I wonder if they mean just the signup bonus? Also they can't cancel the rewards program without notify current card holders so I'm taking a wait-and-see on this one. Will get the new Apple Card though.
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Apple Card App Expected on iPad, Barclaycard Visa No Longer Offers Apple Rewards
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If one really does pay off their balances every month, then it is really no different than paying cash for the purchase up-front with the exception that you have 20-30 days to earn interest on that cash (as little as it might be from a bank).
As for hardships, I'd argue you are better off using the card since you would have that cash available to cover the hardship due to the 20-30 day float rather then having already spent it on the purchase and therefore it would not be available to cover the hardship. That being said, I personally keep a five-figure reserve in savings to cover "hardships".
Fair point. But if you do have the cash in the bank, why not earn some return on it? I use my Apple Rewards Barclaycard for all my major ($1000+) Apple purchases because they offer 24 months SAC financing. Since I do have the money in the bank at the time I make the purchase, I'd rather earn interest on it while it's in there over that period.
I love how the main objection to Apple Card on here is 'people aren't good with money'
Yup. I just bought a 65 inch TV with cash back from using a credit card.
Scams? What are you talking about? Using a CC and paying it off every month is the smartest financial decision. CCs typically offer extra warranties, purchase protections, and offer points. Just by using my CC to pay all my expenses nets me free airline tickets 1-2x/year.
I haven't paid one cent of interest on a credit card in probably at least 30 years.
Your hardship scenario doesn't work. If you had paid cash for the purchase and then had a hardship, that money would already be gone so you still have the hardship.
Credit cards are fine to use for stuff you're going to buy anyway. It's the people that load them up for things they think they have to have that don't know their proper use.
These threads always turn into someone wagging their finger saying you should never use a cred it card.
I think they are the people that have no self control and would get into major debt problems.
Timmy shooting for that August 32nd release date
Too bad Apple will charge small monthly fee for special financing. PayPal and Amazon charge zero.
I'd love to get this in Canada but we're still waiting for AppleCash.
I see these as a near replacement for a bank checking account. In Toronto, ApplePay is accepted near universally. Everyone from the grocery store to the ice cream truck accepts tap payments, so ApplePay works everywhere you go. AppleCard would be used to make bill payments which is currently one of the remaining places I can't use ApplePay.
I run a business and I get most of my income from clients who pay via Square. Currently, Square requires being linked to a bank account. I can foresee a future where I can accept any sort of tap payments by doing a reverse ApplePay sort of thing where you type a credit card on an iPhone to accept a payment as AppleCash. Meanwhile, I'll still need to have a checking account as the intermediary.
I see these as a near replacement for a bank checking account. In Toronto, ApplePay is accepted near universally. Everyone from the grocery store to the ice cream truck accepts tap payments, so ApplePay works everywhere you go. AppleCard would be used to make bill payments which is currently one of the remaining places I can't use ApplePay.
I run a business and I get most of my income from clients who pay via Square. Currently, Square requires being linked to a bank account. I can foresee a future where I can accept any sort of tap payments by doing a reverse ApplePay sort of thing where you type a credit card on an iPhone to accept a payment as AppleCash. Meanwhile, I'll still need to have a checking account as the intermediary.
Correct me if I'm wrong (and I am wrong more often than not) but the way I took the article - "Last, the report notes that the Barclaycard Visa no longer offers Apple rewards, such as $50 worth of Apple Store or iTunes gift cards to new customers" - is that the points are no longer offered to new customers. So those of us who have the card already (myself included) will continue to get this?
Right. But it’s asinine to make a large purchase and pay a fixed monthly cost. That is what most credit card companies hope you do which as a consumer is financial idiocy. Why throw more money away? (Obviously I’m generalizing here)
You are probably correct about that.
That being said a credit card company won't just dump your points/rewards without letting you know well in advance that you must use or lose them.
Really interested to know the qualification criteria. Is this card only for those who can prove six figure salaries and have credit scores over 800 or will they open it up to a larger market?
^^ This, 100%, I pay off any credit card before the due date, so I get no interest and I typically use my American Airlines Sky Miles Card, so why pay cash when I can get sky miles and pay it off right away?
I’m in the same boat as you. In fact I’m right below a redemption threshold and a few more dollars will put me into the redemption range, they’d better not wipe out my points...hopefully they give us a few weeks warning so we don’t end up with wasted points.
It will probably be for anyone that has a decent credit score and who can get a general credit card. This card isn’t like the elite cards like the Sapphire
When they announced this card, they made it seem like everyone could get it, even those without much credit. I just imagine their limit will be really low.
If you're talking about the Barclays card, let's just say my wife and I were close to 700 and we got it without a problem.
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Couldn't imagine walking into an Apple Store with $3000+ in cash. It may be the state I live in, but there's no way I'd do that. Besides, the model I wanted was online, not offered in stores.
I've heard too many horror stories of people using debit cards and having their accounts drained (happened to my friend) - and he had to spend months to prove it wasn't him - meanwhile missing payments, rent, etc...