Apple Card – What’s The Hype?

“The most significant change in the credit card experience in 50 years”

Apple had it’s bi-annual event this Monday, and amongst the new services they are launching such as Apple News+, Apple Arcade and Apple TV+, they also announced to the world that they are entering the banking industry with their new credit card; Apple Card, in partnership with Mastercard (MA) and Goldman Sachs (GS). Apple’s CEO, Tim Cook, described the card, which is due to launch in the US this summer, as “the most significant change in the credit card experience in 50 years”, offering;

  • Simple applications
  • No fees
  • Lower interest rates
  • Clear rewards programs
  • Private and secure

During the key note, vice president of Apple Pay, Jennifer Bailey, told the audience that Apple are “changing the entire credit card experience”. To start using the card, you don’t have to wait days to receive a physical card. You can sign up on your iPhone, and within minutes you will have the Apple Card in your Wallet app and can start using it instantly.


You can use the Apple Card from your wallet worldwide, anywhere where Apple Pay is accepted (currently 85% of UK merchants now accept Apple Pay). If you opt for a physical card, you will receive a titanium card with your name laser etched on the front. The card won’t have a card number, CVV security code, expiry date or signature (this information can be found in the Wallet app) meaning more security. The main disadvantage to the physical card, however, is that it’s not contactless!

Goldman Sachs is the issuing bank, and Apple chose them to work with them because they do “things that never been done in the industry before”. Goldman Sachs have also promised to never share or sell your data to third parties for marketing or advertising.

Wallet app

The Apple Card brings new capabilities to the Wallet app. You can view details of your card in the app, such as how much you’ve spent and when payment is due.

Apple Card support is available via the messages app. You can message support through the app with any questions/issues you have

Money Management

The aim of the card is for people to have “a healthier financial life” by creating an easy to understand transaction history. Apple Card replaces confusing merchant names/codes found on bank statements with recognisable names/locations of stores, so you will be able to understand where you’ve spent your money. Apple organises and totals your purchases so you can see how much you’ve spent and where, with Apple Maps.

Furthermore the app categorises your spending using descriptions such as; food and drink, shopping, entertainment etc. and each category is represented by its own colour. You can also view your spend trends, on a weekly and monthly basis.


Arguably, one of the biggest benefits of the Apple Card is the rewards scheme; Apple Cash. Every time you spend with your Apple Card, you get 2% of the purchase amount as cash back (3% for purchases made directly to Apple and 1% if you pay using the physical card) which is received daily. Your daily cash is added to an ‘Apple Cash Card’, which is also found in the wallet app. And great news… the daily cash back allowance is unlimited!


The Apple Card will allow you to easily see range of payment options, so you can decide how long you want to pay your balance back and see how much it will cost you, by calculating interest in real time. You will be able to select different payment amounts and in turn you will see the true cost with interest added.

The Apple card also promises no fees, so that means no;

  • Late fees
  • Annual fees
  • International fees
  • Over-limit fees

No late payment fees makes it easier to pay down your balance. The card also boasts one of the lowest interest rates in the industry with interest rates between 13.24% to 24.24%.

UK Release Date

The card is due to make its debut in the US this Summer, however Apple haven’t announced plans for a UK release date yet, so you may have a little longer to make up your mind. There is some speculation that we could get our hands on the card in the UK this Autumn, so watch this space!


So, has Apple changed the entire credit card experience? It certainly seems innovative, however with new-fangled banks such as Monzo and Starling, who have been round for a few years now, the money management aspect isn’t something completely new to the industry. We will continue to keep an eye out for the card in the UK, but for now, if you would like any information on any other apple products, contact us today!


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