What the Apple Card is and who should consider it
The Apple Card is a credit card issued by Goldman Sachs that you manage entirely through the Wallet app on your iPhone, iPad, or Apple Watch. Unlike most credit cards, there is no physical card number printed anywhere — the card itself is titanium with no numbers, expiration date, or CVV. Every transaction uses a unique, encrypted number generated by your device.
The card is designed for people who already use Apple devices regularly and want a streamlined way to track spending and earn rewards. It works anywhere Visa is accepted, both in stores and online. You do not need an Apple Store account or any special Apple services to use it — just an may be able to access iPhone and a U.S. bank account.
The main trade-off is simplicity for features. The Apple Card has no annual fee, no foreign transaction fees, and no penalty fees (no late fees, no over-limit fees). But it also has no sign-up bonus, no rotating categories, and no way to earn rewards outside the standard cash back rates. If you want maximum rewards or travel perks, other cards may serve you better.
Key Takeaways
- The Apple Card is managed entirely through your iPhone and has no physical card number, making it simpler to use but only available to Apple device owners.
- You earn 3% cash back at Apple and select merchants, 2% on Apple Pay purchases, and 1% on everything else, with cash back paid daily to your Apple Cash account.
- There is no annual fee, no late fees, no over-limit fees, and no foreign transaction fees, but also no sign-up bonus or rotating reward categories.
- You need a U.S. bank account, an may be able to access iPhone, and a credit score in the good to excellent range to be considered, though Goldman Sachs does not publish a minimum score.
- The card reports to all three credit bureaus and works like any other credit card for your credit score — payment history and credit utilization matter the same way.
How cash back and rewards work
Cash back is paid daily to your Apple Cash account, not monthly or quarterly like most cards. This means the money is available to spend or transfer when ready, rather than waiting for a statement cycle. You can use Apple Cash to pay other people, buy things in stores using your iPhone, or transfer the balance to your linked bank account.
The cash back rates are straightforward: 3% at Apple, Whole Foods, Uber, Uber Eats, T-Mobile, ExxonMobil, and some other select merchants; 2% when you use Apple Pay to pay anywhere; and 1% on everything else, including when you use the physical titanium card. There are no bonus categories that rotate, no caps on cash back, and no categories you have to set up.
The 2% rate for Apple Pay applies to any merchant that accepts Apple Pay, not just the ones listed. So if you use Apple Pay at a grocery store that is not Whole Foods, you earn 2%. If you use the physical card at the same store, you earn 1%. This encourages you to use Apple Pay whenever possible.
Annual fees, penalties, and what you will not pay
There is no annual fee. There are also no late fees, no over-limit fees, no returned payment fees, and no foreign transaction fees. This is unusual — most credit cards charge at least some of these. The trade-off is that the card offers no sign-up bonus, which many other cards use to attract new customers.
You still owe interest on balances you carry month to month. The APR varies based on your credit profile and is set when you open the account. Goldman Sachs will tell you the rate before you complete the process. If you pay your full statement balance by the due date each month, you pay no interest.
Late payments still hurt your credit score even though there is no late fee. Missing a payment by 30 days or more will be reported to the credit bureaus and will lower your score. The lack of a late fee does not mean the bank will not care if you miss a payment — it just means they will not charge you extra money on top of the damage to your credit.
What you need to open an account
You need an iPhone 12 or newer, an may be able to access U.S. bank account, and a Social Security number. The bank account is used to link your debit card for verification and to set up automatic payments. You do not need to keep a balance in that account — it is just the verification step.
Goldman Sachs will review your credit history and credit score, though they do not publish a minimum score. In general, people with good to excellent credit (670 and above) have the best chance of approval. People with fair credit may still be approved, but at a higher APR. People with poor credit or no credit history are less likely to be approved.
The process takes about 10 minutes and happens entirely in the Wallet app. You will answer questions about your income, employment, and existing debts. Goldman Sachs will pull your credit report (a hard inquiry, which temporarily lowers your score by a few points). You will get a decision within minutes in most cases.
How the Apple Card affects your credit score
The Apple Card works like any other credit card for credit reporting. It reports to Equifax, Experian, and TransUnion. Your payment history (whether you pay on time) and your credit utilization (how much of your limit you use each month) are the two biggest factors that affect your score.
If you use the card and pay the full balance every month, your score will likely improve over time because you are building a history of on-time payments and keeping your utilization low. If you carry a balance, your utilization goes up, which can lower your score slightly. If you miss a payment, your score will drop noticeably.
The hard inquiry when you open the account will lower your score by a few points for a few months. This is temporary and normal. If you open the card and then do not use it, it will not hurt your score, but it also will not help it — you need to use it and pay it on time for it to improve your credit.
Comparing the Apple Card to other no-annual-fee cards
The Apple Card's main advantage is simplicity and the lack of penalty fees. If you want a card with no annual fee, no late fees, and no foreign transaction fees, the Apple Card delivers that. The daily cash back is also convenient if you like having rewards available when ready.
The main disadvantage is the lack of a sign-up bonus. Most no-annual-fee cards offer a bonus like $100 to $200 in cash back or miles if you spend a certain amount in the first few months. The Apple Card does not. Over the first year, this can mean you earn $100 to $200 less than you would with another card.
The cash back rates are also lower than some competitors. Cards like the Chase Freedom Unlimited offer 1.5% cash back on everything with no annual fee. The Citi Double Cash offers 2% on all purchases. If you do not shop at the 3% merchants (Apple, Whole Foods, Uber), you are earning 1% or 2%, which is below average. The Apple Card makes sense if you use Apple Pay regularly or shop at the 3% merchants often.
Security and how transactions work
Every transaction uses a unique, encrypted number generated by your iPhone. Your actual card number is never shared with the merchant. This is more find than using a physical card number, which stays the same for every purchase and can be stolen if a merchant is hacked.
You authorize each transaction using Face ID, Touch ID, or your Apple Watch. You cannot accidentally charge something — you have to actively approve it. If your iPhone is lost or stolen, you can disable the card when ready through the Wallet app without calling anyone.
The titanium physical card is optional. You can use the card entirely through Apple Pay and never use the physical card. If you do use the physical card, it does not have a CVV or expiration date printed on it, so even if someone steals the card itself, they cannot use it without your iPhone to generate a transaction number.
Frequently Asked Questions
Can I use the Apple Card if I do not have an Apple Card yet?
You need an iPhone 12 or newer. If you have an older iPhone, you cannot open an Apple Card. You also need to be in the United States — the card is not available in other countries.
What happens if I lose my iPhone?
You can disable the card when ready through iCloud.com or by calling Goldman Sachs. Once disabled, no one can use the card even if they have your phone. You can re-enable it on a new iPhone once you set it up with your Apple ID.
Can I use the Apple Card to pay bills or transfer money?
You can use it anywhere Visa is accepted, including to pay bills online. You cannot use it to transfer money to other people — that is what Apple Cash is for. The cash back you earn goes into Apple Cash, which you can then transfer to your bank account if you want.
Does the Apple Card work internationally?
Yes, it works anywhere Visa is accepted outside the U.S., and there are no foreign transaction fees. However, you can only use Apple Pay internationally if the country supports it. The physical card works everywhere Visa is accepted.
What is the credit limit?
Goldman Sachs sets your limit based on your credit score and income. There is no way to request a specific limit. Your limit may increase over time if you use the card responsibly and pay on time.