The Apply Card still isn’t in Canada. The card has everything including Buy Now Pay Later (BNPL) and a high-interest savings account. So what is the holdup?
Apple is known for its innovation, clever gadgets and features that make life easier for the average consumer. One of its biggest products is actually a credit card. The Apple Card works much like a credit card, but better.
It has no fees, gives you cash back, and can help you build credit. Users love it and so do the biggest names in finance.
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?
What Is The Apple Card?
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.
Is The Apple Card Available In Canada?
At the time of this writing, the Apple Card is only available in the US. Canadians are currently unable to access the Apple Card.
The holdup? Well, Canada’s banking regulations are different than in the United States. Plus, Apple Card would need a Canadian banking institution as a partner.
That said, Apple CEO Tim Cook mentioned in 2019 when the card was first launched there were 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.
Apple Card Features
The Apple Card comes with a slew of convenient features, including the following:
- Fast Application. Apply quickly from your Apple device and get approved within minutes.
- No Fees. There are no fees for anything, including annual fees, set-up and maintenance fees, or late fees.
- Daily Cash Back. Earn up to 3% cash back every time you use your iPhone or Apple Watch to pay.
- High-Interest Savings Account. A savings account that pays you 4.15% APY on your Daily Cash Back.
- See Purchases Right Away. Every time you make a purchase using your Apple Card, you’ll see the transaction go through immediately. You can also see your summary of payments by week, month, or year with a simple tap.
- Quick Card Activation. There’s no need to call in to have your Apple Card activated. Instead, you activate the card on your mobile device.
- End-Of-Month Payment Due Dates. Take the guesswork out of your card payment’s due dates with easy-to-remember month-end due dates. Otherwise, you’ll receive payment reminders just in case.
- 24/7 Customer Support. Ask a question any time of the day or night via text or phone call.
Apple Card Tools
- View Receipts Tool. Review your Apple services receipts item by item.
- Smart Payment Suggestions. Pay off your balance quickly with Apple’s payment recommendations.
- Keep Tabs On Where You Spend. Use the Maps tool to track where you made recent purchases.
- Building Credit Tool. Card co-owners can use the Apple Card to build credit when making timely payments. Family members aged 18 and over can build their credit profile.
Apple Card Safety Features
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. This means only you have access to your purchase history and no one else.
What Is The Monthly Installments Option?
The Apple Card comes with an option for payment installments when purchasing Apple products. It is a Buy Now Pay Later (BNPL) plan but only on Apple products bought at an Apple Store online or in person.
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 to 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.
What Is The Apple Card Family?
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.
How To Apply For The Apple 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:
- Open the Wallet App
- Tap the + sign at the top right
- Tap “Apply for Apple Card”
- Tap “Continue”
- Fill out your personal information
- Tap “Next”
- Review the details of your account, including the credit limit, APR, and fees
- Tap “Accept Apple Card”
Your Apple Card is now available for you to use for your next purchase.
To share the Apple Card, follow these steps:
- Tap the three dots at the top right
- Tap “Share my Card”
- Choose a Family Member’s name
- Tap “Become Co-Owners” or “Add as Participant”
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), and then use the card to start building credit.
How Do You Find Your Apple Card Number?
You can find your Apple Card number by following these steps:
- Open Wallet App
- Tap the three dots at the top right
- Tap “Card Information”
- Authenticate with Face ID
Your card number will be in here. You can jot it down for future reference or copy and paste it at checkout.
Alternatives To The Apple Card In Canada
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.
| Monthly Fee | APR | Rewards | |
| Neo | $0 | – 19.99% – 26.99% – QC: 19.99% – 24.99% | – 1% on all gas and groceries. – An average 5% cashback with Neo partners. – 0.5% monthly minimum cashback with Neo partners. |
| KOHO | – KOHO Essential: $4 ($48/year): – KOHO Extra: $9 ($84/year) – KOHO Everything: $19 | 0% | – Earn up to 2% cash back on groceries, transportation, food, and drink. – Earn up to 50% extra cash back with select merchants. |
Neo Credit
Neo Secured Credit is a secured credit card that offers users the ability to earn cashback on their everyday purchases. Users can earn an average of 5% cashback with Neo partners and 0.5% guaranteed monthly minimum cashback with partners. Furthermore, the user will earn 1% cashback on all gas and groceries. Neo has 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.
KOHO Account With Prepaid Mastercard
KOHO’s Essential Account has a monthly fee of $4 ($48 annually). But if you set up a direct deposit or contribute $500 per month, the monthly fee is waived. You can also upgrade to the Extra Account($9/month) or Everything Account ($19/month).
Depending on the KOHO account you open, you’ll benefit from several perks including:
- Cash back –
- Earn up to 2% cash back on groceries, transportation, food, and drink
- Earn up to 50% extra cashback with certain KOHO partnered merchants.
- Savings interest – Earn up to 5% savings interest on your entire KOHO account balance.
- Credit building – When you open a KOHO account, you’ll have access to two credit building programs. KOHO Credit Building which costs $5, $7, or $10 a month depending on the KOHO account you have. And KOHO Flexible Credit Building which comes with a $5 monthly service fee.
Apple Card FAQs
When will the Apple Card be available in Canada?
Is the Apple card a real credit card?
What is the Apple card credit limit?
Apple Card Coming To Canada In 2024?
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.
However, open banking is slowly making the rounds in Ottawa. Add to that the fact that Apple Card needs a Canadian bank to partner with for issuing and its payment network. When they find their Canadian partner, Canada will get its Apple Card.
