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Apple Card, Venmo Card and PayPal Card: Which...
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ISSN: 19915837
Apple Card, Venmo Card and PayPal Card: Which should you get?
Alisia Walcott (2019-06-06)
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id="article-body" class="row" section="article-body"> Apple Card rolls out this summer.Apple When Tim Cook launched Apple Card at a March event, he vowed in typical Apple fashion it would shake up the industry.
"There are some things about the credit card experience that could be so much better," Apple's CEO said. Apple Card, he noted, would eliminate fees, offer clear rewards programs and provide security and privacy. "We're going to do all of this and so much more, changing the entire credit card experience."
This story is part of CNET's ongoing Follow the Money series.
CNET It's not just Apple Card that's looking to revamp the scene. Tech companies including PayPal, Amazon and Square have also supplemented their digital services with physical credit and debit cards that offer a range of perks, from ATM withdrawals and cash-back rewards at restaurants to zero monthly fees. They also offer integration with online payment platforms many people have come to rely on and trust.
Now with the array of credit and debit cards on the market, it can be hard to know which one is right Download free mp3 ringtones for Android you or whether digital cards offer anything you won't get with traditional bank cards. Keeping a few key points in mind can help guide your decision.
How to choose a card
If you're a die-hard Apple fan, you may be tempted to get Apple Card simply because of the brand name. (The same goes for users of Venmo, PayPal, Square, etc.)
But it's better to base your decision on the rewards and fees associated with a card and see what best fits your financial situation, says Jim Miller, vice president of the banking and credit card practice at J.D. Power.
Now playing: Watch this: Apple Card FAQ: What you need to know 4:02 The rewards that accompany a card can be tempting, but Miller cautions against spending more than you have just to rack them up. If you carry a balance, focus on getting a card with the lowest interest rate and paying down that balance. "You'll never get enough in rewards to offset a high interest rate," Miller says. "Shop first for interest rates rather than rewards or the technology."
Users of the PayPal Cash Card can access money in their PayPal account and spend it anywhere Mastercard is accepted.
PayPal Also familiarize yourself with the user and cardholder agreements to find out if your funds are protected. Venmo Card and Square Card debit cards, for example, aren't FDIC insured. That means that in the unlikely event Venmo or Square shut down, you'd lose your money. Customers are, however, protected against fraud or stolen funds, and Square says it's "actively working to address" its lack of FDIC coverage.
It may be a good idea to keep a little cash in your Venmo account, but it's probably best not to carry a large balance in there for long since Venmo doesn't pay any interest.
Still, the PayPal Cash Card and Venmo Card are viable options for people who don't have or want a traditional bank account. All you'll need to do is sign up for PayPal or Venmo and apply for the companies' debit cards to access your balance.
Apple Card rewards
There's a lot of buzz surrounding Apple Card, which will roll out in the US this summer. It'll be both a virtual offering in Apple's Wallet app and a physical titanium card.
Apple touts benefits like Daily Cash, a cash-back reward that's added to a customer's Apple Cash card each day. Daily Cash can be used immediately for items bought using Apple Pay, or it can go toward an Apple Card balance. It can also be sent to friends and family via Messages.
Purchases made using Apple Card with Apple Pay will get you 2% Daily Cash. Those made for Apple products and services will get you 3% cash back.
Apple Card offers Daily Cash, a cash-back reward that's added to a user's Apple Cash card every day.
Apple "That's a benefit if you buy enough in Apple products to make it worthwhile," Miller said.
The flashy laser-etched titanium card could be a status symbol, he adds, but the physical card offers just 1% cash back, which is relatively low. "When you pull out the cool card," he said, "you're probably making a financial mistake."
Ultimately, Apple Card isn't offering anything unprecedented. Other cards on the market have similar or higher rewards.
The Citi Double Cash Card, for instance, offers 2% cash back on all purchases (1% when you buy and 1% when you pay). Chase Freedom Unlimited offers 3% cash back on all purchases in the first year, and then 1.5% cash back after that. And the Fidelity Rewards card offers 2% cash back, which has to be redeemed into a Fidelity brokerage, IRA, 529 or cash management account. All three of these cards, like the Apple Card, have no annual fees.
You can also earn 3% cash back for the first year and 2.5% after that with the Alliant Credit Union Signature Card. But there's an annual fee of $99 (which is waived for the first year).
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