Apple Card Said to Launch as Early as First Half of August

[ipponrg]

Apple is pushing for quite a number of consumer-friendly features such as zero fees and an improved UI which would actually make it easier for users to avoid debt, all of which serve to reduce the profitability of such an endeavour

The 0 fees is pretty funny and shows how they are spinning the marketing.

1. If you miss a payment, we won’t charge you a late fee or apply a new high-interest penalty rate. However, you will continue to accrue interest on your balance at your regular interest rate.

If anyone thinks it’s a good idea to miss the payment because no late fees, they will still get penalized at their regular interest rate

 

[veth]

No they’re keeping both and the Barclaycard was just changed to not include Apple Rewards so it’s just a “Financing Apple Card” with the 0% interest still.
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Everyone is so high and mighty on this forum and just automatically resorts to hating what Apple does instead of seeing the cool/unique benefits like what you just listed. It’s sad.

Interesting that they removed the Apple Rewards from the finanacing card. It seems to make it less desirable, but it does serve a niche purpose I guess.

 

[Innise]

I read this news in Chrome and later got this ad in Youtube. Bless their hearts.

 

[Scottsoapbox]

Oh? Explain to us the steps they should have taken to get this out faster.

Step 1 partner with credit card company
Step 2 pick design for card
Done.

 

[ipponrg]

Omg....you can’t even be serious with the “key part in the country’s financial infrastructure”. What are you talking about?

The poster lives in Singapore so maybe they know something about the U.S. that we don’t know about

 

[Abazigal]

The 0 fees is pretty funny and shows how they are spinning the marketing.

1. If you miss a payment, we won’t charge you a late fee or apply a new high-interest penalty rate. However, you will continue to accrue interest on your balance at your regular interest rate.

If anyone thinks it’s a good idea to miss the payment because no late fees, they will still get penalized at their regular interest rate

I was referring to there being no annual credit card fee.

I know I can just call in at the end of every year and get the agent to cancel my fee (often by threatening to cancel my card), but it’s just nice to skip that extra step.

Plus, I don’t think anyone sets out to deliberately miss a payment, but in the event that they do, at least it’s there.

 

[stevie grant]

There are several reasons why people want this card and it is definitely highly anticipated by many people.

Yet you were unable to provide a single example.

 

[ipponrg]

I was referring to there being no annual credit card fee.

I know I can just call in at the end of every year and get the agent to cancel my fee (often by threatening to cancel my card), but it’s just nice to skip that extra step.

Plus, I don’t think anyone sets out to deliberately miss a payment, but in the event that they do, at least it’s there.

In the U.S, you probably don’t want to cancel your no annual fee credit cards as it reduces your utilization rate which may impact your credit

 

[Abazigal]

In the U.S, you probably don’t want to cancel your no annual fee credit cards as it reduces your utilization rate which may impact your credit

Huh?

If a credit card had no annual fee, then I wouldn’t need to call in to get it cancelled in the first place now, would I?

 

[tmiw]

I still don’t think this is going to be a huge success if only for the reason that this card penalized frequent travelers and diners, who will need to use the physical card more oft than not.

Frequent domestic travelers, maybe. If you go overseas, it's effectively 2% for everything depending on where you're going.

Apple Pay still isn't as widespread as Apple would like it, so that 2% isn't that great of a reward. 1% on everything else? Make it 2% every non-Apple Pay purchase, 5% Apple Pay, and 8% Apple purchases. Also, lack of authorized users sucks. I get the high credit limit with my superior credit score and then add my wife with her decent one.

I don't know about anyone else, but most places I go to support NFC now. The biggest category of places that I go to that don't are restaurants, but I don't expect them to ever commonly support it in anyway.

 

[smaffei]

The 0 fees is pretty funny and shows how they are spinning the marketing.

1. If you miss a payment, we won’t charge you a late fee or apply a new high-interest penalty rate. However, you will continue to accrue interest on your balance at your regular interest rate.

If anyone thinks it’s a good idea to miss the payment because no late fees, they will still get penalized at their regular interest rate

And a late payment will still be recorded at the credit bureaus, thus affecting your overall credit score.

 

[thisisnotmyname]

Exactly what kind of loss, damage or injury is one expected to incur by underrating Apple?

detriment
[ de-truh-muh nt ]
noun
loss, damage, disadvantage, or injury.
a cause of loss or damage.

Ask Steve Balmer

 

[C7 POWER]

I hope those of us running iOS13 Beta (Public version) will have the ability to also apply for the card. Id hate to have to wait till fill iOS13 comes out in September to get the new card.

 

[newyorksole]

Yet you were unable to provide a single example.

Why should I provide you with examples when this article already does it and so does Apple’s website? You can’t be serious.

 

[JBGoode]

Step 1 partner with credit card company
Step 2 pick design for card
Done.

Yeah, I'm sure that's all there is to it. The fact is that you have no clue how long it should take.

 

[robjulo]

Again, what are you talking about? Do you know anything about the credit cards/ credit scores etc in the US? Whether a credit card has no annual fee has nothing to do with a need to cancel. Multiple credit cards affects your overall credit score, one good reason to cancel one card and have another.

I sense you are just making arguments up, without having any real knowledge of the industry, to fit your constant pro-Apple dominance narrative.

Huh?

If a credit card had no annual fee, then I wouldn’t need to call in to get it cancelled in the first place now, would I?

 

[paulvee]

I would be curious to know if the 3% cash back on Apple purchases will apply IN ADDITION to any discount that having an Apple Business account might provide.

 

[Abazigal]

Whether a credit card has no annual fee has nothing to do with a need to cancel.

A credit card typically has an annual fee. I have been able to get the fee waived every year thus far by calling in (and threatening to cancel it on more than one occasion). Automatically removing the annual fee basically saves me a step here.

Likewise, while the Apple Card is US only for now, I expect it to eventually expand to other countries, including Singapore, though to be fair, we are still missing a number of features like the HomePod, Siri remote and the news app. Otherwise, I don't think our credit card infrastructure is that different from yours.

 

[Wiesenlooser]

1. Why did Apple need Goldman Sachs and Mastercard to make this card? 2. Do you think it would be Apple’s long-term goal to not need either of those companies for the function of this Apple credit card?

Cause banking regulations are quite a pain. It's super costy and you need lots of employees to remain compliant, especially if you want to operate internationally. I don't think Apple wants to deal with that stuff.

 

[jaytv111]

1. Why did Apple need Goldman Sachs and Mastercard to make this card? 2. Do you think it would be Apple’s long-term goal to not need either of those companies for the function of this Apple credit card?

Well they kind of need Mastercard to get people to use it. Mastercard is simply a payment network, and along with Visa is the most widely accepted payment network outside of cash. Maybe they could use Visa but that doesn't make a difference, but if they used Amex or Discover they might have problems (like Amex not being taken in all places, or Discover's contactless being different than the others, yes that's a problem, it means while Discover is taken everywhere, Discover using Apple Pay is not, because the readers don't necessarily take Discover using Apple Pay and other NFC payment apps, the communication is incompatible). Or making their own payment network would mean almost no one would take Apple Card as payment.

As for Goldman, the rumor was that they were more willing to take the profit hit than others. Citi screamed bloody murder at how low their profit would be if they partnered with Apple Card. Goldman wanted in on credit cards (they don't have any currently, I think), so partnering with Apple at least gets their hat in the ring.

 

[konqerror]

The 0 fees is pretty funny and shows how they are spinning the marketing.

1. If you miss a payment, we won’t charge you a late fee or apply a new high-interest penalty rate. However, you will continue to accrue interest on your balance at your regular interest rate.

If anyone thinks it’s a good idea to miss the payment because no late fees, they will still get penalized at their regular interest rate

You realize credit cards without that feature charge you the same interest rate, plus $28-39 just because you were one day late? Let's do some math, one day late on a $1000 balance on 20% APR card:

Interest on $750 for 28 days (roughly midpoints on 30 days + 25 grace, compounded daily): $11.51
Late fee: $28-39 (regulatory limits)

Total cost for being a few days late is:
Late fee cards: $50.51
No-late fee: $11.51

From anything under a month late, the late fee dominates, not interest. A factor of 3 in this example. And usually the minimum payment is so low ($25-35) the point of the late fee is to penalize forgotten bills, and not to apply to those who intend to carry a balance.

Upper middle class people who never carried a balance or done the math tend to way overestimate credit card interest over short periods and scream how bad the interest is.

 

[JBGoode]

The 0 fees is pretty funny and shows how they are spinning the marketing.

1. If you miss a payment, we won’t charge you a late fee or apply a new high-interest penalty rate. However, you will continue to accrue interest on your balance at your regular interest rate.

If anyone thinks it’s a good idea to miss the payment because no late fees, they will still get penalized at their regular interest rate

This is nothing new. I have 3 credit cards that were all marketed as having no fees. If someone interprets this as “I can be late with no repercussions”, then they’re probably not smart enough to have a credit card.

 

[justme1]

No they’re keeping both and the Barclaycard was just changed to not include Apple Rewards so it’s just a “Financing Apple Card” with the 0% interest still.
[doublepost=1564146103][/doublepost]

Everyone is so high and mighty on this forum and just automatically resorts to hating what Apple does instead of seeing the cool/unique benefits like what you just listed. It’s sad.

I have the Apple Rewards Barclaycard, and I have received no notification that they are terminating the rewards program. Do you have a link?

 

[gowhitestripes]

If you don't have 2% on all purchases like Citi Double Cash, you are dead in the water. I'd love to get this but I'm not moving down from 2%.

 

[PaulRustad007]

Highly anticipated by whom? Goldman Sachs and Apple employees? Nobody outside of the US gives a rat’s rear end about a piece of plastic oh titanium that they don’t stand to benefit from in the slightest.

Who benefits from any credit card?