Review: Apple Credit Card

The Apple credit card lets you finance your larger Apple purchases at a 0% rate, and it also offers a rewards program. Issued by Barclaycard, the Apple credit card is an “instant decision” card, meaning you will get an answer on your application immediately in most cases. If you get an instant “yes,” you can take that approval and start shopping with the card the same day.

As far as the rewards program is concerned, you earn points on card purchases, and you can redeem those points for a a $25 Apple Store Gift Card or iTunes Gift Card every time you hit 2500 points. You earn points in this way:

  • 3 points for every $1 spent at Apple
  • 2 points for every $1 spent at restaurants
  • 1 point for every $1 spent on all other purchases

Alternately, you can forego points on your larger card purchases for the first 30 days and take advantage of 0% financing. You can finance at a zero percent rate for:

  • 6 months on purchases under $499
  • 12 months on purchases from $499 to $998
  • 18 months on purchases of $999 or more

Note that if you take advantage of this 0% financing, you must pay off ALL of the balance within the promotional period or you will be charged ALL of the interest that would’ve accrued since the date the purchase was made — as if the 0% rate had never even existed. Be careful!

The interest rate for purchases on the Apple card will be either 14.74% or 20.74% or 27.74%, depending on your credit history. If you get stuck with a rate over 20%, you need to be especially careful not to carry a balance on this card.