Apple Card Rolling Out Today to Limited Number of Customers


Shadowbech

macrumors 603
Oct 18, 2011
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Apple iPhone World
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---:(
I was able to make a payment with Apple cash without any issue. You do have to option once you hit the Pay button.
 

rugmankc

Contributor
Sep 24, 2014
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I was able to make a payment with Apple cash without any issue. You do have to option once you hit the Pay button.
Ok thanks. I followed thru on the Pay button. Screen came up with the “Double Click” side button. Below was my bank with a right facing arrow. Tapped that and got my bank and Apple Cash. Not intuitive. Thanks Again.
 

DoubleFlyaway

macrumors 6502a
Nov 16, 2017
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828
Ok thanks. I followed thru on the Pay button. Screen came up with the “Double Click” side button. Below was my bank with a right facing arrow. Tapped that and got my bank and Apple Cash. Not intuitive. Thanks Again.
I literally spent a half hour messaging with Apple support to figure this out. I hadn’t set up my bank account, so there was no way to find the Apple Cash option until that had been done. And it is not intuitive that you would need to do that before you Apple your daily cash to your card.
 
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rugmankc

Contributor
Sep 24, 2014
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I literally spent a half hour messaging with Apple support to figure this out. I hadn’t set up my bank account, so there was no way to find the Apple Cash option until that had been done. And it is not intuitive that you would need to do that before you Apple your daily cash to your card.
I messaged Apple also and never got a reply. If enough people complain it will probably be updated to offer it earlier and in a clearer manner.
 

Shadowbech

macrumors 603
Oct 18, 2011
5,176
1,363
Apple iPhone World
Ok thanks. I followed thru on the Pay button. Screen came up with the “Double Click” side button. Below was my bank with a right facing arrow. Tapped that and got my bank and Apple Cash. Not intuitive. Thanks Again.
Yea, definitely not intuitive, took me a while to figure it out but in the end now you know how to pay your balance with your Apple Cash.
 
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brgjoe

macrumors regular
Nov 6, 2014
180
88
Central IL, USA.
Yeah, I would also like to pay with Apple Cash instead of the direct link to my bank account.

Does it matter what type of phone you have? Mine is an 8 Plus.
 

HeadphoneAddict

macrumors 6502a
Sep 16, 2007
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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. 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.
That sounds wrong in so many ways.

If you use your credit card and your due date is the 17th of every month, and your statement prints on the 20th each month and it says you owe $1000, and you pay it all by the 17th of the following month you pay no interest.

But if you only pay $900 of the $1000 by the 17th then you only pay interest on the $100 that you didn't pay.

That next month you will get a statement showing you owe the $100 plus anything you spent after the payment was made, so if you spend $1000/month your new statement will show $1100 balance. But again, only $100 of that carries interest if you pay it all off at the next due date.

But let's say you only pay $800 this time, and your statement prints saying you owe the $300 you carried over + the $1000 you spent that month = $1300, if you pay the entire $1300 then you only paid interest on the $300 from the previous month and none on the $1000 you spent that month. Etc etc...

Any amount that you didn't pay by the 17th is charged interest, even if you pay it down before the statement prints on the 20th - for those trying to get the balance down so that it's lower on the next statement you will still see some interest charges on whatever didn't get paid off by the due date.

Some people make the extra payments to get their usage down below 15-30%. However, it's otherwise counterproductive to send any money in the few days between the due date and the statement date - when you'll still be charged interest and that payment won't count towards your minimum payment for the statement that is about to print.

In contrast, when you use PayPal credit at 0% for 6 months, if you don't pay it all by the end of the 6 months then you will be retroactively charged interest from day 1 at 26%, even if you paid $999 of the $1000 by the end of the 6 months. But a 0% check sent to you from one of your credit cards, that gives you 15 months to pay will not charge interest on the amount that you've already paid down when there is a balance left at the end of the 15 months - they only hit you with interest from the 15 month point forward on the remaining balance.

Also, I always set up autopay for every bill. For the ones that vary from month to month like a CC I will set up the auto-pay for the minimum payment, but manually make a second payment for the payoff. This way if I am ill or die, or on vacation more likely, no payments are missed and my credit score doesn't crater unless my usage gets too high before someone intervenes on my behalf.
 

PickUrPoison

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Sep 12, 2017
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Sunnyvale, CA
That sounds wrong in so many ways.

If you use your credit card and your due date is the 17th of every month, and your statement prints on the 20th each month and it says you owe $1000, and you pay it all by the 17th of the following month you pay no interest.
Correct. You pay no interest on the balance (because of course there isn’t one!) and you also pay no interest on all the new charges you make that will appear on that next statement.

But if you only pay $900 of the $1000 by the 17th then you only pay interest on the $100 that you didn't pay.

That next month you will get a statement showing you owe the $100 plus anything you spent after the payment was made, so if you spend $1000/month your new statement will show $1100 balance. But again, only $100 of that carries interest if you pay it all off at the next due date.
No, not with almost all credit cards (in the US). You would pay interest on the previous balance ($100), but also interest on all the new current charges ($1,000), from the date of each purchase. The grace period for purchases is usually applicable only if the previous statement balance was paid in full before the due date.

To regain the grace period on purchases, you have to pay the entire new statement balance before the due date.
 
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cardfan

macrumors 68020
Mar 23, 2012
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He’s right because typically you can’t tell them you want a payment to apply to a previous balance that’s subject to interest.

So if you get something on a zero percent promotion for 12 month you can’t do any new purchases til it’s paid off. Any new purchases will be subject to interest. Likewise if you do a balance transfer. Have to quit using the card.
 

HeadphoneAddict

macrumors 6502a
Sep 16, 2007
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720
Correct. You pay no interest on the balance (because of course there isn’t one!) and you also pay no interest on all the new charges you make that will appear on that next statement.


No, not with almost all credit cards (in the US). You would pay interest on the previous balance ($100), but also interest on all the new current charges ($1,000), from the date of each purchase. The grace period for purchases is usually applicable only if the previous statement balance was paid in full before the due date.

To regain the grace period on purchases, you have to pay the entire new statement balance before the due date.
If you pay it all off the next month (the $100 that you carried over from the previous statement, and the $1000 in new charges), then you didn't carry the $1000 past the grace period and should not owe interest on that, only on the $100 from the previous month.
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He’s right because typically you can’t tell them you want a payment to apply to a previous balance that’s subject to interest.

So if you get something on a zero percent promotion for 12 month you can’t do any new purchases til it’s paid off. Any new purchases will be subject to interest. Likewise if you do a balance transfer. Have to quit using the card.
I understand how the 0% promotions work, and I never put a new charge on top of the 0% balance.

Otherwise the new charge will get charged interest until the old balance at 0% is paid off, which could take months while the new charge acrues interest the whole time.
 

PickUrPoison

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If you pay it all off the next month (the $100 that you carried over from the previous statement, and the $1000 in new charges), then you didn't carry the $1000 past the grace period and should not owe interest on that, only on the $100 from the previous month.
Unfortunately that’s not how it works. If a statement has a balance carried over from the previous month, there is no grace period for any of those $1,000 in new charges. Each new charge pays a daily rate from date of purchase until the statement closing date, and the interest posts on that same statement.

I’m probably not explaining it very clearly, but there’s a video near the end of this article from creditcards.com that illustrates the scenario.

https://www.creditcards.com/credit-card-news/grace-period-avoid-paying-interest.php
 
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blueracer

macrumors regular
Dec 30, 2010
233
113
Sunnyside, New York
after two weeks, how have people been enjoying their apple card?

also i heard there may be something happening just after the apple event next week. maybe something related to the new iphone later that week? eh. at any rate, i've been using my card very regularly. i really do enjoy how extremely easy it is to make payments to my card. unlike my bank of america credit card where i would need to log into the app than go to transfers, and transfer funds from my checking to my credit, confirm the date, choose the appropriate accounts and confirm again. it is rather so simplistic, it makes me want to make payments every time i charge the card.

i've already stopped using my bank of america credit card after paying off the remaining balance. although i did have a hiccup. it seems rite aide charged me twice for a purchase of a gift card. i did speak with goldman about it via messages, i was told to check if both charges end up being posted after the pending charges clear. it seems so far one of the two cleared, but the other shows as pending still. but that was odd.
 
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Tom G.

macrumors 68020
Jun 16, 2009
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Champaign/Urbana Illinois
I’ve been enjoying the freedom of using a wider range of gas stations. After having credit cards compromised at several gas stations I began using only stations that accepted Apple Pay at the pump. This meant only the two Meijer’s stores in town. Their gas, however is always a few cents higher than at other stations, but I put this down to the added security that comes with using Apple Pay. There are a few stations that accept Apple Pay if you go inside to pre-pay, but I consider that a real pain in the butt, because someone’s always gets ahead of you, at the only open register, wanting to buy 30 or more lottery tickets with “special personal numbers.”

Now, however, I can use any station I want, but I do have to answer the question, “is it better to pay a bit more for the gas at a station that takes Apple Pay and get my 2% cash back or use my Apple CC for cheaper gas, but only get 1% back?” Solve one problem and get another.
 
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Rigby

macrumors 601
Aug 5, 2008
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San Jose, CA
also i heard there may be something happening just after the apple event next week. maybe something related to the new iphone later that week? eh. at any rate, i've been using my card very regularly. i really do enjoy how extremely easy it is to make payments to my card. unlike my bank of america credit card where i would need to log into the app than go to transfers, and transfer funds from my checking to my credit, confirm the date, choose the appropriate accounts and confirm again. it is rather so simplistic, it makes me want to make payments every time i charge the card.
Not to detract from the Apple Card, but it is just as easy in the BofA app once you have set up a payment account: select the card account, tap "make payment", enter amount, confirm. Done. ;) But the most convenient way is of course to set it all to autopay (ideally for the full balance to avoid interest) ...
 

blueracer

macrumors regular
Dec 30, 2010
233
113
Sunnyside, New York
Not to detract from the Apple Card, but it is just as easy in the BofA app once you have set up a payment account: select the card account, tap "make payment", enter amount, confirm. Done. ;) But the most convenient way is of course to set it all to autopay (ideally for the full balance to avoid interest) ...

hmm...i dont like the autopay feature, i'd rather pay manually, but yea, i have to choose transfers than select each account individually, than set the amount i want to pay and continue and confirm...it's a hassel. with the apple card, i can select an exact amount than either choose to use a portion of my apple cash balance or just pay it all with it and/or my checking account. very simple to do. as for the double charge i was hit with, one went through as it should. the other took around 7 business days to lift off the apple card. pretty long wait i would say, typically it only lasts 3 business days to 5. but it wasn't charged at least.

another lil feature, i'm not aware of it happening on any card i've had in the past, but when you pay off a balance for the previous month, the apple card wallet says it. like i currently have a 200 dollar balance, but it says that i paid all of augusts charges. thats nice.

how does everyone store their apple card? i keep mine in my wallet but i keep it between two business cards so that it isn't damaged by rubbing up against my debit and credit cards.
 

Rigby

macrumors 601
Aug 5, 2008
4,741
3,688
San Jose, CA
hmm...i dont like the autopay feature, i'd rather pay manually, but yea, i have to choose transfers than select each account individually, than set the amount i want to pay and continue and confirm...it's a hassel.
You really don't. The trick is to set up a billpay account. On the web site, go to Billpay/Manage Accounts and add a checking account (can even be at another bank). Paying a credit card then takes just a couple of taps.

But I still think Autopay is the best way. After receiving the bill you have plenty of time to check for errors before the money is withdrawn from your checking account.
 
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HeadphoneAddict

macrumors 6502a
Sep 16, 2007
914
720
I added two checking accounts that I can pay from, and I only set up autopay to pay the minimum so that I won't ever have a late payment if I forget or I'm sick in the hospital. I actually have all of our bills (mortgage, ins, cars, utilities) on autopay since I have poor health and if anything happens to me then all my wife has to do is make sure there is money in the bank (probably move her paycheck deposits to the bill pay joint account though).

However, I still go in and make an additional manual payment for the rest of the balance. For instance, I paid down the Apple card on 8/27 so that the balance would be low on my 1st ever statement, for a low usage of like <5%. Then I paid off the August 31st statement balance last week so that I have no interest charged.

I'm at 10% usage right now in the middle of September, since I'm using it as my primary card for everything from gas to dining out and groceries. So before the statement prints at the end of September, if my usage is high I'll pay it down some in order to keep it under 10% usage when the statement prints. Then over the next week or two after the statement I'll pay off the rest of it.

For us the autopay is only in case of emergency, so that we won't have a late payment. This was helpful in late Dec 2014 when my daughter and I were in a car accident and I was in the hospital for 3 weeks, but the bills got paid and nothing was late while we recovered.

EDIT - what I did not know what that I can use my Apple Cash to pay on the Apple Card - I sold my spare 256GB iPhone X with a few weeks of AC+ left, and was paid by Apple Cash. If they are happy with the phone and I don't have to refund the sale I'll be able to pay off half my Apple Card balance with the $500 in my Apple Cash.
 
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