Apple Card: Best and worst features of Apple's credit solution

2

Comments

  • Reply 21 of 50
    SpamSandwichSpamSandwich Posts: 33,407member
    gatorguy said:

    Apple also keeps all of your data private, and the issuing bank Goldman Sachs is disallowed from ever sharing or selling that data as well.

    I don't think that's true. There was very specific wording used by Apple, "for ads and marketing". I think it's almost assured that information will be shared with at least the credit bureaus if not others that "need to know", and no the initial reason can not be for ads according to the disclaimer. That does not mean it cannot find it's way into marketing at another juncture down the line, but that does not mean it will either. Entirely possible it may not find its way into marketing, but Apple does not say it won't be shared at all. 

    TBH I'm actually not afraid of ads, it's the other stuff that done with private data that concerns me. 
    I’m sure you’re right about GS having to know who are their customers. I think they’d be in violation of Federal law otherwise.
    watto_cobra
  • Reply 22 of 50
    apple ][apple ][ Posts: 9,233member
    I like the no foreign transaction fees for this card.

    I don't think that any of my other no annual fee cards has that feature. They all charge foreign transaction fees.

    I wouldn't care if the interest rate for this card is 100%, because my rate is always 0%.

    As for the rewards, if I'm purchasing something, I will just use whichever card that I have that has the best rewards for the thing that I am purchasing, which is what I currently do with my cards. That's why people have multiple cards. Nobody has to use the Apple Card for 100% of their purchases.

    The titanium card is a cool item to have in my wallet, and as an Apple fan, I will be getting one. It will be the best looking credit card on the market.

    And who's to say that there won't be any future promotions or extra rewards for this card, like for certain holidays, and there will be increased bonus points or cash back.




    edited April 2019 gazza_lowewatto_cobra
  • Reply 23 of 50
    puggslypuggsly Posts: 28member
    gatorguy said:

    Apple also keeps all of your data private, and the issuing bank Goldman Sachs is disallowed from ever sharing or selling that data as well.

    I don't think that's true. There was very specific wording used by Apple, "for ads and marketing". I think it's almost assured that information will be shared with at least the credit bureaus if not others that "need to know", and no the initial reason can not be for ads according to the disclaimer. That does not mean it cannot find it's way into marketing at another juncture down the line, but that does not mean it will either. Entirely possible it may not find its way into marketing, but Apple does not say it won't be shared at all. 

    TBH I'm actually not afraid of ads, it's the other stuff that done with private data that concerns me. 
    Of course they have to report to credit bureau's, but that is balance and payment data not purchase data.
    watto_cobra
  • Reply 24 of 50
    puggslypuggsly Posts: 28member
    What do people keep down playing the cash back percentage. 2% is as much as the industry gives back on every purchase. Sure it is only on places that Accept ApplePay but that is most places (walmart, lowes and home depot being a few big exceptions). But for a no fee card 2% on every purchase is as good as it gets in this industry, even if others offer the same, you don't have to one up everyone to have a great offer. I will say that if it offers nothing to extend warranties, as others do, that sounds like a missing piece. I just didn't know we knew one way or the other on that piece.
    baconstangwatto_cobra
  • Reply 25 of 50
    Is it known if there is buyer protection on this card? Some of this info might not be out yet. 
    watto_cobra
  • Reply 26 of 50
    Joe PiervincentiJoe Piervincenti Posts: 26unconfirmed, member
    I personally don’t think it’s too unreasonable to tolerate a rewards system (especially when daily cash is credited to your Apple Pay Cash so quickly) when there are no fees whatsoever, including waiving the international exchange fees that are charged by MasterCard and Visa regardless. Not many institutions do that!
    baconstanggazza_lowewatto_cobra
  • Reply 27 of 50
    entropysentropys Posts: 3,397member
    The key difference between an Apple card and more traditional products to me are:
    1. built from the ground up as an electronic, phone based service
    2. the set up sounds really easy, and fast.
    3. The app. The ability to see exactly what was being bought from who, in real time with no effort
    4. Integration with safari etc.
    5. This card gets around intransigent banks not wanting to supply Apple Pay in favour of their own, lame solutions.
    What needs to improve in V2:
    1. It needs to become available internationally ASAP.
    2. It needs family sharing capability, with app controls on how family members use it. At least for the non adults.
    edited April 2019 lostkiwiwatto_cobra
  • Reply 28 of 50
    gatorguygatorguy Posts: 23,364member
    puggsly said:
    gatorguy said:

    Apple also keeps all of your data private, and the issuing bank Goldman Sachs is disallowed from ever sharing or selling that data as well.

    I don't think that's true. There was very specific wording used by Apple, "for ads and marketing". I think it's almost assured that information will be shared with at least the credit bureaus if not others that "need to know", and no the initial reason can not be for ads according to the disclaimer. That does not mean it cannot find it's way into marketing at another juncture down the line, but that does not mean it will either. Entirely possible it may not find its way into marketing, but Apple does not say it won't be shared at all. 

    TBH I'm actually not afraid of ads, it's the other stuff that done with private data that concerns me. 
    Of course they have to report to credit bureau's, but that is balance and payment data not purchase data.
    They also work thru Mastercard (Others providers may use Visa) as part of a 4-partner system: the merchant, the acquirer (banking institution), the credit card provider and Mastercard (or Visa). Part of Mastercard is Mastercard Advisors. Who is that? It's the professional services branch of Mastercard, the one who works with credit bureaus, data aggregators, and marketing firms to provide detailed transaction history (at a price) on "2.2 billion cards across the global payments network... " 

    This is a company I've just now become aware of. Still reading but details are hard to come by. 
  • Reply 29 of 50
    >Couples can't have a shared account where each have their own card. 

    This is not a negative. The number one thing couples argue about is money and joint accounts are always at the top of the list. I can see why techie boyz might not know this as none of them are in real, adult relationships. 
  • Reply 30 of 50
    shahhet2shahhet2 Posts: 149member
    puggsly said:
    What do people keep down playing the cash back percentage. 2% is as much as the industry gives back on every purchase. Sure it is only on places that Accept ApplePay but that is most places (walmart, lowes and home depot being a few big exceptions). But for a no fee card 2% on every purchase is as good as it gets in this industry, even if others offer the same, you don't have to one up everyone to have a great offer. I will say that if it offers nothing to extend warranties, as others do, that sounds like a missing piece. I just didn't know we knew one way or the other on that piece.
    As mentioned in article Citi Double Cash offers 2% on everything and not only Apple pay purchases. It also has no annual fee and it doubles manufacturing warranty. There are other card as well like Fidelity Rewards Card.
  • Reply 31 of 50
    zoetmbzoetmb Posts: 2,614member
    davgreg said:
    Apple Card has a range of 13.24 percent to 24.24 percent

    should read:

    Apple Card has a rate range of usury to loan sharking.
    Not if you pay your bill in full at the end of every month.  I haven't paid a penny in interest in many years.   And Apple's rates are no higher than any other card that I'm aware of.   I do agree that one is nuts to pay that interest.  
    watto_cobra
  • Reply 32 of 50
    zoetmbzoetmb Posts: 2,614member

    anome said:
    One thing I haven't been able to determine, and this probably reflects my poor understanding of how credit cards work in the US, but when does interest kick in on the card?

    Most cards here have an interest free period, which is just the time between the start of the billing month and the due date for the payment, so that if you pay your balance before the due date, you never pay interest. This is usually advertised as "55 days interest free", for example where the due date is 25 days after the statement date.

    So with the Apple Card, where the due date is the last day of the month, is that also the statement date? Do charges only accrue interest if you carry a balance forward past the end of the month? Do they accrue interest from the date of the charge? These are things that would normally be spelled out in the Terms and Conditions for a credit card, but I haven't seen for Apple Card yet.
    We don't know the specifics for the Apple Card, but with other U.S. credit cards, if you pay the charges in full by the due date, there is no interest.   However, many U.S. credit cards send you the statement fairly late, so you might have as little as two weeks from the time it's received to the due date.   As I mentioned in another post, I haven't paid any interest in years.   But let's say you didn't pay last month's bill in full.   You're paying interest on that, but you'll also be paying interest on the current charges even if you paid the equivalent of those in full by the end of the month.   So anytime you don't have a zero balance, you're paying interest on the entire month, even on new charges. 

    The way the interest is calculated is by taking the annual interest rate, say 18% and dividing it by 365 days and then applying that rate (.04935%) to the balance you have each day.  So if the billing period is March 1 to March 31 and you have a balance of $1000 from March 1-9 and $1200 from March 10-15 and $1800 from March 16-31, you'd owe $22.19 in interest at the end of the month.

    Edit: I got that wrong.  I forgot that the daily interest gets added to each day.  So it would be $22.23 in interest.  At 24% it would be $29.84 in interest. 

    edited April 2019 lostkiwiwatto_cobra
  • Reply 33 of 50
    anantksundaramanantksundaram Posts: 20,305member
    apple ][ said:
    I like the no foreign transaction fees for this card.

    I don't think that any of my other no annual fee cards has that feature. They all charge foreign transaction fees.

    I wouldn't care if the interest rate for this card is 100%, because my rate is always 0%.

    As for the rewards, if I'm purchasing something, I will just use whichever card that I have that has the best rewards for the thing that I am purchasing, which is what I currently do with my cards. That's why people have multiple cards. Nobody has to use the Apple Card for 100% of their purchases.

    The titanium card is a cool item to have in my wallet, and as an Apple fan, I will be getting one. It will be the best looking credit card on the market.

    And who's to say that there won't be any future promotions or extra rewards for this card, like for certain holidays, and there will be increased bonus points or cash back.




    I own more than a few credit cards, three of which I actively use: Amex, and two Visas. Not one charges FX transaction fees. It has become more uncommon than common. 
  • Reply 34 of 50
    davendaven Posts: 637member
    One more advantage: bragging rights on having a Titanium credit card. People will ogle it.
    I'll wait and see but I think I prefer plastic cards because they are more flexible and I can use them for scraping ice off my car window without scratching it.
  • Reply 35 of 50
    apple ][apple ][ Posts: 9,233member
    apple ][ said:
    I like the no foreign transaction fees for this card.

    I don't think that any of my other no annual fee cards has that feature. They all charge foreign transaction fees.

    I wouldn't care if the interest rate for this card is 100%, because my rate is always 0%.

    As for the rewards, if I'm purchasing something, I will just use whichever card that I have that has the best rewards for the thing that I am purchasing, which is what I currently do with my cards. That's why people have multiple cards. Nobody has to use the Apple Card for 100% of their purchases.

    The titanium card is a cool item to have in my wallet, and as an Apple fan, I will be getting one. It will be the best looking credit card on the market.

    And who's to say that there won't be any future promotions or extra rewards for this card, like for certain holidays, and there will be increased bonus points or cash back.




    I own more than a few credit cards, three of which I actively use: Amex, and two Visas. Not one charges FX transaction fees. It has become more uncommon than common. 
    I don't have that many cards, but I have two from Chase and one from BoA, and all 3 of those charge the fee. I'm aware that there are many cards out there, especially travel rewards cards and some others that don't have the fee.
  • Reply 36 of 50
    apple ][apple ][ Posts: 9,233member

    daven said:
    One more advantage: bragging rights on having a Titanium credit card. People will ogle it.
    I'll wait and see but I think I prefer plastic cards because they are more flexible and I can use them for scraping ice off my car window without scratching it.
    Scraping ice off of car windows is not exactly high on my priority list when choosing credit cards, but to each his own. :#
    watto_cobra
  • Reply 37 of 50
    Mikesmith2738Mikesmith2738 Posts: 1unconfirmed, member
    Apple Card has yet to launch, but we already have a solid idea on what it will offer to the user. Here are AppleInsider's favorite, and least favorite features about the upcoming credit solution.
    You completely missed MY favorite feature... the ability to schedule frequent auto payments... so there’s never a balance on a credit report.  Until now you’d need a pay app like debeitze.com to get that feature.
    watto_cobra
  • Reply 38 of 50
    loquiturloquitur Posts: 132member
    Apple Card has yet to launch, but we already have a solid idea on what it will offer to the user. Here are AppleInsider's favorite, and least favorite features about the upcoming credit solution.
    You completely missed MY favorite feature... the ability to schedule frequent auto payments... so there’s never a balance on a credit report.  Until now you’d need a pay app like debeitze.com to get that feature.
    The notion of auto payments is very important, especially to those of us who have received travel points and realize they
    are hardly valuable unless the balance is paid to $0 each month.   Or, to those of us who have known that going
    paperless is paramount not just for saving paperwork/licking stamps (younger generations are not so exposed to this)
    but to avoid error bars that could result in late fees (N/A in the Apple Card case here.)

    Traditionally auto-pay is done by a "pull" from your bank account by the card issuer, often Chase for Visa cards and
    Amex and Discover for their series, whereby the auto-pay is set up at the issuer.   E.g. for Amazon/Whole Foods/VISA 5% back,
    Chase is the issuer who handles such.

    Is Goldman Sachs the issuer and Apple the card "brand", whereby one must set up a login at GS?
    (This might be unnerving to due to marketing data sharing concerns!)   Or does Apple magically
    handle the bank/auto-pay linkages?   I would rather not set up a "banking relationship" with Goldman
    if I don't have to.   Perhaps there is an "Apple Bank" subsidiary now set up, which might ruffle the feathers
    of not only other E-pay competitors but also antitrust divisions worldwide.
    edited April 2019
  • Reply 39 of 50
    22july201322july2013 Posts: 2,912member
    apple ][ said:

    daven said:
    One more advantage: bragging rights on having a Titanium credit card. People will ogle it.
    I'll wait and see but I think I prefer plastic cards because they are more flexible and I can use them for scraping ice off my car window without scratching it.
    Scraping ice off of car windows is not exactly high on my priority list when choosing credit cards, but to each his own. :#
    In the movies some thieves use plastic credit cards to break into locked doors. What will be the first illicit use of a titanium card? Or maybe a survival tactic, like using it to start a fire?
    watto_cobra
  • Reply 40 of 50
    seanjseanj Posts: 288member
    Biggest negative is that instead of launching a card on their own, perhaps showing how a credit card company can be ethical in its behaviour, it partnered with one of the corrupt investment banks that engineered the crash of 2008. If you don’t know the full story of CDO’s and CDS’s watch “Inside Job” or “The Big Short”. 😡

Sign In or Register to comment.