Please note this news post is out of date. You can find current offers here.
Apple has decided to enter the ring when it comes to credit cards.
Yesterday, Apple announced its new credit card – the Apple Card. Backed by Goldman Sachs and carrying a Mastercard logo, it will debut this summer.
Unfortunately, for now, its initial launch will be limited to the U.S.
But that doesn’t mean we can’t speculate on when it may be coming north of the border (if at all), or if it’s even a worthwhile offering.
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Apple credit card rewards
So, what will the Apple Card be offering at launch? Apple is going with a no-fee cash back card with the following earn rates:
- 3% cash back on Apple purchases,
- 2% cash back on purchases made with Apple Pay, and
- 1% cash back if you use your physical card.
There’s no annual, foreign transaction, or late payment fees with this card (interest rates for late payments will still apply).
How does the Apple Card measure up to Canada’s best cash back credit cards?
There are cash back credit cards available in Canada that have similar earn rates to the Apple Card. Here are some of our top picks.
| Cash back credit card | Earn rate | Welcome bonus | Eligibility | Apply now |
|---|---|---|---|---|
| Apple Card | * 3% cash back on Apple purchases * 2% cash back on purchases made with Apple Pay * 1% cash back if you use your physical card |
None | N/A | Not available in Canada |
| Amex SimplyCash Preferred | * 2% cash back on all purchases | 10% cash back, on first $4K in spend (terms) | * Income: $0 * Credit score: Very Good (725-760) |
Apply now |
| Scotia Momentum Visa Infinite | * 4% cash back on groceries & recurring bills * 2% cash back on gas & daily transit * 1% cash back on all other purchases. |
10% cash back on the first $2K in spend, first year free (terms) | * Income: $60,000 personal or $100,000 household * Credit score: Very Good (725-760) |
Apply now |
| Brim Mastercard | * 1% cash back on all purchases * No foreign exchange fees |
Up to $200 in first time bonuses with Brim’s retail partners (terms) | * Income: $15,000 personal * Credit score: Very Good (725-760) |
Apply now |
| Home Trust Preferred Visa | * 1% cash back on eligible purchases * No foreign exchange fees |
None | * Income: $0 * Credit score: Good (660-725) |
Apply now |
Note that these stated credit score requirements are an estimate based on what data we have available, and approval is never guaranteed.
Apple Card features
But the Apple card is more than just about its rewards. It also has some other unique features.
First, your cash back will be calculated and made available to you daily. There’s no waiting to get your hands on it – as soon as it’s earned, you can start using it.
A bonus? You can use it for more than just statement credits. Since your cash back is a part of Apple Pay, you can use your cash rewards for any Apple Pay activity.
The application process is also unique. When you apply for the card and get approved, you’ll be given a card number within minutes that you can start using right away.
The physical card? You’ll receive a titanium, laser-etched Apple designed card. And for even more security, it won’t contain any numbers or information on it aside from your name. This info can only be found on Apple Pay.
Available only to iPhone users
That brings us to its first downside – you can only get this credit card if you have an iPhone. So it’s not available to everyone.
And while Apple Pay acceptance is growing, if a merchant can’t accept Apple Pay and you have to use your physical card, you’re only getting half your rewards.
How does it compare in the United States?
How does the Apple card compare to cash back credit cards in the U.S.? Well, if this were the offer here in Canada, you’d be looking at a top cash back card.
In the U.S., however, you’re looking at an average card. It’s easy to get 2% cash back for no annual fees in the U.S. – the Citi Double Cash card does just that.
And while no foreign exchange fee cards are rare in Canada, they are very common in the U.S., so this isn’t that much of a differentiating feature either.
While it is a unique card, it’s not that special.
Is the Apple Card available in Canada?
The Apple Card is not currently available in Canada, so what does this all mean for us?
I would say it’s still far away from being offered here. I suspect Apple will do their initial launch in the U.S. and slowly scale to other countries.
Its features aren’t likely to be the same here either. The unique features such as getting your card number right after approval and getting your cash back should be the same. But the earn rates and fees are another story.
I would expect the Apple earnings to stay the same but for the everyday rates to be lower. Something around 1% – 1.25% would be an expected number for Canadian cards with no income requirements.
However, if they do keep the no foreign exchange fees, you’re looking at a great card for those transactions.
Best cash back cards available in Canada now
In the meantime, while we wait for the Apple Card to come to Canada, here are the details for some of the best cash back cards you can get in Canada right now.
Best cash back card with no income requirements
Looking for a great cash back card with no income requirements? The
For an annual fee of $99 and no income requirements, get a flat 2% cash back on all of your purchases.
Plus, get 10% cash back in the first 4 months on your first $4,000 in purchases.
If you’d rather not pay an annual fee, but would still like a solid cash back American Express credit card, the
This cash back Amex has a flat earn rate of 1.25% cash back on all purchases, giving you a solid return on your spending for no annual fee.
Best overall cash back card
GC: $20
$20 GeniusCash + 10% cash back on purchases for 3 months + 4% cash back on groceries.*
Our top rated cash back card right now is the
Get great earn rates on your basic day to day spending:
- 4% cash back on groceries and recurring bills,
- 2% cash back on gas and daily transit, and
- 1% cash back on all other purchases.
If a good amount of your budget is spent on gas and groceries, this card will let you rack up some cash back quick.
And for an annual fee on $120 (that’s waived for the first year) and income requirements of either $60,000 personal or $100,000 household, you have a great cash back card on your hands.
Best for no foreign transactions fee and online shopping
A cash back credit card that also offers bonus rewards for your online shopping, the
With this card, you’ll earn 1% back on all of your purchases, with no caps or tiers to worry about. For the online shopper, you can also earn up to 30% back when you shop with Brim’s 150+ retail partners.
And, it has no foreign transaction fees to boot. Not to mention it’s all for no annual fee and low income requirements of $15,000 personal.
Want to earn more on your daily purchases? Brim offers 2 other credit cards that also offer bonus rewards for shopping at Brim’s partners, as well as no foreign transaction fees.
Best for no foreign transaction fees and no income requirements
Want a cash back card that has no foreign transaction fees in addition to no annual fees or income requirements? The
Pay no foreign transaction fees, and save yourself the standard 2.5% fee other credit cards charge on purchases made in a foreign currency.
Plus, this card will also let you earn 1% cash back on all purchases. Just keep in mind you don’t earn cash back on purchases made in a foreign currency.
If saving on fees is what matters most, this card is hard to beat.
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