The Apple Card may be the best credit card designed for consumer concerns. Here’s what Apple does to ensure that their cards support your goals of living a healthier financial life.
The Apple Card does not come out this summer, but it is expected to make a big difference in the financial health of those who struggled by using credit card responsibly as part of their financial lives. Credit cards have become part of almost all of our lives, but managing your credit card and understanding your spending is still something most credit card companies have not created good solutions for. This, along with sub-applications and sudden charges, left many of us in debt more and more.
Although some people have cut their way in cutting off all their cards and paying them, swearing the credit card forever, Apple hopes to offer something that might reach the nice place when it comes to credit cards. The card you can use easily, earn reasonable rewards, and most importantly you fully understand your spending and pay the least possible benefit while not paying any rampant fees throughout the industry. If we live with credit cards, Apple Card may be the product we need to become more financially responsible.
Weekly and monthly summaries
Apple has designed everything you need to know about the Apple Card in the Wallet app, and you’ll be able to quickly see a weekly or monthly summary to better understand your spend. They have color-coded spend categories so you can not only see the most spendable categories, but you actually see a visual representation of the days when that spend occurs. This will allow you to identify trends and understand more when making decisions with your money you want to change, and knowing that half the battle.
Works with Apple Maps
If you’ve already looked at your credit card transaction record, you’ve probably faced some incredibly suspicious fees because of a name like Titan Transportation Inc., just to know that it was a Shell fuel station. Credit card statements are full of these confusing brand names that do not make us panic that someone stole our card but also makes it difficult to track and understand where we spend our money. Apple changes this by fully integrating the Apple card with Apple Maps, so that each time you use your card, you’ll identify where you bought it and list the name of the store along with its location on the map. You can see your entire transaction history and a monthly total spent with this merchant as well, so if you’re trying to break your addiction to a local pizza, your cable has your back.
Budgeting is one of the most important things you can do at all for your financial health. But in order to set a budget and stick to it, it is necessary to understand where your money is now spent. Apple splits your spend with the Apple Card into categories, so you can get a glimpse of where your money goes. Things like food, drink, entertainment and shopping are all available so you can make more informed decisions. If you want to make sure you keep spending on movies, music, and entertainment related to a certain amount of dollars each month, just drag the category in the Wallet app to check your location. It’s easy to track these things, and there’s an Apple Card to help you stay informed and on budget.
One thing that credit card companies have never done well is explaining the impact of our credit card payments when it comes to interest. Most card providers make it difficult to know how much interest we pay if we do not pay the balance in full, and find it hard to think of anyone actively encouraging us to pay less or nothing at all. Apple Card will do exactly that. When you can not pay your full balance, which you recommend, enter the amount you can pay and estimate the Apple Interest Rate. You can even move the amount of the payment in place to see in real time the amount of interest cost changes and recommend Apple Card to pay a bit more than usual to provide more benefits and pay your balance faster. Apple also allows weekly and biweekly payments that can help you save more, as well as send payment reminders to help ensure your bill is not late.
Will you work?
Adhering to a financial plan is one of the hardest things any of us will do, and a credit card is easily one of the worst offenders in our detail about that plan. Apple hopes to change another industry by providing tools and transparency that most have failed or tried to keep actively from consumers, a major step in the direction of focusing on the financial consumer.