If you've been on the fence about applying for an Apple Card, its latest promotion may be enough to convince you. The card's issuer, Goldman Sachs, is now offering up to 6% cash back on Apple purchases through March 31.
- Goldman Sachs has run several promotions to encourage consumers to open an Apple Card account.
- The latest promotion offers 6% cash back on Apple products through March 31, 2021, when cardholders use their Apple Card and pay in full.
- Cardholders must open an account and make their purchase by the March 31 deadline.
Should You Take Advantage of the Apple Card Promotion?
The Apple Card hasn't always had a sign-up bonus. In the past year, though, Goldman Sachs has tested several limited-time offers to incentivize new applications.
The primary approach has been to offer between $50 and $75 in daily cash when new account holders spend the same amount at certain merchants, including Exxon or Mobil gas stations, Walgreens, Nike, Panera Bread, and Apple Service.
This most recent promotion is different in that it offers 6% cash back on Apple products when consumers use an Apple Card and pay in full. If they use the card and opt for monthly installments or the iPhone upgrade program, they'll earn only 3% cash back, which is the standard for Apple purchases on the card.
If you've been thinking about making a large Apple purchase, a 6% return is about as good as you're going to get anywhere. And because you can use your card right away after you're approved, you could conceivably wait until the final day of the promotion to make a decision.
But keep in mind that there may be better card promotions elsewhere.
For example, the Chase Freedom Flex card offers $200 cash back after you spend $500 in the first three months. In order to receive that same bonus with the Apple Card, you'd have to spend roughly $3,333 on Apple products and pay for them in full.
It's also important to consider other card features. The Apple Card is relatively unique in that its bonus rewards are mostly reserved for purchases with specific retailers. Currently, you'll earn 3% back at Apple, Duane Reed, Exxon, Mobil, Nike, Panera Bread, T-Mobile, Uber, Uber Eats, and Walgreens.
But if you want broader categories that don't restrict which merchants you shop at, another cash-back credit card could be a better option.