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Apple Ends Support for Funding Person-to-Person Payments With Credit Cards, Renames Apple Pay Cash to 'Apple Cash'
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There's already too many Apple "Something" now... It's becoming ridiculous and overly confusing.
Fortunately if you don't live in the US there are far fewer services available to be confused by
No it’s the credit card issuers, and Apple has no control over what they do. There’s definitely motivation to treat it like a cash advance; cash advance fees are pretty high, like 5%. I don’t know if there are any rules that apply or if the decision is left to the issuer. Many (most?) credit cards issuers also charge higher interest rates for cash advances.
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Why are we still here? Very little of the Apple anyone ever loved seems to remain at this point.
This sucks. I used my credit card fine with no issues and (it was a credit and not a cash advance) but it would shock me if it was treated as a cash advance, which would be terrible.
Apple did the right thing, but now I have to use PayPal, which is cumbersome.
Apple did the right thing, but now I have to use PayPal, which is cumbersome.
I first saw it around a year ago, here in the U.K., when countries like Brazil and Spain also saw it as an option.
Normally it tells me there’s been a problem, and to contact Apple Support, but yesterday I briefly saw the Terms and Conditions as well as fees (albeit in U.S. Dollars) so let’s hope we aren’t waiting too much longer for international roll out.
Serious question - what is the last time Apple had an outage of all its services? I know there are sometimes iCloud outages and such but I cannot recall a time that Apple Pay, News, Maps, iTunes Store, etc etc was caught up in an iCloud outage. I’m pretty sure those services run entirely independently of one another.
Another anti-consumer move from Tim Apple. Hopefully one of these days the DOJ gives them the Microsoft treatment.
So you conclude this is a failure even though you admittedly know nothing about it?
I don't understand why you think people come out ahead. You're not only paying interest on credit when you make a cash advance, you're paying a cash advance fee too.
It’ll be a cash cow. Goldman probably gets a good chunk of the revenue, there’s likely a profit sharing component as well. I wouldn’t be surprised if details of the agreement leak out, so maybe we’ll find out.
It probably depends on how it was credited to the card company. If it was charged as a cash advance then the customer doesn't come out ahead, but if it just shows as a random charge then people could in theory add money to their apple pay card and then get cash back from it. At least that is how I am reading it. I could be way off, either way I have had mine linked to my bank account/debit card so I have never known any different.
I wouldn’t say people abused it. Getting a cash advance from a credit card is one way to willingly BE abused by a credit card company. All the cash advance fees I’ve ever seen on a credit card are horrendous.
Cash advance fees are the worst. This is a good thing. Apple isn't charging any fees on their card, so it makes sense to leave their card available for this. Can you name one other credit card that doesn't charge to take a cash advance? Yes, it looks shady, but it's not. Allowing cash advance from regular credit cards was never a good idea from the start.
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Get a different debit card.
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Watch it. Your eyes will be opened to reality.
Nice conclusion, but you're wrong. What's anti-consumer were the criminal charges that consumers need to pay when taking cash from a credit card. Apple is just correcting a mistake they made by no longer allowing cash advances using Apple Pay. It was _way_too_easy_ to run up a huge debt because of the convenience of the feature in your pocket. The only reason they continue to allow this feature to work on their own card is there are no fees, period.
If you send cash to a friend using a credit card, that's technically a cash advance. Apple's design was following the rules. It's cash. Other companies that do this may be treating it like a service and therefore charging the card a merchant transaction, but that's bending the rules a bit. Removing the feature was the best course of action.
Sometimes there are loopholes to get cash treated as spend. There are websites that track them, so people can maximize their cash back/miles/points. The Points Guy is a popular one.
Spot on. Venmo and PayPal do almost exactly the same thing. You can transfer your money (with a small transfer period) which is FREE, or you can choose instant transfer but it will cost you a small percentage fee. Apple is not doing anything "worse" or more inconvenient than the industry leaders are already doing.
And besides… I like the idea of charging (extra) to people who often NEED to transfer money instantly. They are probably laundering money to Russia or North Korea doing nefarious needs LOLOLOLOL.
Still,
TV+ and Arcade will launch here in the fall according to Apple's website. The TV App will launch in May. I hope other services such as Card, Pay, Cash, News, Whatever will roll out here this year as well. So it's becoming a mess outside the US too.
I received this email from Apple and literally had to re-read it a couple of times. I wouldn't consider myself behind the technological curve either. I can only imagine how confused regular non-tech-savvy folks would be. I don't find this to be super user-friendly so far!