Apple Credit Card- is this worth accepting?

[CreditInspired]

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@Anonymous wrote:

Decided to see what GS would offer me for the Apple Card.  I'm a bit disappointed that it's only $5500 and at 15.99%.   I'm here to see if this is actually good for this offer considering the times we are in and if it's worth accepting.  I have a few more Apple purchases to make but put my last huge purchase on on of my 0% APR cards (which will be done in October). 

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With all the hoopla surrounding the card when it first came out, I applied and was disappointed with an offered $7.5K SL and 12.99% APR because with 800+ scores and low UT, I felt I deserved a $20K SL. I declined the offer.

So many months later after being in the garden for an extended period of time, I wanted an iPhone11 Pro, but didn't want to stomach that $1K+ price tag, or put it on another card, thereby increasing my UT by a minuscle amount. So I applied.

Well woe is me--the SL was decreased (now $6.5K) and the APR increased(15.99%). I'm guessing it's a sign of the times. Well this time I accepted the offer because the card will only be used for the purchase of Apple products. I like their 3% immediate cashback and the 24-month, no interest installment. 

So, actually, I'm not disappointed at all in my late acceptance of the Apple card. Why? It's doing exactly what I want/need it to do. And for me, I don't care what the interest rate is on any card, because I'll never be paying it anyway. 

[joltdude]

I do not regret the Apple Card at all.. Do i wish i got the CLI and the competitive "low" APR of a good friend of mine. (10k at 10.99) Yes. Yes I am jealous....

That said... I use it primarily as a store card on steroids... (if someone offers a deal for using it, great, its also not a bad card for doing orders which might have an FTF) Got more money back on my phone financing after the fact (by changing over to the apple card as payment source for Iphone Upgrade Program (IUP) and was able to improve the cashback on even phone bills and the 0% financing offers were what i was waiting for... 

I really would like a CLI.. (and i am actually waiting for a reply, presume its a rejection but wheres the letter).....

Want this card about 8K and id call it a day..

-J

[CreditCuriosity]

This weekend I bought a new MacBook for personal use.  I could of bought it from apple, but Best Buy had a few hundred off of it and slapped it on my AOD Visa and just paying cash for it in a few days plus it is tax free weekend where I live.  I might use it for when the new Iphone comes out in October although suspect I will just use verizon free financing for 24 months where I pay 0 interest and is hidden anyways, but will miss out on the 3% of say 1300..  Trade offs i suppose

[Aim_High]

The SLs have all been pretty low relative to profile on the Apple Card, @Anonymous.   I was approved for $20K at 10.99%, which is a high limit for this card but lower than some other comparative approvals for me around the same time period.  There were a handful of approvals in the $25K to $40K range, but most were well under $10K. 

There are some neat features about the card and managing it, such as the way it shows your spending by categories or by the week.

Paying the bill though the phone (Apple Wallet) is very simple.

Apple Cash is automatically applied monthly against my statement balance. 

There is the special financing on Apple products as mentioned, but that wasn't a draw for me.

And it does pay as much as 3% cash back, which isn't bad.

But overall, it doesn't have a really unique place in my lineup, and that is the shortfall.

While I have mixed feelings about accepting the card, I don't totally regret it.

This is Goldman Sach's first credit card and they have indicated that more may follow.  I have been enlarging my relationship with some of the larger banks and GS is 13th largest by assets.  I have money in their Marcus online savings account as well.  So having this card with payment history (may) help tilt the scales on later approvals, if something is released and I want to apply.

Since I got the Apple card, I have added the PenFed Power Cash (that gets 2% back everywhere) and the AOD FCU Visa that (at least for now) gets 3% back everywhere.  Apple card gets a lackluster base level of 1% and no more than 3%, so rewards are meh.      Tieing the 2% minimum rewards to Apple Pay seriously diminishes the appeal of the card to me and is a major flaw of the design if Goldman Sachs hopes to grow the market for this card.  There are literally TONS of cards that offer a base level of 1.5% minimum, if not higher.  Many places don't do mobile wallet or Apple Pay to get the 2% anyway, as I have found in trying to use it.  (This was my first dive into the mobile payment environment.)  Yes, I get 3% at Walgreens.  Whooo hoooo!  If I didn't already get 4-5% back on gas, I'd get 3% using Apple Pay at the pump at Exxon-Mobile too.  But I have at least four other cards that already pay 3% to 5% on gas. 

I dislike having my cards intrinsically tied to my phone.  Initially, there was no access to account info except through your iPhone, which I found disturbing.  They did fix that, apparently, though I have not tried to log in outside my phone. 

On the whole, it's not a bad card, but depending on what else you carry or your long-term goals, it may not really be a GOOD card either.

[Anonymous]

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@CreditCuriosity wrote:

IMO not worth it..  One of the cards I have that I regret getting as have other cards that can give me the financing along with equal or greater cash back and are more flexible.  Is it neat and cool ya, but is it subpar for most things as well - yep it is.

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Which card do you have that gives you a minimum of 3% (and last year during the holidays 6%) on Apple gear (even purchased at their educational or business prices), and offers your 12 or 24 months interest free? I would be very interested in that card.

[Anonymous]

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@Anonymous wrote:

If you buy Applecare, some Citi and Amexs will extend it, much better than Apple card

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AmEx will extend AppleCare? You know this from experience? My understanding is that they only extend the manufacturers original warranty.

[Anonymous]

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@Anonymous wrote:

Decided to see what GS would offer me for the Apple Card.  I'm a bit disappointed that it's only $5500 and at 15.99%.   I'm here to see if this is actually good for this offer considering the times we are in and if it's worth accepting.  I have a few more Apple purchases to make but put my last huge purchase on on of my 0% APR cards (which will be done in October). 

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Do you qualify for any of the Apple direct discounts (educational or corporate through where you work)? Can you wait until November to make your next purchases (given the new iPhones will not be out until October, that should not be too hard)? Last year they offered 6% on purchases from around Thanksgiving until the end of the year.

Would paying over 24 months, but getting the cash back on the day you purchase your devices make sense for you?

If those things work for you, the card is interesting. If not it might not be.

[tengtengvn]

US Bank Cash+ has 5% electronic category so yeah, this card is not attractive as all.

[Anonymous]

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@tengtengvn wrote:

US Bank Cash+ has 5% electronic category so yeah, this card is not attractive as all.

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They offer 5% up to $2,000 per quarter, so fine for one or two things, but not as good for a bigger purchases. Also, they do not offer 24-month interest-free financing.

My BF would have done better with the regular Apple Card 3% on the Mac Pro he bought last December, let alone the 6% he actually got. It is also very possible that Apple will again offer their 6% during the holidays (along with the 24 month financing). Without that, anything over $4,000 the Apple card does better than the US Bank card.

Coupled with financing, it is an easy win for it.

[Anonymous]

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@Anonymous wrote:

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@tengtengvn wrote:

US Bank Cash+ has 5% electronic category so yeah, this card is not attractive as all.

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They offer 5% up to $2,000 per quarter, so fine for one or two things, but not as good for a bigger purchases. Also, they do not offer 24-month interest-free financing.

My BF would have done better with the regular Apple Card 3% on the Mac Pro he bought last December, let alone the 6% he actually got. It is also very possible that Apple will again offer their 6% during the holidays (along with the 24 month financing). Without that, anything over $4,000 the Apple card does better than the US Bank card.

Coupled with financing, it is an easy win for it.

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This all comes back to the use case.   If you buy a lot of apple products, want extended financing, and are willing/able to devote a card to this (and get enough CL!) then yes, it could well be the card of choice.

Of course, with a Cash +, I can buy say a Samsung phone and get 5%, and the following quarter devote one of the 5% slots to something else, so in that use case, "an easy win" for a different card.

I would still maintain that the great use cases make this somewhat of a niche card, but if you are in that niche, it's good....