Depends...
This credit card has better Apple Pay rewards than the new Apple Card
A lesser-known rival pays 50% more.
www.marketwatch.com
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Goldman Sachs Issued $10 Billion in Credit Lines for Apple Card
- Thread starter MacRumors
- Start date
- Sort by reaction score
www.marketwatch.com
Sure, it offers 3% cashback on everything - with a $400 annual fee.Depends...
This credit card has better Apple Pay rewards than the new Apple Card
A lesser-known rival pays 50% more.
I said “depends” for a reason. The $400 comes with a bunch of benefits and when redeemed for travel, the points amount to 4.5%. So if someone is into traveling, the card works out way better than Apple’s own card when using Apple Pay.
Yep, it's just complication. The only use is purchases within apps like Uber. If I want to pay people, I use Venmo like everyone else. It's probably not worth my time to even figure out how the Apple Card works.
Last edited:
Soft and hard credit checks show the same information, and public records are just as “front and center” in a hard inquiry as a soft.
Unfortunately for you, the presence of a public record item such as a lien or judgment—whether paid or unpaid—often results in an automatic denial, especially with automated underwriting like GS uses. For good reason: an enforcement action such as the levy of a bank account or garnishment of wages could leave you without sufficient funds to pay your credit obligations.
If the public record to which you refer has been paid/satisfied, your best bet is to speak with an underwriter directly. Before applying, call the credit card issuer and ask to speak with the underwriting department. Explain the situation, and ask if an approval would be possible in this circumstance. They will give you a straight answer.
If your FICO is 760, you should have decent luck with the larger issuers. Another good bet would be a local credit union, especially where you have an existing relationship. But it will not be possible to get credit with some institutions until the PR ages off (or you otherwise manage to get it deleted).
If the item doesn’t show on one of the big 3 credit reporting agencies, focus on issuers who pull credit reports from that agency. You can also freeze your credit file of the agencies that are reporting your PR, so creditors can only pull from your cleaner report(s). Of course, that may result in a denial if the creditor can’t pull their preferred agen(cies).
(I assume the PR to which you refer is not a bankruptcy, since you would be unlikely to have a 760 FICO if that were the case.)
My guess it’s related to the amount of credit in use. If Goldman views you as an over-spender then that card isn’t for you. Your answer likely lies in your finances.
Based on your posts you certainly don’t need the AC ($45 on a $1500 purchase) so buy the Apple product with cash. If you don’t have the cash flow then frankly your finances need attention. Excessive cash going to revolving credit translates to risk.
Last edited:
Yes, but you only get 1% on non ApplePay purchases. The travel benefits (+2%) are great if you use their portal, but there are other high fee cards worth considering if you’re into that.
Dear Macrumors, when news of a single bank issuing 10 billion dollars worth of credit lines does not come across to you as political, and is not tagged as such, I'm concerned you might be losing your journalistic edge.
This has to be the one credit card I don’t have yet. I just don’t see the value. All travel expenses and everyday spending go on Sapphire Reserve. Can’t beat the points earned and their redemption value. Business expenses go on the Club Card, which includes lounge access that costs less using the card than it would on it’s own. Plus, until next year at least, spending $25K waves the dollar requirement for status. I fly long distance flights, so I get to the next tier with ease. Amex card offers 6% back on groceries and gas. That pretty much covers everything. Plus, Amex often has point back deals. I am pretty sure I’ve seen Apple on there with 3% back.
Is anyone else in similar situation? If so, what makes the Apple Card a worthy addition? Am I missing Something here?
Is anyone else in similar situation? If so, what makes the Apple Card a worthy addition? Am I missing Something here?
Kreditkarma is a useful tool for getting a rough estimate. When refinancing our mortgage it understated us by 40.
I’m probably going to add a card to get maximum travel benefits since we’ll go to Asia and europe at least once next year. Amex platinum costs a ton but with the upcharge for extra cards will give $400 in global entry/tsa precheck in year one. Plus 5x points on flights booked directly with the airline. After the first year I’ll drop back to gold.
Exactly. It says right in the article. $325 dollars is offset directly against any travel spending. Making the effective annual fee $75, which if you use the card enough will be easily offset by points earned in excess of what you would earn from Apple’s Card.
I tried to explain this the other day. Reserve, for example, has $550 annual fee (for two cards) but the first $300 goes toward travel expenses, so that’s really $250 annually. The points earned are with 25% when redeemend for travel, so $1,000 in points becomes $1250 when booking hotels, flights, etc.
I pay close to $1000 a year in annual fees. Worth every dime. I’ve done the math against every credit card option available (that I know about) and came out with the biggest return utilizing the cards we now have, despite what seems like a high annual fee cost.
Like you said. It all depends.
[automerge]1572791600[/automerge]
Sounds like a plan. What killed the Amex card for us is the $175 for companion card, but otherwise it had stellar benefits. Definitely do Global Entry when you apply. I travel to Asia a few times a year and love it. O’Hare is always busy with a loooong line of people waiting to clear customs. We breeze right though. Best value in travel, by far...
Amex Blue Cash Preferred.
You get 6% back on grocery stores, 6% back for select digital subscriptions, 3% back on gasoline. Groceries are limited to $6,000 a year. Plus, you get shoprunner subscription included. Pretty good deal for $75 annual fee.
Fools gold is 9.25% interest. Given I haven’t paid interest on a CC in 20 years, I could care less about the rate. What I like is:
1) easy.
2) no annual fees.
3) good benefits. Great for no annual fee cards.
4) PRIVACY.
it’s a good balance of features.
That's not a lot considering everyone at Apple is required to get the card. Probably have 15k credit limits each, maybe more.
You're comparing a $450 annual fee card to a $0 no-annual fee card, that's why. The Apple Card is fee free, with decent perks for the $0 annual fee tier. That said, that is potentially poised to destroy (or just capture) the market where banks offer sleazy 'credit cards' with predatory rates and fee structures to those who have no prior credit history or poor / damaged credit. There were initial reports of acceptance being offered to those with scores in the 600's and below - mind you with maybe only $250 of credit and a 20% interest rate - But, accepted, with no fees (other then interest, if you carry a balance) and a simple to use system that allows for easy / automatic payments and a payment window that encourages you to not carry a balance or incur interest by showing you the $ amount you will owe if you choose to not pay in full and carry a balance.
If you're able to come out ahead despite your gigantic annual fee(s) then by all means stay with your current cards.
Last edited:
I used to work for a credit card company and dealt with low credit customers for a long time, $200 credit limit, monthly fees, etc. Most were so happy to have any credit card, but a lot maxed it out and never paid. I got switched to high value customers just before I quit. Now they were a pain to deal with... I remember one lady who had a $100,000 limit and a $55,000 balance and paid off the card every month and were just raking in points and stuff and most of the charges were just obviously frivolous expenses. Well her husband got laid off a few months before so she couldn't pay the bill completely and she wanted to know what to do to avoid interest charges. Just so clueless. I just pay cash for things, I don't care about points and stuff. Just so you know the merchants end up paying for those points and cashback by paying higher processing percentage rates unless they're using something like square which is the same fixed rate but higher in general than going through a bank. Some people on here are obviously wealthy and qualify for the best cards but the general user on here probably would do better with the Apple Card from what I've seen.
Well, glad to see I’m finally not average.
PS also could not pay me enough to live in CA.
One more thing...
Knowing I was going to be out of contact at the end of October I paid my bill a few days early. The problem was the Wallet app would only let me pay the charges that were posted (~$900). It would not let me pay the pending charges (<$80). To my surprise I was charged interest on the 2nd.
I tried to resolve this through the Wallet app, but each time my message couldn't be delivered. I eventually found the GS support number and they say they have removed the charges. Still appears on my phone, but I assume that's because it is the weekend.
But this experience tainted my early impression of the Apple card. The sales pitch touted convenience, lack of fees, etc. But, in practice, I was disappointed. Why on earth wouldn't they let me pay the whole bill? And the amount of interest, though small, was high considering the charges were only a day or two old.
Maybe it's just teething problems, but it has made me suspicious. If it happens again, I'm out.
Knowing I was going to be out of contact at the end of October I paid my bill a few days early. The problem was the Wallet app would only let me pay the charges that were posted (~$900). It would not let me pay the pending charges (<$80). To my surprise I was charged interest on the 2nd.
I tried to resolve this through the Wallet app, but each time my message couldn't be delivered. I eventually found the GS support number and they say they have removed the charges. Still appears on my phone, but I assume that's because it is the weekend.
But this experience tainted my early impression of the Apple card. The sales pitch touted convenience, lack of fees, etc. But, in practice, I was disappointed. Why on earth wouldn't they let me pay the whole bill? And the amount of interest, though small, was high considering the charges were only a day or two old.
Maybe it's just teething problems, but it has made me suspicious. If it happens again, I'm out.
Yep, I haven’t held a credit card for over ten years. I use a debit Mastercard issued by my bank.
Enticing people into debt is not a “success“.
Enticing people into debt is not a “success“.
Why not just use a credit card and pay it off every month, and pocket the cash back?
Last edited:
IMHO This is a terrible idea. In the last 3 weeks I received 2 fraud notices that in summary went like this:
Amex - We detected fraud 1 minute ago, credited your account, are overnighting you a new card, but any standard monthly charges (Netflix etc) will still go through - you don't have to do anything. We're sorry for any inconvenience.
Bank - we detected fraud yesterday. (I confirm that it is). We are cancelling your debit card but you have to visit a branch to sign a form that gives us permission to request that the vendors return your money. We will give you provisional credit for the funds and have a final resolution in 6 weeks. Make certain to tell Netflix etc your new number. You should receiver your new card within a week.
Never use a debit card if you have the choice.