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

[Khedron]

I think what Kaibelf is trying to say is that not everyone can pay for cars or home in cash so they have to finance which means using credit. That involves interest rates.

Saying “If you cant put down cash for it don’t buy it” can be somewhat of a misnomer. Not everyone has 200,000 to plop down on a home all at once; but they can afford to finance after putting some amount down before financing.

Yes but if your car or house interest rate is even in the same ballpark as a credit card then back away.

For a car you should also be looking for 0% financing or some discount that makes up for some other very low interest rate.
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What the heck are you talking about? You realize credit card debt is something that mostly plagues the poor, right? It's not a tool made to help them, it's a tool made to hurt them.

Credit cards are regressive taxation

 

[oneMadRssn]

In the eyes of the credit card company, someone like this is NOT the ideal customer, because they do not make any money off of you. In their eyes, they want to see Joe Public charge way more $$ on a credit card and carry it over month to month, because of all the interest.

Not really. Credit card companies primarily make money by charging fees to merchants per transaction. So they still make money off your spending, even if you pay your balance every month.
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Credit cards are regressive taxation

That's a bit dramatic, don't ya think?

Credit cards are a financial tool. That's it. If used correctly, a hammer is a great tool for banging in nails. But if used incorrectly, you can really hurt yourself. Financially, credit cards are no different.

 

[nlkccom]

For those of you who's thinking about applying for the Apple Card, would you still be interested if it only comes in a typical plastic card instead of a titanium card?

 

[DamoTheBrave]

What I’m trying to figure out is whether there is an interest free period. Can you avoid being charged any interest if you have paid off the card within the month?

 

[now i see it]

the only reason they started this up is to earn interest on your debt.

Enriching People's Lives (by encouraging debt)

 

[Cinab1mt]

The number will be on your phone in wallet. The idea is that a waiter can't just write down your number to use later.

Ahh, that makes sense. Thanks for clarifying!

 

[Khedron]

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

Don't let anyone see you using the physical card. I'd die of embarrassment if I was caught paying with a magstrip.

 

[Viper2005]

We need this in canada!

 

[Khedron]

the only reason they started this up is to earn interest on your debt.

Enriching People's Lives (by encouraging debt)

Apple believe they're entitled to 50% of other people's income. 24% of your debt isn't really fair to them, but it's a start.

 

[AppleMad98004]

What the heck are you talking about? You realize credit card debt is something that mostly plagues the poor, right? It's not a tool made to help them, it's a tool made to hurt them.

Huh... No one forces you to get a credit card. If you are poor you must be stupid to apply for one.

 

[Westside guy]

Apple says Apple Card will offer an APR between 13.24 percent and 24.24 percent based on your credit score. On the low end, that's lower than the national average APR of 17.67 percent, so the card will be a good deal for those with high credit scores.

We have a pretty good credit score, and our bank Visa carries a current interest rate of 12.15% - so I have to take issue with this statement. 13.24% is not particularly enticing.

 

[Geordiekeith]

How so? All my AMEX cards are metal already. Platinum and Gold cards are all metal now. Centurion cards have been metal for a long, long time (maybe always (Not old enough to know, thank God!)).

My Gold Amex is plastic - Dutch (KLM/Air France) card. My European Mastercard and VISA are also plastic - gives some some security (and lots of satisfaction) when I cut an old one into pieces.

 

[whsbuss]

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

Well my CapitalOne does 1.5% on everything..... but I use ApplePay for gas and groceries each week. That's another .5% I can get and as other retail stores get on board it could be worth it

 

[inhalexhale1]

Apple has designed an incredibly thin titanium… credit card. This is like something a parody artist would come up with.

I know. Any other year this would have been an April Fool’s joke. I get the services with games, etc.

The credit card is bizarre.

Meanwhile they’re issuing more apologies for the faulty keyboards, affecting the “fixed” 2018 models.

 

[Khedron]

That's a bit dramatic, don't ya think?

Yes, a bit.

 

[iGeek2014]

If this ever comes to the U.K., which I doubt, the rewards won’t be worth it as most, if not all, credit card providers have fairly week rewards schemes since the cap on Interchange Fees.

 

[locovaca]

So how do my wife and I share an account? We both have discover cards for the same account today. How would we both add the same account across different phones?

 

[msama]

Well my CapitalOne does 1.5% on everything..... but I use ApplePay for gas and groceries each week. That's another .5% I can get and as other retail stores get on board it could be worth it

Why wouldn't you just get a card that does 2% for everything?

 

[8CoreWhore]

Isn't an "international fee" the same as a "foreign fee"? Here's one in Apple's own demo showing a $36 foreign fee.
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Usurious? They are on the low end of the spectrum by a decent margin. Want to see a REAL terror, look at cards from Target, or even a Chase Freedom card. The delta on those is a good 4-5 points from this.

Up to 24%

 

[tgwaste]

The only thing that kills this for me is having to using Apple Pay for the 2%.

 

[Manatee]

I hope the next version of the card is thinner.

 

[jaychow]

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?

 

[3rdiguy]

I look forward to this card. I’ll set it as the default card and cover subscriptions and all of my daily purchases. I use Apple Pay at most of my regular spots so earning daily cash should be a breeze. Wanna see what my credit limit will be too
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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?

You have to have an iPhone to sit up and use the Apple card

 

[8CoreWhore]

I wonder what the required credit score will be to get approved?

Seeing that the interest rate goes as high as 24%, I'd say they'll allow a low score. But anyone with a low score should not get another card...

 

[Jetfire]

Because Apple was always known as a budget buyer option? Either way, the interest rate is set by the Fed and the bank that ties their APR to that rate. There's not much (if anything) they can do. I'm curious about why people can't figure out that Apple is not a bank, and that yes, BORROWING MONEY (which is what a credit purchase is) draws interest. I get that these days people want everything for free, but now it seems they even want money for free despite risk.

One it's says Apple Card not Goldman Sachs. Apple says that it's a new way of doing things. That's how Apple is marking it. Two the Fed doesn't set interest rates on Credit Cards. The issuer does. The Federal Government tried to limit Credit Card interest years ago but was struck down by the SC. That's why almost all cards are issued for on state (town). The issuer could charge 0% if they want. The only reason that the tie the APR to the fed rate is so they always make money.