Apple Card: All the Details on Apple's Credit Card

[JDW]

I user Windows at work, Mac at home, and enable 2FA on every account that I can and it's 95% of the time something I don't have to think about. What is your usage scenario where you're constantly being bothered by it? My one exception is my work laptop. I choose to use 2FA with every Gmail login. I use my phone for the 2FA login prompt and have my office phone as a trusted phone number for 2FA codes if I were to lose my phone.

Yes, but the Windows computer you use at work is primarily YOUR computer, right? My usage scenario involves using computers that are not necessarily owned by me. And when I use those machines, assuming I do not have my iPhone or Mac with me, how then would 2FA be anything other than a bother to me?

Right now I do not use 2FA. I remember one very long password and use a password manager. I can access that from anywhere via web browser (using private mode, naturally) and gain access to the passwords I need. I realize 2FA adds extra security which is very nice, but it's yet another step that isn't convenient for me.

Again, if anyone can show me how 2FA is just as convenient as entering a single password, I'm all ears.

 

[prasand]

Well, same could be said about rose gold that was brought up. In any case, again, it was more of a poke to relate it all to Apple palette of color options than anything else.

I understand @ color options. However the same cannot be said about Rose Gold, which is closer to flesh tone for many people. No color is as striking as pure white, it literally reflects all the humanly visible spectrums of light. Rose Gold doesn't come anywhere near close to visually standing out, it would only stand out if a person is psychologically inclined to perceive it important. Pure white is visually distinctive, whether you want to or not you can see someone pulling out a pure white card from across the room using your peripheral vision, especially against a colored background / environment.

I’m thrilled about all of the credit monitoring stuff tbqh. Having and knowing how to use credit is definitely a quality of life improvement. It's not simply another way to simulate fake real life over a wire.

Funny, I was just having this convo with a friend about half an hour ago. We were looking at the percentage of people who have specific score ranges. I was surprised to see that "most" Americans actually have decent credit (700+ is 60%). For some reason I thought it was much less than that. Anyway, we realized that the people with bad credit are in the minority, and unfortunately are probably minorities. It was when the conversation shifted to the lack of credit education in the hood, and how they are profiting from / on ignorance (due to greater rates) ... that I stopped seeing Apple's push as a pure money grab (services revenue increase). I started seeing just how transparent Apple is trying to be about spending, even going as far as giving warnings about interest. The benefit of credit education is significant, rather than hiding it in terms many don't read.

This is seriously a quality of life thing. Granted, it's also a money grab, but who says you can't make money while helping people? lol.

 

[JDW]

Granted, it's also a money grab...

As an American who lives outside the USA but has accounts in the USA, I would not agree. Indeed, there is no free (no fee) credit card to my knowledge that lets me spend money outside the USA while pulling funds from my US bank accounts and offering no foreign transaction fee. The Apple Card is unique in that regard, eliminating that stupid foreign transaction fee. (Sure, there's a currency exchange, but that's not a big deal.) Most cards charge between 1% and 3% of the transaction for that ridiculous foreign transaction fee. And that is the lone reason I am seriously pondering the Apple Card and Apple Pay. If it wasn't for that stupid 2FA requirement, I would view the Apple Card as a big win for me -- not a money grab at all (because I never carry a credit card balance). Hence, the Apple Card is only a money grab for those who use it unintelligently.

 

[C DM]

I understand @ color options. However the same cannot be said about Rose Gold, which is closer to flesh tone for many people. No color is as striking as pure white, it literally reflects all the humanly visible spectrums of light. Rose Gold doesn't come anywhere near close to visually standing out, it would only stand out if a person is psychologically inclined to perceive it important. Pure white is visually distinctive, whether you want to or not you can see someone pulling out a pure white card from across the room using your peripheral vision, especially against a colored background / environment.

Sounds like you didn't quite pick up on the poke at it all. That's alright.

 

[prasand]

As an American who lives outside the USA but has accounts in the USA, I would not agree. Indeed, there is no free (no fee) credit card to my knowledge that lets me spend money outside the USA while pulling funds from my US bank accounts and offering no foreign transaction fee. The Apple Card is unique in that regard, eliminating that stupid foreign transaction fee. (Sure, there's a currency exchange, but that's not a big deal.) Most cards charge between 1% and 3% of the transaction for that ridiculous foreign transaction fee. And that is the lone reason I am seriously pondering the Apple Card and Apple Pay. If it wasn't for that stupid 2FA requirement, I would view the Apple Card as a big win for me -- not a money grab at all (because I never carry a credit card balance). Hence, the Apple Card is only a money grab for those who use it unintelligently.

I understand, but just because they are not trying to grab as much money as others ... doesn't mean they aren't trying to grab some money. Perhaps the more appropriate term is "cash grab", since "money grab" has the "undignified and unprincipled" perception to it. Ultimately, despite not carrying balances, Apple would be collecting on the increased use of Apple pay, and transactions. This is an Apple Pay push / motivation, the card not having fees is designed to be as close to Apple Pay as possible with less customer benefit (since non-Apple Pay transactions don't get the 2% cash back, and they can afford to give 2% with Apple Pay transactions, cause there's less involved parties and Apple retains more of the profit).

Ultimately, this is an Apple Pay push, that additionally helps people.

It was probably approached with the perspective of ... "how can we attract more users to / increase use of Apple Pay?" ... "and, how can we help them in the process? Since if we're going to do this we have to help people also."

 

[Greenmeenie]

If you dont have an iphone, can you use Apple Card in stores using the new ipad mini? Or can you only do online purchases with the ipad mini?

 

[prasand]

If you dont have an iphone, can you use Apple Card in stores using the new ipad mini? Or can you only do online purchases with the ipad mini?

I don’t think the iPad mini has the wallet app. I could be mistaken though as I’m basing this on the fact that my iPad Pro 11” doesn’t have it. This might be relevant to activating your card in the first place. But if you are able to activate the card, you should be able to link and use it in ApplePay through the iPad Mini. The new iPad mini has NFC, so you should be able to use it to pay in physical stores, or alternatively use the physical Apple Card.

Don’t know what options you’d have for paying the bill without the wallet app though. But since the new iPad mini does have NFC, it might have the wallet app after all. If so, you should be okay across the board.

 

[koruki]

You must be blind if you don't understand the implications of this. One day in the future when the Mac and iPhone are not the big hit, things like this can fund R&D. Taking an easy buck here and there when possible is the name of the game.

You are right, things like this can fund R&D.. except if you have over $100b in CASH from doing something others didn't do. Will this make them a quick buck, of course. I have nothing against Tim, I mean it was Steve who put him there but it is also sad that Apple is becoming exactly what Steve said would happen and did happen before he returned in 97. To be honest, I haven't the faintest clue on what Tim should be doing but I know this isn't the Apple we all know. They've already lost a lot of long time customers in the Mac/Macbook market and yes the iPhone is still formidable but that really is it for their current line up.. the iPhone.. just the iPhone..

 

[klrobinson999]

Credit score of 760+ required, no doubt

 

[prasand]

Credit score of 760+ required, no doubt

Nah, the APR range proves it’s going to be widely accessible.

 

[pkiula]

You are missing that all the info is on the card in your Apple Wallet so you are good to go!

My credit cards across three countries have been in one Apple Wallet for a few years now. Wake up

 

[MisterSavage]

Yes, but the Windows computer you use at work is primarily YOUR computer, right? My usage scenario involves using computers that are not necessarily owned by me. And when I use those machines, assuming I do not have my iPhone or Mac with me, how then would 2FA be anything other than a bother to me?

The scenario isn't any different if I walk over and use a co-worker's computer. I would use my phone to approve the login request and if I didn't have my phone I would use another phone to call one of my trusted contacts where I had the login code sent. If my password is compromised the attacker would still have to get past 2FA. If your password was compromised the attacker would be in your account.

 

[myrtlebee]

Don’t see the point, but okay.

 

[RevTEG]

I simply cannot understand why many posts on this article are about the interest rates. Are there that many people who carry a balance and do not pay their credit card in full? May be it is just me, but that’s pretty stupid to carry a balance.

I don’t carry a balance either, but I would have to guess most people do since that’s the way credit card companies make money. I don’t know what part of the world you live in but a google search will show you the average American family carries over $5,700 in credit card debt. And those numbers are actually down from around $10,000 a few years ago.
[doublepost=1553883109][/doublepost]

You need a credit card for a hospital stay? Hmm news to me..

How’s about stayin out of debt?

I’ve never needed a CC for a hospital stay. An insurance card but never a CC. However, I travel internationally for work. Even with an Global medical travel insurance plan, I’ve seen people have to give a CC to the hospital to start treatment while they file the international claim. We had a situation where an employee fell and broke their leg while out of the country. Great hospital but they required $20,000 deposit while they filled the claim. CC worked great. Insurance paid the hospital and reimbursed the CC payment.

 

[first-to-tea]

Who cares about the interest rate? You shouldn't ever carry a balance on your credit card. Credit cards aren't ever the right tool for financing purchases. They're for convenience and security.

The interest rate is the whole point of this card what’s the difference between Apple and other providers if they’re not providing a unique interest rate? Interest rates over 10% are just crazy. If Apple wants to make something unique it would focus on the interest rate most definitely.
[doublepost=1553889668][/doublepost]

The national average APR across the 100 top credit cards is around 17.5%.

Incredibly high. Total scam in today’s age
[doublepost=1553889719][/doublepost]

10% ??

Apple does not undercut the competition.

But Apple does things different Lee

10% ??

Apple does not undercut the competition.

Apple does things different though
[doublepost=1553889749][/doublepost]

Tim? Is this you?

Hey. You found me out
[doublepost=1553889906][/doublepost]

"Ridiculous cash grab." Alas, Apple can't suspend the real world of finance and banking to come up with some arbitrary rate that makes you feel good inside.

You see, credit card companies don't get to print money, they have to pay people to use their money to extend you credit to buy that nice Apple computer or car, etc. Those people want a reasonable rate of return for their investments like everyone else. Then they have to maintain expensive systems that allow you and merchants to be able to do business on credit.

And where do you think that 2 or 3 % that is rebated to you comes from? And, unlike those monthly fees that everyone else charges, who do you think is paying for the costs of international currency conversion costs?

Add to that massive fraud and a system that allows people to run up massive credit bills only to declare bankruptcy. You undoubtedly love the fact that when someone steals your credit card information you essentially have no liability. Guess who pays for the billions in fraud? We all do in the form of higher interest rates? You may support our incredibly easy consumer bankruptcy laws, but who pays for the billions the credit card companies have to write off each year? We all do in the form of higher interest rates.

Finally, you don't understand that Apple isn't getting all or even a majority of that interest rate. Goldman Sachs and MasterCard are running it and Apple is only getting a portion of those fees.

Here's a article from Nerd Wallet that is a good starting point for people who want to better understand why interest rates on credit cards are so high.

https://www.nerdwallet.com/blog/credit-cards/credit-card-interest-rates-high/

Sure Apple can. Don’t pretend the credit card companies and banks are doing it tough. Even if they offered 7% they would be doing very well.

 

[oneMadRssn]

The interest rate is the whole point of this card what’s the difference between Apple and other providers if they’re not providing a unique interest rate? Interest rates over 10% are just crazy. If Apple wants to make something unique it would focus on the interest rate most definitely.

If that's what you think "the whole point of this card" is, then this is not the card for you.

The point of this card is integration with Apple Wallet, and the in-app tracking, analytical, and security features. The interest rate is mostly irrelevant, as discussed above, running a balance on a cash-back credit card is always a huge mistake.

 

[ActionableMango]

The interest rate is the whole point of this card

No it's not. Clearly the interest rate is typical and nothing special at all.

 

[doobry]

Apple getting into credit cards. I feel deeply uneasy about this but I don't know exactly why. I think it's an uncomfortable look for them but hey, it's yet another potential revenue stream and money is what matters - don't let Apple ever convince you of anything else - despite all the empty platitudes and virtue-signalling at their events. Also don't be fooled by the Apple privacy hype. Goldman Sachs are apparently being trusted with all the information.

The Verge:

"Similarly, Apple’s approach to data privacy differs from other credit card companies: Apple is banking on Goldman Sachs to secure users’ credit card data, which also means that Apple won’t be the one held responsible in the event of a breach. Again, Goldman Sachs declined to comment."

I don't think this is going to be anywhere near as exclusive as all the Apple fans would like. American Express and Chase Sapphire(among others) are where the (relative) exclusivity lies with ownership fees as much as $550 just to own the card for one year. This is more like a tier 2 card rather than 4 or 5.

In addition, metal cards are very much as USA/Canada thing. Europe not so much. Amex in the UK don't offer any cards in metal despite the sky-high ownership fees. I would not be surprised to see this launch in the UK as a plastic version. Hope I'm wrong as it will probably force Amex to up its game.

Not true, the centurion card in the UK is titanium..

 

[noupf]

There are many credit card terminals with no chip reader, e.g. transit.
[doublepost=1553745860][/doublepost]

Citi Double Cash Mastercard: 2% on everything
Amex Blue Cash: 3% on groceries
Uber Visa: 4% on restaurants

There aren't many good reasons to carry the Apple Card.

Like i said, 3-4% back doesnt exist.

What does exist is 3-4% cash back on very limited categories, which make up very small portions of a persons monthly bill.
[doublepost=1553968206][/doublepost]

Costco Citi Visa
4% Gas
3% Restaurants/Travel
2% Costco
1% Everything else

Discover
5% on 3 month rolling categories that you need to activate (free)

Like i said, 3-4% back doesnt exist.

What does exist is 3-4% cash back on very limited categories, which make up very small portions of a persons monthly bill and or are a pain in the ass bc you have to "activate" them.
[doublepost=1553968416][/doublepost]

There are many credit card terminals with no chip reader, e.g. transit.
[doublepost=1553745860][/doublepost]

Citi Double Cash Mastercard: 2% on everything
Amex Blue Cash: 3% on groceries
Uber Visa: 4% on restaurants

There aren't many good reasons to carry the Apple Card.

Like i said, 3-4% back doesnt exist.

What does exist is 3-4% cash back on very limited categories, which make up very small portions of a persons monthly bill.

 

[jonnysods]

What card do you have? The 1% cash back is pretty terrible even for Canadian banks..

I thought it was 2%?

I actually have a Scotiabank Momentum Visa - 4% gas/groceries, 2% on recurring, 1% on everything. It's $129 a year, so I thought a cheaper free option could be the way to go.

 

[JPack]

Like i said, 3-4% back doesnt exist.
What does exist is 3-4% cash back on very limited categories, which make up very small portions of a persons monthly bill.

LOL. Didn't know gas, groceries, and restaurants make up a small portion of most people's bills.

I mean if you're not smart enough to apply for multiple credit cards, then no, 3-4% cash back "doesn't exist."

 

[MisterSavage]

LOL. Didn't know gas, groceries, and restaurants make up a small portion of most people's bills.

I mean if you're not smart enough to apply for multiple credit cards, then no, 3-4% cash back "doesn't exist."

Chase Trifecta FTW!

 

[trekkie604]

I thought it was 2%?

I actually have a Scotiabank Momentum Visa - 4% gas/groceries, 2% on recurring, 1% on everything. It's $129 a year, so I thought a cheaper free option could be the way to go.

2% with apple pay only...

 

[noupf]

LOL. Didn't know gas, groceries, and restaurants make up a small portion of most people's bills.

I mean if you're not smart enough to apply for multiple credit cards, then no, 3-4% cash back "doesn't exist."

ohhhhhhhhhhhhhhhh, so now i have to sign up for multiple credit cards to get some sort of variation of 3-4% off certain categories, none of which are the same on each card, just so i can get an additional 1-2% off. Yup, thats what i'm not smart enough to do, lmao

like i said, there is not a single card the out there that gives you 3-4% off everything you buy.......which is what my original quoting of a poster on here was all about.


BTW......credit card companies and their bean counters are a hell of alot smarter than you and I. They wouldn't be giving 3, 4 or 5% off particular categories if they made up the bulk of the average customers monthly bill. Trust me.

 

[JPack]

ohhhhhhhhhhhhhhhh, so now i have to sign up for multiple credit cards to get some sort of variation of 3-4% off certain categories, none of which are the same on each card, just so i can get an additional 1-2% off. Yup, thats what i'm not smart enough to do, lmao

like i said, there is not a single card the out there that gives you 3-4% off everything you buy.......which is what my original quoting of a poster on here was all about.


BTW......credit card companies and their bean counters are a hell of alot smarter than you and I. They wouldn't be giving 3, 4 or 5% off particular categories if they made up the bulk of the average customers monthly bill. Trust me.

I'm not sure what your argument is.

Too difficult to manage more than one credit card? Gallup says the average American credit card holder has 3.7 cards in their wallet.

No single credit card with 3-4% cash back? So? Is it too difficult to manage 3 credit cards in Apple Wallet?

The Bureau of Labor Statistics says the average American spends nearly $10,000 a year on food and gas. There's no need to guess. I'll take 3-4% cash back on those categories every time if it means having to store extra cards in Apple Wallet.