Now might be a good time to apply for the Apple Card – but consider your options first.
For September and October, Apple has announced a new offer. Until Oct. 14, 2020, new cardholders can get a $50 sign-up bonus after spending $50 at Panera Bread via Apple Pay.
See related: Apple Card: One year later
How to get the Apple Card sign-up bonus
New Apple Card holders who open an account between Sept. 15 and Oct. 14, 2020 can earn $50 in Apple’s Daily Cash when they spend $50 using Apple Card with Apple Pay at Panera Bread, including directly in the Panera Bread app, on Panerabread.com or in-cafe, within 30 days of the account opening.
This month’s sign-up bonus from Apple is similar to one of its previous sign-up bonus offers from Walgreens. Essentially, new card users get their $50 spent with the merchant back in the form of Daily Cash.
You can apply for the Apple Card from the Wallet app on your iPhone.
Should you apply for the Apple Card now?
If you have been considering applying for the Apple Card, it might be a good idea to do so this month. While the card doesn’t normally come with a sign-up bonus, new cardholders currently have a great chance to earn one.
Besides that, the Apple Card offers 3% cash back on Apple purchases, as well as 3% cash back when you use Apple Pay for Walgreens, Nike and Uber and Uber Eats purchases and at T-Mobile stores. Other Apple Pay purchases will earn you 2% in cash back. When you use the physical card, the cash back rate goes down to 1%.
However, the Apple Card might not make sense for everyone. The earning rate is good on Apple purchases, but if you’re looking for a primary cash back card to add to your wallet, there might be better options.
For example, with the Blue Cash Everyday® Card from American Express you can earn 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) and 2% cash back at U.S. gas stations and select U.S. department stores. All other purchases will get you 1% in cash back. There’s no annual fee, and you can get a $150 statement credit when you spend $1,000 in your first 3 months with the card.
Another alternative is the Capital One® Quicksilver® Cash Rewards Credit Card, which earns you unlimited 1.5% cash back on every purchase and doesn’t have an annual fee. Plus, you only need to spend $500 in the first three months with the card to earn its $150 sign-up bonus.
There are quite a few other cards to look into. Make sure to take a look at them before you decide to take advantage of Apple’s offer. The sign-up bonus alone shouldn’t tempt you into signing up for a card that doesn’t align with your spending.
If you’re an Apple enthusiast and have been looking into the Apple Card for some time, now might be a good time to apply. The new limited-time sign-up offer gives you an opportunity to earn an easy sign-up bonus – something the card doesn’t normally have.