With anticipation brewing, yesterday, I wrote our weekly Letter from the Editor all about Apple Card. Though I knew it wasn't guaranteed, I'd fallen for the same hype that everyone else did; Apple Card would supposedly launch in iOS 12.4. Like clockwork, iOS 12.4 launched exactly when every tech blog site predicted it would, but was missing the most anticipated feature: Apple Card.
Now we sit, excitedly waiting to request a major credit lending company help us go deeper in debt. Are we crazy? Maybe a little.
As with all new Apple products, I'm probably a little overly excited about this new thing. After all, this is really just another credit card. I've never, since my first credit application, actually been excited to apply for a credit card. But here I am, disappointed that Apple Card isn't on my iPhone right now.
There's a lot of talk about what Apple Card could or does mean to different people. Like AirPods, it's almost polarizing how people think of it. On one hand, we're looking forward to seeing the finance management tools Apple is including, which could potentially help us learn how to better manage our debt.
One bonus we believe Apple Card will provide is approval for people with low credit scores or no credit history. If the information we have is correct, this could be a fantastic entry (or starting over) point for a lot of people. It doesn't mean you'd get a $10,000 credit limit with a 13.24% interest rate. In fact, applicants with a low credit score or no credit history are likely to start out with a $1,000 limit at 24.24% interest rate. But this is a great way to start building or rebuilding your credit history.
On the other hand, it's another credit card that most of us don't need. On top of that, there is no signing bonus and the purchase rewards are limited. In terms of the return on your debt investment, Apple Card is kinda ... well, meh.
It's not about the signing bonus or purchase rewards for most of us, though. The promise of a secure and private credit card is the most enticing aspect of Apple Card for me. When you make purchases, a special unique number is generated that relates to your account, so you are more secure and none of your purchase histories are being stored or shared with marketing companies. At least, that's what Apple tells us.
If you're over Apple Card already, or maybe you took off your Apple fan tinted glasses and can see through the hype that I've fallen right into, but you're still looking for an alternative credit card that will give you a good signing bonus, better purchase rewards, or a lower interest rate, we've done some research and have a few suggestions.
If you're like me, however, and you've bought into the entire package and are anxiously awaiting that moment Apple flips the switch to turn on Apple Card enrollment, keep your news feed dialed to iMore. We'll have all the news and guides ready for you when that exciting moment comes.