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Apple Card Launching in August

Robert.Walter said:
Fact is, unless you will never apply for a mortgage, car loan, job, or insurance, credit scores are important. Aside from the obvious loan applications, some companies use them as a barometer of how trustworthy a person is (job or insurance).

Having a credit card is not debt if you pay the balance when due. Doing this using a good reward card, means you reap rewards (cash back, miles, etc) for doing nothing more than following your normal spending pattern using a different more beneficial modus.
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Truth. If you do it right it's a positive snowball. Pay on credit to get benefits like cash back, extended warranty, etc., then pay it off at the end of the month so you don't pay interest. You're considered more trustworthy and your credit score goes up, lowering the interest rate you're charged when it's time to buy a car or home. That's where it's a tremendous payoff - saving a quarter point on a 30-year mortgage is a lot of money. Also, you qualify for offers from other credit cards with silly cash bonuses (Spend $X in three months and get $y!), which is basically free money if you do it right.

The irony? If you don't carry credit card debt, the industry term for you is "deadbeat", because you're not financing their industry with outrageous interest payments.
 
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Reading this thread is like listening to my grandparents where one is talking about the best way to stack triple coupons and the other is explaining how credit cards are the mark of the beast and that everyone should just keep paint cans full of cash in the canoe hanging in the garage.
 
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Mark my words: THIS will disrupt the entire Credit Card industry. Goldman Sachs knew PRECISELY what it was doing in partnering with Apple and MasterCard. Many banks are scoffing at this much like Erickson did with the iPhone. A precious few are hunkering down with Visa and Android and trying to come up with a solution. Mind you, it won't be instant disruption, but it will create a moat that everyone in the banking and credit industry will have to cross. Apple will benefit and the consumer will benefit. Apple and Goldman Sachs are not looking to take money from the consumer, they plan to take it directly from the banking and credit industry. Honestly, it is brilliant, and I wish I thought of it. Time to double down on my long term Apple bet. Tim Cook is no innovation driver like Steve Jobs, BUT he is a master business tactician and exactly what Apple needed after Steve Jobs.
 
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MacRumors said:



During today's earnings call for the third fiscal quarter of 2019, Apple CEO Tim Cook confirmed that Apple plans to launch its Apple Card credit card in August.

Thousands of employees are currently testing the card, and Apple will be ready to debut it soon. Cook did not provide a specific date in August for the launch, so it could come at any time.

applecardtitanium-800x580.jpg

Created in partnership with Goldman Sachs, the Apple Card is deeply integrated with Apple Pay and the Wallet app, though there is also a physical titanium card that can be used for in-person purchases.

Apple Card can be used for both standard purchases and Apple Pay purchases, with Apple providing rewards for both. Customers will get 3 percent cash back for purchases made at an Apple Store, 2 percent cash back for all Apple Pay purchases, and 1 percent cash back for all other purchases.

Cash back is provided in the form of "Daily Cash" that, as the name suggests, is paid out to customers on a daily basis. Daily Cash is added to the Apple Cash card in Wallet and can be used for purchases, sent to friends, or transferred to a bank account.

In the Wallet app, Apple will offer spend tracking and other budgeting tools. Color-coded categories will give users an idea of how much money they're spending on food, activities, shopping, health care, entertainment, and more.

Apple Card will be limited to the United States at launch, but may expand to additional countries in the future. For more details on the Apple Card, make sure to check out our Apple Card guide.

Article Link: Apple Card Launching in August
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The cash back should be:

4% purchases at Apple
3% Apple Pay
2% with the physical card

There are a lot of places that do not yet take Apple Pay.
 
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Does anyone know what credit bureau they're looking at? This should be fairly public with so many Apple employees having the cards already... maybe some of them are even lurking here? I ask so I can unfreeze my credit report and be ready!
 
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What would also be cool is them making the Apple Cash card a physical card as well, for places that don't take Apple Pay. I would love to spend my "Daily Cash" anywhere as well!
 
TechGuy327 said:
The cash back should be:

4% purchases at Apple
3% Apple Pay
2% with the physical card

There are a lot of places that do not yet take Apple Pay.
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Amen... and why not? This card will have some of the lowest fraud rates out there, especially with Apple Pay purchases.

I'd even be ok with 1% with the physical card... or even no physical card at all.
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ThomasJL said:
Can't innovate anymore, my a**!

What a joke. The iPhone 6, 6s, 7, and 8 all had the same design. Apple was too lazy to redesign them. The iPhone X, Xs, and 11 all have the same design. Apple was too lazy to redesign them. But Apple has the time to design a credit card. That's innovation!
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Why would they mess with something that's working and everyone loves? Knowing what NOT change is harder than change for change sale.
 
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Dax Holder said:
Mark my words: THIS will disrupt the entire Credit Card industry. Goldman Sachs knew PRECISELY what it was doing in partnering with Apple and MasterCard. Many banks are scoffing at this much like Erickson did with the iPhone. A precious few are hunkering down with Visa and Android and trying to come up with a solution. Mind you, it won't be instant disruption, but it will create a moat that everyone in the banking and credit industry will have to cross. Apple will benefit and the consumer will benefit. Apple and Goldman Sachs are not looking to take money from the consumer, they plan to take it directly from the banking and credit industry. Honestly, it is brilliant, and I wish I thought of it. Time to double down on my long term Apple bet. Tim Cook is no innovation driver like Steve Jobs, BUT he is a master business tactician and exactly what Apple needed after Steve Jobs.
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Considering Bank of America is now doing Instant Issue debit cards (and I am sure soon Credit Cards) via Apple Pay, is telling you that this industry is changing because of this card. The instant issue thing is a big deal. All of the banking companies are redoing their apps now left and right to try to make the experience as "nice" as possible. (The nicest banking apps I have are from American Express and Chase, the worst one I have is SunTrust).
 
Cyberpower678 said:
Fun fact, a great credit score can help get great utility rates, not to mention great bank loan rates. Something you will not have if you don't build a credit history which is as easy as getting a CC and simply paying it off in full every month.
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Definitely the case. Mine's over 800, which allows everyone to assume I'll pay them back, with few questions asked. It makes life a lot easier.
 
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Erehy Dobon said:
Do any of those cards have an annual fee?
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Double cash and Amazon store card don’t have fees. Not sure about Amazon CC. Sapphire reserve has fees, but you get $300 in credit every year on travel (which is a broad category).

Some of the highlights of Sapphire Reserve include travel/rental insurance and lounge access.
 
6502 said:
I have never seen utility rates affected by a credit score. Utility rates are published and I've never seen it broken down by credit score. I suppose they may require a deposit if you have a lousy score but even that I doubt.

Interest rate from a bank loan, of course that will depend on your score. Or, just don't borrow money and not worry about it. That's what I do.
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I'd say that the key is to understand what a credit card is: An overflow for when you need the money NOW, for something important (not because you want to go out to dinner), but don't have it. Those kinds of things should be rare enough to ensure that you can pay back whatever loan you took out for it. That's really the intention of credit cards. People abuse the heck out of them, and so naturally their credit score drops. When you treat it as extra cash, all you're doing is digging a hole you'll eventually have a hard time getting out of.
 
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This is a no annual fee credit card. It’s worth having for that reason alone.

You’ll buy a $1300 brand new iPhone XIS Max. That’s $39 you can use to get a case, or two extra cables, or 4 pounds of hamburgers at that sweet Shake Shack they have just outside the Apple Store in Miami.

Then you can forget about it for the rest of the year and use it again when the next Apple thing is released.

FOR FREE. Goddammit people what else do you want???
 
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Hieveryone said:
I’m not sold on Apple CC. Let Apple make computers, let Visa handle Credit cards lol
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Don’t most major retailers have their own credit card or some sort of financing options already....including Apple (through the Barclays cards). The major difference I see with this one is that it focuses on Apple Pay more than a physical card.
 
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Looking forward to seeing it in Canada. However, I rarely buy anything from Apple, except my phone, so I'll be carefully comparing the benefits to other cards available. I'm looking for cashback on all purchases, no annual//forex fees and possibly extended warranties on purchases.
 
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