The Apple Card has become one of the most popular credit cards on the planet earth which
is hilarious considering apple is a technology company but is the apple card actually worth it
in 2022…let's find out. Alright, let's jump right into it. What is going on everyone I hope you are
all having a fantastic day. So I've made a number of videos on the apple card including a review
last year, the new family sharing features, and even the rumored apple card plus. But a lot has
changed in the market since we made that original review and a lot of new products now rival the
apple card which has definitely changed the landscape of whether or not this product is still
worth it. So first of all this card has no annual fee and really no fees across the board including
no foreign transaction fees late fees or anything like that. Obviously, we are all familiar with the
beautiful titanium design of the apple card that makes it one of the only free metal credit cards
that I am aware of and it's going to seamlessly integrate with your iPhone and other IOS devices
and give you real-time cash back rather than having to wait till the end of the month
and will even help you strategize the best way to pay off your balance which sounds cool and looked
really flashy but this feature actually sucks and I'll explain why in a second. Before we get
to that though the Apple Card is going to give you 2% cash back on purchases where you use Apple Pay
as well as 1% cash back on all other purchases that do not involve Apple Pay. On top of that
you're also going to earn 3% cash back on all apple purchases which includes the apple retail
stores as well as the App Store, apple music, and even Apple TV plus that 3% also applies to a
number of brands like Exxon Mobil, Nike, Panera, and several others. Other than that it's pretty
simple. Of course, they boast about their privacy and security features that every financial product
talks about nowadays different but other than that this product is pretty basic which I think is what
a lot of people love about it. There's no jumping through hoops or activating cash back categories
or redeeming points and transferring points and all of that chaos it's just straightforward cash
back that goes right into your apple wallet and could be spent right from your smartphone and you
don't even have to wait till the end of the month to get your cash back they're literally going to
give it to you in real-time as the transaction happens which really just makes it feel like
you're getting a percentage off of everything. Now before we get to my thoughts on this product and
we'll also take a look at some competing products, what credit score is recommended in order to get
the apple card? Well, there's some conflicting information online but if we go straight to the
apple website it says that scores above 660 are considered favorable for credit approval. However,
I will tell you firsthand that even if you have a score above 660, that doesn't necessarily mean
that you'll get approved. As I've talked about before I have applied for the apple card several
years ago and despite the fact that I had a credit score in the low seven hundreds at the time,
I still got denied twice. Now, this is more than likely due to the fact that at the time
I was a college student who didn't really have any consistent means of income so I can't really
blame them… I probably wouldn't give 18 year old me a credit card either. But the general consensus
seems to be if you have consistent income in your score is in the high six hundred or better then
more than likely you will be approved for the apple card. So that still puts it in a beginner to
intermediate category but definitely on the higher end since getting this product with absolutely no
credit history is very unlikely. I will also mention that Apple did launch a feature called
Path to Apple Card where essentially if you apply and are denied they will walk you through your
different financial metrics and help you meet the necessary requirements in order to get approved
if you apply again in the future. And applying is probably easier than any other credit card
application I've ever filled out and takes about two minutes and you'll have an instant approval
the best part is there's no hard inquiry meaning applying shouldn't have a negative impact on your
credit score which is always an added bonus. But enough about all of that, you all want to know if
the apple card is worth it in 2022 and the simple answer is it depends but for most consumers no it
is definitely not worth it. For starters, there's the simple fact that there are just
better products that offer better cash back. You've got the incredibly popular Citi double cash
card that gives you 2% back on everything, the newer SoFi credit card that also gives you 2% back
on everything and even allows you to put those points towards investments and other redemption
options as well as just taking their cash back and even the newest Wells Fargo active cash card
that gives you 2% back on everything as well. So those are just three examples that I can think of
but none of them have an annual fee and they all give you 2% cash back regardless of whether
you pay with your phone or you swipe your card. Whereas remember with the apple card you're only
going to get 2% cash back if you use Apple Pay which admittedly most places will accept Apple Pay
nowadays but when it comes to paying for things online you're typically only going to be getting
1%. Now the software and integration with IOS devices for the apple card is absolutely unmatched
it is beautiful and easy to use and honestly I would expect nothing less from Apple. It's just
wonderfully designed and makes things like the Wells Fargo app look like a dinosaur from another
century. I will say though that like I mentioned earlier, the fancy circle graph thing that they
love to show when all the advertisements that is supposedly there to help you pay less interest
is honestly ridiculous and promotes really unhealthy spending habits in my opinion. Yes,
it is a really quick and easy way to show you how much interest you'll pay based on how quickly you
pay off your balance but I've got a trick for you drag that thing all the way to the top to show you
how much you'd pay if you pay off everything right now and look at that you don't know anything and
interest. You've all heard it a million times before for me but if you're going to get this
card or any other credit card please if you take nothing else from this video always pay off your
credit cards on time every time without fail in full. Do not just make the minimum payment…pay off
the entire balance and use it like you would with cash or a debit card. If you can't do those things
then just take it and cut it up or in the case of the apple card bend it in half or something
since its metal but if you're gonna carry a balance on this card just don't bother it's not
worth it. You will pay way more in interest than you could ever possibly earn in cash back
not to mention the fact that carrying a balance on a credit card is just a bad idea to begin with.
So I'm personally not a huge fan of the apple card and I do think there are much better alternatives
on the market nowadays but there is a specific type of person that this product is perfect for
and that, of course, would be the apple fanatic. I'm talking about the person who's got the iPhone
the Apple Watch the Mac book the iPad the funny T-shirt that they wear at the apple stores and
all of that good stuff. Admittedly I do use all of those things minus the T-shirt and I love apple
products but as someone who has looked at a lot of financial products, I just can't bring myself
to recommend the apple card to anyone other than those who just love apple and wanna have a really
cool looking metal credit card in their wallet. And if that's the case then that's awesome you
should get this card and I'm happy for you because I love a cool-looking credit card just as much as
the next guy. But if a milled titanium credit card means nothing to you and you're just looking to
get the most cash back possible then this product is definitely not for you and this probably goes
without saying but if you don't have an iOS device then you'll probably want to avoid this one as
well. So yes or no... is the apple card worth it in 2022 I'm gonna go with a solid no. the software
is cool and I like the new family sharing features but there's better alternatives plus in order to
get the most value out of this card you'll need an iPhone that can easily cost over $1000 which even
though a lot of us probably already have an iPhone it just seems like an odd requirement in order to
get a free credit card. Maybe if those rumors of an apple card plus finally come true I'll revisit
this product but for the time being it's just not for me. But as always this is just my opinion so
I'd love to know what you think of the apple card down in the comments section below and whether or
not you think it is a good product in 2022 and if not what do you think is the best alternative. If
you did get value out of this content and you want to help support me the easiest way to do
that is by checking out some of my favorite financial tools down in the description
below including one offer from the point cash back debit card that will currently give you
$100 when you open your account and make your first purchase. Be sure to hit the like button
and subscribe to the channel for more content like this in the future and of course thank you so much
for your time I really do appreciate it so much take it easy and I'll see you in the next one!