Apple did announce the new Apple Card yesterday. The company did say at their March event that the card has perks like being all accessible on devices like your iPhone that make it easier to track how much money you have left to spend on the month and also see specifically where you are spending your money. It will work hand-in-hand with Apple Pay in the Wallet app.
However, even though the company says that they intend to make it so that the Apple Card does not have any sort of fees, which does include hidden fees. However, there are some fees to the card.
The first fee is that there is a fee for those who do not pay their card on time. Now, the company does not say, “Hey, you have to pay $5 extra for not paying your bill on time this month/last month.” Instead, what Apple does is that they just increase the interest on your Apple Card.
On the bottom of the Apple Card page, you will see a number list at the very bottom of the page where it will say on the fifth number, “Late or missed payments will result in additional interest accumulating toward your balance.”
Let’s also talk about the fact that the interest on the card is a little stiff at 13-24-percent, which is all based on your creditworthiness.
We’re not trying to deter you away from Apple Card, but we think that it is a good idea that you know the fine print of the card and the facts behind it.
Apple Card is expected to be launched sometime this summer and users will be able to use it on the iPhone, iPad, Apple Watch and Mac.