Through the eyes of a twelve year old- Apple Card

 

Apple Card- Pros And Cons

Hey everyone!
Welcome to my new series of blogs called Through the eyes of a twelve year old. I will mostly be focused on reviewing new gadgets and other things too! Also, as you can see, I have turned this blog into a website. My blog in totality will now mostly be centered around technology!


‣General Overview-
»So, let's get started. Apple recently announced that they will be releasing a type of credit card called the Apple Card. First of all, the Apple Card is not some ordinary credit card, but it is, in fact, a one that is stored on your phone! It works in stores that use Apple Pay. You can also request Apple for a real handheld credit card made in Titanium that can also be used in stores that have not yet updated their software to work with Apple Pay. Apple Card was created with the help of the bank Goldman Sachs and the credit card transaction company Mastercard. Now, we shall discuss the pros and cons of having this card.


‣Pros-
»The new Apple Card gives us 2% of our purchase every time we use the card and 3% of our purchase if we use it in Apple's stores including iTunes etc.

»Supposedly, Apple has no annual, cash-advance, over-the-limit, late or hidden fees, BUT late or missed payments will result in additional interest accumulating toward your balance.

»You can check how much you spend, where you spend your money and what kind of categories are you leaning towards in your expenditure.

»Apple Card also reminds you in advance about your due payments, so it's easier to remember and not forget about your taxes and other stuff like that.

»Apple notifies you every time you make a transaction so that you will be the first to know if somebody is making transactions through your Apple Card without your permission and you can cancel and refund the transaction immediately.


‣Cons-
»Software is subject to change, so we don't actually have any idea what the Apple Card will really be like.

»Apple says that they don't have any annual percentage rates(APR) for interest, but after doing some research I found out that their APR is actually 13.24% to 24.24% based on creditworthiness. They also say that they have the lowest interest rates, but I cannot find the number 0 anywhere in their annual fees! Barclaycards might be offering a lower APR(I couldn't find the exact number, sorry about that), so technically we still might not be at a loss because Barclaycards is still affiliated with Apple.


‣Is it worth it?-
»According to me, the Apple Card is worth it because it helps you keep track of your expenditures, and I have seen in real life cases that that is quite an important thing to have. Its fees are still unclear, so I suggest that you shouldn't go in for it just yet until Apple does not give us all the information related to the card.


‣How to apply-
»Customers in the USA can apply for the Apple Card later this year, but only 'qualifying applicants' will be receiving the card. This is a HUGE drawback for Apple customers outside the USA, and Apple has also left us at a cliffhanger by what they mean by qualifying applicants.


Thanks a lot for reading my blog, and please leave some thoughts in the comments about what you think about the Apple Card, and how you feel about my new series.
Cheers,
Pragun.