Apple card does not even include a bonus or fraud protection. Not good for consumers when things go south. And the no late fees thing is very stretched on apple.
I'm pretty sure they're subject to the same federal laws regarding fraud liability as every other card out there.
Wouldn’t it be covered under Mastcards fraud protection? Same as if your local bank debit card was compromised it falls to Visa or MasterCard?
Yep, but consumers don't typically deal with MC directly to take advantage of that.
Sellers must pay extortionate fees in the US if credit cards give so generous cash backs. In Europe cash backs are much lower or non existent. I wonder if and when Apple Card will arrive here, and what cash back will he offered.
2-3% typically. I'm sure merchants would prefer to pay a lot less (if anything at all), but not enough to stop taking cards for the most part. Or even making surcharging/minimums commonplace to discourage their use.
Prices are higher, some there really think the money is free, I am on this other thread right now, people laugh at my comments, seems like they themselves don't get it.
Cashback, whether on the Apple card or whatever card is not free money although it might seem so.
As mentioned before, it's very possible merchants would just pocket the difference, meaning no change from the perspective of the consumer (other than losing rewards, of course).
That said, it might get some of the NFC holdouts to change their tune if it costed the same to accept it vs. trying to get people to use their own apps. Whether that's worth it to people is another question.
Here in the USA, most credit card issuers got rid of the NFC contactless feature in their cards. It was far more common five years ago but the technology did not catch on with the average American consumer.
I'm not sure it was ever that common. The only card I remember having with it back in the late 2000s was an AmEx, and I'm pretty sure I could only use it at CVS.
It changed again, contactless is having a second run, a lot due to the added hassle EMV chip has caused. Bank of America is the only major brand that doesn't send out contactless cards right now.
BofA is currently testing them in a few markets. If people take to them, they'll be rolled out nationwide.
My understanding is that many credit card issuers will send out an NFC contactless card upon direct request from the customer.
I believe part of the failure the first time around was a fair amount of hysteria about the possibility of people getting their accounts sucked dry by scammers using spying devices. We also saw similar hysteria when Apple Pay was announced.
Similar concerns went around when local transit agencies started using NFC contactless transit cards.
The problem was more lack of use by consumers, likely exacerbated by lack of merchant adoption. I suspect that without Apple Pay acting as a motivator, most (if not almost all) merchants wouldn't have bothered including contactless with their new chip terminals. And Chase et al definitely wouldn't be trying again.
BTW, contactless cards are still uncommon precisely due to issuers being reluctant to try a failed technology a second time. I'm sure they'll will change their tune quickly once there's evidence that they're getting more success than the various mobile wallets.
Since late last year Chase is sending them out as renewals without asking. I thought smartphone pay solutions like Apple Pay would take over and contactless in cards was dead too but apparently not. Apple Pay has no sucked dry problem, like cards do, because it requires user action to activate.
I've definitely been seeing Apple Pay being used more and more, though growth has been a lot slower than people thought it'd be. It might end up just being a generational thing, kinda like with checks.
Remember when Mythbusters were going to do a segment about it and legal counsel of both Discovery Channel and the card issuers were like "No, no you're not going to do that" and shut it down?
I thought Adam and Jamie flat out debunked that rumor?
Because there was a lot of concern that the stories were not just that, stories. Like it would be revealed that yes they are terribly insecure. Perhaps not because the tech was inherently insecure but it's application by the card issuers was not as robustly secure as it should be.
As mentioned above, I don't think there were ever enough of those cards floating around to make people afraid of them on a widespread basis. If there were, it'd be another reason for banks not to bother a second time.