Apple Card Launching in August

[jb1280]

I view this product in the same light as the Motorola Rockr way back when.

There is nothing compelling or revolutionary about this product offering.

Banks, such as Amex, have been issues instant card numbers for at least 4 years now.

The spend tracking seems pretty on par with the best current banks etc.

In lieu of better rewards, the product has no fees. For some consumers that’s a great thing, for others they are leaving money on the table.

The rub will be who manages customer service, will it be Apple or GS? Are they looking to compete with Amex and Chase or Synchrony?

I’m looking forward to the real Apple Card where they can jettison MasterCard and Goldman and manage the processing and financing side themselves.

 

[dontwalkhand]

I view this product in the same light as the Motorola Rockr way back when.

There is nothing compelling or revolutionary about this product offering.

Banks, such as Amex, have been issues instant card numbers for at least 4 years now.

The spend tracking seems pretty on par with the best current banks etc.

In lieu of better rewards, the product has no fees. For some consumers that’s a great thing, for others they are leaving money on the table.

The rub will be who manages customer service, will it be Apple or GS? Are they looking to compete with Amex and Chase or Synchrony?

I’m looking forward to the real Apple Card where they can jettison MasterCard and Goldman and manage the processing and financing side themselves.

How would you jettison MasterCard? I understand Goldman, but they need some sort of processing network.

 

[sman789]

I've been using Samsung Pay for the past few years. I wonder if the Apple Card will be compatible with it . Double dipping the rewards.

 

[imola.zhp]

Not sure if its worth a hit on the credit report. I don't typically buy new apple products and when I do its usually through my carrier. I have apple pay setup on my devices and have since it was released. I can only ever remember using it once.

 

[Apple Freak]

them getting into the credit card business is like McDonald's now selling lumber. What's next? Mattresses?

That's a bit of a stretch. Apple is beginning to focus more on services than products so this is logical

 

[CreeptoLoser]

Too bad the back of the card is so ugly. Steve Jobs never would have allowed such an ugly back of the card, he had the engineers sign the inside of the original Mac, because you should be proud of the work, even if no-one will ever see it.

but seriously, the back is so ugly.

Yeah the card should have a carrying handle on the back like the original Mac and signatures of the engineers instead of your signature

 

[Sora]

I can't say I'm personally excited about this card - but I can understand how someone can be. It will be an interesting amalgamation of personal finance and tech, the likes of which we have never seen before.

On another note - this is an amazing keeper card. No annual fee, and some rewards on specific spend (ie: if you need any apple products - for me it would be an iPhone yearly and a MacBook every 4-6 years). It's definitely not your daily driver credit card. I think of many other cards off the top of my head that offer better value for every day spend (Citi Double Cash, Chase Freedom/Unlimited, Amex EDP to name a few). But as a credit card to have open for the long haul and add it to your base of credit cards - the value is definitely there.

I will definitely bite. Need a new iPad soon.

 

[TonyC17]

them getting into the credit card business is like McDonald's now selling lumber. What's next? Mattresses?

What is this??? A center for ANTS?!

 

[Sora]

Credit cards are just shiny loan sharks as i see it and I have seen the misery when people get in huge debt trying to buy happiness.

If anyone is carrying a balance on their credit cards - they are using them wrong. The moment you carry a balance and pay interest, any signup bonus you received reduces in value. Overtime, if you continue carrying a balance you lose any expected value derived from the credit card.

Keys to using credit wisely - and thus circumventing credit card debt:
1. Do you have enough cash to pay for the item?
2. Purchase item on credit
3. Pay off balance before payment due date
4. Rinse and repeat

 

[brinary001]

I don't necessarily agree with this. It really depends on your activity.

I get 3% now from Apple (in store and iTunes) with my BarclayCard, PLUS i have no interest for 18 months when I buy equipment for the college aged kids. I use another card which gives me 2% (and has Apple gift cards as a reward) as my primary card on Apple Pay. This emulates what the new Apple card would offer, PLUS I get the no interest financing on Apple gear.

I mean it's nice you have many of the same perks, but you still don't get the easy payment management, machine learning powered organization of expenses, and honestly, is there a more beautiful card out there?
[doublepost=1564590917][/doublepost]

Make sure you stay up for the midnight pre order for a credit card.

What an asinine comment. Why would there be a pre-order for this? Or are you just that bad at sarcasm?

 

[MacClueless]

it is funny how everyone wants the physical card, but that’s actually the thing you shouldn’t use since the rewards stink.

They do? Only people who know nothing about cards.

 

[brinary001]

Gonna stay up until midnight for the preorder party to begin. Heck, maybe it’s time to bring back camping outside an Apple store!

Yet another asinine comment. Get off an Apple-focused forum if you're just going to **** on people excited about these things.

 

[Cyberpower678]

Until you look at the back, I agree the front of the card is beautiful. Its mostly the Goldman Sachs Logo that Maks it look so bad. When the original iPhone came out, ATT wanted to put their logo on the iPhone, like all phones before the iPhone had the carrier logo on it. But Apple refused, they should have done the same with the card. It's a "Apple Product" with some other companies logo on it. Its not a deal breaker for me, but it could have been so elegant.

I have yet to see the back side. Got a pic?

 

[MacClueless]

Ehh understand that this check is done by Goldman Sachs and they’re looking at your credit report. It really doesn’t have anything to do with Apple or how you use Apple products. Also, there isn’t always a hard pull. Majority of time there is though you’re right.

No idea of the range. Some people with really good credit have been denied. Like above 750 FICO. Seems to be kind of random.

I’m not so sure... the relationship is deeper than that. This card should have the least fraud of any card on the market which is huge for the issuer. If they’re really rethinking the business they may use other metrics that are uniquely available to them... they’d be foolish NOT to?

 

[MacClueless]

This. I already have every bank card under the sun. Including citi and other cards that offer pretty good rewards for usage. So I don’t see the point in this card. Am i missing something here?

Well for me, I already have a 2% card, but it’s from PayPal and doesn’t work with Apple Pay. So the Apple Card will be my Apple Pay default and the PayPal card will be my plastic default.

If you already have a 2% card in Apple Pay (Citibank, Fidelity, etc) then I’d say skip it.

But never, not ever, use it for a swipe or pin transaction with only 1% cash back.

 

[MacClueless]

Wonder which credit agency Goldman Sachs will use, so the day it comes out I know which of the big 3 to unfreeze, or if I will have to unfreeze all 3 reports. Hmmm lol.

Everyone is saying Transunion.

 

[MacClueless]

If anyone is carrying a balance on their credit cards - they are using them wrong. The moment you carry a balance and pay interest, any signup bonus you received reduces in value. Overtime, if you continue carrying a balance you lose any expected value derived from the credit card.

Keys to using credit wisely - and thus circumventing credit card debt:
1. Do you have enough cash to pay for the item?
2. Purchase item on credit
3. Pay off balance before payment due date
4. Rinse and repeat

Your forgot “brush your teeth before you go to bed”?

Curious why people feel the need to tell other people these things... it’s like everyone’s grandparents are in here?!

 

[newyorksole]

I’m not so sure... the relationship is deeper than that. This card should have the least fraud of any card on the market which is huge for the issuer. If they’re really rethinking the business they may use other metrics that are uniquely available to them... they’d be foolish NOT to?

You would think so, but I really don’t think that’s the case. I’m sure there is a deeper relationship here that allows both parties to see certain things, but I don’t think that factors into approvals / denials.

 

[TheRealDGD]

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.

You logic is perfect and I agree, except for the FACT that the majority of people getting this card will not conform to your ways and means. If they did, Apple would not make any money and therefore would not get into this business...... that is the reality.

 

[mattopotamus]

They do? Only people who know nothing about cards.

Have you read the forums? People are more excited about the metal card than anything else. The hype train is real. No, I am not joking.

 

[RevTEG]

Question, how can we use the physical card when traveling abroad? The countries I travel i

If anyone is carrying a balance on their credit cards - they are using them wrong. The moment you carry a balance and pay interest, any signup bonus you received reduces in value. Overtime, if you continue carrying a balance you lose any expected value derived from the credit card.

Keys to using credit wisely - and thus circumventing credit card debt:
1. Do you have enough cash to pay for the item?
2. Purchase item on credit
3. Pay off balance before payment due date
4. Rinse and repeat

This is exactly how I use my personal and business cards. However, if most people were using them that way these CC companies would go out of business. The CC companies make money because people are buying things they can’t afford. They provide a “service”. Lol

 

[MacDaddyPanda]

them getting into the credit card business is like McDonald's now selling lumber. What's next? Mattresses?

Huh? How you figure that? There are many store brand CC's.

 

[Opstech]

8/1/2020

 

[M-Life]

8/1/2020

Pineapples!

 

[C7 POWER]

Everyone is saying Transunion.

Thanks!! I will unfreeze just that one when it launches and give it a try