Yes, there is an Apple Card, which is a credit card created by Apple, designed for iPhone, and issued by Goldman Sachs. It lives in the Wallet app for instant use with Apple Pay, features no fees (including annual or late fees), and offers daily cashback (Daily Cash) on purchases. A physical titanium card is also available.
Apple Card Disadvantages
The Apple Card credit limit is usually around $2,500 to start, according to forum posts, and some cardholders report limits as high as $20,000. Marcus by Goldman Sachs does not include any specific Apple Card credit limit information in the card's terms, though.
No Fees. We want to make it easier to pay down your balance, not harder. So Apple Card doesn't have any fees. No annual, over-the-limit, foreign-transaction, or late fees.
The largest U.S. bank will assume a $20 billion portfolio of Apple customers as Goldman Sachs finishes unwinding its foray into consumer lending.
It's possible to get approved for the Apple Card with a credit score under 670, but your chances improve as your credit score increases. And an excellent credit score doesn't guarantee your approval, other factors are considered, such as income and payment history.
After much negotiation, Apple and JPMorgan Chase have officially announced that the bank plans to be the new issuer of the Apple Card. Currently, the card is issued and serviced by Goldman Sachs. The transition is still subject to closing conditions and regulatory approvals.
Apply for Apple Card on your iPhone
The main cons of the Apple Card are its limited rewards outside the Apple ecosystem (only 1% on non-Apple Pay purchases), lack of typical credit card perks like purchase protection or sign-up bonuses, reliance on an iPhone for full functionality, high regular APR if you carry a balance, and past issues with potential gender bias in credit limits. It's great for Apple users but less beneficial for general spending compared to other rewards cards.
If you don't pay a monthly installment, you aren't charged a fee or interest. To keep your Apple Card account in good standing, pay your monthly installments on time as part of your Apple Card minimum payment due every month.
The 15/3 credit card payment method is a strategy to potentially boost your credit score by making two payments per billing cycle: one about 15 days before your statement closes (to lower reported utilization) and another around 3 days before the payment due date (to cover the rest and avoid late fees), though its actual impact on credit scoring is debated. It works by keeping your reported balance lower when the card issuer reports to bureaus, but experts note the specific timing isn't magical, and focusing on the reporting date is key.
The 2/3/4 rule: According to this rule, applicants are limited to two new cards in 30 days, three new cards in 12 months and four new cards in 24 months. The six-month or one-year rule: Some credit card issuers may let borrowers open a new credit card account only once every six months or once a year.
To get a credit card with a $100k limit, you generally need excellent credit, high income, and often apply for premium travel cards like the Chase Sapphire Reserve or Amex Platinum, or business cards like Brex/Ramp, as traditional cards rarely start that high, though some premium options like Chase Sapphire Preferred can reach it for top-tier users. No preset spending limit (NPSL) cards, like some American Express products, offer flexible limits that can exceed $100k based on your financial profile, making them another path to high spending power.
While the terms and conditions of the Apple Card do not disclose a specific minimum income requirement, the higher your income is, the more likely you are to be approved. Your income will also play a big part in determining your credit limit, with higher incomes generally leading to higher limits.
You can pay your Apple Card using the Wallet app on your iPhone (for one-time, scheduled, or auto-pay) or via a web browser at card.apple.com. Simply open the Wallet app, tap your Apple Card, choose your payment amount (monthly balance, minimum, or other), select your payment date (or set up auto-pay), and confirm with Face ID, Touch ID, or your passcode.