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Apple Card Extending 3% Daily Cash to More Merchants, Starting With Uber and Uber Eats
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Has anyone received the 12.99 APR? That's the low end of their range and the only one I'd accept. I was approved for the 17.99 APR but declined to move forward because that's just terrible. Though I'd pay it off every month, it's the principal of the matter. But expanding the 3% cash back does kind of make me less mad about it...
Also, I hope they add Lyft as I refuse to take Uber.
Credit is inherently a shady business. Fundamentally it is just another medium of exchanges for goods and services similar to cash. It is ripe for abuse and a haven for bad actors in society. Apple is not doing anything right so far. Rather they are engaging in this game of ratcheting up transaction fee. In this game there are three players per transaction, Apple-creditor, business and you. Guess who ends up paying?
While Uber doesn’t interest me at all this is very promising and I’m looking forward to more merchants offering 3%.
No/limited credit is a much better risk than bad credit. Higher interest rates and/or lower limits can still make these (effectively subprime) accounts profitable.
Over time, as history is accumulated and scores increase, you will qualify for better rates and higher limits (assuming sufficient income to support an ability to repay). It remains to be seen if Goldman will lower rates automatically as accounts meet the criteria for a lower rate tier, or maybe consumers will have to initiate a request.
Isn't cash back a scam ?
Paying people to go more into debt.
Why not just have a lower interest rate ?
Paying people to go more into debt.
Why not just have a lower interest rate ?
Whoops, thought that was the purchase price. That makes a lot more sense!
I've edited my original post.
Someone mentioned on a previous Apple Card forum that GS will review your account and potentially increase the limit/decrease the APR after 6 months. Hopefully this is the case.
I received the invite last week (received physical card on Friday). I got 12.99% with $10k limit.
Sorry but I have to call BS on your line of thinking. Can credit be abused? Absolutely. If you use it right though it's an important tool and necessary nowadays. The "never get a credit card" line of thinking is dead, you need credit history for EVERYTHING today, including renting an apartment and some jobs.
Also, if you look at the way the card operates you'll see Apple tells you when to pay the card off in order to avoid interest fees. Responsible credit usage is a good thing.
The "random" number doesn't work that way. Apple Pay sends an encrypted, one time use token to the merchant from the bank that is backing your credit card, so no merchant ever gets your actual credit card number; that's why it's more secure, and private, than simply using your credit card. You'll get 2% from any merchant who takes Apple Pay. If they don't, you'll get 1% if you use the Apple Pay credit card which Amazon and everyone takes.
Fortunately we all get to make our own decisions for what works best for us!
I'm not sure how the Apple Card is going to make businesses less happy about accepting cards when they're already suing the card networks over various interchange fee related issues.
Also, there's no guarantee that regular consumers will ever see any benefit from such fees being capped or eliminated.
BTW, I'm fairly sure AmEx is only like 3% or so, same as higher end Visa and MC.
That's because people think it is simply a matter of your credit score when each bank has it's own factors that they consider as "overriding" your absolute credit score, e.g., how long you've had your credit, job stability, etc.
So far, you're the only person I've seen with this. If I took this card it would be the highest APR card in my wallet. My best card is 9.99 and worst is 13.99. 17.99 is highway robbery. It might be because I've recently moved so time at current residence is less than 6mo so perhaps I'll give it another shot later.