ID/Face ID biometric data, is stored.
Data stored in the Secure Element is inaccessible to iOS, macOS and watchOS, is never shared with Apple and is never stored online. In short, the Apple Card has a security element that requires it to be authorized on a users particular device using their face or fingerprint for verification.
When a new Apple Card is created on an iPhone, a unique device ID is created and stored in the Secure Element. Every Apple Card transaction requires not only the card number, but also the unique device ID and a one-time code that is generated when the cards owner verifies the transaction using Touch ID or Face ID. In an ideal world where biometric security is foolproof, this means the theft of an iPhone wont necessarily lead to the theft of an Apple Card.
If One Credit Bureau Removes Information From Your Credit Report Do The Others Have To As Well
No, a credit bureau does not automatically have to remove information just because another one did. However, if one bureau removed information because it’s outdated or otherwise inaccurate, then other bureaus will likely want to do so if they haven’t already. It may be an oversight that the bureau hasn’t deleted the information. Disputing the information with each bureau individually is the best way to ensure that your credit reports are accurate and complete.
Why Your Application Is Pending Or In Review
Goldman Sachs might need more time to review some applications, or request more information to verify your identity. After you apply, you are shown a message in Wallet app that will indicate your application is in review. Updates regarding your Apple Card application will be sent to the primary email address associated with your Apple ID.
Recommended Reading: What Goes Into Your Credit Score
Apples Rejection Letter Might Blame Other Factors
Online discussion forums now have plenty of data points on the terms of Apple Card acceptance offers, as well as countless examples of rejection letters that confound recipients. Given that Apple exalts simplicity, theres something wrong when even credit card mavens cant understand Apple Card rejections, so the algorithms method for explaining its reasoning might also need some fine-tuning.
I asked Goldmans representatives about apparent inconsistencies and inaccuracies in Apple Card rejection letters. In some cases, a rejection letter may not explicitly identify bankruptcy as the critical issue, preventing rejected applicants from moving on with the knowledge that they wont be accepted anytime soon. Alternately, a rejection letter might list three reasons for rejection based on the same underlying situation contradicting an otherwise stellar payment history report from Credit Karma, including a multi-year history of 100% on-time debt payments.
Silver suggested that there may be disconnects between what people see summarized by third-party credit monitoring services and the more granular data Goldmans system uses to make decisions. As such, a single bankruptcy filing might inaccurately show up twice on the list of rejection reasons and trigger the listing of a third reason that might not be correct. Contacting TransUnion could help applicants resolve some problems, but others are clearly attributable to disclosure issues with Goldmans automated rejection system.
Apple Card Review Summary
The Apple Card is a good credit card thats worth it for people with good credit or better who regularly buy Apple products and services, as well as for iPhone, Mac and iWatch users who are comfortable making purchases using Apple Pay. Owning the Apple Credit Card from Goldman Sachs doesnt have to cost you a thing. And it can help you save money with elite rewards rates on select purchases, as long as you pay the bill in full every month.
The Apple Credit Card has some financing appeal for new Apple purchases, but it’s not a good choice for most people who plan to carry a balance from month to month.
The Apple Card is not the best everyday credit card for the average person, either. As popular as the Apple brand is, having rewards so dependent on Apple-centric spending means the population it would work well for is limited.
Recommended Reading: How To Get Medical Bills Off My Credit Report
Apple Card Vs Capital One Quicksilver
While the Capital One Quicksilver card doesnt offer as high of a cash back rate as the Citi Double Cash, its a great option for cardholders who want a simple cash back card that earns a consistently high rate of cash back. You earn the same 1.5% cash back on every purchase so you dont need to worry about tracking bonus categories. If you prefer to use a single card for every purchase, you can earn an overall higher rate of cash back with the Quicksilver card than you can with the Apple Card.
Like the Apple Card, the Quicksilver card is very flexible on redeeming cash back you can redeem any amount for statement credits, checks, gift cards and more. Also, you can earn an extra $200 if you sign up for the card and spend $500 in the first three months.
Theo Frank Wallethub Credit Card Analyst
Applying for the Apple Credit Card does lead to a hard inquiry into an applicants credit report, but only at a certain point in the application process. First, Goldman Sachs, the cards issuer, does a harmless soft pull of the applicants credit. Some people may be denied right away based on this soft pull. People who seem to qualify for the card based on the soft pull will then get to see an offer for what their initial credit limit and APR would be. If they accept this offer, Goldman Sachs will then do a hard pull to finalize the application.
So in short, everyone who gets the Apple Credit Card will have to go through a hard pull, which will temporarily drop their credit score by a few points. But people who are immediately denied or who do not accept the cards credit limit and APR offer only have a soft pull, which will not affect their score.
You cannot qualify for an Apple Credit Card pre-approval, because the issuer doesnt offer this option.
You can, however, check if you pre-qualify online by applying for the card, without hurting your credit score.
Bear in mind that after they confirm your approval, only by accepting the Apple Credit Card will they do a hard pull on your credit report. This may hurt your credit score temporarily.read full answer
Also Check: Do Cash Advances Show On Credit Report
List Of Which Credit Bureau Each Bank Pulls
There are lots of reasons why people may want to submit several credit card applications at the same time . When a credit card issuer sees too many recent credit inquiries on your credit report then they may decline your credit card application due to too many recent inquiries. If youre planning to apply for several credit cards at the same time you need to do it smartly so you dont get declined due to the new credit inquiries.
Years ago, it was possible to apply for multiple credit cards by submitting the applications within the same second using different browsers. This used to help avoid the banks from seeing each others credit inquiries. This trick is now dead. The credit bureaus update files within the microsecond and it is impossible for you to act faster and submit a second application before the first credit inquiry shows up.
Thankfully most credit card issuers only pull one of your three credit reports. So you can apply for multiple credit cards by making sure you split up the credit inquiries between the three credit bureaus by choosing the right banks.
Col trick on how you can trick the bank to pull a different credit bureau
Dont Miss: Syncb/ppc Closed Account
Where We Got The Data
Applying for a credit card isnt the most transparent process. Usually, you just fill out a form and a decision pops out. So, you probably arent surprised to hear that banks dont tell us which credit bureaus they use. That means we had to gather this information from people who actually applied for Capital One credit cards.
Each time you apply for a loan of any kind, the lender pulls a copy of your credit report from a credit bureau. Because applying for lots of loans in a short time is a sign that you might be in financial trouble, credit bureaus track how many hard pulls are made in your report. If you look at your report, you can see who made a hard pull when, so you can see which credit bureau a lender used.
We used the CreditBoards.com database to collect most of this data. People use the website to see how likely they are to qualify for a certain card. After applying for a card, they can provide info like their income, credit score, and which bureau was used, so future users can better gauge their chances.
We used just the last two years results so we can give you the most up-to-date info possible.
Read Also: Does A Mortgage Show On Your Credit Report
% Cash Back With Apple & Apple Partners
Using the Apple Card to make purchases directly through Apple gets you 3% back on those purchases. Thats $60 on a $2,000 MacBook Pro, for example. The Apple Cards 3% rewards rate also extends to purchases made with a select group of brands that have partnered with Apple. They include Uber, UberEATS, T-Mobile, Nike, Duane Reade and Walgreens.
To help put the Apple Cards rewards rates in perspective, the average cash rewards credit card gives a bit more than 1% back on all purchases. However, some cards offer 5% back or even more in certain spending categories.
Limited Cash Back Earning Potential
One of the biggest drawbacks of the Apple Card is that its cash back program is not that rewarding. Cardholders receive bonus cash on Apple purchases: 3% cash back on everything you pay from Apple including Apple Store, apple.com, App Store and iTunes purchases and 2% cash back on Apple Pay purchases. Also, you can earn 3% cash back for Apple Pay purchases made at merchants like Panera Bread, Exxon Mobil, Nike, Uber, Uber Eats and Walgreens and at T-Mobile stores . All the rest of your purchases earn only 1% cash back.
Of course, Apple users are avid about purchasing Apple products, which can add up to a significant amount of spend each year. However, when we consider how much an average Apple enthusiast might spend on Apple products per year , this still constitutes only a small portion of overall spend. By our estimates, the overall rate at which the average cardholder can earn cash back with the card is really low compared with other top cash back cards.
In comparison to cards such as the Chase Freedom Unlimited card, which offers at least 1.5% cash back on purchases, or the Citi® Double Cash Card, which offers up to 2% cash back 1% when you make a purchase and 1% when paying off that purchase a rate of 1.19% cash back is paltry. If you are looking for a go-to cash back card, there are much better options.
Also Check: How Long Do Inquiries Affect Credit Score
Regularly Monitor Your Credit
Monitoring your credit can help you fix an insufficient credit history by making sure all the positive credit information youâve been accumulating is recorded.
In addition, knowing whatâs on your credit report can help you to weed out inaccurate information. Under federal law, youâre entitled to a free copy of your credit report once a year. Itâs worthwhile to make use of that opportunity because errors on credit reports arenât uncommon.
Fraud and identity theft are also risks. If you know what to look for on a credit report, you can spot items that you donât believe youâre responsible for and dispute them with the credit bureaus. Removing inaccurate negative marks will help you build good credit.
You can order a copy of your credit report at annualcreditreport.com.
No Numbers On The Card
Fitting with the Apple brand, the cards look and feel is sparse and sleek. It is plain white, with no account number, expiration date or CVV code listed on it. Not only is this aesthetically pleasing, but it could potentially keep you a bit safer from fraud. The less information about you and your finances that can fall into the hands of strangers, the better.
With that being said, all credit cards give users a $0 liability guarantee for unauthorized charges. That means you wouldnt have to pay for fraudulent purchases anyway.
Spend Tracking And Budgeting
All transactions made with the Apple Card are listed clearly in the Wallet app with color-coded categories like Food and Drinks, Shopping and Entertainment, and more. Apple Card also provides weekly, monthly, and yearly spending summaries, again using the same color coding so you can see what you’re spending at a glance.
Along with categorized spend tracking, the Wallet app provides a Total Balance summary that provides a look at your previous monthly balance, new spending (including pending transactions, and any payments or credits that have been made.
Interest charged and Daily Cash earned are also offered up, and users can see PDF statements from past months.
You Live In Or Travel To Cities With Widespread Apple Pay Acceptance
Apple claimed in announcing the Apple Card that 70% of U.S. retailers accept Apple Pay. Certainly, as of this writing, several major merchants do accept it , including Target, McDonald’s, CVS and Best Buy. It’s also worth noting that the Apple Card has no foreign transaction fees, and Mastercards are widely accepted around the world, so in general it will make a decent travel buddy.
You May Like: Is 663 A Good Credit Score
Apple Juice Runs Through Your Veins
Siri is your spirit guide. Every device in your home, car and office comes from the Apple store . Getting 3% cash back on your numerous Apple purchases would be a big boon, and for all other purchases, you’re already well accustomed to waving your phone over the point-of-sale device at checkout. Here’s a quick look at the current Apple Card rewards categories:
Apple Card Now Reporting To Experian
Apple Card users say reporting of their credit card use is now appearing on Experian, the consumer credit reporting company, AppleInsider reported.
Reporting of the Apple-branded credit card users information had been limited to TransUnion, the Chicago-based consumer credit reporting agency.
AppleInsider said it received an email from a reader with an Apple Card who noticed a change made to their Experian credit report when they checked their report on July 19, the online news outlet reported.
Typically, credit card companies provide reports to all the credit reference organizations, but there is no requirement to do so.
Last year, Apple Card partner Goldman Sachs confirmed it reports user credit information to TransUnion, which is named within Apples support documents that come with the card, but do not reference Experian or Equifax.
Earlier this month, Apple launched a website for Apple Card holders to check balances and do business online. The site, card.apple.com, allows users to sign in and see their balance, payment due date and the total limit of their card.
Last month, Apple launched a program intended to help declined Apple Card applicants improve their . The Path to Apple Card program is expected to pop up as an optional method for those who want to get an Apple Card but lack the required credit score.
Don’t Miss: What Credit Score Do You Start Out With
Always Pay Your Bills On Time
Paying your bills on time is the best way to build credit because on-time payments account for the biggest percentage of your FICO score. In fact, your payment history counts for more than one-third of your score. Among the five factors FICO considers, it counts for as much as the bottom three combined which are length of credit at 15%, new credit at 10% and credit mix at 10%.
As mentioned above, making payments on time isnât just about your credit card. It can include non-debt obligations such as rent and utility payments. If you have student loans or car payments to make, those count, too.
Other Iphone Financing Options
In order to finance a purchase with an Apple Card, you must either be a current cardholder or apply for one when you go to make your purchase. For some, the idea of another credit card account might be a turn-off even if you are looking for alternative financing options to pay over time.
The Apple Card offers a good rewards rate for fans of Apple Pay and heavy Apple spenders, but it doesnt make sense for everyone. Plus, theres no guarantee youll be approved for the Apple Card. Luckily, Apple still offers several other payment plans for non-cardholders.
See related: Apple card approval odds and reasons for denial
Recommended Reading: How To Remove Old Late Payments From Credit Report