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DON鈥橳 get the Apple Credit Card: Full Review - What Apple DIDN鈥橳 say! - YouTube
Channel: Money Growth Academy
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a lot of people are disappointed with
the Apple credit card and they might
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have a good reason to be today I took a
look at the terms and conditions and
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really looked at the fine detail and
after looking at it guys you might not
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want to pick up this card I'll tell you
exactly why with all these reasons here
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hey guys it's Tre for money growth
Academy where we demystify simplify and
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multiply your earnings potential so
let's just jump in this to day what's
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going on with the Apple credit card as
we look at the fine details and that
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little print in the terms and conditions
now right out the gate is the card for
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everyone know the cards not for everyone
I know during the Apple launch event it
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made it seem like this card was gonna be
delivered to everyone out there and
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anyone who owned an iPhone or Apple
device could apply for this titanium
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card guys that's not how it works like
any other credit card you've got to
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actually apply for that credit card and
you've got to have the qualification
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you've got to meet their requirements in
order to get that credit card so it's
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gonna come down to your credit score if
you're gonna be able to get accepted for
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this card so just right out of the gate
the cards not for everyone just because
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you have an iPhone does not mean that
you're going to get one of these cards
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so during the big event on stage they
said that it was unlimited cash rewards
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well that comes with a little caveat
because there is a limit for the
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unlimited cash rewards well if you spent
twelve thousand dollars buying Mac
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computers for your family at the store
and got three percent back you would
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earn three hundred and sixty dollars in
reality though your limit is set by your
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credit limit on the credit card if your
limit is six thousand dollars you'll
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only be able to earn a hundred and
eighty dollars back until the next
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billing cycle so there you guys have it
there's not unlimited rewards it works
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like any other system it's gonna go by
you know what is the limit that you have
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on your card you can max that out but
only to that point so there is a limit
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on the unlimited cash daily rewards so
let's talk about the Apr rates because
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during the actual event they don't
really cover the Apr rates and no one
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ever wants to cover those because those
aren't sexy and they don't sizzle but
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here they're so like any other credit
card company Apple's gonna have higher
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interest rates for people that are
actually carrying a balance now what
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they did release is they said that users
will pay an APR between thirteen point
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twenty four
and twenty four point twenty four
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percent based on an individual credit
scores so I can't tell you you know what
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side of the spectrum you're going to be
on that's gonna really depend on what
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your current credit score is and that
works like any company guys they're good
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they're gonna charge you a different
interest rate depending on what your
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credit score is now it's a wider range
than most companies in the industry
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which is good if all's we've got
thirteenth all the way to twenty four
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percent so that's a pretty wide one if
you look at other credit cards it's not
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that wide so this is a good range and
for people with great credit scores
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you know Apple could actually be a good
deal because you could land at that 13%
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side of the spectrum and because apples
interest is significantly lower than
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that national average so the national
average is about seventeen point six
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seven percent so you can see that this
is really falling below that average and
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it's possible that people in the mid 600
to low 1600s will actually be able to
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get this card we won't know until we
start hearing reports coming out but I
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think it's highly possible that people
in the low mid 600 range credit score
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will be able to get this card so I did
some digging because I really wanted to
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figure out does Apple have the lowest
interest rates in the industry and now
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it doesn't and there's a lower card in
the industry and it's pin fed promise
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Visa card and its eleven point nine
percent and it has absolutely no fees no
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annual fee no late fee no cash advance
fee no foreign transaction fee and rates
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as low as eleven point nine percent but
there's no cash back offers though so it
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doesn't have some of the perks with
other cards but it does have a low APR
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it the applecart still is probably
better than this pin fed card but just
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trying to show here that there are cards
out there that are lower than what Apple
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said was the lowest in the industry
alright so how about the feast because
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that was a big point that they talked
about on this stage was no fees is that
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true let's look at the fine print so
there is a catch
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later missed payments are gonna result
in additional interest towards your
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balance so you won't ever get a twenty
five dollar late fee but it will be
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added to your interest okay and that's
something to pay attention so Apple is
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just not giving away free money with no
consequences that money instead of being
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a late fee is just gonna roll over
to become additional interest on your
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balance now here's the interesting thing
that we don't know will that interest
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rate that they're charging be temporary
until you pay off that specific balance
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right there or what happened be that
your interest rate overall is gonna
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increase so let's say I was out of 13%
you know APR with the Apple credit card
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and I had a few late payments during the
year you know I'd miss paying those back
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but I eventually got it done does that
mean for the following year or the
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following months that they're gonna jack
up my APR annually to now be instead of
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13% to be like 15% now we don't have the
full details on what's gonna happen with
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this but that's a big possibility and I
imagine that's my that might be what
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they actually do because there's got to
be some kind of deterrent they're not
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just gonna give away this money without
free concert without consequences so
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that's something to kind of check out
for and look just pay your credit cards
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guys make sure to pay them and there
won't be any consequences now there are
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fees for certain transactions even
though that they said there's no fees
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there are some fees for transactions so
Apple will charge a 1% fee to make an
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instantaneous transfer from Apple pay to
a debit card so if I wanted to move my
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Apple pay cash to a debit card I'm gonna
get a 1% fee and that's gonna max out at
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$10 now here's the thing if I do direct
bank transfers from my Apple pay to my
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bank or ACH I'm not going to get charged
it's only if I'm moving that money to an
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actual debit card am I gonna hit gonna
get hit with that 1% so in essence the
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Apple card doesn't have fees but apples
additional services do have fee so
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that's something to also kind of take a
look at and be careful with all right so
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let's talk about the security and fraud
prevention of this card because Apple
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really kind of stressed this during the
event that this was a big major selling
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point for the card and we know just from
experience in using Apple products that
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Apple definitely is one of the front
leaders when it comes to privacy and
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security for its consumers so that's
something they're kind of really
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clinging on to but I want to read
something by Catherine Hutt from the
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Better Business Bureau she agreed with
Apple's move to remove the information
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from the card that way someone who found
your wallet can't go
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items online before you cancel it and
she's under the belief that this was
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actually a very smart move and she hopes
to see the rest of the industry begin to
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make this move when they remove all this
information off the card that way if you
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did lose your wallet you know how to a
restaurant or somewhere and someone
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picked it up they couldn't make a bunch
of online charges before you had the
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chance to cancel it so she did praise
him for that but Hutt said Apple card
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carriers still need to be careful a
fraud prevention and the reason for this
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is is she mentions that the actual
biggest way that these scammers are
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getting into cards is getting into
phones for example and using weak
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passwords right so it all starts with
the phone someone gets ahold of that
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phone you know there's possibility that
they can break in if they know those
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passwords so you're going to need to
take a look at that make sure that you
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have secure passwords on your devices
the other thing was one of the big
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techniques that scammers use is phishing
so that's when they call you or I a
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scammer calls you and pretends to be a
bank or the IRS or someone it starts to
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kind of fish out your information from
you so that you provide them with your
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credit card information so you still
have to be you know on the lookout you
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still have to be on the lookout for
these scammers and whatnot don't get
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totally relaxed because Apple can't
protect you if you hand you know over
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your information so just take a look at
that so what about the cash back is it
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as great as they're making it out to be
because they kind of made a a big racket
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about this cash back it's gonna be 3%
cash back on Apple products 2% back on
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anything used Apple pay for and 1% back
on anything you actually use your
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physical card for now 2% I'll take 2%
and 3% all day over 0 percent but its 2%
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and 3% really that great when we kind of
get into the details here and I'm gonna
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show you something so if you're familiar
with credit cards you know a hard card
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to beat is the city double cash card
it's 2% cash back on everything and
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that's regardless if the merchant has
Apple pay so if we were in an Apple
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store buying an iPhone what do we use
our Apple credit card or our city double
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cash credit card if we use the Apple
card we get 3% back which is one percent
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more than what Citi double cash would
give back so to go with Apple then
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here's an example why it might still be
better to use the city car
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and forego the extra 1% from Apple all
right so let's take a look at this all
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right so we're gonna buy the iPhone the
first example we're gonna use the Apple
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card so I'm gonna buy it for one
thousand three hundred and forty nine
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dollars okay awesome then of course on
your iPhone you're gonna drop that
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sucker so you need to get AppleCare on
that so if I get AppleCare on that
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through the store there's gonna be one
hundred and ninety nine dollars okay so
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that right there is gonna bring my total
on this purchase to one thousand five
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hundred and forty eight dollars so with
this Apple purchase I'm gonna make that
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three percent back okay so that means
that I'm going to get let's see three
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percent I'm gonna get forty six dollars
and forty four cents back from Apple on
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that okay so that's going to be my three
percent back that I'm gonna get so that
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brings my overall total if I subtract
this right here from my total that's
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going to bring it to one thousand five
hundred two dollars and forty four cents
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and that's going to be the total that
I'm gonna pay for that
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Apple card all right so let's see how
that really compares up to the city
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double cash and I'm gonna show you why
this is gonna be really interesting so
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if we go to the city double cash what
we're gonna notice if I buy the same
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exact phone one thousand three hundred
forty nine dollars and zero cents
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okay now the interesting thing with this
city double cash is if you actually do
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have to opportunity to get this card you
should probably get it because I'm going
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to show you exactly why so in that
warranty section I'm gonna pay zero
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dollars and the reason I'm gonna pay
zero dollars for this is because I get a
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two-year warranty from City on this now
that warranty does cover whatever
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electronics you the electronics you're
purchasing so I don't need to buy that
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Apple care because I'm going to be
covered
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by city's double cash warranty so in
essence I'm gonna save 199 dollars on
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that so on top of that I'm gonna get my
2% back on that purchase cuz the city
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double cash gives you 2% back alright so
that's gonna bring my total now on that
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2% back I'm gonna get let's see that's
gonna be cool $26.98 is what I'm gonna
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get back alright so if I take that
subtract it from my total right here
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that's going to give me let's calculate
it all out one thousand one hundred and
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twenty three dollars and two cents okay
guys now if we take both of these and we
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subtract what those were going to be
let's see what a savings that is that is
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a total savings of three hundred and
seventy nine dollars and 42 cents of
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savings can you guys see why it would be
so important than in this situation
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where the Apple card actually isn't that
great of the deal and the city double
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cash is actually a lot better deal
because with the city cash the perks
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that I'm getting right so I'm getting
the two percent and I'm also getting the
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perk of having a full warranty with this
all right so I'm getting the warranty
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perk with this so it really doesn't make
this Apple car look that appealing even
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in the Apple store where they're giving
me 3% back it's still better for me to
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go ahead and go with the city double
cash so that I can get that three
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hundred and seventy nine dollars and
savings because I don't have to pay for
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that right there anymore for the
warranty and I get to apply that right
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back to my savings so I think Apple
during this launch really dropped the
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ball with this card and making it
something extraordinary
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there's no signup bonus so there's no
draw to really come to this card and I
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think that's going to turn off a lot of
credit card churners people who really
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you know sign up for these bonuses and
use the cards and whatnot it's not going
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to appeal to these individuals and I
think something that they could have at
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least out if they didn't do a sign up
cash bonus like moe
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the industry does out there I think
something that would have been really
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cool is if they would have had an
incentive if you signed up for this card
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you could get a discount of some sort
some percentage off on some Apple
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product whether that's you know
encouraging to come in and buy a new
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iPhone 10s you know and getting 10% off
or 5% off that what that would haven't
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been good but there's no signup bonus to
this and so that's where I thought they
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really dropped the ball with this where
they could have done something really
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unique with this card during its launch
to bring more people in one to
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incentivize more sales of their services
and products but also to encourage
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people to sign up for this card and I
don't want to beat up on the Apple car
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too much because it does have some
positive things about that and there's a
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video right here that talks all about
some of those positive things with this
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card that they're doing that's very
unique that I think is great for the
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industry one thing that I really liked
was the payment reminder notifications
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so you can stay on track and avoid
interest charges it's gonna help people
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really stay out of debt and I I'm really
excited about that because that's one
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thing that a lot of people stumble with
is they just forget to make a payment so
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the fact that I can get a push
notification right to my phone and it's
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right there for me to make those
instantaneous payments I love that I
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think that's gonna help people out
another positive with this card is to
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simplify due dates so with this card
it's gonna be due at the end of every
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month so no tricky you know
you know the 23rd of each one it's gonna
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be right at the end of the month and you
can also set up weekly and bi-weekly
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payments so that you can really kind of
accelerate the pay down of that interest
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and I like this simplified visual
presentation of your interesting of your
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payments because I think it's really
gonna help people internalize and
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visualize what they need to pay off how
much money they've actually really spent
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how much money of interest are they
actually incurring and it's kind of like
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mint when people that use mint they
become a lot more financially
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responsible and I think that's what this
Apple credit card has the potential to
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do is to help a lot of people become
more financially responsible and get out
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of debt a lot faster now one of the
other positives to this card is the push
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notification so there isn't a purchase
is made you'll get a push notification
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also if any unusual charges occur you're
gonna get a push notification now why
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that would be so helpful to me and why I
would have loved that a few more
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ago is one of my cards got hacked into a
Visa card got hacked into these people
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down in Brazil took about a thousand
dollars and I didn't know about it my
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business partner actually caught the
error in our credit card statement it
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was a card that we don't use often we
don't look at but he saw that these
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charges had actually occurred now I
would have never known if I didn't go
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back digging into those statements so it
would have been great to actually have
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my institution let me know but visa and
my bank even though the charge was so
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unusual and it was in Brazil they did
not notify me about this I had to go
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find at my partner how to go find it in
our actual credit card statements so I
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really like that any unusual charges and
all my purchase notifications are gonna
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puff right up on my phone right on my
screen so I can see in monitor and have
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that security and comfortability of
what's going on with my credit cards at
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all times alright to wrap all this up
one thing you've got to understand about
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this Apple credit card is it's meant for
the mass market it's meant to replace
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you know the credit cards out there that
are from crappy banks that don't really
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do anything for the consumers that's who
this card's meant for this card like you
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know the Apple computers and all their
other devices aren't built for or not
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meant for any specialized subcategory
group right they're not for some special
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tests or credit card churners that's not
who this card's for this card is meant
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to replace crappy credit cards in the
market and to be beneficial to the
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consumer that's who this cards for so if
you're serious credit card churner don't
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even go for this card it's probably not
even worth the credit card inquiry
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because the rewards aren't there but if
you're just you know a regular person
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out there and you just want to replace
your other bank card that's not giving
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you much back at all you might want to
get this card I think it's a really
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great idea and I think it's gonna help
you pay down that interest a lot faster
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and the cards are really going to be a
Bennett for for people who already are
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inside the Apple ecosystem already have
things synced up with Apple and really
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enjoy that simplified you know kind of
unified use within the Apple ecosystem
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thanks for watching guys make sure to
subscribe down below and while you're
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here take a look at all of our other
videos on the channel they're really
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helpful videos that I believe can help
you guys make sure to watch this video
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right here if you're interested in that
Apple card where I talk about a lot of
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the benefits of that card and who it's
actually good for thanks for watching
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guys see you later
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