Apple Card Customer Agreement Updated for 'Upcoming' Savings Account Feature

[russell_314]

Irrelevant because from my reading everyone on MacRumors are independently wealthy original Apple shareholders who pay their statements in full every month.

You don't have to be independently wealthy to pay off your monthly balance. You just have to have enough discipline not to charge more than you can afford to pay. This is something I've learned the hard way. I used to think a credit card limit was like a bank account balance. It was money that I could spend.

 

[russell_314]

No it works everywhere because it’s a Mastercard credit card, but only US Apple users can apply for it.

Maybe because Goldman Sachs only does business in the USA? I don't know that for sure but that would be my guess. I'm sure it took forever for Apple to negotiate with golden snacks Goldman Sachs. They would have to do that for every area and also would have to take into account local laws. I suspect it's easier said than done

 

[lartola]

Maybe because Goldman Sachs only does business in the USA? I don't know that for sure but that would be my guess. I'm sure it took forever for Apple to negotiate with golden snacks Goldman Sachs. They would have to do that for every area and also would have to take into account local laws. I suspect it's easier said than done

yeah correct. I was just trying to point out that saying that the card ‘only works in the US’ is inaccurate.

 

[AndreiL]

Last year someone with fake DL tried to open business account under my name and link to my personal accounts. I was lucky that Chase branch manager called me to verify my identity. So I hope Apple savings account will be more protected that regular bank accounts.

 

[russell_314]

Last year someone with fake DL tried to open business account under my name and link to my personal accounts. I was lucky that Chase branch manager called me to verify my identity. So I hope Apple savings account will be more protected that regular bank accounts.

I doubt it would be any more secure when it comes to that. If someone has your name, date of birth, Social Security number, and a few other details, they can easily steal your identity. There’s ways to freeze your credit, but I’m not sure if that will prevent them from opening bank accounts. I don’t pay for credit monitoring, but I do check my credit frequently just to make sure nothing is not fishy.

 

[AndreiL]

I doubt it would be any more secure when it comes to that. If someone has your name, date of birth, Social Security number, and a few other details, they can easily steal your identity. There’s ways to freeze your credit, but I’m not sure if that will prevent them from opening bank accounts. I don’t pay for credit monitoring, but I do check my credit frequently just to make sure nothing is not fishy.

We usually talk about online fraud. I was shocked that someone can show fake ID and steal money in bank branch. That is huge issue with regular bank accounts.

 

[russell_314]

We usually talk about online fraud. I was shocked that someone can show fake ID and steal money in bank branch. That is huge issue with regular bank accounts.

Wow, I’m surprised about that. I think online fraud is easier because you can be someplace that’s basically untouchable. I mean if you steal $500 from grandma, the government is it going to come after you halfway across the world. I’m guessing the people that do it in person go after larger amounts and are more skilled.

 

[AndreiL]

I didn’t think that my money could be steal from bank branch. I contacted many banks to require for two IDs to access my accounts. I was told that there is no option for that. I learned that don’t keep money in one bank. Also need to keep daily monitoring your accounts that is paranoia. FDIC doesn’t cover this fraud. I was told that bank has some insurance, but didn’t get all details. I will definitely try Apple Savings after that.

 

[russell_314]

I didn’t think that my money could be steal from bank branch. I contacted many banks to require for two IDs to access my accounts. I was told that there is no option for that. I learned that don’t keep money in one bank. Also need to keep daily monitoring your accounts that is paranoia. FDIC doesn’t cover this fraud. I was told that bank has some insurance, but didn’t get all details. I will definitely try Apple Savings after that.

The biggest thing is, why would someone pick you over someone else? That’s usually the point of failure. Are you giving someone your account information? Is there a family member or friend that is accessing your account? Usually when people lose money it’s because of they fell for some social engineering scam or it’s someone they know. Someone will call or email saying they’re from the bank and they need to verify information. This person is just trying to get your information to do bad things.

If you have a large amount of money, then it’s very smart to divide it into multiple banks. You don’t want to put all your eggs in one basket as the saying goes. I’m not rich, but I have multiple accounts for that reason and I can organize better.

Most banks have an online app. With that you can quickly check your account balance. Some even offer alerts with the app. I can set up an alert, where if any transaction over a certain amount goes through it lets me know. With this you can quickly let the bank know it wasn’t you that made the transaction.

Most banks will cover charges that you did not authorize. At least in the USA they will. I’m not sure about other countries. I don’t know if they will cover charges where you gave the person information because you fell for a scam.

 

[AndreiL]

This was happened in US. The fake DL was very close to my original one. I don’t know if police found this guy. They got all details including fake DL and security video footage from bank. Many states stopped print DL in local DMV.

 

[szw-mapple fan]

Irrelevant because from my reading everyone on MacRumors are independently wealthy original Apple shareholders who pay their statements in full every month.

I know this is a joke but people should stop using credit or cut back on spending if they can't afford to pay off their monthly statement balance. At that point you're just throwing away money needlessly.

 

[SnappleRumors]

I know this is a joke but people should stop using credit or cut back on spending if they can't afford to pay off their monthly statement balance. At that point you're just throwing away money needlessly.

American’s carry about $1T in cc debt a rise of about 12% over 2021.

 

[szw-mapple fan]

American’s carry about $1T in cc debt a rise of about 12% over 2021.

That's quite a significant sum given that consumers only spend about $4.5T total on credit cards, but I think that number also includes the current statement balances of people who would be able to pay it off. Most stats indicate about 15% of people have long term credit debt.

 

[SnappleRumors]

That's quite a significant sum given that consumers only spend about $4.5T total on credit cards, but I think that number also includes the current statement balances of people who would be able to pay it off. Most stats indicate about 15% of people have long term credit debt.

I just looked it up. Total cc balance is $930b with the total balance rising 15% over last year.

 

[SnappleRumors]

Most stats indicate about 15% of people have long term credit debt.

That seems strikingly low. According to Bloomberg 50-60% of Americans are carrying debt for > 1 year and 40% > 2 years.

 

[_Spinn_]

This seems like it will be very convenient.

 

[szw-mapple fan]

I just looked it up. Total cc balance is $930b with the total balance rising 15% over last year.

$930B is the total outstanding debt, the $4.5T is the total transactions including balance paid off during that year.

That seems strikingly low. According to Bloomberg 50-60% of Americans are carrying debt for > 1 year and 40% > 2 years.

The chart says percentage of total debtors, perhaps meaning among people who have credit card debt (i.e. remaining balance that incur interest), not among all credit card users? (<- I was wrong. Apparently all cc holders are debtors if they have any balance at all) Bloomberg also did a terrible job of representing the data here. The pie chart doesn’t even add up to 100% because each slice that has a higher year count should be within the slice with the smaller year count (e.g. those with 3+ years of cc debt would obviously also have 1+ years of cc debt). The chart should actually look something like this: