Apple's low-cost credit card has a higher APR than average
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] At the new Apple, more details shared the latest payment method: a credit card supported by Goldman Sachs and on the MasterCard network.
The digital card (and the accompanying physical titanium card) was introduced Monday in Apple's event to showcase new video streaming, games and news services. The new card used through the iPhone Wallet app doesn't come to the US before the summer, but it didn't stop Apple execs from the hyping card.
But to get some of the details about the card, you must continue browsing the new Apple Card site to find something. In the fine footnotes, the "lower interest rate" was discussed at the event finally stated. The website says that "Variable APRs range from 13.24% to 24.24% based on creditworthiness. Prices as of March 2019."
Read printing.
reported the average annual percentage rate, or APR, for all bank credit cards in 2017 was 12.54 percent, putting apples lowest price above average. In 2018, it was just over 16 percent, according to Nerd Wallet. These averages are based on Federal Reserve data.
Now, it makes sense why these specific prices were not splashed on the Apple theater screen as other benefits of the card, like no international fees and 2 percent cash back on Apple Pay purchases. A 24 percent APR is considered quite high and certainly does not qualify as "low".
Here's a little more disappointment about the card: it won't be contactless, even though we didn't really think it would be. 19659016] Mastercard spokeswoman has just confirmed that the Apple card's physical credit card will not be contact free.
– Ben Fox Rubin (@benfoxrubin) March 25, 2019
As CreditCards.com analyst Ted Rossman pointed out, US Bank offers a 3 percent cash back card for "" so it's a better reward than Apple's own Apple Pay transaction card offers.
You can only view: You must read the fine print.
