Hollis Johnson/Business Insider
- Apple just launched the Apple Card this week, which you can use through the iPhone’s Wallet app or an optional titanium card.
- What really sets the Apple Card apart is its lack of fees, considering it doesn’t charge any fees for late payments or balance transfers.
- But its rewards system feels a bit limited compared to some other available options.
- Visit Business Insider’s homepage for more stories.
Apple just launched the Apple Card on Monday, a digital-first credit card that lives in the iPhone’s Wallet app. It’s now available for iPhone users in the United States after it launched for a small number of users earlier this month.
Among the biggest advantage that the Apple Card offers is its lack of fees. Not only is there no annual fee, but there are no fees period — not even penalty or transaction fees.
But other options have more to offer when it comes to rewards and flexibility. Amazon, for example, offers 5% back on purchases made on Amazon.com and Whole Foods, while Apple only gives you 3% back on Apple purchases. You can also only get 2% back on purchases if you use Apple Pay, whereas the Citi Double Cash card gives you 2% back on all purchases. (The advantage with Apple, though, is that you get your cash back right away, rather than having to wait until your balance is paid).
Here’s a quick look at how the Apple Card compares to other cards without annual fees from Citi, Capital One, and Amazon.
Apple Card
Hollis Johnson/Business Insider
Rewards
- 3% back in Daily Cash on purchases from Apple (Apple Store, App Store, iTunes)
- 3% back in Daily Cash on Uber rides and Uber Eats deliveries
- 2% back in Daily Cash on all Apple Card transactions made through Apple Pay
- 1% back in Daily Cash on all Apple Card transactions made through the physical card
APR for purchases
- Between 12.99% and 23.99%
Fees
- Annual: None
- Transactions: None
- Penalty: None
Sign-up bonus
- None
Citi Double Cash Card
Getty Images / Justin Sullivan
Rewards
- 2% cash back on all purchases (1% when you buy, then 1% when you pay. Must pay the minimum balance on time).
APR for purchases
- Between 15.99% and 25.99%
Fees
- Annual: None
- Transactions: Balance transfer — $5 or 3% of transfer amount; Cash advance — $10 or 5% of the amount of cash advance; Foreign Transaction — 3% of each purchase in United States dollars.
- Penalty: Late payment — None for the first payment, up to $39 after that; Returned payment — up to $39
Sign-up bonus
- 0% introductory APR for balance transfers for 18 months from date of first transfer if transfer is made within four months of opening your account.
Amazon Rewards Visa Signature Card
Amazon
Rewards
- 5% back at Amazon.com and Whole Foods (with Prime)
- 3% back at Amazon.com and Whole Foods (non-Prime)
- 2% back at restaurants, gas stations, and drugstores
- 1% on all other purchases
APR for purchases
- Between 16.49% and 24.49%
Fees
- Annual: None
- Transactions: Balance transfers — $5 or 5% of the amount of each transfer; Cash advances — $10 or 5% of the amount of each transaction
- Penalty: Late payment — Up to $39; Return payment — Up to $39
Sign-up bonus
- $70 Amazon gift card upon approval (Prime)
- $50 Amazon gift card upon approval (non-Prime)
See the rest of the story at Business Insider
See Also:
- MicrophoneGate: The world’s biggest tech companies were caught sending sensitive audio from customers to human contractors. Here’s where they stand now.
- People are roasting Apple’s sleek new credit card after the company said leather and denim may permanently stain it
- Here are all of the new products Apple is expected to launch by the end of the year
SEE ALSO: Here are all of the new products Apple is expected to launch by the end of the year
Source: Business Insider – leadicicco@businessinsider.com (Lisa Eadicicco)