Rivka Gewirtz Little, research director for global payment strategies at IDC, said that Apple needs to "do something to make the Apple Card more relevant" for small companies because, despite "some nice and usable elements, it is a consumer product.
Observers note some respectable and unique, if not revolutionary, touches to the Apple Card, such as machine learning and geolocation tracking of your spending. These features may be exciting for consumers, but what about for small businesses? Benefits of the Apple credit card for small business Key takeaway: The Apple Card offers a zero-fee structure, quick cashback rewards, and a sleek design that fits in well with other Apple products. According to a PYMNTS report, only around 8% of iPhone users regularly use Apple Pay. Millions of retailers now accept Apple Pay, although not all consumers with iPhones use it. The entire system is designed to give customers more control over how much they spend and get back, combined with the flexibility of using the iPhone with Apple Pay for purchases and the physical Apple Card at places that do not accept Apple Pay. Cashback rewards are dispensed daily and can be spent immediately. It shows the cardholder exactly where and how much money was spent and automatically breaks down spending into color-coded categories. In a helpful move for consumers, the Apple Card doesn't charge late fees, annual fees, cash-advance fees, international fees, over-limit fees, financing fees and many more pesky fee structures that other cards charge. It's a sleek titanium card with the customer's name etched into the surface – which is noticeably devoid of other information, such as the credit card number, CVV number, expiration date and signature box.
In addition to using Apple Card with Apple Pay, consumers can use a physical version of the card for purchases from vendors that do not accept Apple Pay. But for all the other benefits, other cards already offer them, or you can get specialized cards for those things." It's got 1% on everything – 2% if you use Apple Pay, which is becoming a bigger thing, and 3% on Apple products. "It's not a bad card," said Chris Kuiper, equity analyst at CFRA. Cashback rewards are deposited daily – not monthly, like most cards do – under Daily Cash in the Wallet app. But customers still get a 1% reward if they use it for other purchases. Because Apple is pushing the card as part of its ecosystem, users reap more rewards when they buy Apple products and use Apple Pay on their iPhones to pay for purchases. The Apple Card is a rewards-based credit card that gives consumers cash back on various categories of purchases. Image credit: Apple Apple credit card benefits and fees for consumers
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Here's what the Apple Card offers and how you can put it to work for you.Įditor's note: Need a credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you with free information. Although the company doesn't offer a business credit card, the Apple Card's unique features may be beneficial for self-employed individuals and small business owners.
The Apple Card launched in 2019 with a suite of features that appeals to both Apple-product lovers and those who do not use iPhones, Apple Watch or other electronics from the tech giant.
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