Apple Card Extending 3% Daily Cash to More Merchants, Starting With Uber and Uber Eats

ghostface147 said:
I'm at 815, 17.99% and 8k limit. I took them up on it because why not. I'll use it here and there, maybe for video game purchases and that's it.
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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?
 
ryanmp said:
I got 8k and 23.99%.

I'm new to the US and have very limited credit history. Really impressed that Apple/Goldman approved me with that limit given I've been rejected by some for having no credit history.

Not worried about the high interest, as I always pay full statement balances
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whoknows2597 said:
I was approved during the testing period with a mid 500 score, and low limit. Made sense given my limited credit history.

Others have reported that you can appeal if you were not approved and GS will give you a reason why. For some, it was something as simple as an email change, others possibly for a previous bankruptcy or debt.
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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.
 
Cinch said:
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?
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There are no transaction fees with Card.
 
PickUrPoison said:
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.
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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.
 
valkyrie917 said:
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.
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I received the invite last week (received physical card on Friday). I got 12.99% with $10k limit.
 
valkyrie917 said:
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.
Click to expand...

I got 12.99% APR. Transunion score is 793.
 
Cinch said:
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?
Click to expand...


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.
 
SiskoKid said:
Anyone know how much you get back when using a random credit card generated number? Meaning Amazon doesn’t use Apple Pay and I can’t use my physical card so I’d use the Apple Card app to create a credit card number. Does that count as 1% or 2% cash back?
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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.
 
I would like to see them and it for auto pay, like if I auto pay my cellphone bill they give a discount it would be nice to get more than the 1% by using the card number on top of the savings from the provider
 
I'm wondering when I will be able to use my Apple Card through Mint. Not being able to track Apple Card purchases with the rest of my finances is very annoying right now.
 
Cinch said:
For now sadly Apple is not entering the market to disrupt sleazy money skimming company like Visa. At three percent money back means transactional fee is at least that much or more than half way to American Express business model. Businesses I suspect will not respond positively.

If Apple wants to do the right thing, regardless, this is going in the opposite direction.
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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.
 
jmorrison0722 said:
Apparently not great. I have a credit score of 760 and make over 90 per year and I was declined.
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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.
 
jaytv111 said:
I got 12.99% APR. Transunion score is 793.
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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.
 
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