If you’re thinking about opening a new credit card, Apple may have one to consider. Apple Card, a credit card created by Apple Inc. and issued by Goldman Sachs, (and designed primarily to be used with Apple Pay), seems to have significantly lower rates than other cards. Not only have they done away with hidden (and sometimes not so hidden) fees, the card is designed to help users pay less interest. But the best part? Apple and Goldman Sachs now offer a high-yield savings account that can help you earn more on those daily rewards.
Daily Cash back
According to Apple’s site, users will get Daily Cash back from a percentage of purchases—”Not a month from now. Every day. There’s no limit to how much you can get.” Sounds promising. They break it down further by percentages, so you get 3% on any Apple purchases and ones from select retailers like Uber Eats, Panera, Walgreens, and Mobil. Users get 2% every time they use Apple Card with Apple Pay. For purchases where Apple Pay isn’t accepted, users get 1% back. It’s the gift that keeps on giving.
Grow your savings
The Apple Card also gives you the option to put this cashback directly into a Savings account from Goldman Sachs, and you can see this grow over time right from your iPhone or other Apple device. Simply set up a Savings account, and all future daily cash will be deposited there automatically. The high-yield savings account offers an annual percentage yield (APY) that’s over 4%. While that APY may be promotional — Apple itself notes that APY may change at any time, as is typical for any savings account — high-yield savings accounts usually offer an APY in the 3-5% range.
Consider this: A CD is usually around 5% APY. A normal savings account APY is as low as 0.01%. With a high-yield savings account, you’re earning more than 10x the national average in interest.
If you know someone with an Apple Card, the company’s current promo is that those existing card holders can send you a link to sign up for the card, and you’ll get a $75 Daily Cash bonus when you make their first purchase. That’s the easiest cash you’ll make all day!
There is a link to apply for the card on their site if you don’t know someone with an Apple Card already, and you can apply in less than a minute. If approved, you’ll see your credit limit and interest rate offer. All that’s left is to make some purchases and watch your savings account grow! What’s more, Apple said it doesn’t sell your data to third parties, so you can have confidence knowing your information and your money are protected.
Apple makes it easy to instantly begin earning cash back and compounding your savings. If you’re going to put purchases on credit, you might as well be earning money in the process. Plus, with an APY that seems to rival any competition, it seems like an easy way to invest in your future and save up for that next big vacation, home purchase, or to spoil yourself with a little shopping spree.