The Apple Card – Can You Qualify?
The new Apple Card credit card has already managed to make a stir. If you are among those who have thoroughly studied all its main features, who fall asleep and wake up dreaming of the 3% cash back* and are counting days till the card’s release this summer, then you must have one more question – “Can I qualify for it?”
What About Credit Score?
Credit score is based on a credit report from credit bureaus and is to represent your creditworthiness so that lenders could make a decision on your application for a credit card or a loan. The most widely used type of credit score is the FICO score. The average range of the FICO score categories is below:
- Bad: 300-639
- Fair: 640-699
- Good: 700-749
- Excellent: 750-850
As a rule rewards credit cards require good or excellent credit. The good news about the Apple Card is that its demands are a bit lower than most rewards credit cards’. Though it is certainly not focused on customers with limited or bad credit, as soon as your credit score is at least fair, it means you are given the go-ahead and may try to apply. However, since Apple announced a variable purchase APR, having fair credit may imply a higher APR and a lower credit limit as well.
If your score is lower than fair, do not get upset. Just look through offers for limited credit or for bad credit.
How to Apply?
Since the Apple Card credit card is unavailable yet, now you can only subscribe for the latest news about it on the Apple site and wait.
But Apple has already promised to simplify the application process. It will be possible to apply for the card through the iPhone Wallet app. After you get approval, you can immediately start using the digital version of the card with Apple Pay. A physical titanium card will be sent to you by mail.
However, do not forget that the Apple Card is aimed at the iPhone users and if you are not the one, you won’t be able to get maximum benefits. And what is more important, you tend not to appreciate the simplicity of the application process, as it becomes impossible to get the card at all.
*Apple announced 3% cash back on purchases made directly with Apple, 2% back on all other purchases made through Apple Pay and 1% back on all other purchases with a titanium card.
Latest Fair Credit Credit Card News
Once your credit score crossed the “fair” line, on the one hand, you may feel a sense of relief, since you finally got out of bad credit. On the other hand, good credit may still seem so distant.
It is no secret that the employers’ goal is to find a responsible and reliable candidate. And since a good credit history is one of the indicators of trustworthiness, HR specialists of some companies can check potential employees’ credit reports. Sometimes, credit checks may also be conducted by your current employer in case they are giving you a promotion. But the question is whether you should worry if your score is less than perfect.
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