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Apple and Goldman Sachs will launch a common credit card this spring, the the Wall Street newspaper reports. The card should be associated with new Apple Wallet features that will allow cardholders to "set their spending goals, track their rewards and manage their balances."
the Newspaper reports that the card, which will use the Mastercard payment network, will offer a 2% return on "most" purchases, in line with the reward cards currently offered by other financial institutions, and potentially to donate more. other discounts on Apple products. the Newspaper first reported the partnership last year.
Arielle O'Shea, a personal finance expert at NerdWallet, says the partnership shows that Goldman is trying to attract Millennial customers to grow its consumer base. But that does not mean that the map is necessarily the best choice for this generation.
"Given that the millennial tends to focus on experiences and travel, it can continue to be drawn to loyalty cards despite Apple's powerful brand," O'Shea wrote in an email. "Even the biggest fans of Apple should not blindly turn to this card: it is important to compare annual fees and features when buying a new card and s & # 39; Make sure that it fits your consumption habits. "
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Currently, Apple offers the Barclaycard Visa card with the Apple Rewards co-branded card, which allows cardholders to finance certain Apple products and earn points for their purchases. It comes without annual fees. As Reverse noted, the disadvantage is that even though it announces an initial APR of 0%, it is actually a deferred interest scenario, which you will know only by reading the fine print.
The other disadvantage of the Barclaycard is that you can not redeem your points for cash, according to NerdWallet, you get gift cards for Apple or iTunes. The conversion of points for the new map is not clear in the WSJ article, so it's a point to watch, no matter how much you spend on Apple or iTunes purchases.
There are other reward cards that currently offer a two percent return on most purchases, including Citi Double Cash. The Wells Fargo Cash Wise Card offers holders 1.5% back on all purchases, while the Capital One Savor Card * offers 3% back at the restaurant, 2% groceries and 1% of all the rest.
You can use a site like NerdWallet or Wallethub to research the advantages and disadvantages of reward cards. Just remember to read the fine print, check the fees and make sure your credit score has not been successful lately. Reward cards usually require higher scores for approval.
* Full Disclosure: I have the Capital One Savor card.
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