- At Apple’s event on Monday, the company announced its first-ever physical credit card.
- The Apple Card won’t have any international fees, over-limit fees, and perhaps most importantly, won’t charge fees for missing a payment.
- The credit card also touts a rewards program called Daily Cash, where users get 2% cash back when using Apple Pay and 3% cash back when buying directly from Apple.
When Apple’s first physical credit card launches this summer, it’ll come standard with something customers love — no hidden or annoying fees.
The Apple Card, announced on stage at Apple’s March event on Monday, will have no international fees, no over limit fees, and perhaps most importantly, no fees for missing a payment.
The credit card — which is white, titanium, and has no number or security code — also touts a rewards program called Daily Cash, where users get 2% cash back when using Apple Pay. For purchases made via the App Store, iTunes, or other direct-from-Apple buys, you’ll get 3% cash back.
The physical cards will come in handy for users where merchants do not accept Apple Pay via an iPhone.
Read more: Apple has unveiled its new credit card with Goldman Sachs — here are the details
Though no late fees will likely save some users the headache and financial hit from forgetting to pay their credit card bills, industry analyst at Credit Cards.com Ted Rossman says he’s unimpressed with the benefits that the Apple Card offers.
“Frankly, I’m underwhelmed,” Rossman said. “People will sign up for it, but that will be mostly because they love Apple, not because this card is better than anything that already exists. For example, Citi Double Cash is a very simple, easy-to-use 2% cash back card. And that’s on everything (not just Apple Pay purchases).”
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