No, the Apple credit card is not available in Canada.
While Apple products continue to dominate the tech market in Canada, the company’s financial offering is not available outside of the U.S.
But brand loyalists in the north need not despair, there’s hope on the horizon.
Is the Apple Credit Card Coming to Canada?
The Apple credit card, or “Apple Card”, released in conjunction with Goldman Sachs in 2019, has proven popular among digitally-savvy consumers and currently has over 12 million users in America.
Thus far it has not been made available to residents of any other countries, partly because banking regulations and providers differ from place to place.
But the good news is that Apple has trademarked the term “Apple Card” within Canada, paving the way for the product to be released sometime in the future.
We just don’t know when, yet!
What Does the Apple Credit Card Offer?
The Apple Card doesn’t just rely on name recognition to attract customers – it also boasts some appealing features, including:
No Fees
There are no annual fees, late fees, international fees, or over-balance fees with the Apple Card – making it cheaper to use than many of its rivals.
Advanced Security
Face and Touch ID, numberless physical cards, and enhanced privacy protection all make the Apple Card as secure as possible.
In addition, each transaction uses a one-time dynamic security code, and all data is encrypted as within Apple Pay.
Cash Back
Cash back rates are competitive – 3% on Apple purchases, 2% on Apple Pay purchases, and 1% on everything else, with no cap on how much cash back can be earned – but more innovative is the way in which cash back is received.
Rather than monthly or annual rebates, Apple Card users receive cash back as soon as a purchase is processed.
This mechanism has been termed “Daily Cash”, and the savings can be converted into Apple Cash, transferred to a savings account, or gifted to someone else.
Integration with Apple Wallet and Apple Devices
Perhaps one of the most convenient features for Apple users is seamless integration with Apple Wallet and all of your Apple devices – especially your iPhone.
Advanced Financial Management Tools
Coming hand-in-hand with integration with your iPhone are advanced financial management tools that help you manage spending, minimize interest payments, and pay down debt.
Built-in machine learning tools analyze your financial habits and provide targeted advice on financial decisions.
Access to High-Yield Savings Accounts
As of 2023, Apple Card users in the U.S. have access to Goldman Sachs’ high-yield savings accounts, known as “Apple Card Savings” accounts.
These accounts have no fees, no minimum balance and no deposit requirements, and offer 4.15% interest.
In addition, Daily Cash can be automatically deposited into this account, so it can start earning interest immediately.
Apple Card Family
The Apple Card can be shared with family members via joint accounts and additional cardholders; it also allows partners to merge credit lines and build credit together, and children over the age of 13 can learn good financial habits as cardholders with bespoke limits.
Interest-Free Installment Plan for Apple Products
Lastly, the Apple Card helps you afford more Apple products by offering an interest-free installment payment plan (known as “Apple Card Monthly Installments”) for any Apple purchases made with the card.
Using the payment plan does not impact cash back, making it even more attractive.
Alternatives for Canadians
If all of this sounds appealing to you, there are a couple of alternatives with similar features available right now within Canada.
If you’re looking for a card with Amazon benefits, check out the MBNA Amazon.ca Rewards Card.
This card offers:
- No annual fees
- Welcome bonus of 5% cash back at Amazon and Whole Foods for the first 6 months
- Tiered rewards for Prime/non-Prime members of: 2.5%/1.5% cash back on Amazon and Whole Foods purchases, and 1% cash back on all other purchases
If you’re not tied to any specific brand, the Neo Financial MasterCard is a great option; it offers:
- No annual fees
- An average 5% cash back on purchases from over 10,000 Neo retail partners
- Flexible rewards options
- Advanced security features, including Face ID and two-factor authentication
- Interest of 2.25% on cash back redeemed into a Neo Money savings account
These of course are just a couple of the alternatives; a variety of cards are available that offer no fees, cash back, enhanced security, and financial management tools, and the best one for you will depend on your priorities and spending habits.
But sadly for Canadians, for now at least, none of the options are from Apple.
