The Apple Card has unique benefits that users might grow to love, but its perks aren’t the same ones you will find with other cash back credit cards. For example, the Apple Card doesn’t come with any travel insurance protections, nor does it come with purchase protections like purchase security or extended warranties. Instead, you’ll enjoy a unique and useful mobile experience, consumer-friendly payment and expense tracking features and more, including:
Grow Daily Cash with a high-yield savings account
Along with earning ongoing Daily Cash, the Apple Card gives you a chance to grow your rewards via a high-yield savings account
with the card’s issuer, Goldman Sachs.
Once you’ve set up an account with Goldman Sachs, you can automatically deposit your Daily Cash rewards into high-yield savings and earn a 4.15 percent APY. This redemption option also comes with no minimum deposit or minimum balance requirements, and you can easily withdraw funds at any time via the Wallet app with no fees. This flexibility is refreshing considering some high-yield accounts require you to have hundreds or even thousands of dollars deposited to earn a top interest rate.
You can find savings accounts that offer rates closer to 5.00 percent APY, but a 4.15 percent APY is still very competitive. Indeed, this rate is more than ten times the national average deposit rate
and even beats out the rates you’ll find with some of Bankrate’s best savings accounts
And though 4.15 percent APY on just your Daily Cash earnings may not add up to a ton of savings in the short term, it’s nice to have the option to save and earn interest on your rewards instead of being forced to redeem them for travel, gift cards or a statement credit.
To get a sense of how much you could save using this feature, estimate your monthly spending in the Apple Card’s bonus categories, then calculate your cash back earnings in each category based on the card’s respective rewards rates. Then you can add these earnings as a monthly contribution in Bankrate’s savings calculator
, along with a 4.15 percent APY.
Mobile expense tracking
Since your Apple card is meant to work alongside Apple Pay and your iPhone, this card makes it easy to monitor your spending on a daily basis or over the course of many months. You can use the app to view receipts for all your purchases, or to get a visual of your spending by color and by category. You can even look at a spending summary by the week, the month or the year.
Smart payment suggestions
Apple not only lets you set up payment alerts on your phone, but also makes smart payment suggestions that can help you pay less in interest over time.
Features for families
Apple Card lets you co-own an account with another person. You can also set up an Apple Card Family account that lets you keep track of spending and rewards of all cardholders and authorized users to your Apple Card in one place. Apple Card Family users who are ages 18 and older can even begin building credit through their participation.
End-of-month due dates
Finally, this card keeps things simple by setting end-of-month payment due dates. You’ll never have to wonder when your payment is due as a result.