Apple Card Doesn't Support Exporting Data to Financial Apps

[rjohnstone]

No, it’s wrong. It’s an Apple product not a Goldman Sachs product.

Goldman Sachs is to Apple Card what AT&T was to iPhone... merely a launch partner.

Incorrect.
It's an Apple branded card issued by Goldman Sachs.
Apple is not a bank holding company. Apple cannot legally issue a credit card.

The Apple Card is no different than a Target credit card in that the actual lender, (TD Bank issues the Target card) is legally on the hook for all aspects of the cards data and management.
If there is a data breach, GS is the one on the hook for it, not Apple.

Apple negotiated a pretty bland deal with GS as far as card rewards go. Yeah, it has a decent cash back reward, but it ends there.
Interest rates are second tier, no interoperability outside of a mobile app (that's not security, it is poor app development), and no real perks like extended warranty coverage.

 

[12vElectronics]

Incorrect.
It's an Apple branded card issued by Goldman Sachs.
Apple is not a bank holding company. Apple cannot legally issue a credit card.

The Apple Card is no different than a Target credit card in that the actual lender, (TD Bank issues the Target card) is legally on the hook for all aspects of the cards data and management.
If there is a data breach, GS is the one on the hook for it, not Apple.

Apple negotiated a pretty bland deal with GS as far as card rewards go. Yeah, it has a decent cash back reward, but it ends there.
Interest rates are second tier, no interoperability outside of a mobile app (that's not security, it is poor app development), and no real perks like extended warranty coverage.

I don't think Apple was trying to compete with the hundreds of other credit cards and their rewards systems. They are offering a card that will be integrated with the iOS ecosystem and offer daily cash back.

 

[rjohnstone]

I don't think Apple was trying to compete with the hundreds of other credit cards and their rewards systems. They are offering a card that will be integrated with the iOS ecosystem and offer daily cash back.

Exactly. But if they want to attract more users of the card, they need to offer a better product.
Right now, there really isn't anything attractive about the financial aspects of having the card. Cash back, sure, but that is available with many other cards with better offerings.

 

[12vElectronics]

Exactly. But if they want to attract more users of the card, they need to offer a better product.
Right now, there really isn't anything attractive about the financial aspects of having the card. Cash back, sure, but that is available with many other cards with better offerings.

Once again, from a financial aspect standpoint, there are a ton of credit cards that are better. But that's not what Apple is attempting to cater to. They are aiming to get the business of heavy Apple users and people dedicated to the brand. They're not trying nor car then try to beat Chase or Bank of America with credit card rewards. It's just not their game. But offering a cool looking card and the ability to easily manage your spending on your phone is something no one else is really doing. The integration is top notch. That's worth something to many people.

 

[Timemaster]

Once again, from a financial aspect standpoint, there are a ton of credit cards that are better. But that's not what Apple is attempting to cater to. They are aiming to get the business of heavy Apple users and people dedicated to the brand. They're not trying nor car then try to beat Chase or Bank of America with credit card rewards. It's just not their game. But offering a cool looking card and the ability to easily manage your spending on your phone is something no one else is really doing. The integration is top notch. That's worth something to many people.

This is true but at the same time they can offer something better than what they did.
The card rewards are meh at best. That is fine.
But when you mix that with the complete lack of exporting you have a pretty bad offering.

Have it being able to export and look at out side of your phone would be a good thing. A lot of people use other things to track their expenses. Being able to pull it in is fine.

Here is what the Apple card has going for it.
1. It is Apple.
2. A very cool metal card.
3. able to create a 1 time use number for security.
4. OK rewards. The cash back is average

Those are all good things. It would be a fine card on just that if it could be reviewed and looked at by a 3rd party system or exported as a CSV file so it could be imported in elsewhere. That last part is a major issue.

Sadly most people will jump on this because it is Apple but the hard core fans are not as large of a number as everyone thinks. If Apple wants it to work they really need to add at the very least 3rd party exporting.

 

[Jim L]

Got the card this morning thinking I would use it for most of my purchases. Now that I have learned Apple and Goldman don't have the basic skills to do what every other credit card issuer does in allowing me to integrate with the rest of my finances, I won't be using it for anything other than perhaps an occasional purchase from Apple. So disappointing.

Edit: I just saw that it doesn't even provide extended warranty protection which I've used often on Apple iPhones, Macs, etc with other credit cards. So I won't even be using it for Apple purchases. What a lame card! Completely unworthy of the Apple brand.

Thanks for saving me the trouble. 3 cards is enough for me to do everything I need.

 

[BuddyTronic]

The more I think about this, the less appealing Apple Card becomes because of the onerous data entry load.

I still may end up using during overseas travel for Apple Pay transactions with a substantial value (perhaps over USD 100).

However the time commitment for data entry simply makes no sense if I pay for a couple of beers in Munich or buy an egg salad sandwich at a Tokyo 7-Eleven. Grubbing for an extra 0.75% in cash back rewards isn’t worth it compared to the time cost for manually entering small value transactions.

It’s a big step backwards in consumer convenience for those who seek a holistic view of their spending/personal finances.

Sounds ridiculous.

You'd be absolutely wasting your time accounting for your egg salad sandwich I'd say.

Apple Pay's advantage is privacy, and I'm sure accounting connectivity can come eventually.

 

[KevinN206]

The API is not the issue. The issue is that any time you open up any path to decrypt data (so as to feed it to an API), you are opening a path bad actors can potentially use to steal your data.

Are you telling me the APIs for HomeKit and HealthKit are open path for bad actors to decrypt?

 

[cmaier]

Are you telling me the APIs for HomeKit and HealthKit are open path for bad actors to decrypt?

Yes they potentially could be, which is why apple spent time on them to make sure they were as safe as they could be. It’s why HomeKit is more secure than other alternatives, and why there are so many rules and hooks in place to prevent exfiltration of HealthKit data.

 

[bfutrell]

I don’t think that’s their market.

Explain FileMaker, Numbers, Photo booth, Pages, etc.

Oh by the way AppleCard!!
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Interesting idea. I'm a Quicken fan and didn't particularly care for Banktivity in a quick review though. Doesn't mean I'm unwilling to take another look, but it would have to be fairly mindless for me to switch. I've used Quicken for 20+ years and have fully integrated how it work (including it's quirks) into my financial management approach. Still, an Apple developed solution that still integrates with other financial institutions could be a game changes.

I was a Quicken guy from way back but became frustrated with Intuit. Their Mac software seemed like an afterthought to them and lagged behind their Windows products. IGG (makers of Banktivity) is a true Mac developer and took advantage of Intuit’s misses. I switched back in 2008 when it was iBank. Have been a happy users since.

 

[JRobinsonJr]

Explain FileMaker, Numbers, Photo booth, Pages, etc.

Oh by the way AppleCard!!
[doublepost=1565458556][/doublepost]

I was a Quicken guy from way back but became frustrated with Intuit. Their Mac software seemed like an afterthought to them and lagged behind their Windows products. IGG (makers of Banktivity) is a true Mac developer and took advantage of Intuit’s misses. I switched back in 2008 when it was iBank. Have been a happy users since.

Thanks for the insight! I'm about 60 days from my annual subscription renewal, so now sounds like a perfect time to consider alternatives. I'll give Banktivity a look!

 

[an-other]

Quicken was bought by a VC group a few years ago (2015?) They've made a lot of improvements over the last few years. I will concur there was a dark period in the Quicken development timeline. It does appear to be over.

I have no knowledge or experience with Banktivity. It may be an awesome program.

 

[pixpixpix]

I use Quicken for reconciling accounts and getting a view of totals. Import of Apple Card transactions would be helpful, but for now I'll just copy over the monthly category totals shown in the wallet app at the end of the month.

 

[pcmike]

Goldman Sachs is the bank that legally loans you the money whenever you make a purchase.
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You’re supposed to reconcile your bank statements monthly with information you have independently from what the bank provides whether it is through Quicken download or the bank’s website.

Why exactly? I casually look it over every few days and just pay it in full each month. No need to “reconcile” anything...

 

[LIVEFRMNYC]

I don't think Apple was trying to compete with the hundreds of other credit cards and their rewards systems. They are offering a card that will be integrated with the iOS ecosystem and offer daily cash back.

Exactly. If people want a better card, then get a better card.

I might get this card just to pay for subscriptions and nothing else. And pay for anything Apple. Then pay it all off in full every month.

 

[an-other]

Apple has a long history of growing Products from "Generation 1." I think it's reasonable to say the AppleCard you have today will have different service features and (potentially) cash back inclusions.

The first step in being able to negotiate for cash back is to be able to assert the business you can supply. At Day 0, you can't make a claim of cardholders.

 

[12vElectronics]

Exactly. If people want a better card, then get a better card.

I might get this card just to pay for subscriptions and nothing else. And pay for anything Apple. Then pay it all off in full every month.

I got this card and let me tell you.. it's by far the BEST experience regarding any type of bank mobile app. I've never interacted with my financial institutions online like I have with the Apple card. Everything is right there. Easy for me to read and understand.

 

[Crotonmark]

Can someone explain to me the purpose of exporting CC data into a third party app/software?

I use my CC for everything. Am I missing out on something that I should be doing every month?

People use programs like banktivity or quicken to store all their financial information. It’s usually down by downloading a file from your bank.
It allows you to reconcile to the statement. You can confirm if there are any bank errors.
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Thanks for the insight! I'm about 60 days from my annual subscription renewal, so now sounds like a perfect time to consider alternatives. I'll give Banktivity a look!

It’s a great program. Moved from quicken for windows. Once i decided it worked I also deleted my windows volume on my Mac.

 

[OneMike]

I don’t have an Apple Card but I don’t use those services for the fact that you share data with them.

 

[falainber]

Exactly. If people want a better card, then get a better card.

I might get this card just to pay for subscriptions and nothing else. And pay for anything Apple. Then pay it all off in full every month.

That may save you what about $20 per year? It just is not worth the hassle of owning another credit card.

 

[MacClueless]

I don’t have an Apple Card but I don’t use those services for the fact that you share data with them.

If you're a pedophile you should be really careful sharing data. Otherwise you're probably ok.

 

[OneMike]

If you're a pedophile you should be really careful sharing data. Otherwise you're probably ok.

Do as you please. I’ll do the same.