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Recent Hints Point Toward Apple Card International Expansion
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Indeed. Which is why I'm hoping Apple will do something slightly different for countries and regions like ours which are quite different to the US. Either way, I'm looking forward to seeing what they announce!
You do realise we'll hold you to that!
To be fair, I also think it's unlikely. But you never know!
I don't understand, what are you saying about Apple's card is a game-changer?
In addition, I suspect the US having much higher interchange fees than most other places is also a huge reason why there's traditionally been so much merchant resistance to anything that could potentially cause people to use cards more. If it wasn't for the decades of history with credit cards, the US could have very much been a cash-based society instead of a card-based one.
Anyway, I suspect if it does expand outside the US, the physical card might not be an option for non-US users. There's nowhere near as much of a need for it in places that already have universal NFC acceptance, plus any physical card issued would likely require a PIN (which I'm sure Apple doesn't want to do).
There will never be 3% cash back for every merchant, unless they charged an annual fee (which they won't). The reason is that it's estimated that merchant's fees average in the middle 2's percentage (take a look at Square's flat rate for an idea of where merchant's fees average, minus some for Square's take), and 3% or higher would mean they would take a loss whenever you use their card (regardless of Apple Pay or not, unless they have a reimbursement agreement from the merchant). Other cards offer you higher than 2% pretty much only as an incentive to use their card, that's why it's in certain categories only and up to a certain amount of cash back is allowed, or they have an annual fee to make up any possible difference between merchant's fees and cash back to cardholders. And they often make it complicated to redeem any cash back you might have, like making it redeemable as points only or forcing you to redeem in $25 increments. Apple on the other hand makes it automatic to redeem your cash back if you so choose.
The physical card will always have a lower fee to incentivize Apple Pay usage, but they could offer 1.5 or even 2.0% cash back (which would match the Citi Double Cash), they just choose not to, and the physical card also costs more in upkeep and fraud costs, since it's a lot easier to steal the physical Apple Card and use it at retailers, no biometrics or passcode protects the physical card, and it can of course be skimmed and copied with the magstripe. So yeah, it's just more costly to even offer a physical Apple Card, so it makes sense to have a lower percentage, of course it sucks to see it at only 1% but it's about where many other cards start their cash back percents, Discover and AmEx for instance start at 1%.
Internaut
macrumors 65816
Interesting, but I suspect not for me when it does launch. Then again, I'm the bloody idiot who carries around the type of Amex card that can only pay for itself via intensive travel and putting lots of beloved employer's money through it, in the middle of a pandemic... My horizons are somewhat diminished. Fingers crossed for a good few lounge visits on it next year :-/.
will you update your avatar if you do?
I'm sure plenty of folks use it as a cushion for funds, but it's a helpful tool for building credit history which is influential in loan decisions for large purchases like cars or houses.
I use it to build my credit history, and for the cash back. If you use your credit cards correctly, and don't carry a balance, it's essentially free money. To be completely honest though, most Americans do not have that kind of fiscal responsibility. For those who do, it's a useful asset.
Is everything set to to the United States in the relevant settings?
Yeah everything is US. Went through their troubleshooting guide but still got the problem.
It would be great if the physical card was also 2%, but I try to use Apple Pay as much as possible. I find trying to keep track of too many cards a hassle so limit to just a few. Most cards, unless you’re paying an annual fee which cancels out much of the reward benefit, only offer rotating categories that can be difficult to keep track of or set merchants/categories which I don’t utilize enough to make it worth it. For those of you who do, there are better cards as you said.
I personally prefer using the Apple Card in restaurants where the server takes your card away from the table, goes somewhere with it, swipes it, and returns to your table a couple minutes later to give you your card back and the receipt to sign. It’s a lot less likely you will have someone potentially steal your credit card number for fraudulent uses. Does it commonly happen, no, but for an extra 1-2% cash back it’s something I’d prefer not to risk it.
Well, Apple Pay Cash is functionally a debit card, though without a physical card and only Apple Pay.
Credit cards make financial sense for people who can get them and pay the balance each month. You don't have to pay a dime in interest if you're paying on time the amount you charge. And you get paid to use it, compared to a debit card which typically does not pay you anything to use it or gives you very little comparatively.
On the other hand, if you can't get a cash-back card because of your credit history, or you don't reliably pay the balance on time, you probably should avoid them. This is in the US though, I know typically in Europe you're not getting much or any cashback with credit cards, maybe you get airline miles only or some complicated points system, a lot of that is due to merchant's fees and the strict EU regulations on those.
I'm surprised that in this day and age this still happens, i.e., taking a card physically away from the costumer.
In my experience this is mostly / exclusively a US thing. Anywhere I've been in europe or africa, they always bring the card reader to me. Even in canada, they bring the card reader to you.
There was one time in Vancouver BC where I went to a marketplace and the person had to take the card from me because the battery was not charging so it had to remain plugged in near the back of her booth. when she took my card she was very transparent that she was just taking it a few feet away to where the machine was.
A lot less likely? More like impossible. Unless the machine they're using displays the number, there's no way to get the number from the physical card. A serious advantage to using the Apple Card.
In most European countries the payment infrastructure is much more perfected and efficient than it is in the US. my Visa card had a chip at least 10 years before it was introduced in the US. I don’t know of any places in Europe where the magnet strip still is used. Not only that, but some european countries like Sweden and the Netherlands move towards a cashless society quickly. I live in the Netherlands and rarely take out cash from an ATM. I have too much options for contactless payments. Happy with apple Pay though, because I can leave my wallet in my pocket. Works everywhere. Before Apple Pay I would take out my debit card and pay contactless for small payments, and use my pin code for the larger payments. In comparison with Apple Pay it is just the same. Hold it against the nfc pad of the terminal and beep it is paid. Shops and restaurants rather take debit cards because a transactions cost them just a few eurocents instead of a percentage. And with debit cards the payment is settled immediately. Apple Pay is linked to my debit account. All banks offer a mobile app anyway, so I always can know how much money is on my accounts. i have a credit card but sometimes I ask why. I make some purchases online with my creditcard sometimes because in the past i had to use a creditcard and never changed that to other payment options. And yes for if I travel outside Europe. paying with my Visa card in a physical way was a long time ago.
in the Netherlands the percentage on dept on creditcards will be lowered from 14% to 10% soon. Credit card companies aren‘t happy with that.
in the Netherlands the percentage on dept on creditcards will be lowered from 14% to 10% soon. Credit card companies aren‘t happy with that.
Theoretically you can carry a small magstripe reader and swipe even the Apple Card and get a card number. An evil waiter could do that if they knew a lot of customers used Apple Cards, but they won't do that since every other card they can just take a picture of the card front and back to get what they need. Although, the Apple Card by virtue of not having a security code printed on the card makes it harder to actually use the card number, since online purchases (a typical avenue for fraud) you typically have to use a security code. So yeah, while there is still the ever-vulnerable magstripe in the Apple Card it does help a bit to have no numbers at all printed on the card.
Please, please bring it to Germany. I do have a credit card but I can‘t use ApplePay with it.
I also have a debit card like anybody in Germany, but I can‘t use ApplePay with it as my Apple Watch Series 0 is too old.
I also have a debit card like anybody in Germany, but I can‘t use ApplePay with it as my Apple Watch Series 0 is too old.
Another craziness there. Build your credit history! Debit my friend, you have money or you don’t.