Apple Card is a credit card created by Apple Inc. and issued by Goldman Sachs, designed primarily to be used with Apple Pay on an Apple device such as an iPhone, iPad, Apple Watch, or Mac. Currently, it is available only in the United States, with 6.7 million American cardholders in early 2022.
History
On August 6, 2019, invitations to an early preview started being sent to randomly selected users who had previously signed up for email notifications ahead of Apple Card's official launch. It was released in the United States on August 20, 2019. Additional cardholders and joint accounts were not supported at its launch.
The card features a number of consumer-friendly features including no fees, software that encourages users to avoid debt or pay it down quickly, the industry’s lowest interest rate range for comparable cards, and a mandate to approve as many iPhone users as possible. These features are seen as being risky for a bank to take on, and led other banks with established consumer credit card operations including Apple's long time partner Barclays, along with Citigroup, JPMorgan Chase and Synchrony, to turn down Apple's proposal. Goldman Sachs defended the terms of the deal saying they were "thrilled" with the partnership and seeking "to disrupt consumer finance by putting the customer first."
Apple Card was announced at an Apple Special Event on March 25, 2019. Unlike previous special events which have historically served as platforms to announce upcoming hardware, this event focused on new internet software and services. Other services announced at the event include Apple TV+, Apple News+, and Apple Arcade.
On April 20, 2021, Apple announced that it would be introducing joint accounts and additional cardholders. These features have been introduced under the brand Apple Card Family. Individuals 18 years and older can be co-owners of the account, while individuals 13 years and older can be additional cardholders. Up to five individuals may be additional cardholders or co-owners.
In January 2023, Bloomberg reported that Goldman Sachs suffered $1 billion in losses because of the card.
On , Apple began offering a high-yield savings account backed by Goldman Sachs to Apple Card users. The Wall Street Journal reported in June 2023 that Goldman Sachs had entered into discussions with American Express to explore the possibility that American Express might take over the partnership, replacing Goldman.
Enrollment
Instant issuance
Users can apply for an Apple Card directly from within the Wallet app. Upon approval, a digital Apple Card is made available immediately on all of the user's devices. Users also can order a physical card for use at locations that do not accept contactless payments.
The physical card does not display numbers on the front; instead, users receive a 16-digit virtual card number for websites and apps that do not accept Apple Pay. Apple Card details are accessible in the user's iCloud Keychain and can be auto-filled into online forms.
Titanium card
Apple has designed a titanium Apple Card for shopping at locations where Apple Pay contactless payment is not accepted. The logos on the card are engraved, and the cardholder's name is laser-etched onto the card. The card has no card number, CVV security code, expiration date, or signature printed on the card.
On delivery, users with the iPhone XS and above can activate the physical card by moving their phone near a NFC tag concealed within the card's packaging. Users with an iPhone X or earlier need to open the Wallet app before tapping the phone against the card.
Features
Cashback
Regular purchases made using the physical card earn 1%, purchases made with Apple Pay earn 2%, and purchases at Apple Stores and selected partners earn 3%. Cashback on eligible purchases is deposited into the customer's Apple Cash account, or deposited in the customer’s Apple Card Savings Account, or applied as a statement credit.
Fees
Apple Card does not charge late, foreign transaction, returned payment, or annual credit card fees, but it does generate interest fees when carrying a balance and interchange fees charged to the vendor.
Apple Card Savings
Launched on April 17, 2023, it allows Apple Card owners & co-owners to open a 4.15% savings account to deposit their Daily Cash, with no fees and no minimum balance.
Card management
The Wallet app collates Apple Card transactions by category and provides weekly and monthly activity summaries. Apple Maps is used to provide a colour-coded category, map location, and contact details for the merchant (where available).