Apple has about everything technology-wise, but they also have a credit card. While the Apple credit card has several perks, does it offer cash advances? We did the research to bring you the answer.
As of now, the Apple credit card does not offer cash advances. This may be subject to change in the future, but as of now, cardholders cannot take out a cash advance with their Apple credit card. So, if you're in a bind and need cash, you'll have to look elsewhere.
While the Apple credit card doesn't offer cash advances, there are still plenty of perks that make it a great choice for those who frequently shop with Apple. In this article, we will discuss the Apple credit card and what you need to know about it. In addition, we will answer other frequently asked questions about the Apple credit card, so read on!
Does The Apple Card Offer Cash Advances?
Before we begin, let's discuss what a cash advance is. A cash advance from a credit card is essentially a loan that you take out against your credit limit. This means that you will be borrowing money from your credit card company and will be required to pay it back with interest.
For example, if you owe a friend money but don't have the cash on hand to pay them back, you could take out a cash advance from your credit card to cover the cost. Then, you would be responsible for paying back the cash advance amount plus any applicable interest and fees.
Several credit cards offer cash advances with a set cash limit. However, some credit cards, like the Apple card, do not offer this feature. So, if you are looking for a credit card that has this perk in case of a bind, you will have to do more research to find one that meets your needs.
It's tough to say if Apple will offer cash advances in the future. Cash advances can be a risky business for both the credit card company and the cardholder.
For the credit card company, they are taking on the risk that the cardholder will not be able to pay back the cash advance. And if the cardholder does not repay the cash advance, this could lead to default and serious financial consequences.
It's best to avoid cash advances if possible. However, we understand that there are sometimes situations where you may need one. If this is the case, be sure to do your research to find a credit card that offers cash advances so you can be prepared in case of an emergency.
What Are The Benefits Of Having An Apple Card?
Even though the Apple card doesn't have cash advances, there are plenty of other reasons to get one. For starters, the Apple card offers a variety of perks and rewards that are hard to come by with other credit cards.
Let's take a look at some of the most popular benefits of having an Apple card:
Unlimited Cash Back On All Purchases
If you are good with credit and always pay your bill on time, you could be earning unlimited cash back on all of your purchases. That's right, with the Apple card, you will earn cash back on every purchase you make with no daily limit.
You will get 3% cash back on the following purchases:
- Apple
- Ace Hardware
- T-Mobile
- Nike
- Uber Eats
- Uber
- Panera Bread
- Walgreens
- Exxon
- Mobil
You will also get 2% cash back on any credit card processor that has the Apple Pay symbol or touchless symbol.
Last but not least, you will earn 1% cash back on all other purchases when using the titanium card or when making online purchases.
No Fees, Period
Credit card fees can really do a number on your finances if you're not careful. But with the Apple card, you won't have to worry about any fees whatsoever. That's because there are no annual, late, foreign transactions or cash advance fees associated with this card.
This is a huge perk for those who travel frequently or make a lot of online purchases. With other credit cards, you could be racking up a lot of fees without even realizing it. But with the Apple card, you can rest assured knowing that you won't be paying any hidden fees.
Titanium Card Design
While this isn't a huge perk to some people, we think it's worth mentioning. The Apple card is made out of titanium, which makes it one of the most durable credit cards on the market.
If you are someone who is hard on your belongings or frequently misplaces your credit card, the titanium design could really come in handy. You won't have to worry about your card bending or breaking in your wallet, which is always a plus.
In addition, the Apple titanium card doesn't have your card number, expiration date, or CVC etched on it. This is an extra layer of security that will help to protect you from fraud and identity theft.
Instead, the card information stays on your iPhone and is only accessible when you use Face ID, Touch ID, or your iPhone passcode.
Apple Card Customer Support
Another great perk of having an Apple card is the customer support that you will receive. If you ever have any questions or problems with your card, you can rest assured knowing that you will be able to get the help you need.
Apple has a team of experts who are available 24/7 to help you with any issues you may be having. Whether you need help understanding your statement or have a question about your cash-back rewards, the Apple support team will be there to assist you.
In addition, if you ever lose your Apple card, you can quickly and easily cancel it using the Apple Wallet app on your iPhone. Then, you can order a replacement card and have it delivered to your doorstep in just a few days.
What Is The Interest Rate On An Apple Card?
Interest rates on credit cards are a vital topic for customers. After all, no one wants to get saddled with a high-interest rate on their balance. So, what is the interest rate on an Apple card?
The answer is that it depends. The Apple card has a variable APR ranging from 13.99% to 23.99%. Your creditworthiness will determine this APR.
You will likely qualify for the lower end of the APR range if you have excellent credit. But if your credit isn't as good, you may end up with a higher APR.
It will also depend on if you have any past delinquencies, annual income, and income-to-debt ratio. All of these factors will be considered when your APR is determined.
Like other credit cards, the Apple card does offer promotions from time to time for 0% interest. The 0% can vary in length from 6-24 months depending on the promotion.
However, it's important to note that you will be charged retroactive interest if you don't pay off your balance before the promotional period ends. This means that you will be required to pay interest on the entire amount of your balance, not just the remaining balance.
Does Applying For An Apple Card Affect My Credit Score?
It's good to know whether or not applying for any credit card will affect your credit score. So, does applying for an Apple card affect your credit score?
According to Apple, applying doesn't affect your credit score. However, if you read the fine print, you will find that when you accept the terms and conditions, you are giving Apple the right to do a "hard pull" on your credit report.
A hard pull will result in a temporary drop in your credit score of about five points or less. So, while applying for an Apple card won't affect your credit score, it is important to be aware that a hard pull will be done on your credit report.
If you are someone who is trying to improve their credit score, you may want to wait until your score goes up a bit before applying for the Apple card.
However, if you are in need of a new credit card and don't mind a small dip in your score, then applying for the Apple card is a great option.
What Credit Score Do You Need To Be Approved For An Apple Card?
There is a range of credit cards available. Some are meant for building credit, while others are meant for those with excellent credit. So, what credit score do you need to be approved for an Apple card?
For the Apple card, you will need to be in the "good" credit range, which is a score of 650 or higher. If you have a credit score below this range, you may still be approved for the card, but you will likely have a higher interest rate.
It's important to note that just because you have good credit or higher, you could still be denied the card. This is because Apple considers various factors when determining whether or not to approve you for the card.
However, Apple does state that if you have less than a 600 credit score, then your chances of being approved are very low. So, if your score is below 600, you may want to consider building your credit before applying for the Apple card.
Final Thoughts
While the Apple card doesn't offer cash advances, there are still plenty of reasons to consider this card. Nonetheless, be diligent in your research to make sure this card is the right fit for you and your financial needs.
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