I used the new Apple Card for a week in New York City—here's what I learned. (via CNBCMakeIt)
to a random selection of people who opted into the "notify me" list that opened earlier this year.
There are no fees associated with this card, and it comes with a bunch of financial wellness tools that show users exactly how much they will owe in interest if they carry a balance. Below, I break down what I learned from using the Apple Card this past week in New York City.The application process was very quick, with most details — name, date of birth, email, phone number and address — auto-filled from my iCloud account.
After I accepted, the card was added to my Wallet app, and I was able to start using it for Apple Pay and online transactions.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.
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 first transaction I did with my digital Apple Card was a $10 reload to my Starbucks card, paid using Apple Pay on my iPhone. This transaction was done at 10:25 p.m. and posted the next day. I didn't receive cash back the same night I completed the transaction. After receiving my Apple Card in the mail, I was able to use it in situations where Apple Pay isn't accepted. But since the physical card only earns 1% cash back, I opted to use one of my other cards that offers better rewards rates.Odds are you're a fan of Apple's products if you apply for the Apple Card, and with this card you can earn 3% cash back on goods or services purchased directly from Apple.
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