Why You Should NOT Get the Apple Credit Card | 4 Reasons

Why You Should NOT Get the Apple Credit Card

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Reason #1: The cash back and other benefits are honestly not that great. In fact, compared to some of the other options we're going to look at, I would go as far as to say that the cash back in rewards are pretty bad. So just as a reminder, the Apple Card currently gives you a 3% cash back at the apple store as well as a few select merchants, 2% back every time you use your apple card with apple paid, and 1% cash back on all other purchases that do not involve Apple Pay. Now that's definitely a pretty unique cashback structure and while this card also has no annual fee it also doesn't have any sign-up bonus which again leaves a lot to be desired when compared to similar options that are currently on the market.

Reason #2: The qualification requirements are a bit sporadic in my opinion. Even outside of my own experiences, I have seen a lot of what I would call inconclusive data on what exactly is necessary in order to qualify for the apple card. In some cases I hear about people with scores in the low six hundred qualifyings which some could argue is considered subprime lending well other individuals might myself get denied with a score in the high seven hundred and while apple does give some guidance on their website and they have what they claim to be a really helpful tool called the path to apple card, it just seems like a very sporadic and random approach with very little direction as to what is really necessary in order to qualify for the apple card.

Reason #3: The Apple Card App is DANGEROUS! First of all, Apple is incredible at designing both hardware and software and the apple cart is a fantastic example of that. And while the app is incredibly well designed, it is beautiful and easy to use and everything that is the brand of apple, personally I think that it's a little bit dangerous. Now I know that sounds weird but what I mean by that is it almost makes it too easy to justify accruing interest on your credit card and as you hopefully know, you never ever want to carry any balance on any credit card for any reason. Apple cards app has this really fancy interface that shows you how much interest you'll owe and it almost turns your credit card balance into this weird interactive game and personally, I just think that that is really dangerous.

Reason #4: The apple card is backed by Goldman Sachs. Now I'm not going to get into the details because that's not the scope of today's video but in 2016, Goldman Sachs was caught basically helping the Malaysian Prime Minister to launder money into his own account, and this benefited Goldman Sachs to the tune of roughly $600 million. So while that last one might not be very important to you, again the moral compass of the company that is backing any financial product is really important to me because especially when it comes to our personal finances, I want a company that I can trust.

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I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.