You overestimate the average person. They are far too lazy to switch from the Bank of America/Chase/Wells Fargo checking account they set up with their parents 25 years ago.
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What to Expect From the Apple Card This Year
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I'll be honest I was thinking a big chunk of the loss was coming from people like me. I use my Apple Card / Apple Pay for literally 99% of all my purchases but I keep the balance at zero by paying the entire balance usually once a week and therefore I have not paid 1 cent in interest since getting the card when it came out, but I have received a ton of money in the cash back rewards and the savings account over the years.
Damn this hurt to read lol, literally my parents helped set me up with a Bank of America checking account when I was a teen 25 years ago and that's what I still use to this day haha. Should I move it to a credit union?
It's been years it has been available in the US, but no availability in other countries? Odd for a company that supposedly does all of its research via an organisation in Ireland.
Cards like this with benefits and cashback are common in the US because over there the fees charged for credit card transaction (interchange fees) are uncapped and are typically around 2%-3% of the transaction amount, which gives the banks a nice profit to be 'generous' with. By comparison, EU and UK fees are capped at 0.25%, so there's not really much financial incentive for Apple to launch a card outside of the US, and even if they did, you'd just get a trendy card, not the perks that they get in the US (and pay for with higher fees).
Which may change given their CEO Jamie Dimon earned over 700 Million dollars in 2025.
Same with me paying and interest. Not a penny for interest.
I really like the features of the card like being able to pay immediately with Apple Cash and the entire interface in general. I like that transactions show up on the map and you can easily see how much you’ve spent at a particular place for the month.
I’d be happy to see the Apple Card wallet app features just expand to other cards.
I'm not sure if I would stay or leave.
The best bank I ever used by far was Washington Mutual, and when Chase bought them, everything went to sh*t overnight. I closed my accounts that same month.
You may be right. Chase’s em phasis on serving businesses rather than consumers pretty much makes it akin to hiring PriceWaterhouseCoopers to do one’s personal taxes every year.
Nope, we aren't the issue. Goldman Sachs has said the issue is far and away bad debt. That's the people who run up their balance and then default, resulting in GS having to write off their debt and take a loss on it. Which is why they're going to need to cut off those more likely to do so.
While credit card companies do make a ton of money on those who hold a balance and pay interest, they can survive by just making money on the processing fees. It's largely how Amex has done it for decades. But it does mean Apple may need to take a smaller cut.
I will be watching the news on this very closely because I have an Apple Card that I use for almost everything. I love it, and I love that being able to have all my cash back automatically deposited in a savings account got me refocused on building a rainy day fund. I hope they don't screw it up.
I have my paycheck directly deposited in my credit union checking account, and I pay my Apple Card with that checking account. I only opened a Goldman's Sach's savings for that high interest rate which WAS over 4% when I opened it.
That’ll never happen. It’ll pay at least 1% cash back on all purchases, just like another other rewards credit card.
1% on all other purchases.
2% back on Apple related purchases.
Foreign transaction fee of 3%
Late fee of up to $40
Problem solved.
We can’t expect anything as the same story keeps getting redone over and over. Once we have some real facts and a confirmed timeline, then we can start expecting x, y, and Z.
There are several other cards with no foreign transaction fee. I don't see them removing this one.
1% back would be one of the lowest rates on any rewards card, but if they're pushing it towards the lower credit score crowd, then maybe..
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Most of them have an AF unless you’re using a Capital One or a credit union branded card.
The Apple Card simply isn’t profitable enough to have no AF, no late fees, and no FTF, and then to offer 2% and 3% back categories.
If Apple wants to keep features like the interest rate calculator, no FTF, and 0% financing on Apple Purchases — something has gotta give so Chase can make the card profitable.
I think people also forget (I don’t remember the article) but Apple Pay’s the cash back.
I think the same report echoed what you said. GS is loosing money because they don’t realize how much effort it would take.