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

[spazzcat]

They said at some point you will be able to get your number and CVV from the wallet app.

 

[nutmac]

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 the inevitable Apple Card Case.

 

[spazzcat]

"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.

The credit cards companies don't require them though.

 

[TechGuy327]

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

Isn’t the account number, CVV, and expiation date all available in the wallet app and just not printed on the card? The card is just supposed to have the card holder’s name and chip. I don’t know about a magnetic strip on the back of it.

 

[57004]

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.
It was all a sham.

Makes sense though... Apple with its pricing is one of the primary drivers of debt

 

[KENESS]

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.

I don't read that comment that way. Plus, it isn't like it is a word-for-word quote from their terms, either. I think they're just pointing out that if you are late, it can impact your credit score. Doesn't say anything about it affecting your credit score IMMEDIATELY. I am certain it will have the standard 30-day grace period all consumer credit cards have, because if I'm not mistaken, that is actually required. At least in the US. (Consumer only... Business cards and such usually follow the same pattern, but are not obligated to.)

 

[kenny2]

"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.

 

[Analog Kid]

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.

Rewards cards are a huge economic distortion. What's the point of charging the merchant more to give the customer a kick back later? It makes the customer want to funnel more purchases through the card, meaning more transactions for the processing company to skim from. Otherwise it would be much more efficient if the merchant kept prices lower.

 

[kenny2]

Haven’t used a signature in the uk for over 10 years or more probably a lot more

 

[Khedron]

"Apple Card completely rethinks everything about the credit card."

But comes to pretty much the same answers.

 

[JoeInMilwaukee]

Why is every new product named “apple” now?

In this case, maybe "iCard" was already taken.

 

[Crowbot]

Why is every new product named “apple” now?

I think they're tired of calling their stuff i(your name here).

 

[Khedron]

Haven’t used a signature in the uk for over 10 years or more probably a lot more

But haven't used a magstrip in that time either?

 

[ghostface147]

Rewards just aren’t enough since Apple Pay isn’t close to being everywhere.

 

[Khedron]

In this case, maybe "iCard" was already taken.

AirCard Express? iDebt Shuffle?

 

[ccsicecoke]

Why is every new product named “apple” now?

Exactly.

Since it's a personal card and does not support sharing, it should be named:
iCard

 

[Ant2369]

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

The cvv, card number, and exp date are all available in the wallet app

 

[Intellectua1]

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.

When/If Apple does open this CC up to applicants where you are they'll be bound by the same rules are the other merchants most likely resulting in the rates you're seeing other card carriers provide. Apple can't just come in and make their own financial rules.

 

[Analog Kid]

There is no cost associated with the physical Apple Card

I thought the cost was 1-2% of purchases:

3% kick back for purchases from Apple,
2% through Apple Pay and
1% if you use the physical card

Looks like there's a cost to me...

 

[AppleHater]

Or bend.

Those stupid YouTube videos of bending the card claiming it's defected guaranteed.

 

[2010lexus]

No, I don't think it is a dumb!
It is a personal credit card, not a joined one.
If you wanted a joined one, look elsewhere. Plenty of other options for that.

Well i think it’s very dumb! Why as a company would you want to limit yourself. Some people will not get the card for that very reason. So that’s less money for The company very dumb!

 

[PickUrPoison]

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.

For every credit card I know of, that interest free grace period exists only if you pay the entire amount owed every month. If there is even one penny unpaid from the previous month’s total (new) balance, you’ll pay interest on every purchase on the current month’s statement, from the date of purchase.

I would be shocked if Apple’s card didn’t work the same way as all other credit cards in this regard.

 

[cmaier]

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

DOA for me.

As someone who is married, not being able to share accounts is a bonus

 

[GadgetBen]

What about the credit score? Will Apple be like the Amex nazis and only cherry pick the premium customers?

 

[Analog Kid]

Sure, but sharpen that baby down a little, and you've got yourself one hell of a knife!

I've wondered about that in the past. I think we're one idiot away from not being able to carry our wallets onto planes...