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Apple Announces 'Apple Card' Credit Card With Daily Rewards, Simplified Statements, and No Fees
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Anything to support this sentiment? No? Ok, move along. Another cut-and-paste comment which has no substance.
What better way to showcase how Apple does what it does best: take a product category with a frustrating user experience and deliver a polished product made possible by its control over both the hardware and software.
In the UK at least, any bank account with a mobile app can already do this from your phone.
Strange comment. No one checks card numbers or signatures. I've not been asked to present my card to have my signature checked etc since the days when they used those old manual swipe machines.
I use a payment ring for most purchases. No numbers, no signature.
Many people use Apple/Android pay. No numbers, no signature.
The only time I pull out my credit card is to withdraw cash at an ATM or making purchases online.
at least you get it - in austria we dont even get it
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I disagree - with apple is everything wrong except the apple card. this product makes perfect sense, only GS as partner is disgusting.
I had a vision today, the whole paying network from mastercard is worthless if apple would make paying over an app available to mom and dad stores. just key in the amount and you pay with your mobile over an app. no terminals no nothing needed anymore - only an internet connection and not even that if apple acts as a transaction insurer in case of offline payment.
It does have a number, just not physically on the card. Open it up in the wallet app and it will be there.
That’s how I read the situation anyway.
Apple today revealed a brand new service called "Apple Card," a new digital and physical credit card that users will be able to sign up for right from their iPhone. Apple says this sign-up process takes just a few minutes and then they can start using the Apple Card right away in stores, in apps, or online worldwide. Apple partnered with Goldman Sachs and Mastercard for Apple Card.
After spending, Apple Card will give users simple real-time views of their latest transactions and balance in the Wallet app. Apple Card uses machine learning and Apple Maps to label transactions with merchant names and locations. Purchases are then automatically totaled and color coded through categories like Food and Drinks, Shopping and Entertainment, and more.
At the end of each week and month, the Wallet app will show what users spent to help visualize their past finances. The company will also provide 24/7 customer support through Messages.
Anyone who uses Apple Card will receive a percentage of every purchase amount back as "Daily Cash," the card's rewards program. Every time users pay with Apple Card they will receive 2 percent Daily Cash back, and if they make a purchase directly with Apple they'll get 3 percent Daily Cash back. Daily Cash is immediately added to the user's Apple Cash card in the Wallet app, and can be used anywhere Apple Pay is accepted.
Apple Card has no fees associated with it, and the company says that "Apple Card's goal is to provide interest rates that are among the lowest in the industry and if a customer misses a payment, they will not be charged a penalty rate."
As with Apple's other services, the company promises that Apple Card is completely secure and private.
There will also be a physical Apple Card for shopping at locations where Apple Pay is not accepted. The card is made out of titanium, has no card number, no CVV, no expiration date, and requires no signature.
Apple Card launches in the United States this summer.
Article Link: Apple Announces 'Apple Card' Credit Card With Daily Rewards, Simplified Statements, and No Fees
No fees, just an increase in the rate of interest. Or, in other words, a fee.
Perhaps, those that consider the APR high, are those that would be carrying balances, and / or don’t have premium cards to compare.
There’s different cards for different purposes / perks / strategies. Personally, I see Apple’s new card is a good offer and am looking forward to being able to remove all plastic cards from my wallet, as it joins my Chase and AMEX metal cards. Aside the monthly 0% balance transfer offers, there is no real point to a Barclays Apple card (if capitalizing on purchase protection, and extended warranties of other cards).
Those with Barclays’ Apple card have probably seen their monthly statement that reflects their standard purchase APR. Mine is 29.24%, yet my credit history is flawless, I have 2 inquiries or less on each credit report, utilization average is always under 10%, and my credit rating is “excellent”. Smh. Apple’s card is a much better casual purchase card.
I’m hoping it’s a 720 minimum, so it’s even less widespread, and maybe Apple can offer premium features. But let’s be real, this is really a push for more people to faithfully use Apple Pay, so I imagine Apple wants the card in the hands of as many people as reasonably possible. *sighs*
That is the very reason to go with them. By creating new business for Goldman, they have created a relationship where all their needs and desires are met. They could create the model unobstructed by tradition, and Goldman would be grateful / appreciative. The current relationship with Barclays is not very accommodating. Still, their relationship with Barclays might continue, for customers that can’t afford Apple devices or need / want to pay it off over time, and they’ll get appropriate high long-term interest rates. But for Apple card members, there’s greater focus on / emphasis in knowing what minimal payments translate to, so it’s geared towards those who’d not carry balances, and motivating others to pay off balances faster. Therefore the new Apple card is not really a customer financing vehicle (like how a 0% Apr card is). If Apple completely removed the 0% apr card, many people could never afford Apple devices and they’d lose potential customers.
When reaching a certain level there’s many things pure cash can’t buy, and good credit is necessary, especially in business. All governments know this with country debts. Even getting apartments requires decent credit in many regions. Why would anyone rent to someone with no history of paying on time? Some take the risk, many wouldn’t.
Probably not secured, as generally secured cards aren’t really credit cards. They’ll probably determine credit limits based on credit scores. But considering their no late fees, no overages, etc. it’s possible this might be an unlimited card (soft limit), akin to AMEX unlimited / charge cards without a credit utilization portion being reported. It aligns with Apple’s “customer privacy” perspective, if the card will be reported at all. In a way, Apple not penalizing customers for paying late, goes against reporting to credit bureaus that they were late. It’s like saying “don’t worry about paying late, we’ve got you, we’ll only report you to the authorities.”
Does Apple care to report it at all? Not all companies report to the bureaus. For a long time Affirm did not at all, and even now they only report to Experian, they don’t care about the rest.
In New York city, many still look at the back of the card, but when they see it’s not signed they don’t care. In my experience, it’s common for New Yorkers to not sign their cards (giving people the ability to forge a signature by example is frowned upon in such a busy city). I’ve only been asked once about 10 years ago, in Miami. The person said I needed to sign my card, and I said bluntly, “I’m not signing it, a signed card is a problem for a New Yorker.” They just processed the transaction. *shrugs*
There’s different cards for different purposes / perks / strategies. Personally, I see Apple’s new card is a good offer and am looking forward to being able to remove all plastic cards from my wallet, as it joins my Chase and AMEX metal cards. Aside the monthly 0% balance transfer offers, there is no real point to a Barclays Apple card (if capitalizing on purchase protection, and extended warranties of other cards).
Those with Barclays’ Apple card have probably seen their monthly statement that reflects their standard purchase APR. Mine is 29.24%, yet my credit history is flawless, I have 2 inquiries or less on each credit report, utilization average is always under 10%, and my credit rating is “excellent”. Smh. Apple’s card is a much better casual purchase card.
I’m hoping it’s a 720 minimum, so it’s even less widespread, and maybe Apple can offer premium features. But let’s be real, this is really a push for more people to faithfully use Apple Pay, so I imagine Apple wants the card in the hands of as many people as reasonably possible. *sighs*
That is the very reason to go with them. By creating new business for Goldman, they have created a relationship where all their needs and desires are met. They could create the model unobstructed by tradition, and Goldman would be grateful / appreciative. The current relationship with Barclays is not very accommodating. Still, their relationship with Barclays might continue, for customers that can’t afford Apple devices or need / want to pay it off over time, and they’ll get appropriate high long-term interest rates. But for Apple card members, there’s greater focus on / emphasis in knowing what minimal payments translate to, so it’s geared towards those who’d not carry balances, and motivating others to pay off balances faster. Therefore the new Apple card is not really a customer financing vehicle (like how a 0% Apr card is). If Apple completely removed the 0% apr card, many people could never afford Apple devices and they’d lose potential customers.
When reaching a certain level there’s many things pure cash can’t buy, and good credit is necessary, especially in business. All governments know this with country debts. Even getting apartments requires decent credit in many regions. Why would anyone rent to someone with no history of paying on time? Some take the risk, many wouldn’t.
Probably not secured, as generally secured cards aren’t really credit cards. They’ll probably determine credit limits based on credit scores. But considering their no late fees, no overages, etc. it’s possible this might be an unlimited card (soft limit), akin to AMEX unlimited / charge cards without a credit utilization portion being reported. It aligns with Apple’s “customer privacy” perspective, if the card will be reported at all. In a way, Apple not penalizing customers for paying late, goes against reporting to credit bureaus that they were late. It’s like saying “don’t worry about paying late, we’ve got you, we’ll only report you to the authorities.”
Does Apple care to report it at all? Not all companies report to the bureaus. For a long time Affirm did not at all, and even now they only report to Experian, they don’t care about the rest.
In New York city, many still look at the back of the card, but when they see it’s not signed they don’t care. In my experience, it’s common for New Yorkers to not sign their cards (giving people the ability to forge a signature by example is frowned upon in such a busy city). I’ve only been asked once about 10 years ago, in Miami. The person said I needed to sign my card, and I said bluntly, “I’m not signing it, a signed card is a problem for a New Yorker.” They just processed the transaction. *shrugs*
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Exactly! The Apple card comes with high interest rates but the terms are transparent (no sneaky penalty fees) and the app tools give the user a clear understanding of how much interest they can incur on a revolving balance.
It's a great option for users with financial discipline. And for those that don't, they really shouldn't have a credit card in the first place.
A payment RING? Hmm... I'll look that up... I have been using a payment PAD. How it works is, I carry around these little slips of paper, like sticky-notes but not sticky. I scrawl some symbols on it, hand it off to the cashier, who asks to see a piece of plastic that demonstrates that they are in fact MY pieces of paper, and then she lets me walk out of the store with STUFF, and no one even tries to stop me or anything. Sometimes, I use the loose-leaf version, which are fully pre-printed and don't require me to scribble on them at all, and most of the time, no one asks to see the piece of plastic, unless I'm trying to buy booze or cigarettes. My Credit Union actually gives me the tablet of slips of paper for free! The other ones... they cost money, admittedly. But happily, I can always go to the Credit Union, where I keep my supply of the loose-leaf stuff, and get some if I happen to need more.
The system works pretty well, and I don't have to cut Gold Man-Sacks *OR* Apple in for a piece of the action. It's pretty sweet, really, and also I don't have a multi-billion dollar corporation learning even more about me than they already know. #iPanopticon
What country do you live in where 80% of transactions are card payments and none of those people have access to cash?
Oh you got me there... look at Apple’s history. This isnt the same company. The credit card industry is evil.
A MasterCard without the MasterCard logo. I can’t imagine a company that isn’t Apple getting away with it.
I suspect this is one way of doing away with processing payments. For example, I read somewhere that when Apple collects money for a $1 app, it has to spend about 16 cents on processing the charge, which comes off its 30% cut. Imagine if the app was purchased using an Apple-branded credit card. That might be one way of getting around having to pay other credit companies their share of the cut.
I have to do some research, but this might also be a way of skirting around existing credit card legislation, if it’s technically not a physical card and is owned by the company itself.
Penalty fees aren't sneaky. They're there to discourage people from running up debts. Removing the penalties for getting into debt with Apple encourages debt and benefits only Apple.
I'm not worrying the UK will be using buttons, cotton reels and bits of fluff as currency by the time it comes here. The plastic notes we have now will be used as insulation material by then as they will have no value, "they do keep the draughts out" people will be saying though. As to the Apple card, that will be stuck in the ground in Canary Wharf in London like a scene from 2001: A Space Odyssey, with the workers that were once employed in the financial district seen trying to work out how you can use it to open a can of beans. Meanwhile the remaining iPhones with any battery power will have Siri stuck in a loop repeating "This is about you, not me"
Another sad sign of the cancer consuming the company. This is a total bean counter's wet dream - it has nothing to do with making great products that people will love and everything to do with locking consumers in to revenue generating schemes that ultimately offer marginal benefits to them but big profits to Apple. Classic big corporate behaviour.
The accompanying app looks quite nice but any other card provider could copy that very easily. People who manage their credit cards well at the moment won't require the app to do that any better than they already are.
This is ultimately another attempt, as with all the subscription services, to get undescerning consumers to cough up big money to keep Apple's revenues high while draining their bank accounts.
The accompanying app looks quite nice but any other card provider could copy that very easily. People who manage their credit cards well at the moment won't require the app to do that any better than they already are.
This is ultimately another attempt, as with all the subscription services, to get undescerning consumers to cough up big money to keep Apple's revenues high while draining their bank accounts.
That is clever but now we have a brand that is famous for charging an unwarranted premium on its products and will be in a business that encourages people to get into debt. The Apple we all know and loved is dead.
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Apple owns the best customers, who can and are willing to spend. I feel your concerns are unwarranted.
No late fees. That's interesting. Of course you'll still be paying interest on anything that is "late" and I suspect some people could get into trouble if they routinely let their payments lapse.
As for me, I'm kind of annoyed when I'm a few hours "late" and end up paying a $25 late fee on a balance that wouldn't even accrue that much interest over the next month.
So, even though I always pay off my total balance each month a no fee or late penalty credit card would be a plus.
As for me, I'm kind of annoyed when I'm a few hours "late" and end up paying a $25 late fee on a balance that wouldn't even accrue that much interest over the next month.
So, even though I always pay off my total balance each month a no fee or late penalty credit card would be a plus.
The last thing the world needed was another credit card.
So what happens when I purchase a $1000 item and return it 2 days later, and spent the daily cash back in the interim? Will I get cash back on fraudulent charges that show up on my card?
I would more interested in any security/fraud protection aspects, and buyer protection.
Is this is this a foreray into a way for customers to finance their purcha$e$ in order to improve declining sales, without having to get directly involved in debt collection?
I would more interested in any security/fraud protection aspects, and buyer protection.
Is this is this a foreray into a way for customers to finance their purcha$e$ in order to improve declining sales, without having to get directly involved in debt collection?
So many of you are 'excited' to get a credit card. Staggering. You should be looking to cut them out of your lives altogether if possible.
Yes, I know some people need a credit card as it's impossible to do things like hire a car etc without one, but people need to think responsibly here - not be swayed by the marketing BS about no fees etc. Someone will be making money out of you, i.e. the card issuer & Apple.
Yes, I know some people need a credit card as it's impossible to do things like hire a car etc without one, but people need to think responsibly here - not be swayed by the marketing BS about no fees etc. Someone will be making money out of you, i.e. the card issuer & Apple.
