I suspect as Apple rolls this out, the existing CC companies and banks will come out with programs that minimize any real impact.
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Citigroup Reportedly Passed on Apple Card Due to Profitability Concerns
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Convenience. Apple already makes ApplePay super easy with cards like this. I have one. But if you read the reporting on this, these high rewards cards have thin margins because so many people pay them off every month. So not only do they sacrifice point of sale margin, they aren’t getting any margin on interest. Cards with possibly lower maintenance costs, like fewer physical tie-ins like mailing and opt-in only cards, could do so profitably.
The big question is if they will be differentiators to my current situation. I personally dislike using anything less confinement than ApplePay now.
This is not evidence and you're being criticized because no one outside of Apple has applied for the Apple card. The only thing you can currently do is signup to be emailed Apple Card updates. The product's website still says it's coming this summer.
The Apple Card is made of titanium, not plastic.
And it's not called Apple "Credit" Card for a reason. I believe it's not just a credit card with a fancy design, but a card that can help consumers take back control, doing it better than all credit card companies combined.
You need to have a grander vision to see the truth.
I probably feel so...Citi is in the consumer Cards, Banking far too long with constantly upgrading it's systems, services, across markets and regions. Consumer Banking industry is highly competitive and margins are very low and risks are way too high...it requires complete focus and not like aa Tec Company trying to mitigate it's revenue fall in products, trying to offset it through services, type engagement...
Yeah using Apple Pay at restaurants can be difficult, but if you're ordering takeout I use Seamless and Doordash all the time, which accept Apple Pay.
You see, that would have been a better response. I don't know anything about it other than what people were saying online. It was anecdotal. Just because it's not out doesn't mean those people weren't saying stuff. Who knows, maybe it was haters. I clearly remember there being backlash about that. Clearly those people were wrong. Fake news everywhere these days.
See a few posts above.
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See a few posts above.
LOL sure buddy. Sorry to break it to you but it IS just a credit card with a fancier material for Goldman Sachs to beef up their consumer division (where all your data that Apple keeps "safe" will end up in). And that's the truth.
It's logical that Apple will be the one profiting from this from the consumer and company side.
Not odd for companies to back out. One of the reasons Apple Pay takes so long to develop in the Netherlands is there is almost no benefit for consumers (and banks) since almost all payments are already electronic without the heavy premium Apple tries to rob from us.
Not odd for companies to back out. One of the reasons Apple Pay takes so long to develop in the Netherlands is there is almost no benefit for consumers (and banks) since almost all payments are already electronic without the heavy premium Apple tries to rob from us.
I really really wish they would outlaw 'cash back' and any sort of 'rewards' credit cards. What the consumer doesn't see, is that ultimately, it's the retail merchants who ultimately pay for it. It sounds great when 'big bank chase hands you cash' but, it's not so great when already struggling mom and pop retailers have to eat another 3% off their margins.
Concerning BH Photo, they are doing the following:
B&H Payboo Card to refund sales tax on all orders
“Shortly after 6 p.m. Pacific, B&H launched the Payboo Credit Card page, with a message reading "you pay the tax, we pay you back." Shoppers in eligible states will receive a reward equivalent to the amount paid in sales tax on every B&H purchase with the Payboo Card. ...
Update: The tax-equivalent reward will be applied instantly at checkout during time of purchase. Therefore, shoppers will not need to wait a set period of time or make another purchase to take advantage of the incentive.“
>Citi concerned about making money
>bends over backwards to make no money by taking Costco's Amex portfolio and gives Costco insane deals on rates
It's ok, Citi is by far than worst of the big banks (in terms of IT, premium products or service) and almost all of their points of contact unless in person are outsourced and don't speak English (or pretend not to so they don't have to help you in any substantive way). These guys are basically Synchrony-tier but with a better known brand.
>bends over backwards to make no money by taking Costco's Amex portfolio and gives Costco insane deals on rates
It's ok, Citi is by far than worst of the big banks (in terms of IT, premium products or service) and almost all of their points of contact unless in person are outsourced and don't speak English (or pretend not to so they don't have to help you in any substantive way). These guys are basically Synchrony-tier but with a better known brand.
Data suggests that accepting credit cards leads to higher sales than cash only. I know a lot of people will walk out of a store if it’s cash only.
https://smallbiztrends.com/2013/07/accepting-credit-cards-increase-business.html
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Drinking the kool-aid much? It’s a card just like any other. Don’t pay your balance on time? They’ll charge you interest just like any other card. Anywhere from 13.24 to 24.24%. The reporting they are mentioning? Most cards offer the same type of reporting by category, just without the color coding.
It is beyond hilarious how many people take offense to this. A bank’s core competency is to make money off of you. The fact that several of you think Citigroup is now going to loose a large customer base because they are passing up on Apple is appalling. Remember when AMEX told Costco to take a hike when they wanted a lower transaction rate and people thought AMEX was doomed? Well hate to break it to you but AMEX is doing just fine.
Stop living in a bubble to where you think that if companies don't side with Apple then they are doomed. Do some research yourself.
FYI - Last time i checked, Walmart was doing just fine by not endorsing nor supporting Apple Pay
Stop living in a bubble to where you think that if companies don't side with Apple then they are doomed. Do some research yourself.
FYI - Last time i checked, Walmart was doing just fine by not endorsing nor supporting Apple Pay
Apple Credit Card is out to make extreme profit for Apple, not the card issuer.
Beg to differ. Only one other card from Chase comes close to my Amex platinum card. Both have similar features as well has strong differences. It comes down to what the user prefers or what they see more valuable to them. I chose the Amex Platinum Card because it has more offers and I fully utilize them. I also don’t mind paying a slightly higher yearly fee for the card because of that. As for the Apple Card, I think it will be a great card all around.
While I agree with you here---I don't think any major bank in the US is clean when it comes to how they behaved prior and after the Housing Market burst.
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why they hell would someone not take MasterCard if they take VISA? (boggled)
This is just not true at all: I’ve been traveling in Central Europe for 9 days, spanning 6 cities and 4 countries (Austria, Hungary, Slovakia and Czech Republic). All vendors, from restaurants, bars, souvenir shops and train tickets, except one fancy cocktail bar take credit cards, and pretty much by default, Apple Pay. That’s not even counting london, where I hardly ever take our wallet anymore (everything is paid with iPhone).
It actually makes US a look backwater.
AMEX customer service has always been top notch in my opinion. I don't have AAA because I can change my own tire and what not. So when I needed a tow while out in Vegas with my dad and the fuel pump in his truck decided to start acting up, it was nice to be able to call AMEX and have them arrange for a tow truck to get us to a dealership (all free; three tows a year come with card).
A hard pull doesn’t necessarily lower your credit score. If it does, it’s typically only a few points and temporary in any case.
If you’re carrying a balance, the decrease in utilization from adding a credit card could easily improve your score.