That’s interesting because banks are heavily regulated and Apple is not.
Likewise, my credit union is offering a card with a rate as low as 9% - but not with rewards. Their cash-back card starts at 11% and pays 3% cash back on gas, 2% on groceries and warehouse clubs, and 1% everywhere else, plus a surprise 5% category that changes each month (this month it’s gas, last month it was museums, the prior month it was something like theme parks and other summer attractions).
Remember also it is ok to give a little interest if you always pay it off the credit companies and credit scoring do not know how you can pay off a long term credit you just don’t want to pay them nothing for a month or 2. Once in a while I will pay large purchase off over 2 or 3 months. Shows you can handle debts responsible. And my credit score goes up.
Initial reports make it seem like Apple (or GS) posts the cash back to your account at the end of each day I think? I think Discover finally got around to letting you redeem any amount as well.
I sure hope so. Look at their margins on hardware- they're cleaning up. I hope they become the next profitable bank soon and just prey on people with bad credit.
"and exactly where you are..."
I got mine yesterday (Aug 8th) so I guess I'm in the clear....we'll see if I get approved once I apply and what limit I get. BTW, I suggest people keep checking their email to see if they got an invite. Sometimes the option doesn't get automatically enabled in Wallet even after getting the email, but tapping on 'apply now' near the end of the email text still allows to access the Apple Card application in Wallet.
With my AMEX, I get triple points on a category of product, so for me, I choose TECHNOLOGY and get 3x points on purchases from major companies like Dell, Apple, Newegg, etc. Since I buy a lot of hardware throughout the year I accumlulate points rapidly. I also get free extended warranties on everything I buy. Plus excellent customer service if I need it.
I guess Apple will release an Apple Card in Europe that complies with the regulations there, keep in mind that they have to partner with a local bank in each country, so the partner bank will ensure the card conditions comply with the country's requirements. I just don't see Apple entirely giving up their profits Europe. It may take while, but I'm sure they will eventually offer something for Europe.
Well the US Apple Card doesn't have any international fees. We'll see if that condition prevails for an Apple Card issued in other countries when the Apple Card is rolled out to those countries, but chances are it will.
Yes... Discover, Chase, US Bank and Capital One allow redemptions of any amount. Citi and AmEx require a $25 minimum (but any amount over $25 is redeemable), while Citizens only allows redemptions in $25 increments.
