There are plenty of reasons to be wary about the Apple credit card. The fact that they have one is not one of the reasons. Apple like any other consumer company tries to find a way to get people to spend money with them. Stores like Victoria Secret, Target, and Williams Sonoma have their own credit cards. The problem is they only work in the stores themselves. Apple is making a smart move by having it available to all.
The benefit of using the Apple card is that it is easy. Convenience is the name of the game and Apple has it down. Being able to get your information at a glance is helpful and can lead to better spending habits. Apple Pay is accepted at a lot of places and those who already use Apple Pay won't find much of a difference in using the Apple Card.
Goldman & Sachs is backing the card. This means your money doesn't go to Apple themselves. It is being managed by a financial company that does everything from investing to asset management. In a sense, it is not Apple itself that has all of your financial information, at least not any more than you have already given them.
Here is where it gets sticky, late fees. According to Apple the card does not charge late fees but will continue to charge you interest. This means that your interest will continue to accrue. This may seem great but if you have ever been late on a payment you know the interest can accrue quickly. The other part of Apple owning your phone and your credit card, what happens when you can't pay? Credit card companies and other debt collectors will come after you by any means. Mail, e-mail, phone call, and now text are all ways they try to contact you. All Apple has to do is send a message to your phone. Imagine getting notifications every day that you haven't paid your bill.
A big issue with Apple and their security in general is the biometrics. Having done away with the fingerprint scan they now want to scan your face. In my family, some of us look enough alike that we can get into each other's phones. My son has been labeled as me in Apples photo album when it auto identifies people. The fingerprint scan would be more secure and safer in my opinion. If you use the passcode it takes longer to scan your card and by then you could have a solid card out.
After looking over their information page on the Apple Card it is something I would consider getting. One of them being that I have a lot of Apple products, so chances are I will buy something at the Apple store and get 3% cash-back. The other is even if it isn't at the Apple store they give you 2% cash-back. It shows a MasterCard logo so you can use it anywhere MasterCard is accepted. It is better than some stores that only give you credit cards for their store. The single store cards are no more than a way to rack up debt. A multi-use card helps to have in case of emergency. Plus, there is more security if someone starts using your credit card. It is easier to debate purchases and get it covered if identity theft occurs.
