I mean it seems to me like most people are only getting 10% cashback with Apple pay and not the 22% that you could be getting
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Discover Rolls Out Apple Pay Support for iOS 9, Offers 10% Cashback Bonus for Apple Pay Purchases
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You have to be a new card member and sign up by 9/30. You're right though, not too many people seem to be jumping on that. The caveat is that the extra 10% is collected after 13 months.
Probably related to the same technical reasons that kept Discover off of Apple Pay until now. The provider's system has to interact with Apple's system, and there's no way for us on the outside to know exactly what's involved. But it's likely that OS 9 uses a new version of Apple Pay software, in which case porting the same updates back to iOS 8, just for a few weeks' convenience for a few people, would not be a good use of Apple's programmer time, and I doubt Discover cared to ask for that anyway, since iOS 9 is free.
Given that Discover support and iOS 9 were both expected in the last half of 2015, it seems reasonable to release them together.
This is so cool! I use discover all the time, so convenient. I have an exclusive link, become a Discover cardmember and you’ll get $50 Cashback Bonus with your 1st purchase within 3 mos. bit.ly/1OwqG5m ..just follow through the link and on top of the 10% you would be getting you will get 50$ just for signing up and making one purchase. I love it!
That's if BBY starts accepting Apple Pay in store by that time
Hah, I just came back to edit my post to add that caveat to my post when I saw your reply. I'd be really surprised if Best Buy didn't have it active by then but it is Best Buy.
I've been very happy with Discover. Especially like the fact that you can apply your cash rewards to your payment.
It's not exclusive, any current card member has a referral link to encourage friends to sign up. Give $50, get $50.
Not sure where you're getting the 22% from. I don't think I'm currently eligible for the double-cash-back offer, though maybe I'll call and ask.
The 10% cash-back described in the deal. I don't see anywhere in the terms that says this 10% will be added calculated at the end of the year. I see that in the terms for the double-cash-back offer, but that's wholly separate from this. It just says automatically earn an extra 10% cash back. Nice.
As for discount vs cashback. Same difference. The net result is the same to me.
@WilliamG i just applied using the double CB link last week (new customer). Will i be eligible for double CB when picking my phone up on the 25th or does it start after first cycle? Thanks
You get those if the purchase is uncommon for you and/or large. Discover is usually pretty quick to protect you against fraud (which can be annoying when you made the purchase).
It's not more convenient. Apple Pay requires extra work for the issuer, and costs them more.
Discover is simply doing what they do all the time: offer temporary extra cashback awards, in an attempt to entice new customers to join up, and to get current customers used to spending more on their card.
Plus, every card issuer wants to be set as the default card in Apple Pay / whatever electronic wallet you use, since users tend to forget and leave it.
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Hopefully Pizza Hut will be on their way to accepting chip & pin along with NFC payments....
Oh wait, you actually have to invest into card readers, and then get a certification first. Pizza Hut still uses readers from 1985 that are velcro-ed to the monitor of the register. Guess where fraudsters will be taking their business? To places like Pizza Hut.
Oh wait, you actually have to invest into card readers, and then get a certification first. Pizza Hut still uses readers from 1985 that are velcro-ed to the monitor of the register. Guess where fraudsters will be taking their business? To places like Pizza Hut.
I think he means the 0.15% cut Apple takes from the issuing bank. Considering fraud probably costs them more than that, they'd likely make money from supporting it.
Right.....and Visa also takes a cut from the issuing bank. No difference. In fact for the retailer that accepts AMEX it costs them more to accept AMEX. Apple is not the problem here. Not trying to attack you, because your post was perfectly fine, but now that you've answered a question directed at someone else I'll never know the true answer that person was going to give.
That's like asking, "What proof do you have that Apple manufacturer phones in China?"
There are bank documents, interviews, CC fraud statistics and even a leaked Apple Pay contract. This has all been written about here over the past six months.
Apple's cut is part of it. However, since overall fraud rates are about 0.05% of purchase amounts, Apple Pay's 0.15% costs more than fraud does. Especially for worldwide banks that have used EMV for years. (Debit card fraud is lowest of all, at only about 0.02%, because of the required PIN even in the US.)
In addition, the issuers are required to set up and maintain servers to allow Apple's server's to request registration credentials, the issuers must create and maintain their Java applet in the iPhone's secure element payment processor, the issuers must add tokenization support or pay an outside firm fees to do so.
Finally, the issuers are also required to create reports to send back to Apple, with dozens of informational categories, such as number and dollar volume of credit and debit activity, average ticket, breakdown of transactions between in-store and in-app usage, and top 100 merchants by charge volume. (This way, Apple can continue to publicly say with a straight face that they don't collect info at time of purchase. What they don't publicly talk about, is that they get a lot of useful aggregate info kicked back to them later on.)
All of those are extra costs and effort.
The main reason banks sign up is because they are scared of their cards not being used, as contactless phone payments slowly begin to take off. (See comment above about wanting to be the default payment card.) Basically they're paying Apple a ransom, since unlike other electronic wallets, Apple demands payment for doing little more than providing the hardware.
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