The Apply Card still isn’t in Canada. So what is the hold up?
Apple is known for its innovation, clever gadgets and features that make life easier for the average consumer. One of It’s biggest products is actually a credit card. Actually, the Apple Card works much like a credit card, but better.
Apple Card is so valuable that Goldman Sachs, the American investment bank, lost a reported US 1.2 billion dollars in 2022 on loan-loss provisions. However, Goldman Sachs is still hanging on to the card and spending big money to attract new clients.
So the question for now is: What is so great about the Apple Card that people and banks just love it? And is there anything in Canada right now that can compete with it?
The Apple Card is the tech company’s version of a credit card and is designed to be used with Apple devices. Cardholders can access their card information on their iPhones, iPads, Mac computers, and Apple watches. Approval for the card takes less than two minutes and does not impact your credit.
Goldman Sachs is the issuing bank, with Mastercard as the payment network for the Apple Card.
At the time of this writing, the Apple Card is only available in the US. Canadians are currently unable to access the Apple Card.
That said, Apple CEO Tim Cook mentioned in 2019 when the card was first launched that there are intentions of expanding the availability of the card to other nations. Given the fact that the Canadian government approved the Apple Card’s trademark application in early 2021, there may be hope that the card could soon be available to Canadians.
The Apple Card comes with a slew of convenient features, including the following:
Like conventional credit cards, your Apple Card contains sensitive information that should be protected against potential theft or fraud. Luckily, the Apple Card comes with robust privacy features.
For starters, the Apple Card is protected behind several security layers on your device to keep your card information protected, including Face ID and Touch ID. This makes stealing your credit card information difficult.
You can also spot fraudulent activity with instant transaction notifications. If you notice a transaction was made without your authorization, you can stop it in its tracks by reporting a problem immediately through your device.
Plus, your purchase history is hidden from potential hackers and thieves as well as Apple itself. Meaning only you have access to your purchase history, and no one else.
The Apple Card comes with an option for payment installments. when purchasing Apple products. Rather than pay upfront in one lump sum, you can check out using the Apple Card Monthly Installments plan.
This plan is an interest-free payment option that allows you to pay for your Apple products over time. After choosing this option, the monthly payment will be added as a minimum payment on your account. If you use this payment option to pay for multiple Apple products, the monthly payments will be modified accordingly so there will only be one balance.
Keep in mind that you’ll be subject to credit approval and credit limit.
The Apple Card Family allows two people to combine credit lines to create one account co-owned by each participant. Both co-owners manage the account together, can view each other’s activity, set limits on each other’s spending, and build credit as equals.
Co-owners don’t have to be related, but they have to be part of the same Apple Family Sharing group. If there are any participants under the age of 18 on an Apple Card Family account, the Apple Cash Family organizer must set up the minor’s own Apple Cash card.
Applying for the Apple Card is very easy and can be done in a minute or two. To apply for the card from your Apple device, follow these simple steps:
Your Apple Card is now available for you to use for your next purchase.
To share the Apple Card, follow these steps:
For co-owners, input the Total Annual Income shared between you, then send the invitation. The invited person will apply, after which you’ll both accept the offer.
For participants, you must choose a credit limit. The invited person will accept the offer, input their Social Security Number (SSN), then use the card to start building credit.
You can find your Apple Card number by following these steps:
Your card number will be in here. You can jot it down for future reference or copy and paste it at checkout.
While the Apple Card is currently unavailable in Canada, there are alternatives that provide similar benefits such as cash back, credit building tools, low-to-no fees and other perks.
| Annual Fee | APR | Rewards | |
| Neo | $0 | 19.99% – 26.99% | Earn an average 5% cashback (guaranteed at least 1%+ cashback) |
| STACK | 0$ | 0% | Instant cashback rewards and discounts from partnered brands |
| KOHO | $0 – KOHO Easy Account $48 (or $4/month) – KOHO Essential Account $84 (or $9/month) – KOHO Premium Account | 0% | Earn up to 2% cash back on purchases and up to 6% extra cash back with partnered merchants* |
The Neo Card is a free credit card that offers users the ability to earn cash back on their everyday purchases. Users can earn an average of 5% cash back with Neo partners and at least 1% in general. They have over 7,000 loyalty programs for you to discover and earn rewards from. Some of their partners include Second Cup, Budget, Structube, Contiki, Herschel and many more.
Additionally, Neo users can earn up to 15% in cash back as a welcome bonus by simply making their first purchase with one of Neo’s partners. Like the Apple Card, Neo also has major security features including Zero Liability and the ability the freeze your account with a tap of a button.
The STACK Mastercard is a reloadable prepaid card that offers users cash back and discounts at participating stores. The card has no annual fees and can be used anywhere in the world that accepts Mastercard. With it, users can earn instant cash back from 140 retailers including big brands like Indigo, Hello Fresh, The Body Shop, Reebok, Frank and Oak and many others.
Users can also take advantage of its exclusive discounts with certain retailers. Like the Apple Card, STACK has no annual fees, no ATM withdrawal fees and e-transfers are free between STACK users. You’ll also benefit from additional features such as their automatic savings tool, spending tracker and instant notifications.
Similar to the Apple Card, KOHO’s Easy Account has no annual fees unless you upgrade to its Essential or Premium Account which would cost you $4 or $9 a month respectively. Depending on the KOHO account you open, you’ll benefit from a number of perks including:
The Apple Card makes using a credit card much easier, faster, and more convenient than ever before. Unfortunately, the card is only available to American consumers right now. Canadians will need to keep an eye out for any news on the expansion of the Apple Card availability.
Rating of 5/5 based on 4 votes.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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