I would love to see Apple use the EU's own rules to break into that market!
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Visa and American Express Vying to Win Apple Card Deal in 'Fierce' Fight
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I would love to see Apple use the EU's own rules to break into that market!
Costco did do the increase, but only at Costco gas will the 5% apply. Other fuel stations the rebate is still 4%.
That ignores the facts, because what they get, statistics show, are wealthier people willing to spend more money, which, for higher end retailers, more than makes up for the increased fee.
Yes...we agree. I meant to say I only use the card for Costco gas. I should consider it for other locations maybe but currently do not.
Hoping the card will be a VISA and not Amex. Amex is sometimes not accepted by small retailers (in fact, I was recently at one small retailer that explicitly had signs indicating they don't take Amex!), and it doesn't have a good of a global coverage as VISA.
I don't know. I think Amex has better global coverage, in which case I would prefer Amex over Discover. But, I would prefer VISA/Mastercard over all the rest.
Even mastercard has poor acceptance compared to visa in the us. Everyone says Amex has issues I have never run into it in decades of business travel even at the smallest place I have chosen.
LOL.
Sure - I've never had any issues. I keep six figures in the Apple savings account most of the year, so perhaps they take special care of me?
Well, all I can tell you is that I got an Amex card in the UK (due to the then decent airline mile offerings) and I found it was useless beyond large chains of supermarkets and rail travel etc. I was then a very frequent visitor to Europe and found the same thing there. In the end I gave up on bothering with the card. Lots of other people who live in Europe are telling you the same thing. So either you have got very lucky or your definition of the "smallest places" really means international hotel chains and brand. "Everyone says" is not some conspiracy to diss Amex. We are saying it how we see it, daily, in real life. It may also be that if your business trips are to places like central London, even smaller retailers may take it as there are so many visitors. It is different in "normal" towns and smaller cities or the suburbs.
I'm not too surprised. I think Discover is either mostly a North American thing or at most in the Americas.
Why would it depend on Apple?
I’m coming at this from almost complete ignorance, but wouldn’t the CC network and issuing bank be the ones dealing with that? Apple only provides the hardware (NFC), app, and users?
I've been using Apple Card for the last few years. I actually love it...
but if they switch to AmEx, I'll probably not use it as much. Most smaller places that I shop don't take AmEx.
but if they switch to AmEx, I'll probably not use it as much. Most smaller places that I shop don't take AmEx.
Speaking only of Canada, though I'm sure these arrangements and similar financial landscapes exist in other countries, the control the small handful of major Canadian banks have over credit card offerings and their overall influence over customers and the Canadian market as a whole just make it very unlikely that they would cede any of the relationship or control to Apple. The banks don't really need Apple, so there's no real reason to partner with them.
And this is before we even consider current politics and the idea of inviting one of the leading American tech companies to become a new disruptive player in a country's financial market.
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I just wish Apple would release the card here in the UK. There has been much talk about it happening but nothing has. Even to regulatory approval over a year ago. However, a tie up with American Express would be a no go here. It would not make the card useless but close to as most businesses will not go near American Express as thei4 commission rates are excessive. You see many places with signs saying “American Express not accepted.” I doubt though that Apple would go with American Express as it would restrict them to much in foreign markets. Let’s hope I am right!
Visa wants to pay Apple approximately $100 million to be the new payment network for the Apple Card, reports The Wall Street Journal. As of right now, the Apple Card is on the Mastercard payment network, but that is set to change because Apple is ending its partnership with Goldman Sachs.
Both American Express and Visa are vying to replace Mastercard as Apple's card services provider, while Mastercard is aiming to retain its position. Apple apparently plans to choose a new Apple Card network before it selects a partner to replace Goldman Sachs as the Apple Card's issuing bank, and competition is intense. Visa is offering Apple a $100 million upfront payment, while American Express is "in the mix" and Mastercard is "fiercely trying" to retain its role.
Apple and Goldman Sachs have been working to dissolve their partnership since 2023, with Goldman Sachs planning to exit the consumer banking market. JPMorgan Chase and Synchrony Financial are in talks with Apple to take over for Goldman Sachs, but American Express has also been aiming to become the issuer and network of the Apple Card. Apple needs both an issuing bank for the Apple Card and a payment network that facilitates transactions.
Goldman Sachs and Apple have worked together on the Apple Card since its 2019 launch, and have also teamed up for the high-yield Apple Savings account. Apple has not been happy with Goldman Sachs because of customer service issues caused by long wait times for disputed Apple Card transactions and savings account withdrawals.
The U.S. Consumer Financial Protection Bureau even launched an investigation into Goldman Sachs due to the customer complaints, which led to tension, so both companies are eager to end their relationship.
The Apple Card has over 12 million users in the United States, with approximately $20 billion in balances.
Article Link: Visa and American Express Vying to Win Apple Card Deal in 'Fierce' Fight
A friend with his own business in the UK refuses to deal with American Express. Their fees are far too high to make it worthwhile. In the 1980s I had an America Express card. It rarely ever came out of my wallet as nobody would accept it.
How are your balances? A closed card hits you if your credit utilization spikes after, or if you’ve had that unused card way too long and it’s propping up the average age of credit. If you have low balances, it’s best to stem the impact before they’re old cards.
Why would you use anything other than the Costco Visa? The rewards are unmatched when buying from Costco, especially after the recent increases, unless you do reward-maxing with a complex mix of other cards.
Need? No, but they stand to make
Money. Are all the big banks non-profit or government owned?
Also, do Canadian banks need to partner with anyone to make it work? Visa works in Canada last I checked, and I’ve used bank issued CCs in Canada as recently as last year. Maybe debit cards don’t work?
Is Canada as behind in adopting NFC as the US? Is adopting NFC seen as a disruptive thing? I’m not sure how else Apple can be disruptive?
In Europe I believe *not* using NFC is the most disruptive, just a different kind of disruption
