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%?
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Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over
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Yeah I thought that 1% cash back is for using the physical card for transactions.
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.
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.
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
When I was a merchant I didn't take AMEX either because of their high fees.
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)
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
GS is going to start demanding information on employment and source of income. The plot thickens….
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.
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.
LoL. Wells the predatory serial defrauder of their customers who serially flushes criminal or incompetent CEO’s like so much gold plated toilet paper.
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.
Right, but they did this when everyone opened their account. This is an additional check….
We’ve seen these questions periodically on our AMEX and Costco visa accounts. I take it a periodic recertification.
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.
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....
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.
Is that even possible? I thought that was why Walmart and several other chain stores had to block tap altogether.
Yes, it is possible. So is the converse. I’ve seen places that accept Apple Pay but not tap to pay cards. no idea why.
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.
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).
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.
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.
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.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%?
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.