Apple Card Turns Seven With Big Change Ahead

[thelion7]

The combination of the Apple Pay service + Wallet app + Apple Card itself is the best consumer payment product I've ever used. Stellar overall ecosystem.





It's quite unlikely because (1) Credit Card is a favored payment method only in the US and (2) The underwriting banks do not have the appetite to offer the same benefits elsewhere.

Remember that Apple is only the branding and consumer layer - they do not provide the financing or the benefits (directly). The banks are able to provide all these things because US banking/finance regulations allows it to be funded. Elsewhere in the world Debit payment is favored. Banks cannot get as much revenue for payments facilitation, so there is less money to offer as incentives for credit.

That’s a fair point and definitely wishful thinking as UK cash back sucks.

Guess I just hoped we’d get something.

Either way, happy with my monzo account and flex credit card.

So should be fine.

 

[thettareddast]

Because what they are doing is not sustainable? Why do you think Goldman have to call it quit? And why do you think it is not available world wide?

If you believe the card as an Apple product or services should forever be US only with little to zero intention to ever expand beyond US. That is fine, we agree to disagree. Otherwise what they started was never going to cover rest of the globe. And they have shown very little intention in doing so. They are coming on to 8th years after its launch, that is a very long time in Tech scene.

I am just hoping JP Morgan will teach them a lesson.

i believe businesses have the prerogative to do whats in their best interest.

for goldman, as an **investment bank**, it was an earnest attempt to get into the **commercial bank** business. they decided it was not their core strength, and shut down (or scaled down) the rest of their retail offering.

for jpm, the largest bank in america, it fits their operation perfectly and they were happy to pick up the asset.

what lesson would jpm want to “teach apple”?

nothing you say, or imply that you believe, make sense. why would apple **need** to have global distribution of their card? why would they be beholden to that? is it somehow wrong that BNP or Credit Agricole or Bank of China not have an American credit card or something?

Apple launched a thing. it worked where it fit (the US). theyll continue to operate the thing. why is that a problem to them or to you?!!

 

[thettareddast]

That’s a fair point and definitely wishful thinking as UK cash back sucks.

Guess I just hoped we’d get something.

Either way, happy with my monzo account and flex credit card.

So should be fine.

in my current market 2 cards i had just shut down their cash back benefits.

there is 1 left in the entire country that offers 0.5%…up to an annual limit.

and that measly amount gets automatically reported to the govt so its taxed as “income” too which is kinda silly

 

[BigMcGuire]

Can you cash out your cash back directly into a checking or savings account? Or do they force you to use it for statement credits only? There are many cash back cards that either force you to only use the cash back as a statement credit, or make it difficult/inconvenient to cash out by sending the cash back to you by check (sleaze bag Capital One). Also, Apple lets you put your cash back on the Apple Cash card where you can spend it using the Apple Cash card or just park it until you decide how you want to use it: spend it from the Apple Cash card, put it towards your balance, automatically deposit it into a Marcus Goldman Sachs savings account, or cash out and deposit it into the checking or savings account of your choice.

For what it's worth, everyone is different. I live in New York. I don't have or need a car, so don't care about gas or EV charging. I also very rarely eat out at restaurants. Only thing I do from that list is buy groceries.

The Verizon Wireless Symphony card lets you convert the rewards to cash now, lol. They must have read this thread.