Apple Card and Challenging High APRs

Discussion in 'Apple Music, Apple Pay, iCloud, Apple Services' started by LawJolla, Aug 14, 2019.

  1. LawJolla macrumors member

    Joined:
    Sep 29, 2013
    #1
    My rate is huge and I'm wondering why. (I checked for another rate thread but didn't find any).

    I'm at 17.99%. Here's my credit/FICO score per Apple (840, see attached).

    I don't want to accept the card if I can't fight about it later. Does anyone know how you can ask for an explanation?
     

    Attached Files:

  2. Banglazed macrumors demi-god

    Banglazed

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    #2
    My credit score is 800 but my got APR 19.99%. I’m curious, what credit limit did it offer you?
     
  3. iApplereviews macrumors 6502a

    iApplereviews

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    #3
    You can contact Goldman Sachs they do have a department for the Apple Card. Don't know a direct number calling Apple and asking for a transfer is probably best.
     
  4. LawJolla thread starter macrumors member

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    Sep 29, 2013
    #4
    Thanks for the response... that makes me even madder than my offer. :) $8500

    If 800 is "good" enough for 20% interest, I don't know the point of credit cards.
     
  5. Spytap, Aug 14, 2019
    Last edited: Aug 14, 2019

    Spytap macrumors regular

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    Oct 8, 2010
    #5
    I got 17.99% and 15K limit, but I'm not concerned about the APR at all because I choose to pay off all my cards every month and carry no debt.
     
  6. iApplereviews macrumors 6502a

    iApplereviews

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    #6
    And that's the point of this card is to pay all debits every month. It's very transparent on how to avoid any interest.
     
  7. Spytap macrumors regular

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    Oct 8, 2010
    #7
    No different from any card, really. Just more transparent in the timing and with fewer fees if you forget.
     
  8. iApplereviews macrumors 6502a

    iApplereviews

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    #8
    I'm just laughing at the post on here of people afraid to make electronic payments on the card. Like wut
     
  9. Spytap macrumors regular

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    #9
    You and I may be a little older. I know a number of my younger colleagues who are (justifiably) scared of debt due to high student loans and thus mainly use debit/venmo. I wouldn't be shocked if this is the first CC for a number of people (not necessarily saying that's the case for this thread, just some of the commentary I've seen.)
     
  10. iApplereviews macrumors 6502a

    iApplereviews

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    #10
    I don't mean they are afraid of the debit or actually making payments I mean they are afraid of having their bank info on file or electric payments some are saying they want an option to mail checks. Which I find it weird they would have opted for a card like this.
     
  11. MisterSavage macrumors 65816

    MisterSavage

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    Nov 10, 2018
    #11
    I was really, really spooked about using credit cards and didn't get one until I got out of college. I knew a lot of friends that got into trouble with frivolous spending and minimum credit card payments. It's kind of funny how I'm the exact opposite now and put every cent I can on my credit cards (never carrying a balance).
     
  12. LawJolla thread starter macrumors member

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    Sep 29, 2013
    #12
    I contacted Goldman Sachs. I told them if an 840 credit score can't get their lowest rate, and they can't otherwise justify the higher rate, then their low rate is a fraudulent marketing gimmick. (For the "other issue" categories, I have $26k in available CC credit and owe $700).

    They said they'd get back to me. We'll see.
     
  13. iApplereviews macrumors 6502a

    iApplereviews

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    #13
    I've got a couple with a balance but Im not using those cards anymore and am paying them down. Haven't used credit really much at all in months. But I do plan on using the Apple Card Vs my debit and just doing weekly payments and not carrying a balance. Just using it for the transparency on spending and instant cash back. Oh ya and that nice physical card.
    --- Post Merged, Aug 14, 2019 ---
    I don't know your details and not claiming to. But APR decisions are based on more than that number. You will have an extremely hard time proving false advertising/fraudulent marketing. If you only owe $700 on all your cards you don't seem to have much to worry about in terms of APR. If your not going to carry a balance or much of one why is APR so relevant to your decision?
     
  14. LawJolla thread starter macrumors member

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    Sep 29, 2013
    #14
    I'd assume that between the two of us only one went to law school. Let's leave legal suppositions like proof to those who are trained in such manners. I don't use words loosely.

    Allow me to extend your non point further. If my APR was 300%, why should I care? Why would that be relevant? 2000%? I pay it off monthly, who cares. Right?

    To answer your silly, Apple brown nosing question, because if I can't get 12.9% then no one can and it's a con. And I care that it's a con.
     
  15. iApplereviews macrumors 6502a

    iApplereviews

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    #15
    You sound like Mr. Perfect “if I can’t no one can”
     
  16. Spytap macrumors regular

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    #16
    Dude, I ... really hope you didn't. As someone who genuinely knows what he's talking about, I'll leave it at that.
     
  17. MacDawg macrumors Core

    MacDawg

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    #17
    Perhaps they factor in an "attitude score" with the "credit score" and rate accordingly
    It would explain a lot
     
  18. Spytap macrumors regular

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    Oct 8, 2010
    #18
    "I was an ******* to a customer service agent and then bragged about it on a forum where I pretended to be a lawyer. I wonder if I'll get what I want?"
     
  19. iApplereviews macrumors 6502a

    iApplereviews

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    #19
    Hey just wanna let you know that even though you can’t get 12.99% people have. So good going on your “if I can’t get their lowest rate no one can” it was wrong!
     

    Attached Files:

  20. Erehy Dobon macrumors regular

    Erehy Dobon

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    Feb 16, 2018
    #20
    For me the rates are pretty meaningless since I pay off my credit cards in full every month.

    That said, I have three cards that are around the 19% APR rate; my Apple Card is 18%.

    The card with the lowest rate is unsurprisingly the one from my credit union: 11.24%.

    Compared to my other six credit cards (all of them no annual fee cards), I would say that Apple Card has a weak set of benefits.
     
  21. dwfaust macrumors 603

    dwfaust

    Joined:
    Jul 3, 2011
    #21
    I am curious about credit scores and Apple Card interest rate ... my score was 850... and I have an APR of 16.99%. and a limit of 15K ... the APR seems high for that score... but, like many here have already said, I don't carry a balance, so it's not really an issue... I am curious, though... my score is 850, you can't get higher... so what does it take to score the 13.99% APR?
     
  22. Erehy Dobon, Aug 16, 2019
    Last edited: Aug 16, 2019

    Erehy Dobon macrumors regular

    Erehy Dobon

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    Feb 16, 2018
    #22
    The Apple Card customer agreement uses the term "creditworthiness" not "credit score" in determining the interest rate.

    It is probable that Goldman Sachs is taking more factors into account versus just the raw credit score.

    Some of it probably has to do with your self-reported income since they explicitly request it.

    They might also be privy to certain assets -- particularly real estate since those are typically of public record. Most likely they have compiled some sort of database about any given applicant's employment history.

    They might also be weighing certain credit report components more than others, such as credit history length or debt mix.

    Another factor might be the applicant's revolving debt history. Offering 12.99% APR to someone who carries a small balance every month is worth more to Goldman Sachs than offering 17.99% APR to someone who has been paying off their balance every single month for two decades.

    Each credit reporting agency has various products (TransUnion VantageScore 3.0 is one) and the simple score consumers see doesn't fully reflect all of the components of that score. It is likely that GS is picking apart that score and recalculating it.
     
  23. btrach144 macrumors 68000

    btrach144

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    #23
    LOL. I think OP had a heart attack from getting so worked up and thus no update. Sheesh! :eek:
     
  24. kupkakez macrumors 68000

    kupkakez

    Joined:
    Apr 4, 2011
    #24
    I got 12.99%. I don’t carry a balance ever. Credit score was low 800s when I purchased a car in April. I’m guessing they are looking at various factors aside from just score?
     
  25. forza1976 macrumors regular

    Joined:
    Sep 28, 2007
    Location:
    Denver CO
    #25
    Why do people care about the apr. If you carry a balance, you are doing it wrong... Period!
     

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