Do You Really Need an Apple Credit Card?

Tech giant Apple has a new product: a just-announced credit card in conjunction with Goldman Sachs. How is it different than other bank-issued credit card you probably already have?

Apple says it’s simpler, charges no fees, and offers useful integration with iPhone spending tools and lucrative rewards when customers use Apple Pay, its digital wallet. Yes, it’s also an actual card you can hold or put in your wallet.

But credit consumer beware: It’s still essentially a credit card with a potentially high interest rate. And you may not be able to get one if you have poor credit.

Apple Card users are looking at an APR between 13.24% and 24.24%, based on individual credit scores. Experts say that’s a wider range than most cards on the market. For those with very good credit scores, Apple’s incentives/rewards may make it a good investment.

“On the low end, meaning people with better credit, Apple’s interest rate is significantly lower than the national average,” which was 17.67%, according to a survey.

Both a physical and digital version of the Apple Card can mean up to 3 percent cash back. If you have to use the physical Mastercard-branded version of the card, you’ll get the lower end of the cash back reward: 1 percent.

As with getting any new credit card, there a many factors to consider: Your existing credit card debt load, the impact of another card on your credit score and whether it offers more convenience, better rewards or a lower rate than your existing cards.