Here's Exactly How Apple Card Rewards Stand Up To Competitors

The Apple Card is finally here — for a select few, that is. Early rollout for the card began on Tuesday for a random selection of people who applied for the card in advance, and it will be available to the general public later in the summer. So if you're wondering how Apple Card rewards compare to other credit cards, now is the time to get those answers.

The rewards system for the Apple Card is similar to other credit cards in that it's based off of how much you spend, and what type of purchase you're making. But unlike some other rewards systems, the Apple Card rewards system focuses on a cash back opportunity rather than any type of points system.

For all rewards lovers out there, the rewards system for the Apple Card is as follows: you can get 3% cash back on all Apple product purchases, 2% cash back on all Apple Pay transactions, and 1% cash back on all purchases made with the actual card itself. Apple calls that cash back system Daily Cash, because this cash is immediately loaded to your Apple Pay Cash account each day. You'll be able to use that money ASAP, whether you want to send it to friends, put it towards your balance, or transfer it to your bank account.

In terms of the rewards you earn per purchase with the Apple Card, there are other credit cards that offer similar options. Of course, those options range dramatically, but you can see some popular rewards systems here, via NerdWallet. For example, the Citi Double Cash Card offers you 2% cash back on all purchases, flat out.

On that note, it's important to recognize that you can't use Apple Pay everywhere. That means certain purchases would be relegated to the 1% cash back option instead of 2%. According to Apple via MacRumors, though, 74 of the top 100 merchants in the U.S. support Apple Pay, and 64% of all retail locations support or will support Apple Pay soon.

Additionally, Apple Card doesn't offer a specific points system for air travel or any other type of points redemption option besides Daily Cash. However, there's a reason behind that. Apple says this is so you can spend the cash on anything you want, per the Apple Card site:

Whether you’re grabbing coffee or reserving flights, Apple Card gives you Daily Cash on every purchase you make. And there are no limits on the amount you can get. It goes straight to your Apple Cash card in the Wallet app, so you can spend it with a tap. On anything you want.

When it comes down to it, the big distinction with the rewards system for the Apple Card is in the Daily Cash setup. With most credit cards, you have to redeem your cash back manually, and it can take several days. For example, WalletHub notes that Bank of America cash back redemptions take about three business days. Your Apple Daily Cash will be available immediately.

If you're feeling pretty stoked about this credit card, you can sign up to be notified for when it will be available to the general public here. And for more information on the Apple Card in general, you can check out the Apple Card site.