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Apple Launches 'Path to Apple Card' Program to Help Declined Applicants Get Approved
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I'm assuming this has to mean another hard pull their credit which won't be great press when people start getting denied twice.
They are just another tool. Ultimately as with any tool it mainly comes down to how it's used.
I don't think there is an incentive. The way American credit cards work e.g. cashbacks, it's because companies that process card payments can charge different processing fees depending on the type of the card. I'm pretty sure that's not allowed in Europe, so in essence credit card is strictly for a) borrowing b) those unique situations when traveling when the vendor would only accept credit (e.g. had this trying to purchase from a vending machine, pay the transit fee, pay for internet while on the plane). Personally I never knew anyone in Europe who'd use a credit card in their daily life.
Bolding can’t save your post; bad info is bad info.
There’s no hard pull required to apply at all—whether you’re offered the credit card or you’re denied.
Isn't the system designed this way, to keep you missing deadlines and paying late fees / extra interest? That's how they make money, no? The way I understand, credit card and savings accounts are completely separate, so if one is in the "minus", while the other is in the "plus" there is still no reason why one should be subtracted from another, automatically. Moreover, what if you need that money for something else and don't want to pay your debt off yet? The automatic thing, that's how overdraft works but it's not the same as credit.
I meant my credit card history is fine. I pay my bills on time, use it moderately (try to keep it within 30% of credit limit unless I need to make a large purchase), etc..
I mean, you are paying for your flight to London once a year. Just because you don't see the interchange rates it doesn't mean you don't pay them. Merchants adjust their prices accordingly.
Interchange rates being capped in Europe is a great thing for customers and merchants. People don't receive many rewards when using their cards but they also don't pay for these rewards while US customers do.
You mean the worthless fiat paper that says some central bank's name not good for anything substantive while governments around the world print more and more of it to no end? I'll take debt any day and put real wealth into investments...
I really dislike the idea of Apple encouraging (and selling) credit card and other financial services. For all the grand-standing that Tim Cook does, money (and by extension class) is what is driving a lot of the negative divisions across the world - making it easier for people that cannot afford consumer goods to be able to purchase said goods "on the never-never" is just exploitation, pure and simple.
It doesn't matter what skin colour - the United Kingdom has plenty of poor whites with endemic health issues - and by funneling their money for a quick dopamine fix of shiney-screened goodness over other - systematically better - life choices (use of money for better nutrition, buying a bike etc) is just cynical.
Credit card industry income in 2016: $163 Billion USD
https://www.fool.com/the-ascent/cre...s-how-credit-card-companies-hauled-in-163-bi/
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But credit card debt is a poor way to finance an investment. And consumer goods are rarely good investments...
It doesn't matter what skin colour - the United Kingdom has plenty of poor whites with endemic health issues - and by funneling their money for a quick dopamine fix of shiney-screened goodness over other - systematically better - life choices (use of money for better nutrition, buying a bike etc) is just cynical.
Credit card industry income in 2016: $163 Billion USD
https://www.fool.com/the-ascent/cre...s-how-credit-card-companies-hauled-in-163-bi/
[automerge]1593508435[/automerge]
But credit card debt is a poor way to finance an investment. And consumer goods are rarely good investments...
Not exactly sure that things would somehow suddenly be cheaper if reward programs wouldn't exist.
Suddenly, surely not.
But if merchants end up with bigger margins AND have fierce competition prices will go down to the point where margin are back to the old normal.
-> people that think they can outsmart cooperate banking just aren't that smart to start with
Note: When the masses do something stupid, it might sometimes even more stupid to go against the flow, doesn't mean the masses stopped being stupid....
Maybe not rich but I pay for all my living expenses with cash back credit cards, pay it off every month, and get 1-5% cash back depending on purchase. I just used $500 in free money to buy myself a birthday present. How much money do you get back by paying cash? Oh that's right. None.
Maybe you're in a situation where cash back means nothing to you and that's great, but being responsible with credit certainly has benefits for the average person. Many unfortunately will not see these perks either through their own misuse of credit, or because of their ignorance and fear of credit, but it cannot be denied that they exist.
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But why invent such a silly system with cash back? What’s the point? Why not just sell the stuff cheaper? Cash back is like feeding the dog with it’s own tail.
I can see why - as the system now is there - that it would be stupid not taking advantage of it, but I don’t get why it was allowed in the first place. Don’t be naive. The system only exists because somebody is profiting more and it’s not the average consumer. There’s no such thing as a free lunch and if you’re not paying for it your neighbor is. And you’re paying for somebody else’s “free lunch”.
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This is why I asked if you follow their instructions to the T, are you approved again or just possibly.
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Yes for all the people who have discipline to make out on cash back/rewards, there's like nine others who carry a balance and more than make up for it. Plus there are always transaction fees from merchants no matter what the consumers do with their balances.
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Actually for years, US banks have defaulted to paying items that take you negative with a fee, which is actually worse for the customer sometimes. The old way, if you had one big transaction and little ones, if the big one was overdrawn, you would only get that returned with a fee, but all the little ones could still be covered without any more overdraws. The new way, the big one is paid and you get a fee, but now there could be no money left for the little ones, so every single one gets paid with a fee.
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There is no debt if it's always paid off.
I was declined because I'd recently closed an old savings account. That's right, hide your wallets, I'm a real shyster.
The irony was I'd closed it and moved the money into a new Marcus by Goldman Sachs account. "Well, ya ain't gettin' one of our credit cards, Mr. Gekko."
Goldman/Apple can piss off at this point.
The irony was I'd closed it and moved the money into a new Marcus by Goldman Sachs account. "Well, ya ain't gettin' one of our credit cards, Mr. Gekko."
Goldman/Apple can piss off at this point.
Theoretically it all sounds good and plausible, however practically the likelihood of it all is something that's quite different.
A round trip business flight to London is $2-3k adding in hotel points and cash back im probably bringing in $3-$4k a year in rewards a year I doubt id be ahead if the rates dropped.
Cry me a river. Look to Europe, they got rid of all of the cash back rewards, miles, points etc, and guess what? Prices stayed the same! Everyone just loses instead.
Because nearly no business lowers prices when costs drop. Best case they just wait longer to raise them again. I remember when gas went over $4/gallon, and tons of places said the price increases were temporary. BS no prices ever dropped when gas went back down.
There is a very good point. Different people have different credit risks. People who are higher credit risks, which include younger adults with no credit history, impose a greater cost to the bank.
The system is set up to charge the merchant a relatively high amount so that those higher risks can get a credit card under reasonable terms. For those who are better risks, the bank can return this excess to you.
If you actually study rewards cards, they have higher APRs, late fees, and annual fees, as compared to non-rewards cards. Apple Card has no fees, but look at people complain about the mediocre rewards. Also observe all those with worse credit get denied. Really, Apple Card is a middle-market card.
If you ban higher holdback percentages, like in Europe and parts of Asia, then people who are greater risks can't get credit cards. When they can't get credit cards, they can't demonstrate good credit, which leads to a vicious circle.
It's a common theme in Europe. Risk adversity impacts young adults the most.