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Launched on August 20, 2019, the Apple Card was designed by Apple and developed by Goldman Sachs. While it's primarily designed to work with Apple Pay, Apple provides each Apple Card customer with a physical, titanium card.

Goldman Sachs had stated that the Apple Card had the "most successful credit card launch ever." Both Apple and Goldman Sachs have been pleased with the amount of consumer demand for the Apple Card.

The Apple Card is issued through Goldman Sachs and exists within the Mastercard payment network. 

AppleInsider staffers reviewed the Apple Card shortly after launch and rated it a 4.5 out of 5. 

Applying for the Apple Card

Applying for the Apple Card is a relatively quick and straightforward process. A prospective applicant will need to follow the steps below.

  • Open the Wallet app.
  • Tap the + symbol in the top-right corner.
  • Tap Apple Card, then Continue.
  • Fill in name, date of birth, email address, and phone number fields, then tap Next.
  • Review the offer of credit limit and APR from Goldman Sachs, then tap Accept Apple Card.
  • On the Card Added screen, tap Continue to add it to Apple Pay on the device.

Common reasons for declined applications

Early reports stated that the Apple Card might be available to those with sub-optimal credit scores.  Users with credit scores below 600 are likely to be declined. Additionally, anyone who has put a credit freeze on their account must lift the credit freeze before applying, or the application will be denied. 

Physical card

The physical Apple Card is made out of titanium and weighs in at 14.75 grams, or approximately half an ounce. The weight makes it somewhat lighter than other "luxury" style metal cards.

The card features no card number, no CVV security code, expiration date, or signature. The cardholder's name is printed on the front of the card, while the Apple, MasterCard, and Goldman Sachs logos are engraved. This design choice lends itself to a rather slick looking card compared to competitors' cards.

Upon delivery, cardholders who own the iPhone XR or newer devices can activate the Apple Card by moving it near the product packaging. Those with an iPhone X or earlier will need to open the Wallet app and tap it against their iPhone.

Fees, rates, and limits

Depending on the cardholder's credit history and income, the Apple Card has 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. 

The Apple Card does feature credit limits. The limits are determined by the cardholder's credit score, credit age, and income at the time of application. Credit limits as low as $50 have been self-reported by Apple Card cardholders, with limits of over $15,000 also being reported.

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

Use with Apple Pay

While users have the option of ordering in their physical card, the Apple Card is designed to be used alongside Apple Pay. Apple Pay is  Apple's touchless, tap-to-pay payment method. Users who use their Apple Pay receive additional cashback benefits in the form of Apple Cash.   

Using the Apple Card via Apple Pay, either online or at a point-of-sale terminal will merit a user 2% cashback in the form of Apple Cash at most retailers. At specific retailers, including Apple, Uber, Walgreens, and Nike, cardholders may earn 3% back when using the Apple Card via Apple Pay.

A cardholder can view their Apple Cash balance in the Wallet app. A cardholder can use Apple Cash at retailers, sent to others via iMessages, withdrawn to a bank account, or even used to pay down the Apple Card balance.

The Wallet app

Cardholders can view additional information about their Apple Card inside the Wallet app on their iPhone. There, a cardholder will be able to see any outstanding balance, remaining credit, weekly activity, itemized transactions, and make payments.

The Wallet app also provides insights into how a user may better use their card to avoid paying interest on their outstanding balance.

Cardholders are also able to send a text message to Apple support for help understanding their bills or if they must file a dispute.

Controversy 

In November of 2019, David Hansson, the creator of Ruby on Rails, had posted to Twitter that he'd received 20 times the credit limit of his wife. He alleged that Apple had been indicative that Apple was taking part in gender-biased practices. It should be noted that Goldman Sachs, not Apple, handles all applications and determines a user's APR and credit limit.

Goldman Sachs' spokesperson, Andrew Williams, had responded by stating, "Our credit decisions are based on a customer's creditworthiness and not on factors like gender, race, age, sexual orientation or any other basis prohibited by law."

The allegations piqued the interest of Wall Street regulators, who began an investigation to determine whether New York law was violated and if Goldman Sachs' algorithm practiced gender-biased discrimination. 

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