Apple Card Won’t Support Multiple Users, No Cost Associated With Physical Card

[Musocat]

It's interesting, maybe for later. There are other cards with big signup bonuses that I want to get first.

 

[KrispE00]

My wife and I have been thinking of getting a Costco card (VISA) as it has up to 4% for purchases at Costco, including their gas. Then I was going to instead seriously consider the Apple Card until I just read that my wife and I won’t be able to both use it. As Sasparilla said above, that really makes it difficult to have a greater awareness of your spending when you don’t have a super high percent of discretionary income.

FYI, the Costco Visa is 2% for Costco purchases (outside of the 4% on gas). There’s an extra 2% back at Costco if you have the executive membership, but I don’t think that’s required for the credit card.

 

[omihek]

This was the best announcement in an otherwise dull event. Looking forward to this summer when I can get one!

 

[Yumbo]

So you can't "share accounts" meaning married couples can't have authorized users so that they can both keep track of finances?

That's kind of dumb...

Thinking they may also add this to Family Sharing.
Same concept, with permission options.

 

[now i see it]

empowering people through encouraging debt.

If anyone has been holding out the last seven years for the mystical products in the pipeline to appear... well buckle up, cuz this is it: Debt.

 

[NMBob]

The color gradient is a cool idea, I like that

Is it because their AI is so bad it can't tell the difference between food and dog grooming types of payments?

 

[AngerDanger]

The color gradient is a cool idea, I like that

I wonder how long before somebody opens an account and makes purchases solely for the purpose of encoding an image in their Apple Card.

This could be the next great medium; financial art! Ephemeral and unstable!

 

[dumoore]

"When using the card no signatures will be required"

But a lot of places when using credit card still are requiring signatures. Most places in fact. So even though the card doesn't require it, chances are you'll always be signing.

 

[AdonisSMU]

I want one as it would be easier for me to manage my credit and pay.

 

[iGeek2014]

I was looking at Credit Cards in Europe today. To see what the rewards are like. And ya know, most of them are really quite poor. Lots of them start off with an attractive looking 3 to 5% cashback on purchases. But for the ones that offer that kind of return it goes to 0.5% cash back after the initial 3 months.

I checked out the Amazon one and it offers essentially 1.5% cashback on purchases made at Amazon for Prime Members. But only 0.5% on non-Amazon purchases. The return halves if you're not a Prime member.

After doing some research I found that the main reason for these poor rewards in Europe is due to Europe changing the regulations around how much card processing companies (Mastercard, Visa etc) can charge merchants. Less profits for them at the processing level means less rewards for customers.

All of this does temper my enthusiasm for Apple Card because from what I've read around the net, Americans have access to better cards already, some having 3% cash back on all sales, not just from Apple etc

But in Europe from what I've seen we don't have those kinds of cards anymore unless you're grandfathered in on an old card. I'm wondering now if Apple ever will release this outside of North America since financially it seems unprofitable with the reward level (1-3%) they are offering.

Just my thoughts.

Yes, since the Interchange Fee cap, most, if not all credit cards offer poor rewards now.

I think AmEx are still quite generous but I’m pretty sure by 2020 they will be capped as well so can see that changing somewhat.

 

[cableguy84]

Why is every new product named “apple” now?

 

[nadador]

I still want to know that the Apple Card has a no-interest grace period on purchases like virtually every other credit card (typically 30 days). Maybe this is a "No Duh" question, but I haven't seen it stated anywhere.

 

[Böhme417]

Still rather disturbed by this. I know Apple are sort of desperate to start exploring new sources of revenue but climbing into bed with Goldman Sachs is akin to making a pact with Satan. Credit Cards are the source of misery for literally millions and millions of people unable to escape its clutches. Shame on Tim Cook. Can’t he make money elsewhere?

Shame on Tim Cook? Shame on irresponsible people who can’t manage their money. Credit cards are not evil, and I really wish people would stop acting like that. Be responsible. Buy what you can afford, and pay off your card.

If your bank doesn't do Apple Pay, does that mean you can't use or pay the balance on the Apple Card?

It says it can be paid be paid with a linked bank account. A supported debit card doesn’t appear to be necessary.

"When using the card no signatures will be required"

But a lot of places when using credit card still are requiring signatures. Most places in fact. So even though the card doesn't require it, chances are you'll always be signing.

This is something that can be determined by the issuer. I’ve found that you can also often bypass the signature screen by simply pressing the green button.

 

[Ebok]

I personally can't wait for "My Apple Card has a chip/scratch, if I tell them I lost it can I just get a new one? Thanks for your input"

 

[femike]

The only thing I don't like about this is Goldman Sachs - they will be benefiting financially and thru data collection from this Apple Card. I wish Apple released it without them, too late for that now. I hope Apple jettisons the need for Goldman Sachs after a few years.

 

[zelman]

There is a lot of missing information. Card benefits like extending warranties are crucial for purchasing decisions of a lot of products.

 

[mariusignorello]

Do purchases with the physics card transfer to your phone? If so, how can Apple claim the don’t know what you are buying. If not, how reliable is the use tracking and reporting?

It’s not like everyone takes Apple Pay, so I get why the card is needed, but most of the perks are tied to your iPhone.

Also, can I use my Apple Watch or iPad to make payments? How do those transfer to my iPhone if they stay on the device?

The same way your Health data transfers from device to device...iCloud. It remains encrypted and inaccessible to Apple, however.

 

[Pirate!]

So that means you won’t be able to set up recurring subscription payments that require a CVV?

I feel like that’s been figured out. Probably will have to update certain accounts though.

I think I saw somewhere that the CVV can be found in the Wallet app.

 

[TMRJIJ]

Still rather disturbed by this. I know Apple are sort of desperate to start exploring new sources of revenue but climbing into bed with Goldman Sachs is akin to making a pact with Satan. Credit Cards are the source of misery for literally millions and millions of people unable to escape its clutches. Shame on Tim Cook. Can’t he make money elsewhere?

Incredible. Apple Card hasn’t unveiled yet but people are already blaming Cook for their mishandling of their own finances

 

[btrach144]

As someone who is married, not being able to share accounts is a no go.

DOA for me.

 

[dwaite]

My wife and I have been thinking of getting a Costco card (VISA) as it has up to 4% for purchases at Costco, including their gas. Then I was going to instead seriously consider the Apple Card until I just read that my wife and I won’t be able to both use it. As Sasparilla said above, that really makes it difficult to have a greater awareness of your spending when you don’t have a super high percent of discretionary income.

The Costco anywhere is only 2% back at Costco. The 4% is for gas (up to $7000, or $280 back). 3% for eligible restaurants/travel, 1% everything else.

Its a good card though. They had international fees at first, but those got dropped about a year ago.

 

[mjharwaz]

So that means you won’t be able to set up recurring subscription payments that require a CVV?

Doesn't this cover it?

Apple Card is able to generate virtual card numbers for these kinds of purchases. The Wallet app will provide a virtual card number and a virtual confirmation code, with the number being semi-permanent and able to be regenerated whenever you want. This info can be used for non-Apple Pay online purchases, over-the-phone purchases, and other similar situations.

 

[dwaite]

Why is every new product named “apple” now?

iSuspect the old scheme felt dated.

 

[JosephAW]

I personally can't wait for "My Apple Card has a chip/scratch, if I tell them I lost it can I just get a new one? Thanks for your input"

Or bend.

 

[Gizmotoy]

Making a late payment will not result in penalty rates, aka increased interest rates. You're still going to have to pay interest on the outstanding balance, and a late payment will impact credit score, but interest rates won't increase.

Interesting. Typically cards don't ding your credit score until you're 30 days late. Is this the tradeoff for lack of late fees? Honestly, I'd prefer the fee if I happen to forget about it and it's a couple days late.