What Credit Score Do You Need For The Apple Card

Faqs About Minimum Credit Score Requirements

• What’s considered a good credit score?

  Most credit agencies agree a score of around 650 is considered good enough to be able to qualify for most forms of credit. Learn more about good credit scores in our guide.

• Why was my application denied when I have a good credit score?

  Your credit score is just one of many factors credit card companies use to assess your eligibility for a card. So your application could be denied if you dont meet certain other criteria, like:

• Minimum age
• Proof of stable employment
• Citizenship or residency status

Find out what other reasons can cause your credit card application to be denied, and what you can do about it, in our guide here.

Using Apple Card For Non

If you need to pay for purchases that can’t be made with Apple Pay, you can use the physical version of the Apple Card that Apple sends once you sign up. In addition to Goldman Sachs, Apple is partnering with Mastercard, so the physical Apple Card can be used wherever Mastercard is accepted.

When your physical card comes in the mail, setting it is simple. On the iPhone XS, XS Max, and XR, all you need to do is hold your iPhone near the envelope that it came in for an NFC scan and then tap the “Activate” button on your iPhone when it pops up.

On the iPhone X and earlier, you need to open up the Apple Card, open the Wallet app, tap the “Activate” button in the Wallet app and then hold your iPhone near the packaging that the Apple Card came in. Unlike traditional cards, you do not need to place a phone call for activation purposes.

Setting And Adjusting Your Credit Limit

After Goldman Sachs approves your Apple Card application, they assign your initial credit limit using many of the same factors that go into the approval process, such as your credit score and existing credit. Goldman Sachs also looks at your income and the minimum payments tied to your existing debt. When you share your Apple Card with a CoOwner, our goal is for your combined credit limit to reflect what your credit limits would be individually, added together. If youre interested in increasing your credit limit, you can make a request after youve had your Apple Card for as little as four months. Simply call or text, and well connect you with an Apple Card Specialist at Goldman Sachs right away.

Your Credit Limit

Payments History

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If Your Application Is Approved

You have up to 30 days to accept your offer. If you accept your offer and add Apple Card to your eligible iPhone or iPad, you can:

• Use Apple Card to make purchases anywhere Mastercard is accepted and get unlimited Daily Cash.
• Manage your account in the Wallet app or from your Apple Card web account to make or schedule payments, download PDF statements, and see your balance.
• Set Apple Card as your default payment card for Apple Pay, the App Store, Apple Music, and other Apple services.
• If you have Apple Card Monthly Installments, you can see your plan in the Wallet app or see your plan online.
• Use Apple Card on all of your eligible devices. Learn how to add your Apple Card to your Apple Watch, iPad, or Mac.

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:

» MORE:

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Ive Got Good Credit Why Was I Denied For A Credit Card

Oftentimes you can still be denied for a credit card even though your credit score isnt that bad. This is especially true if your credit score isnt in the mid-700s or better.

What gives?

Banks approval criteria for each card changes all the time. But common reasons you may be denied a credit card, even if you have a good credit score, include:

• Too much debt
• Too much available credit
• Too short of a credit history
• Recent late payments, charge-offs, or other negative items

If your credit score is in the high 600s, you may still get approved for some of the leading card offers, but this is where you have to be careful. Youre more likely to be approved if you have a year or two of on-time payments and very little credit card debt. If your score is lower than 700 because youve missed payments or have a lot of revolving debt, your approval chances are lower.

Dont apply for new credit if you have recent late payments or big balances on your existing credit cards. Even if you pay your cards in full each month, that big balance from the month you went on vacation could look like debt to a banks computers. The best time to apply for a new credit card is when:

• Your current card balances arent too high
• You have not missed a payment in the last two years
• You have not recently applied for other credit

Does The Apple Card Help You Build Credit

If you use your Apple Card responsibly, it can help you build your credit over time. To improve your credit score with the Apple Card, focus on making regular, on-time payments and try to keep your credit card balance as low as possible. As of this writing, the Apple Card reports credit activity to TransUnion and Equifax two of the three major credit bureaus and Apple may expand reporting to Experian in the future.

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How To Make Purchases Online

To use your Apple Card for mobile purchases, simply select Apple Pay at checkout. Double-click the side button on your iPhone to confirm the purchase, complete the authentication step and the transaction will process automatically. You can also make Apple Pay purchases on your iPad, Apple Watch or Mac.

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Less Is More A Minimalist Card Design Is The Way To Go

All approved applicants have the option to request a physical card, which is delivered within six to eight days . I received a notification when my card shipped via FedEx and was able to track its progress through the Wallet app. I was also notified when my card was delivered. I haven’t seen real-time tracking for any of the eight credit cards I carry, so this was a nice feature.

The Apple Card is made of titanium, and feels noticeably different from the majority of cards made of plastic. The card has a matte finish and is completely white with just the chip, your name and the Apple logo etched on the front. The back of the card only has the Mastercard and Goldman Sachs logos, plus the magstripe.

There is no tap-and-go feature available with the physical Apple Card, which is somewhat surprising because many other issuers are rolling out this feature. This is another reason why card users are more likely to pay with Apple Pay.

This sleek design is one of the added features that may sway consumers to apply for the card. In fact, a recent study from CompareCards found that 38% of cardholders said they’d be more likely to choose one card over another because of the material it is made of. And, that number spikes to 53% for millennials. While I was impressed by the sleek design, financial advisors would never recommend that you base your credit card selection off the material of a card.

The Simplicity Of Applein A Credit Card

With Apple Card, we completely reinvented the credit card. Your information lives on your iPhone, beautifully laid out and easy to understand. We eliminated fees and built tools to help you pay less interest, and you can apply in minutes to see if you are approved with no impact to your credit score. Advanced technologies like Face ID, Touch ID, and Apple Pay give you a new level of privacy and security. And with every purchase you get Daily Cash back. Apple Card. Its everything a credit card should be.

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Conditions That Might Cause Your Application To Be Declined

When assessing your ability to pay back debt, Goldman Sachs1 looks at multiple conditions before making a decision on your Apple Card application.

If any of the following conditions apply, Goldman Sachs might not be able to approve your Apple Card application.

If you’re behind on debt obligations4 or have previously been behind

• You are currently past due or have recently been past due on a debt obligation.
• Your checking account was closed by a bank .
• You have two or more non-medical debt obligations that are recently past due.

If you have negative public records

• A tax lien was placed on your assets .
• A judgement was passed against you .
• You have had a recent bankruptcy.
• Your property has been recently repossessed.

If you’re heavily in debt or your income is insufficient to make debt payments

• You don’t have sufficient disposable income after you pay existing debt obligations.
• Your debt obligations represent a high percentage of your monthly income .
• You have fully utilized all of your credit card lines in the last three months and have recently opened a significant amount of new credit accounts.

If you frequently apply for credit cards or loans

• You have a high number of recent applications for credit.

If your credit score is low

Goldman Sachs uses TransUnion and other credit bureaus to evaluate your Apple Card application. If your credit score is low ,4 Goldman Sachs might not be able to approve your Apple Card application.

Fees To Watch Out For

“Fees don’t help you. So we don’t have them,” the Apple site boasts. And indeed, there are no annual fees, late-payment fees, or foreign transaction fee. But of course, your unpaid balance will continue to accrue interest at the regular annual percentage rate , which is a variable rate ranging from 10.99% to 21.99%.

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Fees Rates And Limits

Depending on the cardholder’s credit history and income, there is a minimum APR of 13.24% and a maximum APR of 24.24%. The Apple Card has no yearly fees, no fees for transactions, and no fees for penalties.

It does have credit limits. The limits are determined by the cardholder’s credit score, credit age, and income at the time of application. Cardholders have reported credit limits as low as $50 and as high as $15,000.

Unlike many other credit cards, only one person may use the digital card. Each individual in a household must apply for their own Apple credit card if they wish to use it.

Cardholders were offered the ability to miss their March 2020 payment interest-free by using a new “Customer Assistance Program” with Apple Support.

Goldman Sachs will report credit information to Transunion, and as of July 2020, Experian as well.

Other Factors That Affect Your Credit Card Application

• Issuers like to see that you have a history of good credit. This includes making debt repayments on time and in full, avoiding carrying a balance for too long and using varying forms of credit responsibly.

• Utilization. This is the balance that youre currently using on one single credit card compared to that cards credit limit. A general rule of thumb is to keep your credit card debt to 30% or less of your spending limit.

• Employment status. While credit card issuers typically prefer people to have full-time employment, you could still be eligible for some cards if you work part-time, are self-employed or if you have a pension or other source of steady income.

• Income vs expenses. When you apply for a credit card, you will have to provide information about your current income, spending habits and any existing debts to help issuers determine whether you can manage more credit.

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Apple Card Design And Weight

The front only has a chip, a laser-etched Apple logo, and a name in black lettering . The rear has a gray strip at the bottom, with a Goldman Sachs and Mastercard logo. And thats about it.

One new detail that may be interesting is the physical cards weight. Apparently, it clocks in at 52 ounces or around 14.75 grams.

How Does The Apple Card Work

Although it may seem a bit confusing that there is both a virtual and physical form of the card, it really isn’t. If where you’re shopping/dining/visiting — online or in a brick and mortar location — accepts Apple Pay, you’ll be able to easily pull up the digital version on your iPhone and complete the transaction. If Apple Pay isn’t accepted, you can simply use the physical version instead . In both cases, you’ll be able to easily access a comprehensive at-a-glance view of all your purchases instantly on your phone.

Specifically, you’ll be able to see when your monthly payment is due and how much you owe, plus a Maps view of all the places you’ve made purchases. On top of that, you’ll be able to quickly check how much you’ve spent during a given time period and track your spending by category, which could be a huge help when it comes to budgeting.

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Where Is Your Apple Card Credit Card Number Located

The titanium Apple Card features a minimalist, security-focused design that doesnt include a credit card number. To look up your Apple card number, open your Wallet app, locate your Apple Card, tap the three dots in the upper-right-hand corner of the screen and select Card Information. Complete the authentication step to prove that its really you, and the Wallet app will reveal your credit card number.

Check Your Credit Report For Inaccuracies

If your application was denied based on something in your credit report that sounds unfamiliar, be sure to request a copy of your report and verify that its accurate. Youre entitled to a free copy of your credit report every 12 months from the three credit reporting agencies. Visit AnnualCreditReport.com or call 1-877-322-8228 to request your copy.

If you find errors in your report, you can dispute them by contacting the credit reporting company and explaining what information is inaccurate. Errors and disputed fraudulent activity generally take one to three months to be resolved, after which you can consider reapplying.

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Opt In To Share Additional Personal Data

Even if your Apple Card application is declined based on your credit or other personal financial information, you may be able to have your application reevaluated if you agree to share additional personal data with Goldman Sachs.

As reported by TechCrunch, the Apple Cards privacy policy was recently updated with information on this process. According to the policy, You may have the opportunity to share additional information with Goldman Sachs about your transactions and experiences with Apple as part of your application.

This could include information about when you created your Apple ID, the Apple products registered to that ID, your Apple product purchase history, the cards linked to your account and how often and how much you spend with Apple.

Applicants and cardholders may be able to choose to share the identified metrics with Goldman Sachs for re-evaluation of their offer of credit or to increase their credit line, says the policy.

While its still unclear how many applicants will be offered this option, it may prove especially useful if youve been a loyal Apple customer but have a thin credit file or middling credit score.

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.

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What Account Owners And Co

• They share full responsibility for the account balance and all payments, even if one account co-owner does not pay.
• They can build credit together equally, which means that account owners and co-owners are each reported in their own name. Credit reporting includes positive and negative payment history, credit utilization, and additional information. Card usage and payment history may impact each account co-owners credit score differently because each individual’s credit history will include information that’s unique to them.
• They can immediately use their shared Apple Card to receive unlimited Daily Cash back on their transactions.
• They can add or remove participants and order a titanium Apple Card for participants who are under 18 years old.
• They can view participant activity and account co-owner activity.
• They can set transaction limits for participants, lock a participant’s ability to spend, and receive notifications on participants spending.
• They can request a credit limit increase.
• They can close the shared Apple Card account at any time, but are still responsible for paying any remaining balance.2