Barry Glassman, CFP

Barry Glassman, CFP®

His vision for starting GWS was to deliver investment strategies and wealth management services typically available at the highest levels of wealth. Today, clients benefit from these sophisticated financial services targeted to meet their unique needs.


This article was originally published on Forbes on May 19, 2020.


Apple launched their first credit card—the Apple Card—in partnership with Goldman Sachs to a limited number of users in August 2019. There was a bit of fanfare involved—which included a YouTube ad that’s been viewed more than 20 million times. The card, which runs on the Mastercard platform, is now being used by an estimated 3.1 million people, about 2.2% of the adult population in the U.S. It also reportedly accounts for some 5% of global credit card transactions—which would mean Apple would be earning hundreds of millions of dollars off its newest offering. Before the pandemic hit, projections had that number rising to 25%. (Apple is currently allowing users to defer their April and May payments, interest free, due to the crisis.)

While one could argue there are other credit cards available with more robust benefits, the Apple Card has won over fans with its unique approach to fees. In short, it has none. No annual fees. No foreign transaction fees. And no late payment fees.

One catch is to use the card, and take advantage of its unique daily cash-back rewards, you need an iPhone. Users can apply for and access the card through the Wallet app, where you can also track the cash rewards you accrue on a daily basis. Users get 3% cash back on every Apple purchase they make, as well as through a select list of Apple-approved vendors that currently includes brands like Nike, Uber Eats, and Walgreens. Users then get 2% cash back on anything they buy using Apple Pay—the touchless payment system where you wave your phone above a sensor to make the purchase. Rewards drop to 1% whenever users make purchases using their physical, titanium-etched card which, one quickly notices, doesn’t have any numbers on it. More on this detail in a minute.

I have been using the Apple Card since it launched and the app is simple and straightforward to navigate. You can even contact customer support from inside the app. One drawback is that I couldn’t find a year-end summary like I get with AmEx or Chase—though you can bring up monthly spending trends as well as details on every purchase you make, including an Apple map location of where you were at the time of the transaction. You also can’t access the data on a computer (at least not yet). That makes it frustrating for people who track their spending in Mint or Quicken. However, earlier this year, Apple launched the ability to download transactions on a monthly basis into formats that can be uploaded into these spending apps. It’s a step in the right direction, but time-consuming steps each and every month.

It was actually a happy mistake that helped me realize what the greatest benefit of using the Apple Card really is—peace of mind. What happened was that I misplaced my physical card. The last thing I wanted to do was to cancel my card and order a new one—especially because I had linked so many of my monthly bills to be charged to my card. I dreaded the hassle of waiting for the new card and then remembering all the different usernames and passwords I would need to update all of my accounts.

That’s when I learned what really makes this card special: it actually has THREE credit card numbers. What? Remember how I said earlier that the physical card itself doesn’t have any numbers printed on it? There is a number associated with it that’s stored in your app so if you need to provide the last four numbers of your card, you can find them there. But, I soon learned that was just one of the numbers associated with my card. Turns out there is a second number you use when making online transactions or paying bills—and then a third number tied to Apple Pay transactions.

That meant that while Apple could rush me a replacement for my physical card, I didn’t have to change the other numbers. I could still pay bills—and shop with my phone—even as I waited for my replacement card to arrive.

I remember when the iPhone first came out; I didn’t know I needed it until I had it. Now, the same is true with the Apple Card.

Disclosure: Barry Glassman does not own stock in Apple at the time of publishing.



Ready to get started?

Connect with a Glassman Wealth advisor today to continue the conversation.