In November 2019, just a few months after debuting in the United States, Apple announced the launch of its new credit card, the Apple Card, in Canada. The rollout of the Apple Credit Card in Canada marked the first international expansion of the tech giant’s credit card offering, created in partnership with Goldman Sachs. It represents Apple’s effort to expand into financial services and provide its customers with an Apple-designed credit card.
The article will broadly discuss its top features and where and how to use an Apple Credit Card Canada.
Top Features of Apple Credit Cards in Canada
Apple’s digital-first credit card offers compelling features to incentivize and simplify iPhone purchases. Here are some of the top benefits Canadian Apple Card holders can take advantage of:
Apple Credit Card Cash Back Rewards
One of the biggest perks of Apple Card is the generous cash back rewards it provides on purchases. In Canada, users get a hefty 3% cash back on all Apple products and services, including purchases made directly from Apple as well as through Apple’s various apps. This allows customers to maximize savings when buying anything from MacBooks to AirPods.
Additionally, Apple Card provides 2% cash back on all transactions made through Apple Pay. This incentive encourages customers to use the mobile payment system for daily spending on groceries, transit, coffee shops, restaurants, and more—even transactions made with the physical titanium Apple Card net users a 1% return. Cash back is calculated daily and paid out weekly rather than monthly, so rewards accumulate faster.
Apple Credit Card Fees
Apple Card has eliminated the often frustrating fine print, lengthy agreements, and myriad fees with traditional credit cards. There are no annual, foreign transactions, cash advances, or over-the-limit fees. Late and returned payment fees are also avoided if users set up automatic payments on their accounts. This straightforward fee structure helps users better understand what they will pay.
Apple Credit Card Application Process
Applying for an Apple Card is easy. The entire application process happens right on the iPhone in just a few minutes through the Apple Wallet app. Applicants must enter basic personal information and income details and accept the terms. There are no lengthy forms to fill out or documents to upload. If approved, the digital card is immediately available, and the physical card ships shortly after.
Apple Credit Card’s iPhone Integration
Apple Card is seamlessly integrated into the iPhone experience. The Wallet app easily accesses all card information, monthly statements, payment options, and 24/7 customer support. Purchases are automatically labeled and categorized to help users better understand their spending trends and budgets. Users can also easily track recurring subscriptions tied to the card.
Apple Credit Card Security and Privacy
As an Apple product, advanced security and privacy features are baked into Apple Card. The card uses unique security codes and dynamic card numbers for each purchase, making it more secure for online transactions. Apple also promises it does not track users’ purchases or share data with third parties for advertising, keeping spending history private.
Financing iPhone Purchases with Apple Credit Card
One unique perk of the Apple Card is the ability to finance a new iPhone purchase over 24 months at 0% interest when using the card. This iPhone Monthly Installments program allows customers to pay for their device over time, splitting the cost into manageable payments rather than paying the total upfront. It makes upgrading to the latest iPhone more accessible.
How Do You Pay Your Apple Card Bill in Canada?
- Pay in Wallet app – The easiest way is to pay directly in the iPhone’s Wallet. Review the balance and due date, and submit payment from a bank account.
- Set up autopay – The most convenient hands-off option. Automatically pays the total balance from the bank every billing cycle.
- Pay via Interac e-Transfer – Instantly push money from the bank to Apple Cash, connected to Apple Card.
- Mail check – This is a more traditional but slower method—mail a check to address the PDF statement in Wallet.
- Get payment alerts – Enable notifications in Wallet for reminders about due dates.
- Review statements – Full transaction history and details are viewable anytime in Wallet.
- Pay worldwide – When traveling, still pay quickly through Wallet despite no foreign transaction fees.
Where to Use Apple Credit Card in Canada
The Apple Card can be used in various locations and for multiple purchases. It is a Mastercard credit card that users can use anywhere Mastercard is accepted – this includes most stores, restaurants, online shops, and other retailers worldwide. Some key places where Apple Cardholders can make purchases include:
- Apple is 3% back on all products, services, stores, websites, apps, and subscriptions.
- Apple Pay – 2% back when using Apple Pay at stores, taxis, coffee shops, vending machines, etc.
- Online – Virtual cards enable secure online shopping at retailers that accept Mastercard and Apple Pay.
- In-store – 1% back when using a titanium physical card via chip/tap at brick-and-mortar stores.
- Apps – Accepted digitally in apps like subscriptions, ride-sharing, and food delivery with Apple Pay.
Eligibility Requirements for Apple Card in Canada
- Canadian citizens or residents over 18 years old with a valid SIN
- An eligible iPhone model (iPhone 6 or later) running the latest iOS
- Meet Goldman Sachs’ credit requirements, including having a good to excellent credit score
- Sufficient individual income to cover debt obligations
- No history of bankruptcy or missed loan/credit card payments in the last five years
- Not currently overextended on existing credit limits and loans
- Must have a Phone billing address and bank accounts based in Canada
- Personal/joint accounts only, no corporate accounts
Conclusion
In conclusion, Apple Card offers Canadian users compelling features, including cash back rewards, no fees, easy iPhone application, enhanced security, and 0% iPhone financing. With iPhone integration and wide acceptance via Mastercard and Apple Pay, the card aims to simplify and improve the credit card experience. Apple Card is an appealing choice for Apple ecosystem customers seeking to maximize benefits through rewards, budgeting tools, and broad acceptance.
FAQs
What is the APR for Apple Credit Card?
Based on creditworthiness, the Apple Card's variable APRs range from 19.24% to 29.49% (Valid as of 10 August 2023). Current users can check their variable APR using card.apple.com or the Wallet app.
Can I use Apple credit cards anywhere?
You may order a titanium Apple Card and use it anywhere Mastercard is accepted.
Can I use Apple Credit Card for ATM transactions?
Apple Card cannot be used for cash advances or cash-like transactions. The Apple Card Customer Agreement specifically prohibits cash advances or obtaining cash equivalents with the card.
