Software · head to head
Charles Schwab vs Apple Pay
The short version
- Only Apple Pay has a free tier, so it costs nothing to try first.
- Each has a real cost: Charles Schwab broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile; Apple Pay apple Pay works only in countries and regions that support contactless payments and is not available in all markets
- They diverge on capability: Charles Schwab covers Commission-free trading, Apple Pay covers Digital wallet.
Where they differ
Only the attributes on which Charles Schwab and Apple Pay actually diverge.
| Attribute | Charles Schwab | Apple Pay |
|---|---|---|
| Starting price | On request | Free |
| Pricing model | transaction | free |
| Free tier | No | Yes |
| Platforms | Web, IOS, Android | IOS, WatchOS, MacOS |
| Founded | 1971 | 2014 |
Identical on both: user rating (Not yet rated), category (Unknown).
What each one covers
Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.
Only in Charles Schwab
- Commission-free trading
- Retirement planning
- Wealth management
- Research tools
- Investment accounts
- Web support
- Android support
Only in Apple Pay
- Digital wallet
- Secure payments
- Contactless transactions
- P2P money transfers
- Credit cards
- Debit cards
- WatchOS support
- MacOS support
Both cover
- Bank accounts
- IOS support
What people use each for
The jobs each tool is most often brought in to do.
Charles Schwab
- Budget Managementnot Apple Pay
- Expense Trackingnot Apple Pay
- Investment Trackingnot Apple Pay
Apple Pay
- Contactless in store payment from iPhone and Apple Watchnot Charles Schwab
- Paying in apps and on the web without entering card detailsnot Charles Schwab
- Sending money between Apple users with Apple Cash and Tap to Cashnot Charles Schwab
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
Charles Schwab
- Broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile
- Options trades carry a $0.65 per-contract fee on top of the $0 online commission, per the App Store listing for Schwab Mobile
Apple Pay
- Apple Pay works only in countries and regions that support contactless payments and is not available in all markets
- Apple Cash is available only in the 50 United States, the District of Columbia and Puerto Rico
- Apple Cash Family accounts and Tap to Cash transactions are each capped at 2000 USD within a rolling seven day period
- Mac support requires a Touch ID equipped model
- A card works only if the issuing bank supports Apple Pay, and banks may charge their own overseas usage fees
Pricing, plan by plan
Charles Schwab
On request- Individual BrokerageFree
- Commission-free trading
- Research tools
- Schwab Advisor Services$undefined/month
- All Brokerage features
- Wealth management
- Personal advisors
Apple Pay
Free- FreeFree
- Secure payments
- P2P transfers
- Transit passes
Which should you pick?
Choose Charles Schwab if
- You need commission-free trading.
- You work on Web, IOS, Android.
- You also want retirement planning.
Choose Apple Pay if
- You need digital wallet.
- You want to start without paying.
- You work on IOS, WatchOS, MacOS.
- You also want secure payments.
Questions people ask
- Is Charles Schwab or Apple Pay better?
- Neither clearly leads. Charles Schwab starts at On request and Apple Pay at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Charles Schwab or Apple Pay?
- Apple Pay has a free tier; the other does not. Paid plans start at On request for Charles Schwab and Free for Apple Pay.
- Does Charles Schwab or Apple Pay run on more platforms?
- Charles Schwab runs on Web, IOS, Android. Apple Pay runs on IOS, WatchOS, MacOS.
- Can I use Apple Pay for free?
- Yes. Apple Pay has a free tier, so you can try it without paying. Charles Schwab starts at On request.
- What is Charles Schwab best used for?
- Charles Schwab is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what Apple Pay is typically brought in for.
- What can Charles Schwab do that Apple Pay cannot?
- Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. Apple Pay covers Digital wallet, Secure payments, Contactless transactions, P2P money transfers. Both handle Bank accounts, IOS support.