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

[tmiw]

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.

The upside though is that businesses in Europe (with the exception of Germany) seem to be more okay with paying by card for everything. Meanwhile, businesses in the US (especially smaller ones) are much less pleased, so using a card for smaller transactions is still kinda frowned upon.
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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.

This assumes they will actually lower prices if interchange were capped or eliminated. Somehow I have doubts as to whether that'll happen (but as mentioned above, they may become more okay with card payments in general).

 

[Neepman]

Boy. Some days the jokes just write themselves at apple.

 

[Intellectua1]

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?

I'm more disturbed that people are so hyped about a credit card. Seems no one realizes you actually have to sign up and qualify for this thing, you're not getting one just because you have an iPhone.
Its a smart move for Apple. I look at it like this, you have a card that's only useful if you have an iPhone so no iPhone means the card is useless but since you have it you'll forever need an iPhone to manage it or use it virtually. Also if you're approved for this card you're more likely to buy from Apple, you can now put your phone on credit, accessories, MacBook, etc. especially with the 3% return. I just hope a year or two from now we don't start hearing about all the people in debt because they wanted an additional credit card they really couldn't afford.

 

[Joz3d]

The credit cards companies don't require them though.

Right, but merchants may, and Apple needs to be more clear on this, because this is how I'm left dealing with angry customers shouting "...but I shouldn't need to sign using Apple Pay/anymore!!!"

 

[BvizioN]

"Go look elsewhere" will not be in their playbook of How to Increase Customer Sign Up.

Yes, it can and actually quite better from the business point of view.
Instead of 2 people sharing the same credit card, it would be better for Apple to each have their own! How about that? Do you think that would make a bad business for Apple? I didn't think so.
They don't even allow multiple accounts to share much simpler stuff such as iPad! Credit card? I would not hold the breath if I was you and I don't think Apple is the company that gives a toss if you like it or not. They know it would be popular among users anyway.

 

[BruiserB]

Not having joint accounts/authorized additional cards is unfortunate. Not so opposed to having 2 individual accounts, but in my household and I'm guessing many others, one person is the bill-payer. In mine, that's me. My spouse is not used to paying the credit card bills....having an individual account only accessible on their phone means they have to schedule and pay their own bill. My spouse doesn't watch what's in the bank accounts and wouldn't even know if there could be an issue with making a payment. One could argue that they should know, but I bet in many households it's just not the case.

 

[mikethemartian]

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

Sure it slices and dices, but does it julienne?

 

[Robert.Walter]

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.

Apple has regional and national variations all around the world right now. Adjustment of the card conditions to local markets should not be unexpected.

 

[_Refurbished_]

Can you imagine Steve Jobs going on stage and releasing an Apple Credit Card? He’s probably rolling in his Cupertino grave.

“This is a day I’ve been waiting for two and a half years. Today, Apple reinvents debt....and this is what it looks like”:

 

[Solomani]

I guess they figured out that Family Sharing on a credit card is not such a great idea….

 

[shyam09]

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?

Might as well blame Cook for everything.

(for Students): Failed an exam; Shame on Tim Cook ... the iPhone kept distracting me.

(for drivers): Got into an accident; Shame on Tim Cook ... Carplay's interface was bothering me.

(for mugged people): Got into a fight; Shame on Tim Cook ... Apple Watch didn't tell me to breathe so I could think twice about risking my life to protect my bag of coins.

(for general people): Got glass; Shame on Tim Cook ... the iMac display is just so big and bright and it's ugly when the screen becomes orange.

and the list goes on ... /s

 

[ET007]

No sharing accounts...definitely not an option for me anymore and I was very excited for it. How stupid - that should be a necessary feature to implement.

Email Tim Cook about it. If more people express their disappointment , Apple might consider this feature that most other credit cards have.

 

[kagharaht]

I’m getting one.

 

[littyboy]

The physical card looks really nice. But anyone who at least knows anything about credit card rewards/benefits knows this card is complete trash lol.

 

[ET007]

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.

Please email Tim your points because until he hears from more people, he will not make any changes. This is something new for Apple and consumers have to guide Apple in the right direction so that they can make this card a better experience when it enters a competitive market.

 

[ctdonath]

I wonder how their fraud protection will be too. Do I notify Apple or Goldman that I’ll be traveling or that I’m going to be spending a large amount of money.

Surely the iPhone could handle this, considering it's unlikely someone would have your unlocked phone and the card together. "Large unusual purchase detected. Authorize with Touch/Face ID."

 

[sigurros]

No sharing accounts...definitely not an option for me anymore and I was very excited for it. How stupid - that should be a necessary feature to implement.

Same here. If you and your spouse can’t share an account, this is going to deter a lot of people.

I’ll stick to my Costco Visa then.

 

[Rigby]

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.

Don't feel too bad about it. The merchants here in the US obviously pass on the higher swipe fees to the customers (us), so at the end of the day we don't really gain anything (but those who don't participate in the rewards game lose). The real purpose of these rewards is to get people to spend more.

 

[aggiesrwe03]

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

If the Barclays card is any indication your credit score will need to be roughLy 9000 to qualify!

 

[catportal]

How is this any better than Citi double cash? (Also a mastercard)
the citi card is 2%, and also has price match, and free extended warranty on all purchases that have 1+ yr warranty

 

[Rigby]

How is this any better than Citi double cash? (Also a mastercard)
the citi card is 2%, and also has price match, and free extended warranty on all purchases that have 1+ yr warranty

No foreign transaction fees, for one thing. But yes, it would be interesting to know if this card has the usual Mastercard benefits such as extended warranty.

 

[catportal]

No foreign transaction fees, for one thing. But yes, it would be interesting to know if this card has the usual Mastercard benefits such as extended warranty.

at that point you should be using chase sapphire reserve... you would be getting way more points per $; this is a basic 2% card (note there is a fidelity visa 2% as well)

 

[BorderingOn]

AirCard Express? iDebt Shuffle?

Perhaps Max Debt Pro.

 

[Rigby]

at that point you should be using chase sapphire reserve... you would be getting way more points per $; this is a basic 2% card (note there is a fidelity visa 2% as well)

Yes, but not everyone wants to pay large annual fees or deal with complicated point systems. For a pure cashback card without annual fee this is not bad IMO. The biggest drawback is obviously that you only get the 2% for Apple Pay transactions.

The Fidelity card also has a foreign transaction fee, BTW.

 

[noraa]

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.

Having a credit card does not encourage debt. Poor financial planning and lack of understanding how a CC work encourages debt. Pay a CC off in full each month and you're good to go. That's no different than using a debit card - you spend the money you have.

Perhaps Apple should offer a financial guidance program alongside the card - would that make you happy?
[doublepost=1553825900][/doublepost]Honestly, I may get this just for the cool titanium card. With no annual fee, it can't really hurt to have it (unless you already have too many credit cards - too many = lowering of credit score).