Apple Announces 'Apple Card' Credit Card With Daily Rewards, Simplified Statements, and No Fees

[ipponrg]

780 is hard to get. My score goes from 790-750 on a normal bases depending on when the score is run as that can and does affect my credit utilization. Hit me at this time of the month it is the worse as the it is right at the end of a billing cycling but before last months statement is paid. That puts me at a nearly a 2 month load. The 750ish range come from if I have some large planned purchases on my card as I want my CC benefits. Balance is aways paid in full.

I pay my loan in time. I aways pay my CC balance off in full. Having a sub 10% utilization on a normal 2 month cycle is normal but if you have my entire living room and bed room on ones CC bill it is much higher utilization. But utilization is a snap shot in time.

I currently own a few other credit cards, but recently got the Chase Sapphire Reserve 2 years ago and a Chase Unlimited last year. Prior to obtaining these credit cards, I was at 830 or so. I think right now I am still above 800. It's not just about paying your bills on time or having a 10% utilization.

You also want to grow your max cap accumulatively on all your credit cards. Someone who has 10% utilization on a max cap of $10,000 across all their credit cards will probably have more volatile fluctuations than someone who has 10% utilization on a max cap of $50,000. So if a credit card company asks if you want to increase your balance cap and they don't do an inquiry, just do it.

 

[Don_Draper]

So how do you buy something on a site like Amazon if there is no card number?

The card number is accessible in device. Once you authenticate via FaceID/TouchID, the numbers are displayed.

 

[MisterSavage]

To be fair I live in USA and I do not generally carry cash on me. Honestly I just carry a few cc on me and that is it.
Cash is not something I carry nor do I need 2. We are living in a cashless world.

I get out about $80 when I go to an ATM and it lasts me for months because I so rarely use cash.

 

[DonaldDraper]

I don’t see this being a smooth process, some places require numbers to make a purchase or they have to type it in manually.

Imagine how much implicit trust is given when you hand a stranger your card and they walk away to process a transaction...Obviously that's not the source of all fraud, but adding 2FA can really help. I'd carry a backup card for the first 6mos to a year before making this the only card I carry. What I'm worried about is my phone having battery or service issues. Maybe there's a backup pin/Zip if your device isn't communicating with the server?

 

[arkitect]

I get out about $80 when I go to an ATM and it lasts me for months because I so rarely use cash.

I'm completely cashless. (UK)
Apart from the bloody window cleaners who insist on cash (I suspect to avoid declaring a fully taxable income) I can get around by Tube, bus, using my phone. All shops — even market traders now.

 

[MisterSavage]

I'm completely cashless. (UK)
Apart from the bloody window cleaners who insist on cash (I suspect to avoid declaring a fully taxable income) I can get around by Tube, bus, using my phone. All shops — even market traders now.

When I was in Europe last year I loved how many more places I could use my Apple Watch to pay. It's getting better here though.

 

[macduke]

How bout screw the credit score and just pay cash ?

Because managing credit is how you build wealth. Most people don't realize this.

Why would I not put a nearly $4000 computer on a 0% for 18 months line of credit? I can keep that money invested and make, on average, $300-500 on it during that time making minimum payments and then paying it all off on the final payment. I also earned nearly $125 in rewards that I can use on the Apple Store or iTunes.

Credit is a tool. Use it wisely and you'll be much better off. Pay it off every month on time and your score will go up. When your score goes up, you can get lower rates on things like mortgages which can save you hundreds of thousands of dollars over the life of the loan. Credit is a game you want to win and get the high credit score. I use it for everything except my mortgage and a couple other things and I make hundreds per month in cash back.

Pay cash for things like cars (used only, to minimize depreciation) unless you can get 0% offer as well (rare). Credit gets a bad reputation because people are idiots. Even companies like Apple use credit with billions in the bank to save on things like taxes. I genuinely hope you learned something today and this answered your question. More people need be educated about responsible credit use and how much money it can make them.

 

[SetRen68]

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

Everything wrong with the current direction of Apple is perfectly encapsulated in this product - an Apple credit card.

Hear that sound? It’s the sound of Steve Jobs rolling in his grave.

Remember when Apple used to be a Computer/Technology Company...Now Apple the Credit Card company..Thanks Tim!

 

[iapplelove]

Because managing credit is how you build wealth..

I truly hope you’re not anyone’s personal financial advisor.

How bout stayin away from credit/debt( except for a mortgage)?

It’s pretty easy to build wealth. Stay out of debt, invest in a Roth IRA or 401k (as much as you can) and lastly once all debt is paid up buy property! As much as you can...

Your idea of building wealth is a little wacky and over complicated no offense.

With your ideas you have zero back up plan cause all you created for yourself was a bunch of bills and a high credit score.. big deal.

What happens if you get sick, lose your job? Good luck payin off your bills each month... nah I rather have zero debt myself

 

[Vjosullivan]

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...

Alipay has been doing that in China for over fifteen years along with WeChat Pay for the last eight years.

 

[macduke]

I truly hope you’re not anyone’s personal financial advisor.

How bout stayin away from credit/debt( except for a mortgage)?

It’s pretty easy to build wealth. Stay out of debt, invest in a Roth IRA or 401k (as much as you can) and lastly once all debt is paid up buy property! As much as you can...

Your idea of building wealth is a little wacky and over complicated no offense.

With your ideas you have zero back up plan cause all you created for yourself was a bunch of bills and a high credit score.. big deal.

What happens if you get sick, lose your job? Good luck payin off your bills each month... nah I rather have zero debt myself

Did you just completely not read my post? I have the money invested already. Why pull it out to pay for a computer when it can keep making money? You sound like you don't understand how credit works. I have many years worth of salary in savings and investments and I'm only 7 years out of college. I think I got this, bud.

 

[iapplelove]

Did you just completely not read my post? I have the money invested already. Why pull it out to pay for a computer when it can keep making money? You sound like you don't understand how credit works. I have many years worth of salary in savings and investments and I'm only 7 years out of college. I think I got this, bud.

We just think differently is all, bud. I’m doing well myself...have zero debt and my mortgage almost paid. Won’t ever resort to a car payment or credit card ever again/

I understood all to well how credit works and won’t ever play the game again.

 

[Kris28]

for UK shortly before 2030 please, we are waiting....

 

[travoose]

Uh, so pulling out your physical card is not an added step?

Not if the number is on the card.

 

[kdarling]

A MasterCard without the MasterCard logo. I can’t imagine a company that isn’t Apple getting away with it.

I think the original Google Wallet card years ago didn't have the Mastercard logo.

Apparently it was added fairly quickly though, as stores weren't sure about a card without one.

 

[Mac 128]

Except that the US is the only country in the world that refuses to adopt PIN authentication on credit cards (though they've had it on debit cards for years) and also the only one where restaurants don't usually have the wireless POS devices to bring to the table like all restaurants do in the UK and many other countries (US restaurants refuse to adopt that practice and have been doing everything to avoid it) so they still take away people's cards like in the 1990s (which, I think, may be the main reason why the apple card will only have the owner's name and nothing else printed on it).

Yup. You really have to wonder when you travel to countries like Brazil, where the Real is trading at 25% of the USD, and every corner cafe and bodega has a wireless POS they bring to the customer.

 

[bigjnyc]

Because managing credit is how you build wealth. Most people don't realize this.

Why would I not put a nearly $4000 computer on a 0% for 18 months line of credit? I can keep that money invested and make, on average, $300-500 on it during that time making minimum payments and then paying it all off on the final payment. I also earned nearly $125 in rewards that I can use on the Apple Store or iTunes.

Credit is a tool. Use it wisely and you'll be much better off. Pay it off every month on time and your score will go up. When your score goes up, you can get lower rates on things like mortgages which can save you hundreds of thousands of dollars over the life of the loan. Credit is a game you want to win and get the high credit score. I use it for everything except my mortgage and a couple other things and I make hundreds per month in cash back.

Pay cash for things like cars (used only, to minimize depreciation) unless you can get 0% offer as well (rare). Credit gets a bad reputation because people are idiots. Even companies like Apple use credit with billions in the bank to save on things like taxes. I genuinely hope you learned something today and this answered your question. More people need be educated about responsible credit use and how much money it can make them.

This!

I tried to explain this once in another thread about leasing your phone interest free vs. paying cash for it up front.. and I got so much backlash... It's sad that most people are not financially educated and have their savings just sitting there earning .0001% while inflation is devaluing the amount they have saved every day.

 

[Timemaster]

Because managing credit is how you build wealth. Most people don't realize this.

Why would I not put a nearly $4000 computer on a 0% for 18 months line of credit? I can keep that money invested and make, on average, $300-500 on it during that time making minimum payments and then paying it all off on the final payment. I also earned nearly $125 in rewards that I can use on the Apple Store or iTunes.

Credit is a tool. Use it wisely and you'll be much better off. Pay it off every month on time and your score will go up. When your score goes up, you can get lower rates on things like mortgages which can save you hundreds of thousands of dollars over the life of the loan. Credit is a game you want to win and get the high credit score. I use it for everything except my mortgage and a couple other things and I make hundreds per month in cash back.

Pay cash for things like cars (used only, to minimize depreciation) unless you can get 0% offer as well (rare). Credit gets a bad reputation because people are idiots. Even companies like Apple use credit with billions in the bank to save on things like taxes. I genuinely hope you learned something today and this answered your question. More people need be educated about responsible credit use and how much money it can make them.

while you can do all of that, every single person who understands credit knows DON'T.
Hell they even advices against getting a car loan at 0% interest. Not because oh the money makes more in the bank but the real reason is for most people and even companies the limiting factor is cash flow. Last be honest most of us have a paycheck per month. For me for example I had my car at 0.9% interest. I paid if off in full when I had the free money because that was $500 a month of freed up cash flow. I was still saving but still $500 more a month to be diverted to other things was nice.

On your computer thing the biggest risk is what happen if things hit the fan in your investments. You need to have that 4k in cash somewhere.

I would call your advice bad advice for most people. You do not build wealth by screwing with credit. Your build wealth by investments.

I say all this and yes I do take out car loans, Yes I have a home loan and yes I have investments outside of my retirement accounts.

There is no magic bullet to build wealth it takes time.

Credit cards are a tool. I for example use them to put a buffer between my money and what I spend it on as it is someone else money being float if the card gets stolen not mine.

 

[lartola]

Yup. You really have to wonder when you travel to countries like Brazil, where the Real is trading at 25% of the USD, and every corner cafe and bodega has a wireless POS they bring to the customer.

Or Mexico where each USD is equivalent to roughly 20 Mexican pesos (i.e, mexican peso trading at roughly 0.05% of the USD) , yet every restaurant or cafe that accepts cards in the country has the wireless POS device.

 

[sjc83]

Apple Card requires a credit score of at least 780. That’s insane!

I didn’t see that.

 

[ssgbryan]

Maybe if all companies did this, then less people would be allowed credit which is a GOOD thing.

What is not so good is the APR's which are 13.24% to 24.24% according to Tom Warren at The Verge.

If they did that, they would go out of business. Banks don't make money on people with good credit and/or financially literate.

 

[macduke]

This!

I tried to explain this once in another thread about leasing your phone interest free vs. paying cash for it up front.. and I got so much backlash... It's sad that most people are not financially educated and have their savings just sitting there earning .0001% while inflation is devaluing the amount they have saved every day.

Thank God there is another person who is educated about this who can back me up. Just because many people are stupid with credit cards doesn't make them bad. Your money is just losing value if it's in most standard bank checking or savings accounts. It's all psychological. People don't think of it as real money. Set up autopay for the full balance and use it like a debit card. As long as you stay in your budget like you normally would there is no issue. Also credit cards are typically much better for online transactions because if something gets hacked you're not on the hook. Back in college I worked as a vault teller and would talk with our personal bankers a lot and they had so many horror stories of customers trying to piece things back together after their debit/checking account was hacked and it's a much more complicated process. Or at least it was then.

The problem with credit isn't even credit itself—it's that people spend more than they have. It's all about discipline. It's key that people change their mindset on how they view credit. If people lack discipline then they should call the issuer and have them set the limit really low until they get used to it. That's how I started out at 18. But personally I like to have the largest limit possible because credit score is calculated by how much available credit you're using. Say if my limit is $30K and I'm using $3K average monthly balance that is paid off to pay bills, grocery, etc then it shows a credit utilization of 10% which is pretty good and combined with a long repayment history that is on-time, my credit score is really good and I was able to get an excellent rate on my mortgage.

while you can do all of that, every single person who understands credit knows DON'T.
Hell they even advices against getting a car loan at 0% interest. Not because oh the money makes more in the bank but the real reason is for most people and even companies the limiting factor is cash flow. Last be honest most of us have a paycheck per month. For me for example I had my car at 0.9% interest. I paid if off in full when I had the free money because that was $500 a month of freed up cash flow. I was still saving but still $500 more a month to be diverted to other things was nice.

On your computer thing the biggest risk is what happen if things hit the fan in your investments. You need to have that 4k in cash somewhere.

I would call your advice bad advice for most people. You do not build wealth by screwing with credit. Your build wealth by investments.

I say all this and yes I do take out car loans, Yes I have a home loan and yes I have investments outside of my retirement accounts.

There is no magic bullet to build wealth it takes time.

Credit cards are a tool. I for example use them to put a buffer between my money and what I spend it on as it is someone else money being float if the card gets stolen not mine.

Yeah I keep many times the price of this computer liquid in a high yield savings account, then I have a vacation savings account and a checking account that has enough cash to pay for about three months worth of bills, and a relatively small chunk of cash on hand squirreled away in my house for emergencies. The rest is in various investments, a Roth IRA, and a 529 College Savings account for my kids. I also have a pension I'll be able to draw from eventually.

I didn't say to not do these things. My original post was about how I'd rather keep the $4000 invested during that time instead of pulling it out to pay for a high end iMac. That iMac is already paid for dozens of times over as far as I'm concerned. Both of our cars were purchased with cash. Our student loans are paid off. The only debt I have is a mortgage, which I have started paying extra towards now that my savings and investments are where I want them, and we bought at a low point for rates several years ago. Also my wife runs her own business which will never run out of clients because it's a daycare and people are always having kids. We have a long wait list. I only need to save up enough to cover my salary for potential job loss, but I also have structured our budget such that her income can mostly cover our expenses and I have prepared contingency budgets for different scenarios and have life insurance policies.

The other thing is my wife and I don't even make a lot of money. For years it was only a little above the national average for households, with it finally going up by a decent amount last year when she expanded her business and I got a new job. We live in the midwest where cost of living is very low and I'm really good with my finances. Trust me—credit is your friend if you're responsible. If you're not responsible then discipline yourself. It's all a numbers game. Make the numbers add up. For instance my monthly cellular bill is usually around $72/mo for three unlimited iPhone lines (one I pay for my grandparents because I'm a nice grandson) and one iPad data line of 2GB. I'm really good at finding deals, stacking discounts and budgeting. Trust me. I only spend around an hour or less per week managing my spreadsheet and checking my Mint dashboard to make sure our budget is in-line with my projections or to tweak investments. Anyone can teach themselves to do this if they are disciplined and know how to use Google.

My point is it's pretty foolish to look at credit and yell "No, don't ever use credit" It has served me well. I do not serve it. It's an important financial tool and should be treated as such when taken into consideration with all the other financial tools available to create a comprehensive plan.

 

[BruiserB]

After making a payment with one of my existing credit cards in my company cafeteria this morning, I noticed that one of the new features of the Apple Card is already live. It showed in the wallet with a more straightforward name of my company and an Apple Map location of where I made the charge. So this must be a 12.2 feature and not really an Apple Card feature.

EDIT: I also notice that previous last charges made on other cards before I updated show up with the new info.

 

[TheWatchfulOne]

Because managing credit is how you build wealth...

Managing credit is how you stay in debt. And staying in debt is how you prevent yourself from building wealth.

 

[anjinha]

Managing credit is how you stay in debt. And staying in debt is how you prevent yourself from building wealth.

That is only true if you put more on credit than you have available to spend. That's not what this discussion is about.