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

[T-R-S]

I can see people misusing this Apple card already

some people can't handle credit - others can. FWIW there are no numbers on the card or CV code - so nobody can steal the numbers at a gas station or restaurant - I would say this card is more secure than regular cards

 

[prasand]

Do you mean Space Gray instead of Platinum?

No, I mean a platinum-tiered card (not the metal, it would instead be stainless steel, or something non magnetic but heavier than the titanium card), with an annual fee of around $400. But they’d have to create compelling features for that (so we’re a few years away from that happening I think). The Rose Gold would be Amex Gold, and Chase Sapphire Preferred level. The Apple Card Platinum, would be Amex Platinum, and Chase Sapphire Reserved level.

 

[RevTEG]

Back in the day MasterCard wasn’t accepted around the world like visa. Has this changed? Any thoughts on why Apple would have gone with the “smaller” company? Is MasterCard now largely available?

 

[prasand]

Back in the day MasterCard wasn’t accepted around the world like visa. Has this changed? Any thoughts on why Apple would have gone with the “smaller” company? Is MasterCard now largely available?

Yes, Mastercard is almost as available as Visa, but Visa is still more popular. I still somewhat have my 1980’s anti-Mastercard bias, so them going with MasterCard initially rubbed me wrong (I even dislike their logo, lol). It’s possible it was a Goldman Sachs decision, or maybe Mastercard gave Apple more incentives to put them on the Apple customer map. Like say, the barrier to entry for Visa Signature was more difficult as an upgrade path, but Mastercard might be willing to make concessions. All speculation of course. But it seems to me, if Apple was behind the decision, then there were incentives.

 

[Romeo_Nightfall]

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.

what are you writing - this excluisvity stuff is so back than russia - who even cares. they can pay me to use their card. a club who doesnt want me - who cares - theres a life outside all that stuff!!!
apple card is a great thing - its tim style - otherwise we wouldnt have goldmann as a middle man. apple can become a sole payment provider - as amazon or google - its long time this digital transformation finally happens!
[doublepost=1553756937][/doublepost]

Yes, Mastercard is almost as available as Visa, but Visa is still more popular. I still somewhat have my 1980’s anti-Mastercard bias, so them going with MasterCard initially rubbed me wrong (I even dislike their logo, lol). It’s possible it was a Goldman Sachs decision, or maybe Mastercard gave Apple more incentives to put them on the Apple customer map. Like say, the barrier to entry for Visa Signature was more difficult as an upgrade path, but Mastercard might be willing to make concessions. All speculation of course. But it seems to me, if Apple was behind the decision, then there were incentives.

mastercard an visa is one company now ... haha - always funny seeing the consumer making decsions and not knowing - somewhere on the upper level only a few people hold all the money and power !!!

 

[C DM]

Back in the day MasterCard wasn’t accepted around the world like visa. Has this changed? Any thoughts on why Apple would have gone with the “smaller” company? Is MasterCard now largely available?

MasterCard has been quite widespread for quite a while now. For the most part there's pretty much little difference between MasterCard and Visa acceptance these days and really for some time now.

 

[laurieballard]

As others have said, credit cards are not really designed to actually have a balance on them unless you have an interest free one for a large purchase.

If you want credit, find a loan with a low APR.

I have two Amex cards, not a clue what the APR is as I pay the balance in full each month, gives me about £180 a year in cashback on one and probably 15-20k points on the other depending on the deals they have on.

Edit - Meant year, not month

 

[C DM]

No, I mean a platinum-tiered card (not the metal, it would instead be stainless steel, or something non magnetic but heavier than the titanium card), with an annual fee of around $400. But they’d have to create compelling features for that (so we’re a few years away from that happening I think). The Rose Gold would be Amex Gold, and Chase Sapphire Preferred level. The Apple Card Platinum, would be Amex Platinum, and Chase Sapphire Reserved level.

I was just getting at the idea of Apple having Gold, Rose Gold, and Space Gray as part of the standard offering for many of their products, and putting that in the context of credit cards.
[doublepost=1553760699][/doublepost]

As others have said, credit cards are not really designed to actually have a balance on them unless you have an interest free one for a large purchase.

If you want credit, find a loan with a low APR.

I have two Amex cards, not a clue what the APR is as I pay the balance in full each month, gives me about £180 a month in cashback on one and probably 15-20k points on the other depending on the deals they have on.

Well, in a sense they are designed for that and credit card companies actually prefer customers who pay them like that with interest charges that they make off of them. It's more that good use of credit cards by consumers would be where no interest or other fees are involved (which usually means paying off the full balance when it's due).

 

[prasand]

I was just getting at the idea of Apple having Gold, Rose Gold, and Space Gray as part of the standard offering for many of their products, and putting that in the context of credit cards.

I doubt they would. For most people this would have the social appeal / status symbol of the signature white earbuds, rather than iPhone / MacBook. Pulling out the white card is as distinctive and identifying as seeing someone rocking the white earbuds on a train / subway. The white is striking, makes it more noticeable.

It’s possible though, like when the card hits critical mass, that Apple would give options so people can differentiate.
[doublepost=1553762179][/doublepost]

mastercard an visa is one company now

It’s possible that behind the scenes there are the same people in control, but it is a fact that they are separate companies.

 

[dilbert99]

Apple Card is designed to work with any other credit or debit card stored in the Wallet app for use with Apple Pay.

Designed to work with those cards in which way?

Since this is a credit card designed by Apple, it is, of course, unique among credit cards.

Isn't every card unique to the company that supplies it?

How do you pay it off? Is it connected to your bank account?

Hey look its the macbook 2025, no screen, no keyboard, no ports, the memory is still soldered in to that chip.
Its got a smart connector that you use to connect to a screen, keyboard and mouse.
Bonus feature is that it no longer has a battery and works via wireless transmission.

 

[RevTEG]

Yes, Mastercard is almost as available as Visa, but Visa is still more popular. I still somewhat have my 1980’s anti-Mastercard bias, so them going with MasterCard initially rubbed me wrong (I even dislike their logo, lol). It’s possible it was a Goldman Sachs decision, or maybe Mastercard gave Apple more incentives to put them on the Apple customer map. Like say, the barrier to entry for Visa Signature was more difficult as an upgrade path, but Mastercard might be willing to make concessions. All speculation of course. But it seems to me, if Apple was behind the decision, then there were incentives.

Thanks for the reply. It has been a very long time since I looked into MasterCard. I’ve traveled international for almost 25 years and visa was the way to go. All our business cards are visa. Even my back cards are backed by visa. I don’t have any knowledge of who uses MasterCard. I just know I have to be able to use my CC. Looks like I’ll be getting my first MasterCard.

 

[Nick05]

Yeah, the rates are insane but since I pay my cards off every month it probably doesn't matter. Still, I don't like it, it's pretty clear they're trying to trap people into a vortex of debt they can't escape. Sure, I know theoretically you can avoid the rates, but things happen in life. What if someone close to you dies and you're dealing with that and forget about paying the monthly bill for the $6,000 Mac Pro you just put on the card and a couple payment periods pass by? You're going to be in for a hell of a shock once you get around to paying the bill.

wouldn't the missed payment fees and added interest from another card be higher than just the total interest added from the Apple Card in this scenario?

Overall, the rates seem to be on par with other cards I’ve seen. Can’t say I’m actively looking at credit cards and comparing interest rates, but it doesn’t look different.

 

[thisisnotmyname]

Tell them "no" if it bugs you. Most retailers would rather make the sale than collect the data. The only way to be heard is to speak up.

You DO have to be willing to walk away from the purchase though.

Still, it isn't too unlike using Apple over Windows or Android for privacy concerns.

I keep saying "no" to the screen of my iPhone but it's like it's just not listening

...every once in a while Siri apologizes and tells me she didn't understand me.

 

[fithian]

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

My credit union card gives 3% back on everything. Can't see any advantage for the Apple card.

 

[mdwsta4]

All these people complaining about interest rates. If you're being charged interest it means you're carrying a balance. If you're carrying a balance you can't afford what you've purchased so you shouldn't have bought it in the first place. Credit cards should be paid off every month.

 

[JDW]

I've never used Apple Pay before so I don't really understand how it works, and even the guide is missing the most important detail -- how to pay. No really. Say I get the Apple Card this summer and start using Apple Pay for the first time. Say I spent $500 in total. How do I pay that balance? Is it part of the Wallet app that you enter your bank info? And what if I don't have a normal bank but rather an investment portfolio like Fidelity, yet I want to use funds from that account to pay the Apple Card bills. How does that get setup? Or is it even allowed.

Also, what about auto-payments? I have credit cards like that now. When I charge on them, the funds get pulled from my linked bank account (even Fidelity) automatically and there's nothing I need to approve. (Suffice it to say, I don't carry a balance on my credit cards ever, nor should anyone really.)

I'm bewildered that this Apple Pay guide doesn't cover that most important part -- how to pay your Apple Card bill!

 

[JosephAW]

Hopefully this will work under iOS 12 so my older devices would work.
It would be nice for them to offer a balance transfer as well.

 

[rotax]

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.

Agree. I am therefore wondering what period of time is provided from time of purchase or billing cycle close with no interest applied when paid in full. I hear her say in the presentation interest is calculated daily. I hope that is only for carried balances, which I dont do.

 

[cyb3rdud3]

Platinum nice Will compliment my black metal stainless steel Revolut card that have been doing that for ages, including no number on the front.

I can't believe there is so much question regarding Mastercard. It's accepted very widely. Their networks underpin nearly anything. Internationally it is one of the best. Ever since the early nineties I've had Maestro on my Debit cards which provide the same international payment mechanisms without having to run a credit line. Mastercard is accepted in 210 countries around the world.

Anyway as a world traveller it is always good to have multiple in your pocket. Mastercard also provided additional useful features that its issuers can choose to utilise and offer or not like going back in time for funding options (useful if you accidentally used a business card for an uber that was supposed to be private, and upto 2 weeks later you can change it). Or holding multiple currencies on a card and utilising interbank exchange rates. And some now even support crypto currencies as well.

Yup, definitely a good choice. It will be interesting to see what Apple's offering will be. Although undoubtedly it will vary by region due to local legislation and regulatory issues.

 

[CLS9]

I wonder if the Apple card will work like the Barclay card with interest-free financing on Apple products.

 

[EnJaNir]

please let me know what cards give you 3-4% cash back.......bc they don't exist.

Which cards give 3-4%? I thought citi double cash was one of the best currently but they’re only at 2%
[doublepost=1553747089][/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)

 

[Norwegian_Imposter]

those interest rates tho~! wow

Could not care less because I will never get to benefit from it

 

[DotCom2]

I wonder if the Apple card will work like the Barclay card with interest-free financing on Apple products.

That's what I'm hoping for.
[doublepost=1553783519][/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)

I LOVE my Costco/Citi Visa! Especially the 4% back on gas.
Only diff is that there is a yearly membership fee which should be included in the cash back net.
The Apple card has no annual fee, soooooo there's that.

 

[oneMadRssn]

Agree. I am therefore wondering what period of time is provided from time of purchase or billing cycle close with no interest applied when paid in full. I hear her say in the presentation interest is calculated daily. I hope that is only for carried balances, which I dont do.

I'm sure it's exactly like every other credit out there. It's interest free until the due date on the statement.

 

[EnJaNir]

That's what I'm hoping for.
[doublepost=1553783519][/doublepost]
I LOVE my Costco/Citi Visa! Especially the 4% back on gas.
Only diff is that there is a yearly membership fee which should be included in the cash back net.
The Apple card has no annual fee, soooooo there's that.

I agree, the card is fantastic. Great rewards, and second year warranty on items purchased with it, etc etc.

I consider the Costco membership fee separate from a traditional card usage fee simply because I am going to be a Costco member anyways, I get the benefit of the card included.

But.... I can't argue with your point either. Just depends how you look at it.