Apple Card Rolling Out Today to Limited Number of Customers

[Tech198]

Who said I pay interest?

There ARE people here that will pay interest!

I have not in years.

At least with my bank, there are interest free CC, but only for the first 55 days or so...

I doubt there could ever be a lifetime of interest free, otherwise how could the bank make money and there would be zero incentive to pay back if a bank never charged interest.? Perhaps through other avenues ?

 

[tonester697]

At least with my bank, there are interest free CC, but only for the first 55 days or so...

I doubt there could ever be a lifetime of interest free, otherwise how could the bank make money and there would be zero incentive to pay back if a bank never charged interest.? Perhaps through other avenues ?

Merchant interchange fee that a retailer has to pay the credit card issuer (via the vendor that processes the retailer's credit card transactions) for credit card transactions--that's how the bank makes much of its money from CCs.

 

[Tech198]

Merchant interchange fee that a retailer has to pay the credit card issuer (via the vendor that processes the retailer's credit card transactions) for credit card transactions--that's how the bank makes much of its money from CCs.

Still sounds like the bank would make more by interest charging. People would transact, but many more would be not paying their cards back on time neither.. Seems like the bank missed the boat when making profit.

even Apple card has interest,,, its is lower they say,, BUT they still have it..

 

[paulbart]

A quick question to those who have been using Apple Card for a while:

Aren't transactions in the Apple Card section of the wallet app supposed to show the store/shop's location on a map?

If I go to Apple Card in the Wallet app, scroll down to Latest transactions, and then choose one of the transactions, it just shows me the category color ("Food & Drinks" is orange, for example) with the name of the shop, and the charge that I made there. No map visible at all.

I've confirmed that I have Location Services enabled for Wallet "Always" (was "Only while using app" earlier, and I thought switching to "Always" would fix it, but it hasn't).

Any ideas? Or am I doing something wrong/looking in the wrong location for the map display?

EDIT: most of these purchases were made using my Apple Watch - viewing the Wallet on my iPhone.

 

[rugmankc]

If I go to Apple Card in the Wallet app, scroll down to Latest transactions, and then choose one of the transactions, it just shows me the category color ("Food & Drinks" is orange, for example) with the name of the shop, and the charge that I made there. No map visible at all.

After you tap on transaction and open it, tap on the "i" in top right corner.

 

[paulbart]

After you tap on transaction and open it, tap on the "i" in top right corner.

Thanks for the reply! Most of my transactions don't have an "i" in the corner. The one I made today (coincidentally(?), the one I made after changing Location Services for Wallet to "Always" instead of "While Using App") now *does* show a map (it didn't earlier - seems to have taken nearly 2 hours for the map to show).

I see the map (on that one transaction) even before pressing the "i".

So, maybe Location Services for Wallet needs to be "Always"? It makes sense, and maybe that's what fixed it for me.

 

[rugmankc]

I have mine set to Always

 

[^^BIGMac]

I have my set to "White Using" and the map always shows up!

Not sure if y'all are doing it right?

 

[blueracer]

This simply isn’t true. You’ll notice “pays as agreed” with green check marks on each under each account whether you run a balance or not. The key is to not have any past 30 days payments.

It’s really irrelevant whether you pay off the card before it closes for the month or only the statement balance except if it would screw with your utilization percentages.

i think it's best to not argue with that man. he claims the banks can't see payments. i mean really? whether you use a check or pay via online bill pay, your personal bank sees your making XXX amount of money to pay off XXX card. the bank sees where the money is going as would a personal check associated with a bank. he doesnt know what he's talking about.

 

[aristobrat]

I doubt there could ever be a lifetime of interest free, otherwise how could the bank make money and there would be zero incentive to pay back if a bank never charged interest.? Perhaps through other avenues ?

I think his point might be that he pays off the entire balance each month, thus avoiding any interest charges.

 

[Nugget]

i think it's best to not argue with that man. he claims the banks can't see payments. i mean really? whether you use a check or pay via online bill pay, your personal bank sees your making XXX amount of money to pay off XXX card. the bank sees where the money is going as would a personal check associated with a bank. he doesnt know what he's talking about.

I can’t help it if you can’t understand what I wrote. You are not accurately summarizing my posts at all. My point about credit reports and scoring is absolutely correct.

Like I said before, your personal bank can (if they bother to look closely) see that the card has spending activity. But there is no scenario where this will benefit your credit score if your credit report shows a consistent $0 balance because you aggressively pre-pay your credit card debt before the statement generates.

There isn’t a place on your credit report for your personal bank to make a manual annotation to explain that you really are using the card. That just doesn’t happen.

So your credit score doesn’t reflect the cards usage. Every other bank and financial institution is going to pull your score and they aren’t going to call your personal bank and ask for more details when they are making a lending decision for you.

 

[paulbart]

I have my set to "White Using" and the map always shows up!

Not sure if y'all are doing it right?

Interestingly, a transaction from 2 days ago (while I had my Wallet Location Services to "While Using") finally shows up with a map today - on my iPad (but still not my iPhone). It also shows a "Shoprite" logo in the transaction (was generic icon before today).

So, I'm confused Not sure why the iPad (which wasn't with me when I made the transactions) has more info than the iPhone.

 

[danpass]

I got my Wallet card yesterday

physical card also inbound, "6-8 days"

 

[cardfan]

I can’t help it if you can’t understand what I wrote. You are not accurately summarizing my posts at all. My point about credit reports and scoring is absolutely correct.

Like I said before, your personal bank can (if they bother to look closely) see that the card has spending activity. But there is no scenario where this will benefit your credit score if your credit report shows a consistent $0 balance because you aggressively pre-pay your credit card debt before the statement generates.

There isn’t a place on your credit report for your personal bank to make a manual annotation to explain that you really are using the card. That just doesn’t happen.

So your credit score doesn’t reflect the cards usage. Every other bank and financial institution is going to pull your score and they aren’t going to call your personal bank and ask for more details when they are making a lending decision for you.

Again this isn’t true. To be considered active an account simply has to be open. It doesn’t matter what the balance is or even if you’ve not used the card in months. It’s active.

Having balances though will always affect your score negatively because it raises utilization rate. Zero balance is always best for max score.

No one cares if you’re actually using the card. That does not impact credit score in any way.

 

[Nugget]

No one cares if you’re actually using the card. That does not impact credit score in any way.

“While it’s easy to assume a zero percent utilization rate would catapult you to a perfect credit score, that’s not necessarily true. FICO consumer affairs manager Barry Paperno explains it by saying, “The idea here is the lower, the better, in terms of the utilization percentage, but something is better than nothing."

Utilization is figured for each individual credit card you have, as well as all of your cards together. While having one or some of your cards at a zero balance is fine, having zero balances on all of your revolving accounts can cost you a few points.

https://www.bankrate.com/credit-cards/does-card-inactivity-hurt-credit-score/

I’ve been involved on the lending and scoring side of this professionally (at a previous job) and I’m familiar with the factors that influence scores: specifically with beacon and FICO. Obviously each score is derived in its own way, but as a general rule if you have a no activity revolving credit account it won’t help your score as much as an account that sees some use.

 

[tonester697]

Still sounds like the bank would make more by interest charging. People would transact, but many more would be not paying their cards back on time neither.. Seems like the bank missed the boat when making profit.

even Apple card has interest,,, its is lower they say,, BUT they still have it..

True, but I was simply responding to your ask about how else would the bank make money if not from interest.

 

[Jarrodbcall]

“While it’s easy to assume a zero percent utilization rate would catapult you to a perfect credit score, that’s not necessarily true. FICO consumer affairs manager Barry Paperno explains it by saying, “The idea here is the lower, the better, in terms of the utilization percentage, but something is better than nothing."

Utilization is figured for each individual credit card you have, as well as all of your cards together. While having one or some of your cards at a zero balance is fine, having zero balances on all of your revolving accounts can cost you a few points.

https://www.bankrate.com/credit-cards/does-card-inactivity-hurt-credit-score/

I’ve been involved on the lending and scoring side of this professionally (at a previous job) and I’m familiar with the factors that influence scores: specifically with beacon and FICO. Obviously each score is derived in its own way, but as a general rule if you have a no activity revolving credit account it won’t help your score as much as an account that sees some use.

This conversation is a perfect example of how incredibly overly confusing credit is. There is no reason it should be some magic voodoo almost impossible to understand.

 

[blueracer]

“While it’s easy to assume a zero percent utilization rate would catapult you to a perfect credit score, that’s not necessarily true. FICO consumer affairs manager Barry Paperno explains it by saying, “The idea here is the lower, the better, in terms of the utilization percentage, but something is better than nothing."

Utilization is figured for each individual credit card you have, as well as all of your cards together. While having one or some of your cards at a zero balance is fine, having zero balances on all of your revolving accounts can cost you a few points.

https://www.bankrate.com/credit-cards/does-card-inactivity-hurt-credit-score/

I’ve been involved on the lending and scoring side of this professionally (at a previous job) and I’m familiar with the factors that influence scores: specifically with beacon and FICO. Obviously each score is derived in its own way, but as a general rule if you have a no activity revolving credit account it won’t help your score as much as an account that sees some use.

and i've worked for a bank. making payments, whether once a month, or several times a month IS tracked by your bank. it's tracked by your card. i personally am a firm believer that everyone SHOULD carry over a very small balance per month. nothing over $100 honestly, just to really show you have a small balance and that your being responsible by making payments all throughout the month, but not everyone things this is good since that means you'd pay 12.99 percent on top of the 100 dollar balance.

 

[dotzero123]

The new card and categories are inspiring me to focus on taking better care with where my money is going. It may sound juvenile but I’m so used to spending on multiple cards and devices that having easy access to my balance and spending might help me to better evaluate my purchases. Small thing but it’s kind of like starting a diet or exercise program. Tracking does help you curb your impulses and take responsibility. Also, I’m an Apple geek so love having the card w some cash back and a lovely apple logo.

 

[Nugget]

and i've worked for a bank. making payments, whether once a month, or several times a month IS tracked by your bank

I never said anything other that this. Let me say it one more time. What this does not do is reliably reflect card activity on your credit report and consequently your credit score. Do you understand now?

i personally am a firm believer that everyone SHOULD carry over a very small balance per month. nothing over $100 honestly, just to really show you have a small balance and that your being responsible by making payments all throughout the month

There is absolutely no reason to do this. You do not have to pay any interest at all on your credit card and there is no benefit to your credit score that comes from doing this. The best way to improve your credit score is to use the card at least a couple times a year. Make sure your credit utilization stays low. Pay the statement in full when the billing cycle ends. There is no benefit whatsoever from carrying a small balance and incurring the interest charges from that.

Making payments "all throughout the month" has no positive impact on your credit score. It's theoretically possible if you were applying for credit from your local bank branch that you might be able to convince the loan officer to pull up your account and maybe that would influence their decision on whether or not to offer you credit based on this activity. But I promise you that there is no automated system that's watching your mid-month payments and affording you any special treatment or consideration as a result. The system is not that personal.

It's impossible to determine from a person's credit report whether or not they're letting a small balance carry over from month to month. It's impossible to determine from a person's credit report if they're incurring interest charges.

The credit report shows if they are paying as agreed and will show how much of their credit line that they are using.

If you ask me, I personally consider it a bad sign that someone is so afraid of credit that they were uncomfortable carrying a balance until the end of the billing period. I don't think it's an indicator of a good credit risk at all. A good credit risk is a person who doesn't need to micromanage their debt on a daily basis and has the financial maturity and resources to just pay a bill when they receive it without any drama. But that's just me. Your local bank branch manager might share your opinion, if you can talk to him in person.

On the other hand, your car insurance company -- when they pull your FICO score to decide how much to charge you for your auto insurance -- won't know or care that you made a bunch of partial payments to your credit card all month long. To them you're just a FICO score.

 

[Nugget]

The new card and categories are inspiring me to focus on taking better care with where my money is going.

You can't improve what you aren't measuring. Sounds like the card is working out well for you.

 

[PickUrPoison]

<snip>
There is no benefit whatsoever from carrying a small balance and incurring the interest charges from that.

Not only is there no benefit, there’s another huge downside. Besides paying interest on the “small balance” from the previous statement, that person will also pay interest on every new charge on the current statement from date of purchase—in other words, no grace period whatsoever. If you carry over even one penny from the previous statement, you pay interest on your daily balance, for each and every day of the current statement.

So if you make a $1,000 charge on the 5th, and don’t pay it off until the 20th, there’s $10 in interest (e.g. at 23.99%), all due to the fact you carried over as little as $0.01 from the previous statement.

 

[Nugget]

Not only is there no benefit, there’s another huge downside. Besides paying interest on the “small balance” from the previous statement, that person will also pay interest on every new charge on the current statement from day one—in other words, no grace period whatsoever.

Oh yeah, excellent point.

 

[rugmankc]

Has anyone paid with Apple Cash yet.

Haven't made a payment yet. So, assume you are given that option after you tap on Pay Now. I didn't want to do that in case it automatically sends my payment from my bank account.

Otherwise, I will use it with Apple Pay or Send to my bank account.


Thanks


Might add I have no debit card set up with Apple Pay. But, assumed if GS added my daily cash to it, I could pay them from Apple Cash. Maybe assumed wrong---

 

[dotzero123]

I used Apple Pay with my new card today. You need to either set card as your default payment method or choose it in wallet when you pay. Once you’ve used Face ID or thumbprint to I’d yourself you’ll be prompted to scan your phone at the kiosk. My phone (xs) asks you do double click to confirm payment.