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

[MisterSavage]

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.

Uhhhh the Chase Freedom category for April to June is grocery stores. Before that it was gas stations.

 

[ksnell]

CC companies make money off the fee they charge vendors for access. Some people will pay that interest rate which is much higher than 3% cashback...

There is a reason basically no one in the industry pays 3% rewards on everything. Those interest fees are already baked into the cake to help cover fraud, overhead, bad debt, etc. and have a little profit in the end.

 

[tharlow]

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,

Nope. Any Capital One or Discover card for starters. Uber Visa is another. HSBC. The best thing about Apple Card is that you need an iPhone to get (and continue to use?) it. I love exclusives!

 

[ThunderSkunk]

I’m waiting to see how easy or difficult will it be to pull transactions into financial management software (like Quicken or Banktivity).

It’s been a decade since I used personal financial management software, and back then the whole world was waiting for quicken/quickbooks to make a full version on the Mac, which after dragging their heels about doing halfway, they said they had no intention of completing. I imagine in the time since, someone with their act together must have picked up the slack and figured out how to write a decent financial app. How does Banktivity compare?
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The best thing about Apple Card is that you need an iPhone to get (and continue to use?) it. I love exclusives!

That’s the dealbreaker for me. I have to carry around an iPad to run my company as it is, so an iphone is redundant and unnecessary. There is nothing the iPhone did for me that an iPad doesn’t do better. But if they’re saying my $1500 iPad with cellular connectivity cant handle receiving the message that a purchase has been made, or whatever functionality this credit card requires of the iPhone, then this ipad “pro” doesn’t even have the functionality of the cheapest iPhone? Horsepucky. They need to extend this functionality to iPad owners.

 

[C DM]

Nope. Any Capital One or Discover card for starters. Uber Visa is another. HSBC. The best thing about Apple Card is that you need an iPhone to get (and continue to use?) it. I love exclusives!

Hardly exclusive. And certainly hardly something that would make it "the best thing" somehow.

 

[sransari]

Should have made it 3% for all purchases and they would have taken the entire CC market.

Why not 3.01%?

 

[macguru212]

Here's to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes... 13-24% APR.

my god where did we go wrong.

 

[fishbert]

It’s been a decade since I used personal financial management software, and back then the whole world was waiting for quicken/quickbooks to make a full version on the Mac, which after dragging their heels about doing halfway, they said they had no intention of completing. I imagine in the time since, someone with their act together must have picked up the slack and figured out how to write a decent financial app. How does Banktivity compare?

I used Quicken for years on Windows before moving to a Mac. Then, Quicken was pretty much the only reason I kept a copy of Windows installed on a Mac. I was sick of the hassle, and really disappointed when half-ass Quicken for Mac finally landed.

I tried a few other financial management software packages, but Banktivity was the most Quicken-like option out there for Mac OS. It has its quirks and feels a bit like an open source project at times, but I've been using it for years now and am pretty happy.

 

[MacClueless]

I'm excited about this card. Did anyone read the article in Forbes that said "Of the survey respondents who intend to open the Apple Card, 42% don't have an Apple smartphone." Do you think they missed the part about needing an iPhone to apply?

https://www.forbes.com/sites/ronshe...oming-apple-credit-card-tsunami/#77923dbd48dd
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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.

Wait for "The Apple Card Edition"?
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So the Apple Card is just another credit card with 2% cash back.

It's nice to have in my wallet, but I'll stick to my cards with 3-4% cash back.

No card has 3-4% on all purchases. Do you mean a rotating categories card?
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Wonder if we'll ever see it outside of US.

Definitely, I'll take mine all over the world!
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As someone who’s had to process plenty of transactions with metal cards: they’re a pain in the ass, they don’t swipe very well and will break credit card swipers. And no matter how much like to pretend their tech bubble where everyone takes contactless payments is normal, it really isn’t and not only are there plenty of places that don’t do contactless payments even if they’re supposed to, there’s still plenty of places that don’t even have chip readers and still rely on old fashioned swiping or manual entry.

I don't think the actual card should ever be used by anyone, I won't even carry it. I'll only use it for Apple Pay purchases.. the 1% on swipes is silly, they might as well have made it 0% on swipes.

 

[ralpa]

I feel that this is so like Steve jobs’ thinking, anyone?

 

[BOOMBA]

You have to get that info from the Wallet app.

No, you need to buy an adapter to use it.

 

[fishbert]

No card has 3-4% on all purchases. Do you mean a rotating categories card?

My card has 2.625% cash back on all purchases. That's starting to get close to 3%.

 

[k1121j]

Rewards are kind of meh compared to cards like the free citi double cash 2% everything card. I would love to whip out this titanium card to use with purchases but alas you can't because it only rewards 1% back if you use the physical card. 2% cash back only works with apple pay. The one reason why I'd use the card is to use the titanium card but then you're punishing me for using the physical card. What gives.

I'll be sticking to my sapphire reserve

Do you prefer the higher interest and yearly fee? I know yearly fees tend to insult me as they usually pay for the benefits you get back :-/.
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I don’t have an iPhone nor Apple Pay. I have a high FICO score and use credit card only occasionally. Is it worth to get the Apple Card since as too many cards will hurst my score?

Not sure to many cards hurt your score. I have 795 and 25 cards? Perhaps to many new cards or too many cards with balances is what you mean?

 

[pixpixpix]

Curious about the monthly max cash back as 3% of your credit limit. That means you can't make multiple large purchases in a month and pay off as you go.

 

[rdunlap]

It doesn’t mention anything like price protection, or even extended warranty on purchases. Anyone have any information on the benefits?

 

[MikeVarney]

Can someone explain what it is with N-America and Credit Cards? Like history and why people use it. Whats so good and convinient about paying interest on money you spend? I just can’t get my head around it.
Where i’m from(and I would say a big part of Europe) , 99,99% use debit cards- you only use money you have and thats it, you have some money- you spend it. That simple. Some people have credit cards as a backup while traveling, but the whole concept of spending money, then receiving receipt at the end if the month and paying againg, God forbid with %...it’s just...how can someone justify it as a smart idea?

Two reasons. 1, the percentage interest doesn't kick in until at least one billing cycle - - you're not charged interest until after the charge appears on a bill then you have until that bill's due date to make a no-interest payment. 2, the laws in the U.S. regarding the fraudulent charge appeals process haven't kept in pace with debit cards as they have progressed with credit cards. With credit cards there are banking laws which don't hold you responsible for a reported charge - - this results in the CC companies resolving these issues in a timely fashion one way or another. With debit cards, the bank doesn't have to return your money into your account until AFTER the issue has been resolved, so there's no incentive to resolve the issue quickly, and you're out your money in the meantime. Additionally, using debit cards can result in temporary holds on your money (such as at the gas pumps) that won't resolve for several days.

The second reason is the big one for me. Dealing with bad activity on my card is SOOOO much easier with my CC than it is a debit card.
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Looks like a good time to sell Apple stock.

Why? Apple has assumed none of the risk here. Their end game is to increase use of Apple Pay. Which gets them transaction fees.

 

[MisterSavage]

Two reasons. 1, the percentage interest doesn't kick in until at least one billing cycle - - you're not charged interest until after the charge appears on a bill then you have until that bill's due date to make a no-interest payment. 2, the laws in the U.S. regarding the fraudulent charge appeals process haven't kept in pace with debit cards as they have progressed with credit cards. With credit cards there are banking laws which don't hold you responsible for a reported charge - - this results in the CC companies resolving these issues in a timely fashion one way or another. With debit cards, the bank doesn't have to return your money into your account until AFTER the issue has been resolved, so there's no incentive to resolve the issue quickly, and you're out your money in the meantime. Additionally, using debit cards can result in temporary holds on your money (such as at the gas pumps) that won't resolve for several days.

All good reasons you listed. I also earn points with my credit card purchases. My last two trips to Europe I used points to get the tickets. They would have been over $2000 per person one way if I had purchased them. Using credit cards and paying your bill responsibly also builds your credit score. On my annual fee cards they also offer advanced things like return protection, loss from theft, etc.

 

[npmacuser5]

First look, a good card to have. Interest rates, why would anyone pay credit card interest rates, non issue.

 

[kyleh22]

no foreign transactions fees is nice.

 

[sturek]

The Apple Card is my favourite product launch since Apple Watch. If they drop the interest rate to a simple flat 10%, Apple will attract a whole new generation of customers. 13-24% is a ridiculous cash grab.

Just pay your bill every month and then it is 0%....

 

[iScone]

This will be the litmus test for who’s got their head screwed on and who’s got a screw loose. Will Apple loyalty extend to accepting more debt?
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Just pay your bill every month and then it is 0%....

If you can afford to pay it off every month, what’s the point of having a credit card? Just use the money you pay it off with and avoid the temptation to spend more than you can afford. This is a fool’s product.
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No it's not. Clearly the interest rate is typical and nothing special at all.

The point of any credit card is to make money. Apple is releasing this to make $$$$ out of the APR. I don’t know what you think the point of it is if not that.

 

[MisterSavage]

If you can afford to pay it off every month, what’s the point of having a credit card? Just use the money you pay it off with and avoid the temptation to spend more than you can afford. This is a fool’s product.

If you're financially responsible enough to pay off your credit card bill each month then the temptation to spend more than you can afford probably isn't a factor.

 

[thoang77]

If you can afford to pay it off every month, what’s the point of having a credit card? Just use the money you pay it off with and avoid the temptation to spend more than you can afford. This is a fool’s product.

Improving your credit, earning points/miles/bonuses, various credit card benefits (extended warranties, fraud protection, travel insurance, etc), security (vs a debit card)

 

[phoni]

Maybe I missed something but if there is no CC#, how will you be able to make purchases at online retailers that don't offer Apple Pay or PayPal?

Or, what if you don't have/own an iPhone ? Then what's the purpose of the 'physical' card ?

 

[ZebraDude]

Later in the year, Apple is going to launch a new credit card that's linked to Apple Pay and built right into the Wallet app, which iPhone users can sign up for. Apple is partnering with Goldman Sachs for the card, which is going to be optimized for Apple Pay but will still work like a traditional credit card for all of your transactions.

There's a lot of fine print associated with the new Apple Card, so we've created this guide to provide details on what you can expect when it launches in the summer.

Signing Up for Apple Card

According to Apple, signing up for Apple Card will be as simple as opening up the Wallet app, tapping on the Apple Card interface, and walking through the activation steps.

Once you've signed up for Apple Card, it will be available for use immediately for digital purchases, suggesting Apple will have some kind of pre-qualified application process in place. Apple says availability is subject to credit approval, so you need to qualify for Apple Card just like you do with any other credit card.

For traditional purchases, you will need to wait until Apple ships you the physical Apple Card.

Using Apple Card with Apple Pay

Apple Card is designed to work with any other credit or debit card stored in the Wallet app for use with Apple Pay. You can set it as the default card and use it for in store purchases on iPhone and online purchases on Apple Watch, iPhone, iPad, and Mac.

Using Apple Card for Non-Apple Pay Purchases

If you need to pay for purchases that can't be made with Apple Pay, you can use the physical version of the Apple Card that Apple sends once you sign up.

In addition to Goldman Sachs, Apple is partnering with Mastercard, so the physical Apple Card can be used wherever Mastercard is accepted. Mastercard is fairly ubiquitous around the world, so the Apple Card should be accepted wherever Mastercard is available.

The Titanium Apple Card

With Apple Card you can make digital Apple Pay payments, but Apple is also providing a physical card. Since this is a credit card designed by Apple, it is, of course, unique among credit cards.

It's made entirely from titanium, which is laser etched with your name. The front of the card does not have a card number or an expiration date listed, and on the back, there's no CVV and no signature. If someone finds or steals your card, there's going to be no real way for them to use it, at least for online purchases.

There's still a traditional magstripe on the back, along with a built-in chip. While the card number and CVV are not on the card itself, you can find them in the Wallet app if you need them.

When you actually get your physical Apple Card, you'll be able to tap it to the iPhone to activate it, so you won't need to place a phone call for activation like you have to do with existing credit cards. The physical Apple Card will not support contactless payments -- you need to use your iPhone for Apple Pay payments. There is no cost for the card and there is no fee associated with replacing it if you lose it.

Ahead of the Apple Card's launch this summer, Apple has been providing its employees with Apple Cards for testing purposes.

Apple Card on iPhone and iPad

The Apple Card will have deep integration with the iPhone, but the iPad will also have an app that will allow users to sign up for, access, and manage the Apple Card.

This is an iPad-only app as the iPad does not have the Wallet app, which is where the Apple Card is located on the iPhone and the iPod touch.

Credit Limits

As with any other credit card, there is a credit limit for Apple Card that will vary from person to person. A better credit score means a higher credit limit, and credit limit also increases over time.

Making Payments

You'll be able to pay your Apple Card balance using a linked bank account or Apple Cash in the Wallet app.

Multiple Users

There is no option for multiple users or sharing cards at this time. There's one card per person and one card per account.

Fees

Apple says there are no annual fees, international fees, fees for making a late payment or fees for exceeding your credit limit.

There may be no late fees, but if you make a late or miss one payment, Apple says this will result in "additional accumulating toward your balance." That means making a late payment will not result in penalty rates, aka increased interest rates. You're still going to have to pay interest on the outstanding balance, and a late payment will impact credit score, but interest rates won't increase.

There are no foreign transaction fees, but the exchange rate for foreign transactions is determined by Mastercard.


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Article Link: Apple Card: All the Details on Apple's Upcoming Credit Card

well, darn it it’s on the MasterCard network and I do most of my shopping at Costco. Fail for me.