A Smarter Cardfor Smarter Decisions
Apple Card eliminates fees,1 provides innovative tools for managing your spending and reducing your interest, and as an Apple product, is designed to set a higher bar for privacy and security. All in the name of helping you and your Apple Card Family2 live a more financially healthy life.
Transactions appear in real time, so you always have your most up-to-date account activity at your fingertips. Your purchases, balance, payments, and interest are clearly and simply displayed for you in the Wallet app. In the case of Apple Card Family, CoOwners3 can both access and manage the account, and set limits4 and controls to manage spending by Participants.5 And Daily Cash can be automatically added to each card users Apple Cash card every day6 on their own purchases.
When you make a payment, you clearly see how much interest you could owe and how it would change based on the amount you pay. We also built in payment suggestions to help you decide what amount is right for you. If youre using the Apple Card Family feature and have a CoOwner, both of you are responsible for and can make payments on the account. And if you ever need to contact us, just call or text were available 24/7.
Apple Card Credit Score: How To Make Sure You Get Approved
Worried about your chances of getting the Apple Card? Fear not! Here are a few tips on how to make sure Apple approves your application.
The Apple Card is one of the most unique and interesting credit cards on the market, but as with any card, being approved ultimately comes down to someone’s credit score. Since its debut in 2019, the Apple Card has stood out as one of Apple’s most peculiar products. From Apple’s perspective, it’s the first financial-based product the company’s ever created. As a credit card, the Apple Card is the first iPhone-exclusive credit card on the planet and one of the first credit cards from a consumer tech brand.
While the Apple Card may not be for everyone, it is a pretty compelling option for most iPhone users. It’s integrated seamlessly into the Apple Wallet app, offers instant access to customer service via iMessage, and its Daily Cash system rewards cardholders with easy-to-understand cashback earnings that are paid out every single day. For the person who owns an iPhone and wants a credit card that’s as easy to use as possible, the Apple Card makes a solid argument for itself.
Related: How To Transfer Apple Cash To Your Bank
How Do I Accept An Apple Card Family Invitation
If youre on the receiving end of an invite to share an Apple Card, youll need to take a few minutes to complete the sign-up process on your iPhone. Once the account owner sends you an invite, youll get an alert on your phone. Open the alert, or unlock your phone and open the Wallet app. In the top-right corner youll see a notification badge tap it. Follow the prompts to complete the setup.
For participants, youll only need to accept the Apple Card invite. Optionally, you can enter your Social Security number to start building credit if youre over 18 years of age.
For co-owners, youll need to go through the complete Apple Card sign-up process that includes a credit check and entering your personal information.
If youre combining two existing accounts, youll go through a similar process to when you first signed up for the Apple Card. When you receive and accept the invite, youll be presented with an account offer containing a credit limit and APR. If you accept it, the person who invited you will receive a notice of their own that they need to review the offer and accept it as well. Once both parties have accepted the offer, it will take a few minutes for Apple to process the change and merge the two accounts.
Within 30 minutes or so youll be able to see past purchases and payment history, and youll begin to see any new transactions show up in the Wallet app with the persons name next to the charge.
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Are The Benefits And Rewards Worth It For Apple Fans
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If youre among the Apple faithful, its worth taking a look at the Apple Card. The card, issued by Goldman Sachs, reserves its best rewards for Apple purchases and transactions made using Apple Pay, which makes it less of a physical card than it is an incentive program for using Apples proprietary technology.
Accept The Offered Terms
If your application is approved, you have 30 days to accept the offer. If you do so, a hard inquiry will be performed on your credit and your credit scores may be affected. Once you accept, you get instant access to the card in Apple Wallet. You can request a physical card and, if you want to share your account by adding a co-owner or authorized user, you can set up Apple Card Family.
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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.
Lower Your Credit Card And Personal Loan Debt
To complete this step, pay any unpaid balances on credit cards, personal loans, or installment loans. If your credit report shows that your debt is at or below your personalized goal when you complete your program, this step is satisfied. This step excludes accounts that are secured by an asset, like a car, home, or cash deposit, but includes secured credit card accounts. It also excludes medical and student loan debt. Depending on your circumstances, you might want to pay down debt with high interest rates or fees first.
Potential lenders consider your total credit card and personal debt compared to your annual income or other available assets. This can help determine your ability to take on more debt and still make required monthly payments. When you lower your total credit and unsecured debt, it gives credit lenders a sense of your ability to make minimum payments. This can help you to meet the approval requirements for additional credit.
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How To Check Your Credit Score For Free Before Applying For Apple Card
For more on Apple Card, check out our hands-on and how-to coverage below:
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List Of Which Credit Bureau Each Bank Pulls
American ExpressAviancaApple Card – Goldman Sachs BarclaysBank of AmericaCapital OneChaseCitiCitizensDiscoverFidelity Elan FinancialHSBCKey BankSynchronyTD BankUS BankWells Fargo
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
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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.
Essential Reads Delivered Weekly Your Credit Cards Journey Is Officially Underway Keep An Eye On Your Inboxwell Be Sending Over Your First Message Soon Why Was My Application Declined
As with any credit card application, your credit score and credit report will be key factors in deciding whether youre approved for the Apple Card.
That said, its still possible to be denied for a credit card with excellent credit, and Goldman Sachs considers a number of other criteria when evaluating Apple Card applications, including whether your identity can be verified and your income, banking history and debt obligations.
Heres a breakdown of the reasons you may be denied the Apple Card, according to Apple:
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How Do You Earn Rewards With The Apple Card
When you make certain types of purchases with your Apple Card, you earn Daily Cash. These cash back rewards are applied to your account every day, and you can decide whether to use your Daily Cash to make purchases, send money to friends or family or make a one-time payment toward your Apple Card balance.
Heres how the reward structure works:
- Earn 3 percent cash back when you buy Apple products using Apple Pay.
- Earn 3 percent cash back when you make purchases with select retailers, including Duane Reade, Exxon, Mobil, Nike, T-Mobile, Uber, Uber Eats and Walgreens, using Apple Pay.
- Earn 2 percent cash back when you use Apple Pay to make purchases elsewhere.
- Earn 1 percent cash back on all other purchases.
Cardholders who apply through Jan. 31, 2021, can earn $50 bonus Daily Cash by opening an account and spending $50 or more in purchases within your first 30 days at Exxon or Mobil gas stations or convenience stores via your Apple Card in the Apple Pay app . Apple often gives new cardholders the opportunity to earn $50 bonus Daily Cash, so make sure you take advantage of it.
When Is Your Credit Report Updated
Your credit report isnt updated daily by every lender you have an account with.
Usually, lenders send one update each month to the credit bureaus, after the end of each statement. That means any changes might take a month or two to appear on your report. That means its important to start the process of improving your score as early as you can.
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Generous Rewards When You Time Your Spending: Discover It Cash Back
The Discover it® Cash Back can offer more generous rewards than the Apple Credit Card if you are strategic. It lets you 5% cash back at different places each quarter up to the quarterly maximum when you activate, 1% unlimited cash back on all other purchases – automatically. Also, enjoy Unlimited Cashback Match only from Discover. Discover will automatically match all the cash back youve earned at the end of your first year! Theres no minimum spending or maximum rewards. You could turn $150 cash back into $300.
As long as you plan your annual spending to take advantage of the rewards calendar, you may find yourself in a better position.
These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site . ValuePenguin does not include all financial institutions or all products offered available in the marketplace.
Their Algorithm Is Not Ai But It Can Evolve
As Goldman managing director Andrew Williams made clear, the companies acceptance/rejection algorithm is a pretty simple decision tree, not AI. This means its built to use basic financial metrics to reach a yes or no decision. The key input is a TransUnion credit report, notably evaluated using the FICO Score 9 rating system, though the specifics of that evaluation arent completely transparent. It also considers your reported annual income to determine how much cash you will likely have left after paying your monthly debt obligations.
Williams emphasized that the Apple Card has been available for less than a year and that the companies are still working to evolve their credit policy and add additional customers. In other words, an applicant rejected last August might be accepted in the future without personally making any changes. But my impression is that the simple decision tree wont change much unless the companies decide to open their gates wider. The Path to Apple Card is there to help more people meet Goldmans prior creditworthiness standard, rather than to ease that standard.
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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 On Iphone Ipad Apple Watch And Mac
The Apple Card offers deep integration with the Wallet app on the iPhone, but it can also be used on the iPad, Apple Watch, and the Mac for making purchases and viewing some credit card information.
Adding the Apple Card to iPad can be done via the Wallet & Apple Pay section in the Settings app and the Wallet & Apple Pay section of the My Watch tab in the Apple Watch app on iPhone.
On Mac, you can add Apple Card by going to System Preferences, selecting Wallet & Apple Pay, and clicking the “+” button to add the Apple Card. Adding an Apple Card to Wallet on Mac requires a Mac with Touch ID.
On Macs without Touch ID, you can turn on the “Allow Payments” feature that will let you complete purchases on your Mac using authentication via an eligible iPhone or Apple Watch.
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Does Applying For Apple Card Affect Your Credit Score
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Apple Card is poised to become the Apple Music of credit cards for anyone that has an iPhone – the service people sign up for by default since it’s built into the software. While Apple Card does bring solid rewards and impressive money management tools, it will also affect your credit report when you apply for it.
When you apply for a credit card, no matter who the card provider is with, the potential lender will request information from a credit bureau like TransUnion, Equifax, or Experian, to determine your creditworthiness. The request that they submit is results in either a soft or hard inquiry and gets recorded on your credit report.
Apple Card is handling this a little differently than most other credit cards. The industry norm is to record a hard inquiry whether you are approved or declined for a card. Apple and Goldman Sachs are going a different route. You will only be hit with a hard inquiry if you are approved and accept your Apple Card offer. Any other situation will only result in a soft inquiry on your credit. Soft inquiries have no impact on your credit score no matter where they come from or how many you get.
- Payment history: 35%
- Length of credit history: 15%
- New credit: 10%