Apple Card, the banking service for Apple users in the United States, has once again reduced its interest rate. The Savings feature of Apple Card, which allows customers to earn interest on cashback deals, now offers a 3.65% interest rate. This marks a decrease from the previous rate of 3.75% in March and the initial rate of 4.15%.
Partnered with Goldman Sachs, Apple Card's interest rate now matches that of the investment bank's savings account. Despite the reduction, the 3.65% interest rate is significantly higher than the national average APY of 0.59% in the United States.
The interest rate adjustments are based on overall economic conditions, and Apple Card customers can continue to accumulate interest through the various cashback programs offered. These programs include earning 1% on all purchases, 2% on Apple Pay transactions, and 3% on Apple Store purchases and partner transactions.
The Daily Cash earned through these programs can be transferred to the Savings account, where it will continue to accumulate interest over time. With daily compounding interest, Apple Card users have the potential to see their money grow steadily.
Click here to compare two photos
