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Apple Card Offers Benefits From Mastercard, Base APR Lowered to 12.99%

Apple Card (https://www.macrumors.com/guide/apple-card/), Apple's credit card that began rolling out (https://www.macrumors.com/2019/08/06/apple-card-rollout-begins-today/) to some beta testers and members of the media this week, uses Mastercard for processing payments.





Since it uses Mastercard's network, the <!---->Apple Card<!----> is able to take advantage of benefits offered to Mastercard card holders, as pointed out by TechCrunch (https://techcrunch.com/2019/08/06/apple-rolls-out-apple-card-preview-to-select-users/)'s Matthew Panzarino, one of the early testers.





<img src="(http://cdn.macrumors.com/article-new/2019/04/apple-card-titanium-and-app-800x398.jpg)" alt="" width="800" height="398" class="aligncenter size-large wp-image-690370" />


Mastercard's website offers a list of benefits (https://www.mastercard.com/apple-card-mastercard-benefits.html) available to <!---->Apple Card<!----> users, including fraud protection, identity theft protection, and a free ShopRunner membership that offers free two-day shipping from some websites.





Other benefits include Mastercard's travel discounts and upgrades (https://travel.mastercard.com/selector?redirectUrl=%2Fproduct%2Fmastercard%2Fhomepage), Mastercard's exclusive "special events (https://www.priceless.com)," Mastercard golf offerings (https://www.priceless.com/golf/), and home rental discounts via Onefinestay (https://partners.onefinestay.com/mastercard/), all of which are available to all Mastercard users.





Purchase protection and extended warranties offered by some credit cards as benefits are not available with the <!---->Apple Card<!---->. <!---->Apple Card<!---->'s main benefit is its Daily Cash program, which offers between 1 and 3 percent cash back on purchases, with money sent out each day shortly after a purchase is made.





Also of interest to potential <!---->Apple Card<!----> customers is a new base annual percentage rate (APR). When <!---->Apple Card<!----> was announced, Apple said that it would offer an APR between 13.24 percent and 24.24 percent based on credit score. Following the Federal Reserve's decision to cut interest rates (https://www.cnbc.com/2019/07/31/heres-what-that-fed-rate-cut-means-for-you.html) last Wednesday, the APR for Apple card has changed.





As noted by The Verge (https://twitter.com/reckless/status/1158692353101705216)'s Nilay Patel, the base APR for purchases is now 12.99%, while the maximum APR is 23.99%.





<center><blockquote class="twitter-tweet" data-conversation="none"><p lang="en" dir="ltr">Btw, the lowest APR for <!---->Apple Card<!----> is 12.99 percent after Fed rate cut, seeing a few stories quoting a higher rate. But I just signed up and it is indeed 12.99. pic.twitter.com/mYbDpXskUw (https://t.co/mYbDpXskUw)</p>&mdash; nilay patel (@reckless) August 6, 2019 (https://twitter.com/reckless/status/1158692353101705216?ref_src=twsrc%5Etfw) <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></center>


For those who are applying to <!---->Apple Card<!----> and who may have frozen their credit, Goldman Sachs handles card approvals and uses TransUnion for credit checks. You'll need to unfreeze your TransUnion credit to be approved for <!---->Apple Card<!---->.





<!---->Apple Card<!----> customers should be aware that the <!---->Apple Card<!----> must be managed using an iPhone or iPad (https://www.macrumors.com/roundup/ipad/) as there is no web component to the card.





<img src="(http://cdn.macrumors.com/article-new/2019/03/applecardinteresttool-800x634.jpg)" alt="" width="800" height="634" class="aligncenter size-large wp-image-686514" />


A random selection of people who signed up to be notified about <!---->Apple Card<!----> are being invited to sign up for the <!---->Apple Card<!----> today, with a full rollout coming later this month. For more on how <!---->Apple Card<!----> works, make sure to check out our Apple Card guide (https://www.macrumors.com/guide/apple-card/).

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This article, &quot;Apple Card Offers Benefits From Mastercard, Base APR Lowered to 12.99% (https://www.macrumors.com/2019/08/06/apple-card-benefits-and-lower-apr/)&quot; first appeared on MacRumors.com (https://www.macrumors.com)

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Source: Apple Card Offers Benefits From Mastercard, Base APR Lowered to 12.99% (https://www.macrumors.com/2019/08/06/apple-card-benefits-and-lower-apr/)