Apple has been upping its initial incentives for its credit card over the last year. Now one of the recent strategies is emails offering a credit limit preview “with no impact to your credit score” to entice potential customers.
Apple has been sharing the email offer this spring, personally, I’ve gotten it twice in the last several weeks. The headline of the email reads:
“There’s Apple Card. And then there’s Not Apple Card. Preview your new credit limit offer with no impact to your credit score.”
When applying for Apple Card, it is a soft pull on credit, meaning there’s no inquiry on your credit report. However, if you choose to accept an approved offer, that’s when a hard pull will happen. Apple highlights that in the fine print.
“Accepting an Apple Card after your application is approved will result in a hard inquiry, which may impact your credit score.”
So technically, the credit limit preview has always been available but Apple is just trying to allay concerns about credit checks and get feet in the door by enticing customers with the credit limit that’s likely to be approved.
Just make sure if you want to see your credit limit with Apple Card and don’t want a hard inquiry – stop short of accepting the offer.
Apple also highlights some of the key features of its credit card in the email:
- No annual fees
- No late fees
- No foreign transaction fees
- No processing fees
- No hidden fees
- No fees ever
You can check your credit limit or apply and accept an Apple Card offer on Apple’s website or in the Wallet app on iPhone.
Over the holidays, Apple Card offered new customers 5% cash back on all purchases through Christmas while other sign-up incentives have included a $75 bonus. While those are weaker than many credit cards’ signup offers, the 5% cash back on everything is one of the most generous Apple has offered to date.
It’s been a tough first few years for Apple Card as the product has been reported to cost partner bank Goldman Sachs more than $1 billion in losses. Nonetheless, Goldman says it “remains committed” to Apple.
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