Apple has announced the launch of a new credit card for its American customers that boasts no fees, low interest rates and rewards that can be immediately redeemed.
Cardholders can use their Apple Card to make purchases via the Apple Wallet app on their iPhones, but the tech company will also give customers a physical card to use at merchants that don’t accept Apple Pay.
The card is scheduled to land this summer in the U.S., but Apple confirmed to LowestRates.ca on Monday that it won't be available in Canada when it launches.
"The card will be U.S.-only at launch and we don’t have any other details to share at this time," an Apple spokesperson said in an email.
While that doesn't mean the card will never be available here, it's another example of a cool credit card that Canadians won't be able to get their hands on (for now).
Now, let's look at the details. Cardholders can earn 3% cash back for every purchase made directly at Apple — which includes Apple stores and the company’s app store — and 2% for all other purchases. Beyond the earn rate, there are several unique features that make the new card appealing — especially for anyone who wants to be mindful of how much they spend.
The first of these features concerns the rewards. Unlike some credit cards, which only allow you to redeem the cash back you’ve accumulated at designated times, the Apple Card allows cardholders to redeem their cash back immediately: they can either apply their earnings to their credit card balance, or transfer them to family and friends.
The second of these features is the low-interest rate, which Apple promises will rank among the “lowest in the industry.” The company has not yet provided a specific APR.
The third feature is the lack of fees: in addition to no annual fee, the Apple Card will also charge no late fees, no foreign currency fees and no over-the-limit fees.
The final feature is the data that cardholders will be able to access: because the card is connected to the Apple Wallet app, users will be able to track their spending via weekly and monthly spending summaries.
While the specifics of the card have not yet been released, one thing’s clear: if the Apple Card does come to Canada, it’ll definitely be one to keep an eye on.