Apple Wallet Review

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Have you heard the news about the new Apple Card?  Read below for Financial Planner Matt Fizell’s take on this new product.

In other news, did you know that April 7 - 13 is national volunteer week?  I recently recorded a podcast to be released on April 19th with one of my long-term volunteer commitments, we hope you enjoy that upcoming podcast and learning more about Faith-in-Action Steuben County, and don’t miss last week’s episode with Courtney Berry - women extraordinaire!  

Also, we love to celebrate anything financial planning related, so join us in celebrating Retirement Planning Week from April 9th - April 13th - if you haven’t updated your retirement plan recently, this is a perfect week to do so (or at least to schedule a time to do so)!  


And consider celebrating those fur babies too!  April 10 is ASPCA Day - a great day to combine both a celebration of animals and volunteer week (like how I pulled that all together)!

Finally, we received an alert from our VPN provider that yet another Facebook security failure occurred and millions of records were leaked.  This time information included comments, likes, reactions, account names, and Facebook ID’s, along with some email addresses. The compromise was a result of a third-party app called “At The Pool,” which even stored passwords of 22,000 users in plaintext (not encrypted).  If you have ever used this app, it’s time to change your Facebook password. Also, if you use that same password for any other websites, make sure you change those too. As always, beware of phishing attacks as a result of this breach.


Apple Card Review

by Financial Planner Matt Fizell

Rooted Planning Group

While I did not watch the Apple press release this week, I had a slew of texts come my way asking about my opinion on the Apple Card which will be released this summer and “completely rethinks everything about the credit card by representing all the things Apple stands for.”

Words such as simplicity, transparency, and privacy were heavily used throughout the presentation, so I figured I would dive in and see what the buzz is about! So you are probably asking yourself, what makes this card so different?

First things first, before we get to the fun stuff... please remember this is a credit card!  Credit cards are a great tool when used properly, but if not properly managed, the Apple Card will just create new problems in your financial life.  We strongly suggest understanding your financial health BEFORE you consider taking out any credit cards, understand your spending habits so a great tool doesn’t become a major setback.

The limited information available at press release time does show some promise around their core values:

  • Simplicity:

    • You can apply for the card right on your phone, and if approved, your card is ready for use via any Apple Pay kiosk at the stores you already visit.

    • The card actually keeps a running total of your purchases AND lays out a budget for you! As a Financial Planner, this is probably the coolest thing about the card in my eyes... we all know making a budget by going through statements is a HUGE PAIN! Brownie points to Apple for trying to make budgeting sexy.

    • You can update your account address or other important information by simply texting Apple Support, very slick indeed, no more waiting on hold with the card issuer or navigating the wonky websites we all know and love.

  • Transparency:

    • No fees, period.  This includes fees such as late payment fees, international fees, cash advance fees, overdraft fees, and no annual fees also.

      • Make note... Missing a payment WILL still impact your credit score. So don’t lean on that one if possible!

    • Interest rates are what they are.  Based on your credit at the time of application, you will receive an APR between 13.24% and 24.24%.  These are pretty in-line with industry standards, BUT you will not be charged a penalty APR like you will on some other products.  

    • If you do not pay off the entire balance each month, Apple Card will tell you approximately what interest will be charged to your account.  This is another huge win in my book for consumers... Just like some financial planners simply draw fees from your account and aren’t transparent, most big credit card issuers will simply assess it on those statements you probably don’t read like most people.


Detailed information surrounding the Privacy Protocol with the card is still fuzzy... so look for an updated version of this article when we have information to share. We pride ourselves on only giving information we would use for our own financial decision making.

Want to find what financial independence looks like in your personal financial world? Contact us to schedule a free initial meeting to discuss your goals, current situation, and let us help you draw up a plan so that you can live your best financial life... it really is as simple as having a great conversation and letting us take care of the behind-the-scenes, technical aspects of a well-executed financial plan we deal with each and every day. Just like Apple Card, you won’t pay any fees you don’t know about and we will be sure to let you know what your cost is BEFORE you sign any papers.