I am glad to hear of this (possible) link between Apple Card and Fintech/Online Banking...
I look forward to increased use of FinTech enabling me to go even further cashless (if not entirely) and to do all of my banking online.
But, one thing that will delay all of that: Those whose age, income and/or credit history precludes them from participating in such a society. One possible solution to that is being offered by Amazon who is marketing a credit card with those populations in mind -- with a $500 initial deposit and a $500 limit. I would love to provide my grandson with a credit card -- but can't do it knowing that he could kill me financially with it. But, a card with a $500 limit would be much more doable.
A lot of Apple apologists round here, so they may be right.
A lot of haters come here to spin objective positive comments into controversy where there isn't any.
The fact is no credit card company is currently doing anything as positive (arguably at all positivel) for the customer as is Apple.
The Apple card is not as competitive in cash back as some cards, and in at least one instance, is superior. Nobody looking forward to getting the card claims otherwise. Because of this some fool(s) claim the card is subpar. Getting the rewards daily with the Apple Card isn't a big deal, but does nothing to make it sub-par.
The ignore all the security benefits of the Apple Card that no other card has. They ignore the fact the dedicated app can help the user minimize or avoid debt, as they choose. They ignore the fact other cards only tell the balance and minimum payment, with no mention of how much of that will be interest only. And this makes the Apple Card sub-par?
If someone was willing to take a chance on never needing a swipe-only POS terminal, they could erase the magnetic strip making the card useless to anyone else should it be lost or stolen. So far no other card can make that claim, at least until it's reported stolen. But there will be others... Eventually.
The haters would have everybody else believe they've either never used a credit card (even a par or above-par?) or that they have but have never failed to carry a zero balance, and that anybody wanting an Apple Card is incapable of using it responsibly.
Haters. So far their narrow and frequent baseless attacks merely demonstrate themselves to be idiots on parade instead of offering intelligent, objective, and balanced discourse.
The idea is making a maximum amount of money for both companies, that the sole purpose of this credit card or credit cards in general. Let’s stop glorifying Apple and Goldman Sachs over a subpar credit card. If they truly care about their customers it would at least be a post paid to not incurr any debt on the consumer at all. People and their mindless stupidity about credit cards.
Use of a credit card doesn't have to be stupid. For the past 45 years, I've only used an Amex as a credit card (I have Visa and Master Card but rarely use them) and I've always paid off the balance in full at the end of every month. There are people like me that use credit cards as a convenient way to pay without incurring any interest rather than carry cash and I am happy to pay the annual fee for all the benefits ranging from insurance to fly miles. I am sure there are many like me. I am equally sure many like me are very interested in this card.
Exactly: I haven't paid credit card interest in decades. My interest in the Apple Card is piqued by its security features.
We'll see if Apple's involvement with credit cards ends up being a benefit.
If the agreement with Goldman Sachs is anything like Apple's agreement with Cingular way back in 2007 for the iPhone, it may have a profound effect.
If any of you recall how poor the cellular phone industry was prior to the iPhone and the Cingular contract, the phone companies ran the show, dictated features (mostly lack of functionality). Cingular was willing to give up all control to support the iPhone. If I remember correctly, not even the CEO of Cingular knew what was coming, except that the Cingular tech folks had to add major functionality to handle messages, data, and would let Apple control the phone functionality. The Apple-Cingular agreement was as disruptive as hell.
We know little about the agreement with Goldman Sachs. My guess is the Apple-Goldman Sachs agreement will be a pale disruptor compared to Apple-Cingular. We'll see.
Use of a credit card doesn't have to be stupid. For the past 45 years, I've only used an Amex as a credit card (I have Visa and Master Card but rarely use them) and I've always paid off the balance in full at the end of every month. There are people like me that use credit cards as a convenient way to pay without incurring any interest rather than carry cash and I am happy to pay the annual fee for all the benefits ranging from insurance to fly miles. I am sure there are many like me. I am equally sure many like me are very interested in this card.
They call people like us freeloaders in the industry, you know.
Like any Credit Card, you have to know how to use them and use them wisely. Not even Bernie or AOC actually seem to know how a credit card works!! Not surprising as their math never adds up for anything.
What wasn't mentioned is that if you pay off that credit card in FULL every month, you pay ZERO in interest fee's. So if you have a Credit card that is giving you cash back of 1-3% or free travel miles, etc. That is FREE MONEY, so long as you pay off your credit card every month. You have to buy your grocery's and gas, etc every month. Put it on a credit card, and then pay that bill off every month. It's money you would have spent anyway using a debit card, right? Now you're getting free money. It's working for you and not against you.
If you're going to max out your credit card with money you don't have, that's on YOU. I have a number of credit cards and have NO credit card debt. Back in my young days I did but I was never crazy, out of control. If you lack self control, by all means don't get one or use one. While Apple and Goldman Sachs expects to make money with their own card, they are doing as much as possible to keep your privacy and keep you better informed on what you owe so you can keep it paid off. The privacy could be the biggest thing. The credit card I use the most from Chase I have it setup to auto pay it off fully every month. You can do that by going to their web site and setting it up yourself. This works for me to make sure that bill is paid off in time so I don't get any interest fee's or late fee's.
Of course the 2 of them are doing it for the money. But they're doing it in a better, nicer way for their customers. Maybe this will be the way of the future for everyone else. The Cash Back started with 1 company, I believe it was the Discover Card. New trying to get into the market. Now many company's do some sort of that.
My Greatest Generation dad taught me to use credit sparingly and with your eyes wide open- understanding exactly what the costs are.
What kills me about credit cards is that the banks are getting the money for almost nothing (Fed discount rate) and then loaning it out to good credit risks for 14% and up. That is one hell of an interest rate in light of the fact that for years anything over 10% was considered usury and only available from loan sharks.
My USAA Visa has 0% through October and I already have other offers for 0%. I seriously doubt that any features Apple and Goldman are offering will be worth the credit costs. I am not cheap, but I am not a sucker to be fleeced, either.
A lot of Apple apologists round here, so they may be right.
Always amazed by the trolls who visit an Apple site, daily, to complain about the people there who are interested and excited by Apple. Such neurosis.
One neither has to be a loyalist nor a troll to see that Apple is getting into a business that doesn’t align very well with all the higher aims of moralist Mr. T. Cook.
How do you mean, specifically? Cook supports equal rights for gays, is that what you mean? How is that incompatible with offering a credit card, much like Target and Disney do? You do realize Apple has offered financing on purchases for years, right? Thru....a banking partner, such like this. Oops.
Like any Credit Card, you have to know how to use them and use them wisely. Not even Bernie or AOC actually seem to know how a credit card works!! Not surprising as their math never adds up for anything.
What wasn't mentioned is that if you pay off that credit card in FULL every month, you pay ZERO in interest fee's. So if you have a Credit card that is giving you cash back of 1-3% or free travel miles, etc. That is FREE MONEY, so long as you pay off your credit card every month. You have to buy your grocery's and gas, etc every month. Put it on a credit card, and then pay that bill off every month. It's money you would have spent anyway using a debit card, right? Now you're getting free money. It's working for you and not against you.
If you're going to max out your credit card with money you don't have, that's on YOU. I have a number of credit cards and have NO credit card debt. Back in my young days I did but I was never crazy, out of control. If you lack self control, by all means don't get one or use one. While Apple and Goldman Sachs expects to make money with their own card, they are doing as much as possible to keep your privacy and keep you better informed on what you owe so you can keep it paid off. The privacy could be the biggest thing. The credit card I use the most from Chase I have it setup to auto pay it off fully every month. You can do that by going to their web site and setting it up yourself. This works for me to make sure that bill is paid off in time so I don't get any interest fee's or late fee's.
Of course the 2 of them are doing it for the money. But they're doing it in a better, nicer way for their customers. Maybe this will be the way of the future for everyone else. The Cash Back started with 1 company, I believe it was the Discover Card. New trying to get into the market. Now many company's do some sort of that.
Then loan sharks and other predatory lending should be 100% legal, right? Personal responsibility? Nope. We regulate lending, and set rules as a society. And that’s ok.
Like any Credit Card, you have to know how to use them and use them wisely. Not even Bernie or AOC actually seem to know how a credit card works!! Not surprising as their math never adds up for anything.
What wasn't mentioned is that if you pay off that credit card in FULL every month, you pay ZERO in interest fee's. So if you have a Credit card that is giving you cash back of 1-3% or free travel miles, etc. That is FREE MONEY, so long as you pay off your credit card every month. You have to buy your grocery's and gas, etc every month. Put it on a credit card, and then pay that bill off every month. It's money you would have spent anyway using a debit card, right? Now you're getting free money. It's working for you and not against you.
Exactly what I use my Amex for. The entire balance is due every month anyway which requires me to think about its use but I've also managed to save up over 90K Rewards points in little more than a year so I do go out of my way to use it as often as I can for the "free money".
Like any Credit Card, you have to know how to use them and use them wisely. Not even Bernie or AOC actually seem to know how a credit card works!! Not surprising as their math never adds up for anything.
What wasn't mentioned is that if you pay off that credit card in FULL every month, you pay ZERO in interest fee's. So if you have a Credit card that is giving you cash back of 1-3% or free travel miles, etc. That is FREE MONEY, so long as you pay off your credit card every month. You have to buy your grocery's and gas, etc every month. Put it on a credit card, and then pay that bill off every month. It's money you would have spent anyway using a debit card, right? Now you're getting free money. It's working for you and not against you.
If you're going to max out your credit card with money you don't have, that's on YOU. I have a number of credit cards and have NO credit card debt. Back in my young days I did but I was never crazy, out of control. If you lack self control, by all means don't get one or use one. While Apple and Goldman Sachs expects to make money with their own card, they are doing as much as possible to keep your privacy and keep you better informed on what you owe so you can keep it paid off. The privacy could be the biggest thing. The credit card I use the most from Chase I have it setup to auto pay it off fully every month. You can do that by going to their web site and setting it up yourself. This works for me to make sure that bill is paid off in time so I don't get any interest fee's or late fee's.
Of course the 2 of them are doing it for the money. But they're doing it in a better, nicer way for their customers. Maybe this will be the way of the future for everyone else. The Cash Back started with 1 company, I believe it was the Discover Card. New trying to get into the market. Now many company's do some sort of that.
We ALL pay for the convenience of credit cards, regardless if one uses them or not. And, while It’s beyond unlikely that we’ll ever roll back the use of credit cards, the “free money” they offer isn’t, you know, free. You know CC companies charge merchants a percentage (somewhere around 5%) for each transaction - which means merchants have to increase their prices to cover that added cost. So, that “free money” is coming out of everyone’s wallet. If you’re the kind of person that’s all, “well, as long as I got mine, screw the other guy”, then...
Banks provide a range of financial services. Some of these they can charge for (and do - with enthusiasm!). However, some services do not have an obvious cost to the customer. For example, my UK bank does not charge me a penny for handling my pay check, paying bills automatically and a range of security systems to keep my money safe (well, safer than under my bed at home!). My bank could reasonably charge for these but doesn't - it hides these costs in overdraft fees, credit card interest rates etc. They bet that I will go overdrawn and fail to pay my credit card bill every now and then so that they can get back the money they have spent on the free services. I bet that I will never go overdrawn and will always pay my credit card balance off in 30 days. So far, I'm winning this bet. For people who don't or can't play as well as me... well, I'm sorry but thank you for your contribution to keeping my bank charges at zero. And customer loyalty is valuable. They have access to my money to play with (I'm sure they do) but they have to guarantee to give me back my money if I want it so the playing is at their risk. If I change banks (i.e. if I'm not loyal) they lose my money. Also getting a new customer is much more expensive than keeping an existing company so loyalty has an immediate cash benefit to them. Also, if my bank has treated me well I will be more likely to look to them for paid-for financial products than banks or finance houses I don't know. Banks have to make money. They want to make money. They are not charities and do not claim to be. That said, play nicely with them and you should have no problem. I look forward to getting an AppleCard if they ever get as far as Brexit-crazy UK and hope to enjoy the services at no cost to me but this does not mean I have to believe that Goldman (or whoever) cares about me. That doesn't even enter the equation. Theres no need for angst or emotion about a credit card.
The idea is making a maximum amount of money for both companies, that the sole purpose of this credit card or credit cards in general. Let’s stop glorifying Apple and Goldman Sachs over a subpar credit card. If they truly care about their customers it would at least be a post paid to not incurr any debt on the consumer at all. People and their mindless stupidity about credit cards.
Typical troll tactic. Ignore 99% of the industry and place the burden on Apple.
Luckily unlike the 99%, Apple is giving the customer some privacy and new ways to enjoy the card. You on the other hand want Apple to give free money away. Ridiculous.
Really? Credit cards provide convenience and access. There are millions of businesses that would have never made it off the ground with out the owners being able to leverage their cards when needed. The fact that these other companies have come out attacking the card as unprofitable and a bad business model is telling. The interest rates are just the beginning of the cost. They make a ton on fees that this card doesn’t charge.
How do you complete an over the phone transaction? And when completed - what % of cash back would apply?
As to the first question, I seem to I remember that you could generate a one time use number on the associated app for phone/internet orders where Apple Pay was not available. I could be wrong, but that is my recollection. I have no idea what the second question is asking... I assume cAsh back would be the same regardless of how you used the card—if that is your question.
From the article: "For example, Goldman is disallowed from using customer data for external or internal advertising purposes beyond a slice of information for internal reporting."
I would love to find out more about this. What other restrictions are being placed on GS?
Also, forgive my cynicism but: "When I think about Marcus overall, the idea that doing right by the customer means being less profitable is just not an idea we subscribe to," Ismail said. "If you do right by the customer, you're going to ultimately win their loyalty."
Comments
I look forward to increased use of FinTech enabling me to go even further cashless (if not entirely) and to do all of my banking online.
But, one thing that will delay all of that: Those whose age, income and/or credit history precludes them from participating in such a society. One possible solution to that is being offered by Amazon who is marketing a credit card with those populations in mind -- with a $500 initial deposit and a $500 limit. I would love to provide my grandson with a credit card -- but can't do it knowing that he could kill me financially with it. But, a card with a $500 limit would be much more doable.
The fact is no credit card company is currently doing anything as positive (arguably at all positivel) for the customer as is Apple.
The Apple card is not as competitive in cash back as some cards, and in at least one instance, is superior. Nobody looking forward to getting the card claims otherwise. Because of this some fool(s) claim the card is subpar. Getting the rewards daily with the Apple Card isn't a big deal, but does nothing to make it sub-par.
The ignore all the security benefits of the Apple Card that no other card has. They ignore the fact the dedicated app can help the user minimize or avoid debt, as they choose. They ignore the fact other cards only tell the balance and minimum payment, with no mention of how much of that will be interest only. And this makes the Apple Card sub-par?
If someone was willing to take a chance on never needing a swipe-only POS terminal, they could erase the magnetic strip making the card useless to anyone else should it be lost or stolen. So far no other card can make that claim, at least until it's reported stolen. But there will be others... Eventually.
The haters would have everybody else believe they've either never used a credit card (even a par or above-par?) or that they have but have never failed to carry a zero balance, and that anybody wanting an Apple Card is incapable of using it responsibly.
Haters. So far their narrow and frequent baseless attacks merely demonstrate themselves to be idiots on parade instead of offering intelligent, objective, and balanced discourse.
If the agreement with Goldman Sachs is anything like Apple's agreement with Cingular way back in 2007 for the iPhone, it may have a profound effect.
If any of you recall how poor the cellular phone industry was prior to the iPhone and the Cingular contract, the phone companies ran the show, dictated features (mostly lack of functionality). Cingular was willing to give up all control to support the iPhone. If I remember correctly, not even the CEO of Cingular knew what was coming, except that the Cingular tech folks had to add major functionality to handle messages, data, and would let Apple control the phone functionality. The Apple-Cingular agreement was as disruptive as hell.
We know little about the agreement with Goldman Sachs. My guess is the Apple-Goldman Sachs agreement will be a pale disruptor compared to Apple-Cingular. We'll see.
What wasn't mentioned is that if you pay off that credit card in FULL every month, you pay ZERO in interest fee's. So if you have a Credit card that is giving you cash back of 1-3% or free travel miles, etc. That is FREE MONEY, so long as you pay off your credit card every month. You have to buy your grocery's and gas, etc every month. Put it on a credit card, and then pay that bill off every month. It's money you would have spent anyway using a debit card, right? Now you're getting free money. It's working for you and not against you.
If you're going to max out your credit card with money you don't have, that's on YOU. I have a number of credit cards and have NO credit card debt. Back in my young days I did but I was never crazy, out of control. If you lack self control, by all means don't get one or use one. While Apple and Goldman Sachs expects to make money with their own card, they are doing as much as possible to keep your privacy and keep you better informed on what you owe so you can keep it paid off. The privacy could be the biggest thing. The credit card I use the most from Chase I have it setup to auto pay it off fully every month. You can do that by going to their web site and setting it up yourself. This works for me to make sure that bill is paid off in time so I don't get any interest fee's or late fee's.
Of course the 2 of them are doing it for the money. But they're doing it in a better, nicer way for their customers. Maybe this will be the way of the future for everyone else. The Cash Back started with 1 company, I believe it was the Discover Card. New trying to get into the market. Now many company's do some sort of that.
What kills me about credit cards is that the banks are getting the money for almost nothing (Fed discount rate) and then loaning it out to good credit risks for 14% and up. That is one hell of an interest rate in light of the fact that for years anything over 10% was considered usury and only available from loan sharks.
My USAA Visa has 0% through October and I already have other offers for 0%. I seriously doubt that any features Apple and Goldman are offering will be worth the credit costs. I am not cheap, but I am not a sucker to be fleeced, either.
And customer loyalty is valuable. They have access to my money to play with (I'm sure they do) but they have to guarantee to give me back my money if I want it so the playing is at their risk. If I change banks (i.e. if I'm not loyal) they lose my money. Also getting a new customer is much more expensive than keeping an existing company so loyalty has an immediate cash benefit to them. Also, if my bank has treated me well I will be more likely to look to them for paid-for financial products than banks or finance houses I don't know.
Banks have to make money. They want to make money. They are not charities and do not claim to be. That said, play nicely with them and you should have no problem. I look forward to getting an AppleCard if they ever get as far as Brexit-crazy UK and hope to enjoy the services at no cost to me but this does not mean I have to believe that Goldman (or whoever) cares about me. That doesn't even enter the equation. Theres no need for angst or emotion about a credit card.
I have no idea what the second question is asking... I assume cAsh back would be the same regardless of how you used the card—if that is your question.
"For example, Goldman is disallowed from using customer data for external or internal advertising purposes beyond a slice of information for internal reporting."
I would love to find out more about this. What other restrictions are being placed on GS?
Also, forgive my cynicism but:
"When I think about Marcus overall, the idea that doing right by the customer means being less profitable is just not an idea we subscribe to," Ismail said. "If you do right by the customer, you're going to ultimately win their loyalty."
... and then you can really wring them dry!