When the Apple Card was initially announced, the reactions were mixed, as the Cupertino-based manufacturer was accused of releasing a financial product that appeals to just a very small category of users. But now they’re trying to sweet up the deal a bit.
Apple revealed that they are offering a $50 sign-up bonus to anybody who applies for the card until January 31 and spends $50 or more at Exxon Mobil gas stations within the first month from opening.
But is this bonus worth the effort?
There’s no doubt that this sign-up bonus Apple is promising can be considered at least intriguing. And there are a few reasons in favor of this argument!
First of all, it’s the first time Apple Card owners are offered a sign-up bonus. Then, there’s the card’s issuer, Goldman Sachs, who’s getting really creative in terms of…terms. Specifically, through this move, they are targeting spending at specific retailers, instead of allowing general spending, like most credit cards offering bonuses do.
As a side note, Apple is not the first of Goldman Sachs’ partners with such conditions for card owners, as the bank ran similar promotions with brands like Nike, Walgreens, or Panera Bread.
If you were planning to get your hands on the Apple Card, this could be the best moment to do it, as this new sign-up bonus could be a pretty attractive incentive. On the other hand, be aware that the card is not exactly competitive with some of the best cash-back credit cards out there, which are offering up to quadruple the amount the Apple Card does.
Will Apple be able to attract new card owners?
Sure, there have been many promotions ran by Apple lately, as they are still trying to incentivize new customers to apply for their card and start spending. But as long as the bonus amounts they are offering remain low, compared to other similar cards, it will be hard to believe that this project will be a huge success.
Looking forward to jumping on the promotion? Don’t do it just for the bonus. There are a couple of other advantages which may be way more interesting, like the rewards rates, no fees or the privacy features!