Apple Card

Apple Card is a credit card created by Apple Inc. in partnership with Goldman Sachs and Mastercard. It was launched in August 2019 in the United States.

It is primarily designed to be used digitally through the Wallet app on iPhone and iPad. Users can apply directly from their devices, and upon approval, the card is added to the Wallet app for immediate use with Apple Pay.

The card offers a cashback rewards program called Daily Cash. Users earn a percentage of their purchases back, which is deposited into Apple Cash in the Wallet app. Daily Cash can be used for purchases, applied as a statement credit towards the Apple Card balance or transferred to a bank account.

There are no annual fees, late fees, international transaction fees or over-limit fees. It does charge users interest for carrying a balance forward. The rate varies by user.

A signature feature is the titanium card. This features minimalistic design elements, with the cardholder’s name etched on the front and no card number, expiration date, or CVV printed on the card for added security.

Apple Card Savings accounts now pay 4.25% in annual interest

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Apple Card Savings account
An Apple Card Savings account is now an even better deal.
Image: Ed Hardy/Cult of Mac

Money stored in Apple Card Savings accounts just started earning more interest. Goldman Sachs, the bank that backs these accounts, raised the interest rate to 4.25%.

This is a far higher rate than most savings accounts available to consumers.

What’s next for Apple Card? [The CultCast]

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Apple Card on an iPhone. CultCast episode 623.
Changes could be coming to Apple Card.
Image: Cult of Mac

This week on Cult of Mac’s podcast: It sounds like Apple’s partnership with Goldman Sachs is on the rocks. What does that mean for the future of Apple Card?

Also on The CultCast:

  • The latest iOS 17.2 beta reveals some interesting new features.
  • Apple’s deal with Arm is pretty sweet … and pretty annoying for Arm!
  • Those panicky headlines about NameDrop you’ve been seeing that paint the iOS 17 feature as danger to children? Ignore them.
  • Apple seems pretty committed to Vision Pro: Multiple lower-priced versions of the headset are reportedly in the works.

Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.

Apple reportedly ending Apple Card partnership with Goldman Sachs

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Making Apple Card payments is as simple as its design.
Apple might have to find a new banking partner for Apple Card.
Photo: Apple

Apple’s partnership with Goldman Sachs for the Apple Card is reportedly coming to an end. The Wall Street Journal says Apple sent a proposal to the bank to exit from the agreement in the next 12 to 15 months.

At the moment, it remains unclear if Apple has zeroed in on another banking partner for Apple Card.

Even Tim Cook’s Apple Card application got rejected

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Tim Cook has plenty of money, so that couldn't be the reason.
Tim Cook has plenty of money, so that couldn't be the reason.
Image: Canva

Not just anyone qualifies for a new Apple Card — including Apple CEO Tim Cook, according to a new report. The Goldman Sachs underwriting system apparently rejected his application a while back.

Amid reports lately that Goldman is losing money on its deal with Apple, and the two might part ways, it almost sounded like payback. But that’s not it.

Big changes coming to iPhone battery and camera [The CultCast]

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The CultCast Episode 604: An iPhone battery rumor gets us excited.
Longer battery life must be near the top of every iPhone owner's wish list.
Photo: Tyler Lastovich/Unsplash License/Modified by Cult of Mac

This week on Cult of Mac’s podcast: The latest rumors point to impressive iPhone upgrades on the horizon. Stacked batteries might deliver the holy grail of longer battery life as early as this year. And in 2024, the iPhone Pro Max camera might graduate to a mind-blowing 12x zoom. Excuse if we’re a little excited!

Also on The CultCast:

  • A secret project dubbed “Apple GPT” might make Apple’s products better — even Siri!
  • If you’re not taking advantage of Continuity features, you’re doing Apple wrong.
  • Sounds like we’ll be waiting quite a while for a truly pro Mac Pro.
  • How in the world did Goldman Sachs lose so much money on Apple Card?!?

Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.

Goldman Sachs wants out of Apple Card after massive losses

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Making Apple Card payments is as simple as its design.
Apple Card hasn’t been profitable for the bank that backs the credit card.
Photo: Apple

Goldman Sachs reportedly wants out of a partnership with Apple that has the bank backing the Apple Card and other financial services. It’s not hard to guess why: recent filings from the bank indicate it has lost at least $1 billion on the deal.

It’s supposedly looking to hand the business off to another megabank.

Apple Card and Apple Pay could soon launch in India

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Apple Card works hand-in-hand with iPhone
Apple wants to bring Apple Card and Apple Pay to India.
Photo: Apple

Apple is reportedly in talks with HDFC Bank to bring Apple Card to India. The latter is among the country’s largest credit card issuers and private banks.

The Cupertino giant also held discussions with NPCI to launch Apple Pay in the country.

Apple Card Savings customers complain about delayed withdrawals

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Some Apple Card Savings account customers are frustrated by withdrawal and transfer delays.
Some Apple Card Savings account customers are frustrated by withdrawal and transfer delays.
Photo: Apple

Apple Card Savings accounts launched to great acclaim recently with their high yield, but some customers are complaining that withdrawing money and transferring funds through the Goldman Sachs-held accounts takes too long.

And some are leaving, according to a new report.

Here comes the MacBook Air we’ve been waiting for [The CultCast]

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15-inch MacBook Air will be a dream machine.
The 15-inch MacBook Air will be a dream machine.
Image: Cult of Mac
WWDC23

This week on Cult of Mac’s podcast: What will WWDC23 bring us? In addition to a sweeping look at the future of all Apple’s platforms, it sounds like we’ll get some major new hardware. Yes, there’s that $3,000 AR/VR headset, but there’s also something we really want: a 15-inch MacBook Air.

Also on The CultCast:

  • The Apple Watch interface will get a major upgrade with watchOS 10. And the same holds true for Stage Manger in iPadOS 17.
  • All about Apple’s new Rapid Security Response system for deploying urgent upgrades.
  • Shockingly, internal strife seems to be one of the things holding back Siri and Apple’s artificial intelligence efforts.

Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.

Almost $1 billion pours into Apple Card Savings accounts in first 4 days

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Apple Card Daily Cash can go straight into 'high-yield' savings account
Apple Card Savings got off to a very strong start.
Photo: Apple/Cult of Mac

The high interest rates offered by Apple Card Savings reportedly brought an enormous rush of deposits in the first days after the financial service became available in mid-April. The savings accounts for iPhone users pulled in nearly $1 billion in only the first four days.

And that was weeks ago, so it’s almost certainly well over the billion dollar milestone by now.

How to finance a MacBook

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There's more than one way to finance a MacBook.
There's more than one way to finance a MacBook.
Photo: Pixabay/Pexels/CC

Macs offer great value, but they aren’t necessarily cheap. After all, Apple’s most affordable laptop, the MacBook Air, currently starts at $999. If you need a capable computer that you can take anywhere, but you don’t have enough cash on hand to buy a MacBook Air or MacBook Pro outright, you have options.

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In the FAQ below on how to finance a MacBook, we lay out the options available to you, ranging from Apple Card Monthly Installments to buy now, pay later plans from companies like Klarna and Affirm.

Can Apple’s ‘Reality’ headset spark an AR/VR revolution? [The CultCast]

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A woman wearing a VR headset, with The CultCast logo and Episode 591.
Many have tried to make AR/VR a sparkling reality. So far, nobody's nailed it. Can Apple?
Photo: Sara Kurig/Unsplash License/Modified by Cult of Mac
WWDC23

This week on Cult of Mac’s podcast: The latest leaks about Apple’s AR/VR headset — possibly called the “Reality” — get us thinking about real-world applications. Will this thing kick-start a mixed-reality revolution, or flop harder than the Pippin?

Also on The CultCast:

  • The new Apple Card Savings account pays high interest — and we’re definitely interested!
  • WWDC23 might bring additional new hardware beyond the headset.
  • It’s your last chance to snag a limited-edition Sunset Moment iPhone case from Pitaka.

Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.

How to sign up for Apple Card Savings and start earning interest

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Apple Card Savings
Apple Card Savings pays a high interest rate. Here's how to take advantage of it.
Photo: Apple

Apple Card Savings allows you to earn a high rate of interest on money you might have been storing in Apple Cash. As the name indicates, it’s a savings account especially for Apple Card users.

Daily Cash earned from using the credit card flows automatically into the account where it (currently) earns 4.15% annually — that’s far more than the national average. And you can bring in cash from your other banks that offer lower interest rates.

I’ll walk you through the process of setting up an Apple Card Savings account.

Stash your cash in a high-yield Apple Card Savings account

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Apple Card Daily Cash can go straight into 'high-yield' savings account
A new Savings account for Apple Card holders includes a Savings dashboard to track progress.
Photo: Apple/Cult of Mac

Apple Card Savings launched Monday, allowing money earned from Apple Card’s cash-back program to go into a high-yield savings account. And it is high-yield — at 4.15%, the annual rate is about 10 times higher than the national average.

There are no fees for the new financial service, and users can bring in their own cash from other banks that offer lower interest rates.

Apple Card Savings accounts might finally debut next week

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Apple Card Daily Cash can go straight into 'high-yield' savings account
The upcoming savings account for Apple Card holders includes a Savings dashboard to track progress.
Image: Apple

Apple Card Savings, the next financial service from the Mac-maker, might be right around the corner. The company announced the service last autumn without a launch date. But now an Apple tipster claims it’s coming in only a few days.

When it debuts, the service will provide Apple Card users with savings accounts.

Apple Card users get Luck-y with 3 free months of Apple TV+

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Apple Card users get Luck-y with 3 free months of Apple TV+
Apple Card subscribers, it's your lucky day.
Image: Apple

Anyone who uses an Apple Card can get Apple TV+ free for three months. And the deal isn’t limited to new subscribers – current ones also qualify.

It’s a promo for the new Apple TV+ movie Luck, and has the tagline, “It’s your lucky day. For three whole months.”

Apple Card subscribers earn 4% cash back at Petco, Ray-Ban, Yeti and more

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Use Apple Card and Apple Pay to get 4% back at select retailers
Double your Apple Card cash back with select retailers in July.
Photo: Apple

Use an Apple Card at certain online retailers and service providers between now and the end of July to earn 4% cash back. It’s a summertime promotion, and the companies involved offer sunglasses, movie tickets, coolers, hotel rooms, etc.

Apple Pay and the Mac-maker’s credit card regularly offer at least 2% cash back for online purchases but some special deals bring larger percentages. Like this one.

Apple wants to handle some of its own financial services

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Apple’s financial results were all the company could ask for.
Apple supposedly wants to reduce the financial services it outsources.
Graphic: Cult of Mac

Rather than letting existing financial companies handle all its payment processing, Apple wants to bring some of it in-house, according to an unconfirmed report. And the Mac-maker would also like to take on a range of other related services itself.

The goal is to reduce the amount of money Apple has to pay outside companies for financial services.

Apple snaps up UK credit company, sparking Apple Card expansion rumors

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Apple acquires Credit Kudos
Credit Kudos is now an Apple subsidiary.
Image: Credit Kudos/Apple

Apple this week acquired Credit Kudos, a credit checking startup based in the United Kingdom, according to sources familiar with the matter. An update to the Credit Kudos website confirms it is now an Apple subsidiary.

The move has ignited rumors of an upcoming Apple Card expansion into the U.K. Apple fans on the other side of the pond have been eagerly anticipating its arrival since Apple Card first made its debut in the U.S. in 2019.

How to change credit card or bank account used by iPhone Upgrade Program

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How to change credit card or bank account used by iPhone Upgrade Program
If your Apple Card isn’t being used by the iPhone Upgrade Program, you’re losing out on 3% Daily Cash. Here’s how to change it.
Photo: Cult of Mac

The iPhone Upgrade Program enables people to get a new Apple handset every year and pay it off in monthly installments, interest free. The monthly payments come from a credit card or a bank account. It’s possible to change which one at any time.

Many people who used the Upgrade Program to get an iPhone 13 want to do this because a bug prevented an Apple Card from being used for this on the handset’s launch day.

Here’s how to switch to a new credit card or bank account for Apple’s installment plan.