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Apple Card Turns 5, Still U.S. Only

Dark_Omen said:
Gee, if no other bank picks up the lending for the Apple Card... Guess what.... It's doomed.
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Oh okay, so Apple won't be able to figure out an alternative then? lol, I get it, I'm on MacRumors, people love hating Apple here painting doom every opportunity they get. But I trust Apple.

Let's circle back on this later when it happens and see if Apple cancels the Apple Card or if they figure something out. Quote me on this, but I'll buy you an Apple TV if Apple gets rid of the Apple Card because they didn't find a solution lol
 
mattaaron said:
Oh okay, so Apple won't be able to figure out an alternative then? lol, I get it, I'm on MacRumors, people love hating Apple here painting doom every opportunity they get. But I trust Apple.

Let's circle back on this later when it happens and see if Apple cancels the Apple Card or if they figure something out. Quote me on this, but I'll buy you an Apple TV if Apple gets rid of the Apple Card because they didn't find a solution lol
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It's not so much up to Apple as it will be to a new credit card outfit that will be willing to cede so much control back to Apple.
 
mattaaron said:
Oh okay, so Apple won't be able to figure out an alternative then? lol, I get it, I'm on MacRumors, people love hating Apple here painting doom every opportunity they get. But I trust Apple.

Let's circle back on this later when it happens and see if Apple cancels the Apple Card or if they figure something out. Quote me on this, but I'll buy you an Apple TV if Apple gets rid of the Apple Card because they didn't find a solution lol
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What's the alternative?
 
mattaaron said:
Exactly lol


I have no idea? I don't know anything about that industry, I'll put the trust in the Apple executives to know what the next steps would be if changes are needed to Apple Card?
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There is no alternative. Credit cards are backed by loans, which are issued by financial institutions licensed, regulated, and backed by the federal government. Apple doesn't have an alternative when Goldman backs out.

I'm not sure how you don't understand that?
 
Dark_Omen said:
There is no alternative. Credit cards are backed by loans, which are issued by financial institutions licensed, regulated, and backed by the federal government. Apple doesn't have an alternative when Goldman backs out.

I'm not sure how you don't understand that?
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Ah okay, so when Goldman backs out, that will be the official end of the Apple Card by Apple, got it lol.....
 
Dark_Omen said:
There is no alternative. Credit cards are backed by loans, which are issued by financial institutions licensed, regulated, and backed by the federal government. Apple doesn't have an alternative when Goldman backs out.

I'm not sure how you don't understand that?
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I don't understand what you do mean here. As you say, there are several financial institutions backing credit cards; Goldman is not the only one. So, why Apple does not have other options? Perhaps you expect that no one else would accept Apple's terms? Which is an assumption, of course. Just curious, because the Apple Card presents zero interest for me (it is not even available in my country).
 
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PBMB said:
I don't understand what you do mean here. As you say, there are several financial institutions backing credit cards; Goldman is not the only one. So, why Apple does not have other options? Perhaps you expect that no one else would accept Apple's terms? Which is an assumption, of course. Just curious, because the Apple Card presents zero interest for me (it is not even available in my country).
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Because the card isn't profitable.

Do you think Goldman's executives just woke up one day and said "we don't feel like backing the Apple Card anymore."


There's plenty of information out there:

https://www.reddit.com/r/AppleCard/comments/1c32jrc

https://www.reddit.com/r/AppleCard/comments/17jg2wf
 
webkit said:
Financially prudent people should be using credit cards over debit cards as they can provide better fraud protection, rewards programs like cash back, improve or help maintain high credit score, etc. It's much better to use a credit card as long as it's used “responsibly” (don’t carry a balance).
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Better fraud protection? Cash back? Credit score? Bovine manure. I got more fraudulent transactions on my DBS MasterCard, and I had to spend ~30 minutes calling the bank each time it happened. The rare fraudulent transaction on Wise is just two clicks to dispute.
 
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webkit said:
Financially prudent people should be using credit cards over debit cards as they can provide better fraud protection, rewards programs like cash back, improve or help maintain high credit score, etc. It's much better to use a credit card as long as it's used “responsibly” (don’t carry a balance).
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Anecdotes from a different country:
- for 25 years of using a debit card (both online and in physical stores) I never had a need for fraud protection. And the bank will have to cover it anyway if it happens unless they can prove that I behaved recklessly
- if I need a loan for a house they will just look at how I’m doing. Do you have a solid, regular income and not a constant overdraft your credit score is just fine.
- the cash back programs are just feeding the dog its own tail. I don’t need that.
 
Dark_Omen said:
Because the card isn't profitable.
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That’s largely because of the stricter Apple terms as part of the agreement with Goldman Sachs. GS was eager to get into the consumer credit market and was therefore willing to accept Apple's requirements. However, if Apple wants to keep the "Apple Card" going, they will presumably need to loosen some of those demands. A different bank being able to get more favorable terms may be very willing to back Apple Card.

It will come down to how much Apple wants to remain in the credit card business.
 
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adib said:
Better fraud protection? Cash back? Credit score? Bovine manure. I got more fraudulent transactions on my DBS MasterCard, and I had to spend ~30 minutes calling the bank each time it happened. The rare fraudulent transaction on Wise is just two clicks to dispute.
Click to expand...

If you find those things "bovine manure" than you are probably not a financially prudent individual and/or don't recognize the typical benefits of credit cards over debit cards in the U.S., where Apple Card is only available.
 
ninecows said:
Anecdotes from a different country:
- for 25 years of using a debit card (both online and in physical stores) I never had a need for fraud protection. And the bank will have to cover it anyway if it happens unless they can prove that I behaved recklessly
- if I need a loan for a house they will just look at how I’m doing. Do you have a solid, regular income and not a constant overdraft your credit score is just fine.
- the cash back programs are just feeding the dog its own tail. I don’t need that.
Click to expand...

I can't speak to what happens in other countries but in the U.S.:

Fraud protection is better with credit cards than debit cards. Whether you've had to use it or not, it's still peace of mind knowing better protection is there; much like other types of insurance.

Credit score helps determine interest rates and being able to get a lower rate can save a borrower thousands of dollars in interest on a mortgage.

Cash back programs provide additional discounts/savings on purchases which, depending on one's spending habits, can mean hundreds if not thousands of dollars over time.
 
ChrisA said:
I have yet to find a debit card that gives you back even 1% of what you spend or give you airline miles or will allow you to chargeback a transaction of the product you bought is faulty. A possible problem with credit is if you don't pay it all off at the end of the month. Then you pay a very high interest rate. But yo can fix that by setting up autopsy. With autopsy the credit card is more like a debit card because the exact amount charged is removed from your account and no more.
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What is autopsy?
 
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sirozha said:
My credit score is 825, and my Apple Card interest rate is over 27%
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With a similar credit score my interest rate shows as 16.24% in my wallet. Never paid since pay full balance monthly. Wonder why the difference. Only thing I can think of is all of the $ spend over the last few years on apple products which have been put on the card with the 12 month financing plan.
 
adib said:
Ah yes. Use cold hard cash and never buy anything online 🤷‍♂️
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Empty jokes? Funny thing is, I actually rate cash higher than debit cards in use case scenarios for merchants who provide cash discounts that exceed my credit card rewards as well as the merchant who doesn't take any card.

Debit cards are for the most part little more than a liability - the only sensible use case is withdrawing cash and I've not done that in years. There is significantly better fraud and purchase protection with a credit card over a debit card, and countless other benefits debit cards do not have.

If you want to stubbornly stick to some obscure reason to not use credit cards, I don't mind - you can keep subsidizing my credit card benefits 😂
 
adib said:
Better fraud protection? Cash back? Credit score? Bovine manure. I got more fraudulent transactions on my DBS MasterCard, and I had to spend ~30 minutes calling the bank each time it happened. The rare fraudulent transaction on Wise is just two clicks to dispute.
Click to expand...
Wise is not a bank. Also, every transaction on the Wise card comes with a hefty fee. Why are you paying fees for retail transactions?

I use Wise to make payments in foreign currencies to people in other counties, and I do have a Wise debit card as a backup for my regular bank debit card, but I almost never use the Wise debit card. Also, Wise is poorly regulated in the US. If your account or debit card are hacked, you won’t have any help from regulatory authorities to refind your money. And relying on Wise to refund you is not wise.
 
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