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Apple Credit Card Benefits in 2021: Watch BEFORE You Apply! - YouTube
Channel: HyperProfit
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- Welcome to HyperProfit.
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I'm Andru Edwards.
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And while none of this
is financial advice,
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today I want to talk about the benefits
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and unique features of the
Apple Card, Apple's credit card.
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I did a video over on my tech channel
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when the card first launched
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and had a bunch of
questions in the comments.
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And it's been just over a year
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since the Apple Card launched.
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And there have been some
important changes along the way.
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Now before we get into it,
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I know a lot of people
were wondering where I was
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since it's been a few weeks
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since my last video here on HyperProfit.
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And the answer is
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that I was selling one
of my investment homes.
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We owned three properties
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and I have only ever been
involved with buying property.
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So selling a home was
definitely a unique experience.
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It was a rental but the real estate market
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here in the Seattle area has
been absolutely parabolic
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over the past couple of months.
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So it made sense.
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As for numbers, I bought the
home back in 2008 for $400,000.
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I put it on the market for $700,000.
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And after a back and forth bidding war,
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I was able to sell it for $875,000,
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which is just about a 55% gain.
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Now if you're curious and
want a walkthrough of the home
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to get a glimpse of my
strategy for selling it,
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I'll link the video
walkthrough that I made
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down in the description below.
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Now this channel is all about
making our money work for us
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and real estate is just another area
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where you can do just that.
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Now onto the Apple Card,
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there was a lot of hype around
this card when it launched,
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mostly because I think a lot
of people saw the Apple Card
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as a must have Apple product,
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like an iPhone or a pair of AirPods.
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The truth is while there
are some nice benefits
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and conveniences with the Apple Card,
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if you're purely looking
for a rewards card,
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there are others you should
consider before this one.
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That said, lets talk about the
benefits of the Apple Card,
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starting with the fact that
there are absolutely no fees.
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That's right.
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The Apple Card doesn't
charge any fees at all.
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So there's no application fee,
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no annual fees, no
foreign transaction fees.
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There aren't even any over
the limit fees or late fees.
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The only extra you should expect
to pay aside from the cost
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of the things you purchase
is the interest generated.
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And that's only if you don't
pay your balance in full.
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Other than that, no fees at all.
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Next, let's talk about
unlimited daily cash back.
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When you make purchases
with the Apple Card,
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Apple pays you a certain
percentage in cash back
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and you get that paid
to you every single day,
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hence the term daily cash.
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You don't have to wait until
the end of a billing cycle
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to receive it or to use it.
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Instead each day it appears
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in your Apple cash digital wallet.
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You get three tiers of
Apple daily cash back.
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There's 3%, 2% and 1%.
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So let's go through each.
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3% is the most rare benefit
since it only applies
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to a handful of merchants.
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If you use your Apple Card
with any of the following,
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you will get 3% cash back on your total.
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The merchants are going to be Apple,
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Nike, Uber, and Uber Eats,
T-Mobile, Panera bread,
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Walgreens, Duane Reed, Exxon, and Mobil.
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McDonald's used to be on this list,
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but there's no longer any mention of them
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on the Apple Card website.
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Next, 2% cash back is probably
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what you'll end up seeing the most.
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To get 2% daily cash,
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all you need to do is pay for things
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using your digital Apple
Card on your iPhone,
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iPad, Apple Watch, or Mac.
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So that means you're
using contactless payments
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or Apple Pay and Safari
when shopping online.
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And last, there is the 1% cash back.
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And that happens anytime
you use your physical
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Apple Card to pay for something
either in store or online.
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So again, if you use your digital
card you get 2% cash back,
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physical card, only 1% cash back.
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Next, let's talk about
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one of the newest Apple card
features, Apple Card family.
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This is a recent feature
that was just released
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as part of iOS 14.6.
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Apple Card family lets you add a partner
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to your Apple Card account.
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Previously, all Apple Card accounts
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were individual accounts only.
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If both partners already
have an Apple Card,
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then their credit lines will be merged.
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And from then on both builds credit
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as equals on the account.
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You can also add up to four
additional family member
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participants to your Apple Card account.
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Participants 18 or older will
build their own credit history
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and kids 13 or older can
spend within limits set by the
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co-owners and will earn daily
cash on their own purchases.
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Owners can also get notifications
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whenever a participant
uses their Apple Card.
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Okay, a minute ago I mentioned
using the physical card,
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so let's talk about
that for just a moment.
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This is the titanium Apple card.
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Now I personally like the convenience
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of having all my cards accessible
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from my iPhone and Apple Watch.
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But I also know there are
a lot of people out there
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who love having a premium physical card.
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The Apple Card is the only
credit card made out of titanium.
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Aside from your name,
there's no card number
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or any other personal
information on the card itself.
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It's just a minimal white
and silver credit card.
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Now the downside about
the physical card though,
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as I mentioned a minute ago,
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is that it only generates
1% daily cash back
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on your purchases.
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So if you have your Apple Card
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and your iPhone digital wallet,
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and the merchant accepts digital payments,
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you'll always generate
twice as much daily cash
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using the digital version
rather than the physical card.
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So to me, the physical card
is only used as a last resort.
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Now speaking of that minimal card,
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the reason it's so plain is
because of Apple's approach
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to privacy and security.
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Apple says the titanium
Apple Card is more secure
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than any other credit card
because it has no card numbers,
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no CVV security code, no expiration date,
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and no signature on it.
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Instead your card number is
located in your Wallet app.
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If you lose the card, you can
disable it from your phone
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and request a new one.
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No one will know your card number,
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and Apple Card replacements
are free of charge.
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When you pay with the Apple Card,
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merchants don't get
your card number either.
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Instead they get a
unique transaction code.
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So they can't tie your
purchases to your account
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or track and steal your info.
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And your transactions
themselves remain private
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to you alone.
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Your transaction history
and spending habits
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aren't even shared with Apple,
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and your data is never shared
or sold to third parties.
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Okay, this last benefit on the list
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goes out to the Apple fans out there.
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And it only makes sense being
that it's the Apple Card,
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that there would be a benefit
for buying devices from Apple.
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That benefit is Apple
Card monthly installments.
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Now the way this works is simple.
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When you buy an Apple product from Apple
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using your Apple Card,
things like an iPhone, iPad,
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Mac, Apple Watch, AirPods, et cetera.,
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you can choose to pay for it
over 24 months interest free.
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So it costs you nothing extra
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and you still get the 3% daily
cash back on that purchase.
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And even cooler,
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you get the entire daily
cash amount right away,
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even though you're paying off the purchase
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over the course of two years.
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So there you have it.
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I hope that answers the questions
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I've been seeing from you guys.
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What are the benefits that
the Apple Card offers?
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Oh, one more thing that's changed
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since the Apple Card was released,
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an iPhone used to be required
to apply for the Apple Card
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because you applied in the
Wallet app on the iPhone.
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Now you can apply on any device.
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Any questions or comments
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about the Apple Card that you have,
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drop them down in the comments below
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and I will meet you there
for further discussion.
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Thanks for watching as always guys.
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I appreciate your support.
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I'm Andru Edwards
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and I will catch you on the
next episode of HyperProfit.
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