Apple Card Turns Six With Big Change Ahead

[Marzzz]

I have the Apple Card several years now, but use it primarily for Apple-related purchases, with the 3% discount and free payment plan. I get better benefits with other cards.

Have NEVER in my entire life carried a credit card balance.

 

[markgpearse]

Unless Apple provides some sort of subsidy, don't expect Chase to offer rates higher than they offer their deposit customers. The big money center banks are awash in cash and don't need to offer above market rates.

 

[Black_Mage]

Apple Card pro when?

I'm glad you asked. Here are some leaked details.

1) It will be made of solid 18K gold.

2) It will be invitation-only.

3) There will be a $10K initiation fee and $5K annual fee after that.

4) Your purchases need to equal 250K or more each year.

5) Yes, you'll be able to make huge purchases with it, like a private jet or mansion.

6) It will be hand-delivered by a high-level Apple exec along with a selfie of you being handed the card in a handcrafted box with the highest quality cardboard.

7) You'll be added to Tim Cook's Christmas card list.

 

[Radeon85]

Would be nice if they released the bloody thing outside the USA.

 

[heinzel]

To me, the Apple Card has been awesome because it was easy to provide my kids with subsidiary cards, which has come in handy for giving them their allowance and for their trips abroad, where it works in most locations and without foreign transaction fees. Plus, they get to build a credit history, and I can provide them with feedback on their spending.

 

[211]

I was always surprised why Apple chose Goldman Sachs as a partner, considering it doesn’t have much of a presence in retail banking globally.

Chase isn’t that much better, being mainly US-centric, but it does operate in the UK as well. What is positive is that Chase wants to expand in the UK, so maybe Apple Card will be available there, and then other countries in the future

 

[ItsTy]

I’ve had the card since launch and I enjoy the privacy of the card quick new card number when needed. I like the Daily Cash because it isn’t a statement credit later or points, it’s simple cash ready when I am. I do wish the card had better % back, 2% back isn’t great and 1% back is the least they can do. I feel like the Apple Pay could be 3% and the card 2% Apple Store 5%.

 

[dwrufus53]

It used to be high-yield. Now it's more along the lines of medium-yield. 😡

I do like how the card changes colors according to your level of debt. 😂

It's not level of debt, it's the spending category:

• Red: Health
• Orange: Food and drink
• Yellow: Shopping
• Green: Travel
• Blue: Transportation
• Purple: Services
• Pink: Entertainment

 

[dwrufus53]

I was always surprised why Apple chose Goldman Sachs as a partner, considering it doesn’t have much of a presence in retail banking globally.

Chase isn’t that much better, being mainly US-centric, but it does operate in the UK as well. What is positive is that Chase wants to expand in the UK, so maybe Apple Card will be available there, and then other countries in the future

IMO, Apple chose GS for the same reason Jobs chose AT&T for iPhone - they could be pushed into whatever deal Apple was trying to make. It will be interesting to see how Chase (or whomever takes over the Apple Card) gets along with Apple.

 

[Siliconguy]

I love my Apple Card and I love the high yield savings. I stopped buying CDs at my bank and dumped all my savings into it. would suck to lose that.

I hope you are happy with 1.25%. That's their current 3 month CD rate.

 

[maruyama]

I’m not a points/miles guy, so the Apple Card has been first and foremost a nice basic way to get a bit of the overhead back on large purchases (remember you’re always paying ~3% anywhere that accepts credit cards).

No fees for international transactions is my #2 use case for it over my regular bank card. It’s quite nice being able to go on a trip and just put everything on it, then pay it off when I get back. Also makes it very easy to see how much I spent on a trip.

 

[coolfactor]

I've been using alternative "branchless banking" cards here in Canada for a while now. Way better than the outdated brick-and-mortar banks that still dominate the market. I hope Apple is looking closing at these new-age banking approaches and applying some of the strengths to Apple Card. Wow, six years and still US-only. Bleh.

 

[ZacUSNYR]

Goldman Sachs dispute process truly sucks. Only complaint is they sided with a merchant in a dispute. Thankfully it was only $150.

They never asked for details. Just opened the dispute and they “collected info” from the merchant and reversed the credit saying I agreed to pay it (for a service, never provided).

But I do like the phone integration, notifications, metrics.

 

[WarmWinterHat]

Goldman Sachs dispute process truly sucks. Only complaint is they sided with a merchant in a dispute. Thankfully it was only $150.

They never asked for details. Just opened the dispute and they “collected info” from the merchant and reversed the credit saying I agreed to pay it (for a service, never provided).

But I do like the phone integration, notifications, metrics.

My physical Apple Card card number was compromised a few weeks after I got the card. I had never inserted/swiped the card, or typed in the number anywhere. The only thing I had used it for was to buy an iPhone from Apple...but somehow, my card number purchased a several thousand bicycle several states away. I don't think I had even carried it out of the house yet.

I had no problem getting it reversed, luckily, but still haven't a clue how it happened.

As for everything else, it's fine. I don't really use it much and my AMEX Blue and Chase Amazon card are my main credit cards. Never carry balances, so the payoff features aren't that useful. Chase is my bank, and they are adequate.

 

[goonie4life9]

Goldman Sachs dispute process truly sucks. Only complaint is they sided with a merchant in a dispute. Thankfully it was only $150.

They never asked for details. Just opened the dispute and they “collected info” from the merchant and reversed the credit saying I agreed to pay it (for a service, never provided).

But I do like the phone integration, notifications, metrics.

Apple requires secrecy, which doesn’t work with banking. That is why the process is so difficult - Apple doesn’t want you to talk with the people who actually have knowledge of processes and your account. They could “spill the beans.”

 

[segfaultdotorg]

Long live the iCard!

 

[_Dubs_]

It would be GREAT if the deal pushed Chase to create an HYSA. I could move some funds from elsewhere and consolidate.

They do. I've had a HYSA with Chase for over 2 years now.

Edit: I guess it's not a traditional HYSA. Our advisor refers to it as a HYSA, but apparently it's not quite that. All I know is know is it does give us 3.6% APY right now.

 

[grammatica]

Purchases at Apple should be 5%. Plenty of companies, such as Amazon and Target, offer 5% for their own stores.

 

[grovian]

"the Apple Card remains available in the U.S. only," We use debit cards in the rest of the world, only US folks are addicted to the debt

 

[newyorksole]

I love my Apple Card and love Chase. looking forward to the future.

but screw Goldman for not approving my credit line increase today smh.

 

[TonyC28]

It is also worth noting that Chase Bank does not currently offer a high-yield savings account akin to Apple Card Savings.

Hey, be nice. They offer 0.01%

 

[firstcitazen]

Apple Card pro when?

Apple Card Pro Max Ultra

 

[rnizlek]

I love my Apple Card and I love the high yield savings. I stopped buying CDs at my bank and dumped all my savings into it. would suck to lose that.

It is convenient, but there’s plenty of good, alternative options, you’d just need to transfer the money. Fidelity’s cash management account has no fees and currently pay 4.02%. Synchrony’s HSA is 3.8%. Perhaps a better option than buying CDs at your bank is treasury bills through TreasuryDirect.gov. Four week bills currently pay 4.3% and if you’re in a state with an income tax, interest in treasury bills is state tax exempt.

 

[sevoneone]

• Cut anyone below a 700 credit score (they're losing money on the card because so many are defaulting on their payments, cutting those less likely to repay is a huge way to stem the losses).

Ironically, I remember reading that there was speculation that the card makes it to easy too pay off balances that would otherwise be subject to interest and that, and no late fees, is why they are not making money. Their 'no due date' policy also basically means you can cary a huge balance for almost two months with zero interest.

I don't see them mass dumping customers. Most people want to pay their bills even if they have a 620 credit score. I DO see them implementing late fees and maybe being less relaxed about the due date and when interest starts being applied to a new charge.

Editing to add: One of the big undertones when Apple launched the Card is that everyday consumers deserve the same flexibility and transparency in their credit and finances as people with millions of dollars. Your net worth shouldn't impact how much respect you get from a financial institution or if your unsecured loan comes with schemes like "6-months no payments, no interest." But the 90 days is disconnected from the statement/due date so someone invariably has a balance left and the agreement is written so that all the interest that would have been charged gets charged if even a penny is left over... They don't do that to millionaire.

 

[hagar]

Love mine and was an early adopter. It is weird to say, but I love paying my balance (as long as there is money in my bank). One click on the day it's due (or earlier) and boom, the card is clear and ready for more trouble!

As a European it’s interesting to read you have to manually pay your balance, and you can carry it over.

Over here, credit card companies simply withdraw the money from your account at the end of the month. Even if you go in overdraft. That’s why credit cards don’t have so much appeal over here I guess.