Goldman Sachs Makes Apple Card Customer Agreement Available Ahead of Upcoming Apple Card Launch

[Shirasaki]

God damn. The font on that agreement is small. And I have no idea why I finish reading the entire agreement lol.
I have no accountant or financial knowledge, but I feel Goldman Sachs this time has built a creepy way to calculate the interest and limit what payment you can make. The entire calculating section on how payment is made is just confusing to me.

There's no mention of any benefits other than the Daily Cash and the ability to dispute (e.g. extended warranty, travel insurance). Not too surprising considering where no-annual-fee cards are headed these days, but still disappointing if you wanted to use this for a large Apple purchase for the 3% reward.

Nor there is anything similar mentioned in that agreement.

UK release when?

I would love to see how Goldman Sachs deal with Australian banks and when will they release this card in Australia as well.

 

[MauiPa]

13.24% to 24.24% APR

13.24 is somewhat high but not too bad. Alot of mine are lower. Still doable and wanted.

or 0% if you pay on time. I've never paid credit card interest on anything

 

[baypharm]

Why does this card excite people at all? The cash back reward is pretty wake.

First of all, it doesn’t come to Canada at the moment. But even it comes to Canada, i don’t find the point at all.

I can get 4% cash back on gas and grocery, 1% cash back on all other item.

Who is going to do App Store purchase all day long to make the cash back worth a while?

There is hard limit on tap transaction on tap, $100 dollar limit, so people gonna need to use physical card, then it is 1% cash back.

Plus, when I buy big ticket items, I will use my travel reward card to get point. I have gotten several free flight.

The cash back reward is just not attractive.

I got you beat on the groceries - 6 per cent. Lol
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or 0% if you pay on time. I've never paid credit card interest on anything

In that case you don't need a credit card - a charge card will do nicely! That's what I do.

 

[MauiPa]

I don’t know if the bank can tell how you paid or not (what is your source of information?), but the bank and merchants decide the limits. At Costco you can pay with tap up to 200$. At the Apple Eaton Centre Store I have tapped with Amex above 1000$. I tapped to buy an iPhone XS. What Apple does say about the privacy is the merchant will not see your CC number when you use Apple Pay, I haven’t seen them say the bank won’t know how the transaction was processed.

Am I missing something? what does it matter if on tap or Apple Pay?

 

[JohnDoe98]

I do not know about Europe, but in Canada is 100 dollars limit regardless through tap or Apple Pay. I don’t think Canadian banks are capable of doing so, because that was I being told by my bank. Not just one bank, all the bank I tried to ask.
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It is not a good cash back card. That is all to it. You can find far better cash back card than this.

Then the person you spoke to at the bank didn’t know what they were talking about. I already told you I paid over 1k by tap. Don’t believe me go ask at the Apple store or even better get an Amex and try yourself.

 

[tmiw]

Am I missing something? what does it matter if on tap or Apple Pay?

Many banks/countries don't allow tap for physical cards above a certain amount, whereas they may for Apple Pay. The latter is due to something called CDCVM that the terminal can recognize.

(On that note, there's apparently no limit in the US for either. I'm not sure how well that's going to go if/when contactless cards become common here, but then again, it's not like PIN's required for anything either.)

 

[JohnDoe98]

Am I missing something? what does it matter if on tap or Apple Pay?

It doesn’t, except that Apple Pay has added security. Only you can pay with Apple Pay, since it requires touchID or FaceID. Anyone can tap your credit card. So if merchants and banks are worried about people tapping large amounts they can restrict those and allow Apple Pay transactions to have no limit or a much higher one, like someone already said happens in Europe.

 

[MaverickCC]

... in the US (I dislike it when people call it America) ...

sigh... 'US' is now preferred over 'America'? Doesn't it get exhausting to worry about such?

 

[LovingTeddy]

God damn. The font on that agreement is small. And I have no idea why I finish reading the entire agreement lol.
I have no accountant or financial knowledge, but I feel Goldman Sachs this time has built a creepy way to calculate the interest and limit what payment you can make. The entire calculating section on how payment is made is just confusing to me.

Nor there is anything similar mentioned in that agreement.

I would love to see how Goldman Sachs deal with Australian banks and when will they release this card in Australia as well.

Apple probably will find a Australia bank for Apple Card in Australia. At least that is what I think. It might take years if negotiations for that to happen. I remember Australian banks took their sweet time to implement Apple Pay.

I will see what Apple Card offers in Canada. So far, I don’t think it is attractive at all. There are so many better cards.

 

[Baymowe335]

probably nothing to do with large company. They may have regulatory approvals to get, they have infrastructure to put in place, software to test, security to test, it may be marketing to drum up support. But just because the companies are big?

Big business would be the only ones trying to pull this kind of thing off and all the things you mention are precisely why it isn’t easy.

 

[Nick05]

If you can pay for it with a debit card why use a credit card to begin with?

There are many security benefits and conveniences of paying by credit card.

 

[MauiPa]

Most hyped credit card with the least amount of benefits I've seen. Glad when this is finally live and out and we can move on.

hyped? Only if you are reading on apple sites, otherwise not much coverage at all.
Benefits are in the eye of the beholder, or the utility function is per the individual consumer. No foreign transaction fees, no annual fee and credits are posted daily. that is what I like - I don't pay interest on credit cards and I auto pay my bills, so I'm never late.

fidelity is about the same, but they charge foreign transaction fees - bad Fidelity, bad! Costco you get a check once a year to use at Costco, Amazon you can use on amazon - that's kind of restrictive. Some offer up to 4% on gasoline - that's only $10/year for me, big whup! My current card gives me travel perks , but a 3% foreign transaction fee - really? on a travel card. I could up it and pay $100/year - that's a tanker full of gasoline!

so while you may prefer any other card, that's fine, but overall the Apple Card is competitive, but neither the best, and far from the worst.

 

[dogslobber]

I love reading credit card Terms of Use small type.

What would Steve do if he saw such small type? He was into fonts.

 

[Cyberpower678]

“Daily Cash will be rounded to the nearest cent but will not be less than one cent.”

I found a way for 100% cash back.

Sir, I know this costs $157.99 but can you run it as $0.01 transactions 15,799 times?

 

[Cyberpower678]

I got you beat on the groceries - 6 per cent. Lol
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In that case you don't need a credit card - a charge card will do nicely! That's what I do.

For a while one of my credit cards did 10% cash back for all Apple Pay purchases. Definitely took advantage of that.

 

[cmaier]

God damn. The font on that agreement is small. And I have no idea why I finish reading the entire agreement lol.
I have no accountant or financial knowledge, but I feel Goldman Sachs this time has built a creepy way to calculate the interest and limit what payment you can make. The entire calculating section on how payment is made is just confusing to me.

Same as every other credit card?

 

[gabo864]

So what’s so great about this card? No 0% APR deals? And I have seen way better rewards on other cards. What’s so great about this card? Besides the cool apple logo.

 

[cmaier]

So what’s so great about this card? No 0% APR deals? And I have seen way better rewards on other cards. What’s so great about this card? Besides the cool apple logo.

The benefits have been explained exhaustively in this and other threads. They might not matter to you, but they matter to others.

 

[gabo864]

The benefits have been explained exhaustively in this and other threads. They might not matter to you, but they matter to others.

I know they have been explained over and over again! And I keep asking because there is really no value. People are getting this card just because of the cool Apple logo. There are way better cards out there. I’m just trying to understand what’s so great about it.

 

[cmaier]

I know they have been explained over and over again! And I keep asking because there is really no value. People are getting this card just because of the cool Apple logo. There are way better cards out there. I’m just trying to understand what’s so great about it.

Nobody is getting it just because of the cool logo. They have explained repeatedly that they want the card due to security reasons, the budgeting functionality, the integration with wallet and Apple Pay, the fact that the cash back is actually pretty good for their particular purchasing patterns, etc.

There’s hardly anything more obnoxious than someone insisting that others’ needs are invalid.

And all this coming from a dude with a weird apple-logo-chested avatar.

 

[Clockworkz]

So what happens to people with the barclaycard with Apple rewards? Will they close it or just roll it over into a new card?

 

[gabo864]

Nobody is getting it just because of the cool logo. They have explained repeatedly that they want the card due to security reasons, the budgeting functionality, the integration with wallet and Apple Pay, the fact that the cash back is actually pretty good for their particular purchasing patterns, etc.

There’s hardly anything more obnoxious than someone insisting that others’ needs are invalid.

And all this coming from a dude with a weird apple-logo-chested avatar.

im just messing with you man.

 

[Shirasaki]

Same as every other credit card?

Yes. I just feel this Apple Card a bit creepier. I don’t know why.

 

[Ftavares]

Ahead of the launch of the Apple Card, the customer agreement for the card has been found on the Goldman Sachs website [PDF], offering up a look at the ins and outs of how it will work.

Most of the details included in customer agreement have already been shared or leaked in previous reports, but this puts all of the information in one easy to access spot.

The agreement goes over eligibility (an Apple ID and two-factor authentication are required), how accounts may be used (no illegal activity), credit limit details, eligible devices, returns, payment info, fees (there are none) and more. Goldman Sachs expressly forbids jailbreaking a device associated with an Apple Card, and says that doing so could result in the closure of the Apple Card account.It also covers Daily Cash back, the feature that will let customers get a daily payout when making purchases. Goods purchased directly from Apple earn 3%, Apple Pay purchases earn 2%, and all other transactions earn 1%. If a transaction fulfills two categories, such as an Apple Pay purchase in an Apple Store, customers get the highest payout.

Daily Cash is paid out based on the amount of each transaction, multiplied by the appropriate percentage for the transaction type. Daily Cash is rounded up to the nearest cent and provided via the Apple Cash card in the Wallet app. Customers without an Apple Cash card will have Daily Cash accrue that can be applied as a payment credit using the Wallet app.

The document has details on how interest rates are determined, how daily balances are collected, when interest begins to accrue (it works like any standard credit card), how minimum payments are calculated, and when payments should be made to avoid interest (11:59 p.m. ET on the last calendar day of the month).Payments can be made via an Apple Cash account or a bank account located in the United States, and Goldman Sachs will not issue cards tied to an account in another person's name. So, in other words, one card per Apple ID.

For those interested in more specifics on how the Apple Card will work, the customer agreement is worth a look and can be found on the Goldman Sachs website. Our Apple Card guide also has a detailed look at everything you need to know about Apple Card.

Earlier this week, Apple CEO Tim Cook said that the Apple Card would launch in August, so it could become available as soon as next week.

Article Link: Goldman Sachs Makes Apple Card Customer Agreement Available Ahead of Upcoming Apple Card Launch

Does it support person to person transaction.?!?!

 

[Ftavares]

I can’t FIND IT ANYWHERE.. does it support Apple Pay person to person. Can I use my Apple Card to send money to another person.!!?!?!