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as opposed to just over 1% effective cash back rate I'd be getting with Apple Pay. That means that I'd be losing almost half of my cash back every year using Apple Card.
Apple Cards are at least 2% back on all Apple Pay transactions, with 3% for some. How are you getting an effective rate on Apple Pay of less than 2%?
 
Apparently Sachs has been liberal with their approval for these cards, approving people with a much lower credit rating than other major bank on average, such as Chase bank.

They also have a much higher write-off rate than other banks, I think it’s something like almost double what other banks write-off? Other banks are also much more aggressive on recouping their losses from what I read.
 
Yeah I thought that 1% cash back is for using the physical card for transactions.
3% on Apple Purchases (including the iPhone Upgrade Program Payment @ Citizens)
2% on Apple Pay transactions
1% on Card Number Used (i.e. Card Not Present) or Physical Card Used transactions
 
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AMEX has a global presence but it is not accepted that widely compared to other credit card networks. Even within the US, many vendors do not take AMEX! I encounter that somewhat frequently. I don't have AMEX but my partner does. At times he whips out the AMEX hoping to accumulate travel credit only to be told by the vendor (and again, we're in the US!) that they do not accept AMEX.

I also know from my own international travel experiences that AMEX is also not as widely accepted. Visa and MasterCard both have a much more global reach.
When I was a merchant I didn't take AMEX either because of their high fees.
 
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Apparently Sachs has been liberal with their approval for these cards, approving people with a much lower credit rating than other major bank on average, such as Chase bank.

They also have a much higher write-off rate than other banks, I think it’s something like almost double what other banks write-off? Other banks are also much more aggressive on recouping their losses from what I read.
The articles indicate that they have set aside large amounts for POTENTIAL * NOT ACTUAL * write-offs. These amounts are contingencies and not actual happenings (at least yet)
 
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When I was a merchant I didn't take AMEX either because of their high fees.

In visa Mastercard transactions. You have both the visa network taking a cut and the cc bank taking a cut.

In Amex / Discover they are both Network and bank. So it may seem to be drastically higher but suspect not really. Plus there is optblue from Amex which helps lower fees for small business
 
Apple Cards are at least 2% back on all Apple Pay transactions, with 3% for some. How are you getting an effective rate on Apple Pay of less than 2%?
Correct. The folks getting less than 2% are using the physical card.

My mom and sister skipped the Ti card because it’s either AC via AP for 2% or Costco card elsewhere for 3 or 4%.

Mom is somewhat hindered I. Using her AC because they gave her a 1.5k$ (equals her monthly balance) line of credit despite 70k$ in her GS savings, investment portfolio, paid off home and car, 50 years of balance paying, and 840 FICO. A recent credit request resulted in an increase to 1.75k$; a joke.

I ordered the Ti Apple Card just to get it for kicks but it’s never left the delivery holder.

I use AC via AP everywhere except for big ticket items that benefit from the AMEX supplemental insurances.
 
GS is going to start demanding information on employment and source of income. The plot thickens….
I recall them doing that when my mom and sis opened theirs a year ago. The both moved to a new credit union and this was also asked.

This profile is used by FINCEN to help detect inappropriately large money moves related to potential money laundering. Part of the Know Your Customer expectations.
 
It depends on the types of places you frequent while outside the USA. If you are a high roller then it's likely you'll be able to use your Amex fairly often. If you are going to supermarkets and family-owned restaurants and buying metro tickets and so on, then you're likely to find Amex acceptance to be a challenge. I totally gave up on trying to use mine since it was rejected far more often than accepted.

In daily life Switzerland, I can use my AMEX virtually everywhere that takes a credit card. Same for visa and MC.

Only limitations on all three is discount online shopping who block all cards issued out of the us because of the higher fees (Apple Switzerland takes my US Amex). Then I just use a locally issued Wise card.
 
I recall them doing that when my mom and sis opened theirs a year ago. The both moved to a new credit union and this was also asked.

This profile is used by FINCEN to help detect inappropriately large money moves related to potential money laundering. Part of the Know Your Customer expectations.
Right, but they did this when everyone opened their account. This is an additional check….
 
Great.
Now I'll have 3 amex cards. And won't be able to cancel any unless I want a 3 point hit to my FICO for cancelling.
 
Great.
Now I'll have 3 amex cards. And won't be able to cancel any unless I want a 3 point hit to my FICO for cancelling.
Not true. We had both Costco and SkyMiles AMEX and saw no significant hit when Costco moved to visa.

If you cancel do this, go to amex online site or call AMEX and move the allotted credit limit from card to cancel to card being kept. If cancelling card is not a business card you can move it to personal. Then your overall credit stays roughly the same and your membership date never changes.

Your fico will be fine.

Ps a 3 point fico hit is within the range of noise in the system. Autopay your balances on time and in full bc this is most important fico element.
 
We’ve seen these questions periodically on our AMEX and Costco visa accounts. I take it a periodic recertification.
I have too, but that's not what is happening here. If you already provided the information, GS will tell you to "disregard the notification or e-mail." They are trying to, ahem, tighten things up....
 
Apple Cards are at least 2% back on all Apple Pay transactions, with 3% for some. How are you getting an effective rate on Apple Pay of less than 2%?
Because most of my transactions are *not* Apple Pay. I am charging everything I can to the c/c to maximize my cashback, as long as the vendor doesn’t charge extra for the c/c use. That’s large ticket items like auto and home insurance payments, medical bills, vacation rentals and airfare, business trip expenses (company lets us use personal cards and get reimbursement) etc. There’s no option to use Apple Pay for these things. Also around here, most gas stations, a lot of restaurants, and many grocery stores (Kroger is a good example) still don’t offer tap-to-pay, and I even ran into a Mexican restaurant that offered tap-to-pay but specifically excluded ApplePay.
 
I love AMEX, my credit score went through the roof with our long-time relationship. Plus AMEX is our corporate card. I imagine they could expand the promotional cash back offers better than GS can with some of AMEX's biggest clients like Delta, Marriott, and Hilton. That's just a few.
 
My mom and sister skipped the Ti card because it’s either AC via AP for 2% or Costco card elsewhere for 3 or 4%.
4% on gas and EV charging up to $7,000 and 3% on Restaurants and (eligible) travel, all of which is paid once a year. Given inflation and NPV, 2-3% everyday is worth somewhat more than 2% (CostCo charges) at the end of the year and it might be more than 3% (dining/travel).
Mom is somewhat hindered I. Using her AC because they gave her a 1.5k$ (equals her monthly balance) line of credit despite 70k$ in her GS savings, investment portfolio, paid off home and car, 50 years of balance paying, and 840 FICO. A recent credit request resulted in an increase to 1.75k$; a joke.
Just out of curiosity, has she charged it to full, paid it off, then charged it to full again during a single billing cycle. Doing that several times in one of more billing cycles seems to be an easy way to get a credit line increase.
I ordered the Ti Apple Card just to get it for kicks but it’s never left the delivery holder.
Does one have to request the physical card? It has been long enough that I do not remember. Like you though, I only use mine via Apple Pay, so I do not carry the card.
 
Because most of my transactions are *not* Apple Pay.
You said:
My main c/c setup is giving me 2.2% cash back on all purchases, as opposed to just over 1% effective cash back rate I'd be getting with Apple Pay.
Did you just mean with the Apple Card?

That’s large ticket items like auto and home insurance payments, medical bills, vacation rentals and airfare, business trip expenses (company lets us use personal cards and get reimbursement) etc. There’s no option to use Apple Pay for these things.
Interesting, your experience varies pretty radically from mine. Most of the doctors, hospitals, labs and urgent cares around here take Apple Pay. Delta, Southwest and United take Apple Pay, as well as Marriott and Hyatt. My insurance car and home insurance companies do not take credit cards at all, so that is not an issue. :)

I am curious what card you are using that is giving you a blended rate of 2.2%?
 
You said:

Did you just mean with the Apple Card?


Interesting, your experience varies pretty radically from mine. Most of the doctors, hospitals, labs and urgent cares around here take Apple Pay. Delta, Southwest and United take Apple Pay, as well as Marriott and Hyatt. My insurance car and home insurance companies do not take credit cards at all, so that is not an issue. :)

I am curious what card you are using that is giving you a blended rate of 2.2%?
Yes, I meant Apple Card, sorry.

How do you use Apple Pay when paying your medical bill remotely ? I don’t believe I’ve ever seen that option on the web page checkout.

Same with Delta, unless I am missing something obvious, but I don’t recall seeing AP as an option on their website at checkout. Either way, I’d be getting 10% less cashback.

As to how I am getting 2.2% - it’s the combination of Citi Double Cash (2% cashback) and Citi Rewards+ (adds 10% to the cashback points earned by the other card when you redeem them). Get both cards, combine the Thank You points from both in one card account (a short call to customer service), use Double Cash card everywhere, you earn 1% when you make a purchase, another 1% when you pay the bill, and your points are bumped by 10% when you redeem them for cash. So, 2.2% effective cashback. There are probably similar setups with other major issuers.
 
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