Apple Card offers simplified and secure Goldman Sachs-backed credit card with daily reward...

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  • Reply 81 of 283
    65026502 Posts: 276member
    6502 said:

    6502 said:
    wizard69 said:
    Soli said:
    hmlongco said:
    Standard isn’t always best when many cards have better rewards than 2%. Also, my standard purchases are extremely low compared to other categories. There’s practically nowhere that I purchase things that I can’t get at least 3% back and up to 5% on most things. 

    Depends on how one defines "best", doesn't it? The Amazon Prime Store Card, for example, gives you 5% back... with a 28.24% annual APR.

    Apple committed to a low (albeit unspecified) APR, with no fees, no late charges, and no penalties. Not to mention the not-so-minor fact that you get your rewards back daily as Apple Cash. Not at the end of the month, not when you redeem them. Daily.

    Then there's the secure unique randomized card number per transaction. No number or signature to steal on the physical card. No tracking of purchases. No sales of transaction data.

    I don't know about you, but there's a ton of value in privacy and security.
    Fees and APRs don’t matter if you pay your balance in full. 
    You realize that being able to pay off your cards every month isn’t the norm, right?
    If you think the “norm” is being stupid then we have a problem.  By the way I learned this the hardway and have drastically changed my use of a credit card.    At this point I try to keep all card purchases beyond an emergency  at a level easily payable every month.   The average person can literally save themselves hundreds of dollars a year by doing so.  

    Frankly it wouldnt hurt for our educational system teach students why being conservative in your use of money is so important.  
    Whether you believe it's stupid or not is completely irrelevant. Most people cannot pay off their cc every single month, and use it to get by when they need to. It's not even a matter of intelligence, I assure you.
    Maybe you shouldn't buy what you can't afford then. And, I doubt it's most people.
    You're free to doubt whatever you like. I worked for Capital One corporate for years and will believe and share what I experienced. Again, it's not about your ivory tower morality judgements from on high. It's about the reality of the economy -- the once booming middle-class is being eradicated, and the segments that are growing are low-income, and the very-high income. ie, the rich get richer while the poor get poorer. The middle-class and the promise of the American dream of my parents and grand-parents age where a single-earner need only show up and work hard to get that house and two cars is long gone. 
    Please, I see people complain all the time how they have no money and the "man" is out to get them. Yet, they never miss their daily starbucks run, meals out, hulu, netflix, and spotify subscriptions and new car lease every 3 years. And they are dumbfounded on where all their money went.
    Uh oh, you've distracted yourself! We were discussing whether it was normal or not for people to not pay off their debts every single month. You claimed most do. I said most don't, which is how I was employed by one of the major credit lenders.

    Most of the world runs on credit & debt, actually. Everything from governments to big business to construction projects....nobody pays cash. They borrow, and repay. That you aren't aware of this means you live in a pretty small micro verse when it comes to business. Cute tho. Tout your fiscal conservation! Rawr!
    We're talking about personal finance. And, plenty of companies have gone bankrupt over not paying off their debts. Remember Toy R Us, Radio shack, Sports Authority, Payless, Sears, and on and on...
  • Reply 82 of 283
    65026502 Posts: 276member
    6502 said:

    6502 said:
    wizard69 said:
    Soli said:
    hmlongco said:
    Standard isn’t always best when many cards have better rewards than 2%. Also, my standard purchases are extremely low compared to other categories. There’s practically nowhere that I purchase things that I can’t get at least 3% back and up to 5% on most things. 

    Depends on how one defines "best", doesn't it? The Amazon Prime Store Card, for example, gives you 5% back... with a 28.24% annual APR.

    Apple committed to a low (albeit unspecified) APR, with no fees, no late charges, and no penalties. Not to mention the not-so-minor fact that you get your rewards back daily as Apple Cash. Not at the end of the month, not when you redeem them. Daily.

    Then there's the secure unique randomized card number per transaction. No number or signature to steal on the physical card. No tracking of purchases. No sales of transaction data.

    I don't know about you, but there's a ton of value in privacy and security.
    Fees and APRs don’t matter if you pay your balance in full. 
    You realize that being able to pay off your cards every month isn’t the norm, right?
    If you think the “norm” is being stupid then we have a problem.  By the way I learned this the hardway and have drastically changed my use of a credit card.    At this point I try to keep all card purchases beyond an emergency  at a level easily payable every month.   The average person can literally save themselves hundreds of dollars a year by doing so.  

    Frankly it wouldnt hurt for our educational system teach students why being conservative in your use of money is so important.  
    Whether you believe it's stupid or not is completely irrelevant. Most people cannot pay off their cc every single month, and use it to get by when they need to. It's not even a matter of intelligence, I assure you.
    Maybe you shouldn't buy what you can't afford then. And, I doubt it's most people.
    You're free to doubt whatever you like. I worked for Capital One corporate for years and will believe and share what I experienced. Again, it's not about your ivory tower morality judgements from on high. It's about the reality of the economy -- the once booming middle-class is being eradicated, and the segments that are growing are low-income, and the very-high income. ie, the rich get richer while the poor get poorer. The middle-class and the promise of the American dream of my parents and grand-parents age where a single-earner need only show up and work hard to get that house and two cars is long gone. 
    Please, I see people complain all the time how they have no money and the "man" is out to get them. Yet, they never miss their daily starbucks run, meals out, hulu, netflix, and spotify subscriptions and new car lease every 3 years. And they are dumbfounded on where all their money went.
    Uh oh, you've distracted yourself! We were discussing whether it was normal or not for people to not pay off their debts every single month. You claimed most do. I said most don't, which is how I was employed by one of the major credit lenders.

    Most of the world runs on credit & debt, actually. Everything from governments to big business to construction projects....nobody pays cash. They borrow, and repay. That you aren't aware of this means you live in a pretty small micro verse when it comes to business. Cute tho. Tout your fiscal conservation! Rawr!
    We're talking about personal finance. And, plenty of companies have gone bankrupt over not paying off their debts. Remember Toy R Us, Radio shack, Sports Authority, Payless, Sears, and on and on...
  • Reply 83 of 283
    wlymwlym Posts: 90member
    DAalseth said:
    Nice. Hope it's available in Canada. ApplePay is theoretically here, but I've gone through three cards without finding one that worked on the system. I'd like to start using ApplePay. 
    I'm not holding my breath. See also, Apple Watch ECG, Apple Pay, Apple News… all took (or are taking) years to reach Canada.
  • Reply 84 of 283
    65026502 Posts: 276member
    sflocal said:
    6502 said:
    Maybe you shouldn't buy what you can't afford then. And, I doubt it's most people.
    So you paid for your house, car, maybe even the new kitchen appliances all in cash right?

    The moment you you think that all people should do what you think is right, you lose all credibility.
    Except for my house, which had a reasonable mortgage of < 25% of my take home pay, I pay for everything else in cash or I don't buy it. Very simple. Debt is dumb, cash is king (daveramsey.com).
    SpamSandwich
  • Reply 85 of 283
    Apple has introduced Apple Card 

    Nope, it's announced Apple Card
    watto_cobra
  • Reply 86 of 283
    wizard69wizard69 Posts: 12,860member
    6502 said:
    Soli said:
    6502 said:
    wizard69 said:
    Soli said:
    hmlongco said:
    Standard isn’t always best when many cards have better rewards than 2%. Also, my standard purchases are extremely low compared to other categories. There’s practically nowhere that I purchase things that I can’t get at least 3% back and up to 5% on most things. 

    Depends on how one defines "best", doesn't it? The Amazon Prime Store Card, for example, gives you 5% back... with a 28.24% annual APR.

    Apple committed to a low (albeit unspecified) APR, with no fees, no late charges, and no penalties. Not to mention the not-so-minor fact that you get your rewards back daily as Apple Cash. Not at the end of the month, not when you redeem them. Daily.

    Then there's the secure unique randomized card number per transaction. No number or signature to steal on the physical card. No tracking of purchases. No sales of transaction data.

    I don't know about you, but there's a ton of value in privacy and security.
    Fees and APRs don’t matter if you pay your balance in full. 
    You realize that being able to pay off your cards every month isn’t the norm, right?
    If you think the “norm” is being stupid then we have a problem.  By the way I learned this the hardway and have drastically changed my use of a credit card.    At this point I try to keep all card purchases beyond an emergency  at a level easily payable every month.   The average person can literally save themselves hundreds of dollars a year by doing so.  

    Frankly it wouldnt hurt for our educational system teach students why being conservative in your use of money is so important.  
    Whether you believe it's stupid or not is completely irrelevant. Most people cannot pay off their cc every single month, and use it to get by when they need to. It's not even a matter of intelligence, I assure you.
    Maybe you shouldn't buy what you can't afford then. And, I doubt it's most people.
    So you would never have a mortgage for a home? Do you really think that most people pay for homes in cash up front?
    We're talking about credit card debt; people aren't financing their homes on their credit cards. People buy starbucks coffee on their credit card and then take a year to pay it off. It's stupidity. As Dave Ramsey says, a mortgage is the only acceptable debt and it should be paid off as fast as possible. It's only acceptable as it is an asset that goes up in value, unlike nearly everything else we buy.
    The only other justification is if an item bought on credit is a tool to create an income stream.   A laptop for a programmer, a milling machine for a die maker or a welder for a fabricator.  

    Sadly in this his country we have embraced debt in a way that harms everyone incouding the responsible .   I don’t see an end to credit but we must move away from the current situation.  The current situation just drains cash from the masses and puts it into the hands of a very few.   Sadly this is largely due to the ignorance of the card holders.    
    designr
  • Reply 87 of 283
    tokyojimu said:
    Will this card have warranty doubling? I won’t buy any electronics without a card with that feature. 
    Have you found that to actually be useful in practice?  The one time I tried to us it (for a printer that crapped out after a year and a day), they wanted me to send them a repair estimate before they would pay me anything.  Needless to say, I didn't take my $100 printer to a printer repair store (are their such things) to get an estimate.
    watto_cobra
  • Reply 88 of 283
    wood1208wood1208 Posts: 1,989member
    sflocal said:

    rob53 said:
    Finally!!!!

    Getting this to replace my Costco Citibank VISA card. Better rewards program. 

    Will costco allow the MasterCard version or does their Apple Pay use hide the credit card type?
    Really?!?! Because 4% for gas and 3% for dining on the Costco Citi Card is a better reward than 2% and 1% for the Apple Card. That’s not better to me. 
    You're conveniently leaving out the part about having to pay a Membership fee in order to get that Costco card.  It may not necessarily be a fee for the card, but it's still a fee in order to get it.
    That Costco $60 yearly membership fee sucks but Costco makes most on membership fee. I have Costco membership but use non-costco Visa cards(BOA,CHASE).
    Comparing to any non yearly fee credit card, Apple Credit card seems much better in cashback % and instant.
    watto_cobra
  • Reply 89 of 283
    65026502 Posts: 276member
    wizard69 said:
    6502 said:
    Soli said:
    6502 said:
    wizard69 said:
    Soli said:
    hmlongco said:
    Standard isn’t always best when many cards have better rewards than 2%. Also, my standard purchases are extremely low compared to other categories. There’s practically nowhere that I purchase things that I can’t get at least 3% back and up to 5% on most things. 

    Depends on how one defines "best", doesn't it? The Amazon Prime Store Card, for example, gives you 5% back... with a 28.24% annual APR.

    Apple committed to a low (albeit unspecified) APR, with no fees, no late charges, and no penalties. Not to mention the not-so-minor fact that you get your rewards back daily as Apple Cash. Not at the end of the month, not when you redeem them. Daily.

    Then there's the secure unique randomized card number per transaction. No number or signature to steal on the physical card. No tracking of purchases. No sales of transaction data.

    I don't know about you, but there's a ton of value in privacy and security.
    Fees and APRs don’t matter if you pay your balance in full. 
    You realize that being able to pay off your cards every month isn’t the norm, right?
    If you think the “norm” is being stupid then we have a problem.  By the way I learned this the hardway and have drastically changed my use of a credit card.    At this point I try to keep all card purchases beyond an emergency  at a level easily payable every month.   The average person can literally save themselves hundreds of dollars a year by doing so.  

    Frankly it wouldnt hurt for our educational system teach students why being conservative in your use of money is so important.  
    Whether you believe it's stupid or not is completely irrelevant. Most people cannot pay off their cc every single month, and use it to get by when they need to. It's not even a matter of intelligence, I assure you.
    Maybe you shouldn't buy what you can't afford then. And, I doubt it's most people.
    So you would never have a mortgage for a home? Do you really think that most people pay for homes in cash up front?
    We're talking about credit card debt; people aren't financing their homes on their credit cards. People buy starbucks coffee on their credit card and then take a year to pay it off. It's stupidity. As Dave Ramsey says, a mortgage is the only acceptable debt and it should be paid off as fast as possible. It's only acceptable as it is an asset that goes up in value, unlike nearly everything else we buy.
    The only other justification is if an item bought on credit is a tool to create an income stream.   A laptop for a programmer, a milling machine for a die maker or a welder for a fabricator.  

    Sadly in this his country we have embraced debt in a way that harms everyone incouding the responsible .   I don’t see an end to credit but we must move away from the current situation.  The current situation just drains cash from the masses and puts it into the hands of a very few.   Sadly this is largely due to the ignorance of the card holders.    
    The first reasonable response. I still avoid debt unless on my primary residence. There are many photographers that borrowed $1000's on equipment and have not made enough to pay it back. Tread lightly when borrowing money.
  • Reply 90 of 283
    65026502 Posts: 276member
    tokyojimu said:
    Will this card have warranty doubling? I won’t buy any electronics without a card with that feature. 
    Have you found that to actually be useful in practice?  The one time I tried to us it (for a printer that crapped out after a year and a day), they wanted me to send them a repair estimate before they would pay me anything.  Needless to say, I didn't take my $100 printer to a printer repair store (are their such things) to get an estimate.
    I've used this several times and have always gotten reimbursed. But yes, you have to provide a repair or replacement receipt.
  • Reply 91 of 283
    kilomonkkilomonk Posts: 1unconfirmed, member
    I did quick calculations based on the sliding payment vs. monthly interest app mockup they showed at 33 minutes into the event.

    (Total balance $1682.55 less payment of $375, interest charge of  $22.00 on the balance) which suggests an annual interest rate of 20%! The Apple presenter focused on no late fees, annual fees, international fees and over-limit fees and avoided the interest rate issue...

    Not that I expected Goldman Sachs to get involved for anything less than a windfall profit.
    fastasleep
  • Reply 92 of 283
    Why are we debating the efficacy and morality of credit cards?  Virtually everyone in America has a credit card, so what's wrong with Apple offering one with better terms and security than most?  If you don't use credit cards, don't sign up for an Apple Card.  If your existing card is better under all circumstances than the Apple Card, or you don't want yet another credit card, don't get one.  

    Now if Apple wants to get into the furniture rental scam, that's another story altogether...
    cmd-zSpamSandwichstompymike1watto_cobra
  • Reply 93 of 283
    djsherlydjsherly Posts: 1,022member
    This looks amazing to me. The ability to categorise expenses on the fly is something I’ve been thinking about for a long time. I expect that the execution will be typically elegant as most apple stuff is. 

    Not so sure I want Apple tentacles extending any further into my life though. I’m a little concerned about a world where a handful of companies dominate significant components of peoples lives. 


  • Reply 94 of 283
    65026502 Posts: 276member
    Why are we debating the efficacy and morality of credit cards?  Virtually everyone in America has a credit card, so what's wrong with Apple offering one with better terms and security than most?  If you don't use credit cards, don't sign up for an Apple Card.  If your existing card is better under all circumstances than the Apple Card, or you don't want yet another credit card, don't get one.  

    Now if Apple wants to get into the furniture rental scam, that's another story altogether...
    Mostly debating carrying a balance. And how humdrum the Apple Card is.
    designr
  • Reply 95 of 283
    mike1mike1 Posts: 1,911member
    ElCapitan said:
    melgross said:
    ElCapitan said:
    They might as well have launched an Apple Cart. It would be equally unavailable and useless for the majority of Apple users. 

    Is this a local US event? 
    This is actually useful for the majority of Apple users. You really need to give reasons. Just saying what you did says nothing.
    What is it about only being available in the US you don't understand? The majority of Apple customers are NOT in the us...
    But I bet the US users make up the single largest group. How many different regulatory systems worldwide does Apple have to work through to equal the population of the US.
    So, you're saying Apple should never roll out a feature in the US until it can roll it out worldwide. By that logic, tens of millions of US customers couldn't benefit from Apple Watch because it wasn't available in your country. That is just ridiculous.

    watto_cobra
  • Reply 96 of 283
    ElJeffeElJeffe Posts: 7unconfirmed, member
    Apple the most disruptive corporate force in entrenched business practices. They shook the Computer Industry to its core and changed the way people interacted with computers. They did this by changing the basic philosophy and premise of computing. They personalized it. Game Changer. They did it with music, how it was distributed, how it was carried, how it was consumed. Game Changer. Now they are bring that same disruptive force to the financial industry. Credit Cards have been pretty pedestrian for decades. They have been entirely industry (financial industry driven) as a result the ways they have tried to interact with their consumers have been more and more driven by their self interest with little concern for the consumer experience. AppleCard... Game Changer.

    Does it break the mold for rewards? Nope. Does it break the mold for cost? Nope. Does it break the mold for all things reward driven Credit Card? Nope. It just thinks different and delivers a better consumer experience in delivering it. Apple just Apple-ized Consumer Credit. 10 years from now we will all look back and say "of course making it easier for Credit Approval should be this easy. Of course all of the things that AppleCard just delivered to consumer finance should have been implemented." Except Chase, Bank of America, Well Fargo, and a myriad of other Financial Industry Titans could have done it but didn't. They had to have the foundation of their business model moved beneath them by Apple.

    Troll away with, how "Meh, my card does all that already. Big Deal! Why are Apple fanbois such tewls?", indifference. DOS command line users used to LOVE how easy it was to do things too. Now we all just do things differently. We all just do things differently, more intuitively, and simply, since Apple decided to innovate the processes.
    edited March 25 fastasleeprandominternetpersonwatto_cobra
  • Reply 97 of 283
    melgrossmelgross Posts: 31,802member
    ElCapitan said:
    melgross said:
    ElCapitan said:
    They might as well have launched an Apple Cart. It would be equally unavailable and useless for the majority of Apple users. 

    Is this a local US event? 
    This is actually useful for the majority of Apple users. You really need to give reasons. Just saying what you did says nothing.
    What is it about only being available in the US you don't understand? The majority of Apple customers are NOT in the us...
    USA and Canada, with a rollout to over 100 countries. What is it about that that you don’t understand?
    watto_cobra
  • Reply 98 of 283
    JWSCJWSC Posts: 512member
    6502 said:
    Funny to watch people get so excited about something as mundane as a credit card. Up next, the Apple shoelace! I use my costco card at costco and my 2% back citi MC everywhere else. I don't really care if I miss out on an extra 1% back on a $30 purchase. That extra $0.30 won't make a difference in my life. Outside the iPhone (and less so the Mac), Apple is turning into a company I care less and less about. But, I did make a lot of money on their stock :smiley: 
    Mundane?!!

    This is huge and it will have reprucussions across the banking and credit card industry.
    watto_cobra
  • Reply 99 of 283
    designrdesignr Posts: 524member
    Soli said:
    hmlongco said:
    Standard isn’t always best when many cards have better rewards than 2%. Also, my standard purchases are extremely low compared to other categories. There’s practically nowhere that I purchase things that I can’t get at least 3% back and up to 5% on most things. 

    Depends on how one defines "best", doesn't it? The Amazon Prime Store Card, for example, gives you 5% back... with a 28.24% annual APR.

    Apple committed to a low (albeit unspecified) APR, with no fees, no late charges, and no penalties. Not to mention the not-so-minor fact that you get your rewards back daily as Apple Cash. Not at the end of the month, not when you redeem them. Daily.

    Then there's the secure unique randomized card number per transaction. No number or signature to steal on the physical card. No tracking of purchases. No sales of transaction data.

    I don't know about you, but there's a ton of value in privacy and security.
    Fees and APRs don’t matter if you pay your balance in full. 
    You realize that being able to pay off your cards every month isn’t the norm, right?
    And my guess is Apple is banking on that. Pun intended.
    spock1234Soliwatto_cobra
  • Reply 100 of 283
    65026502 Posts: 276member
    ElJeffe said:
    Apple the most disruptive corporate force in entrenched business practices. They shook the Computer Industry to its core and changed the way people interacted with computers. They did this by changing the basic philosophy and premise of computing. They personalized it. Game Changer. They did it with music, how it was distributed, how it was carried, how it was consumed. Game Changer. Now they are bring that same disruptive force to the financial industry. Credit Cards have been pretty pedestrian for decades. They have been entirely industry (financial industry driven) as a result the ways they have tried to interact with their consumers have been more and more driven by their self interest with little concern for the consumer experience. AppleCard... Game Changer.

    Does it break the mold for rewards? Nope. Does it break the mold for cost? Nope. Does it break the mold for all things reward driven Credit Card? Nope. It just thinks different and delivers a better consumer experience in delivering it. Apple just Apple-ized Consumer Credit. 10 years from now we will all look back and say "of course making it easier for Credit Approval should be this easy. Of course all of the things that AppleCard just delivered to consumer finance should have been implemented." Except Chase, Bank of America, Well Fargo, and a myriad of other Financial Industry Titans could have done it but didn't. They had to have the foundation of their business model moved beneath them by Apple.

    Troll away with, how "Meh, my card does all that already. Big Deal! Why are Apple fanbois such tewls?", indifference. DOS command line users used to LOVE how easy it was to do things too. Now we all just do things differently. We all just do things differently, more intuitively, and simply, since Apple decided to innovate the processes.
    If you think the Apple Card is a game changer, you've set a very low bar.
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