And that's another one of the deficiencies in the Apple Card: For all of my other cards I have the bank automatically send a token amount (about a $100) once a month. That way if something happens (say I get hurt or lazy or just forget) and I miss the regular payment I don't get hit with late fees. Or, for the card I use for paying recurring charges, I set the automatic payment enough to cover the usual standard charges so the balance tends to hover around zero and all I have to do is reconcile the account each month.
In many ways the supposedly modern Apple Card is a step back from modern banking.
You can have your bank send a recurring payment to G-S. It would require you to contact them one time to find the best G-S address for your location. After that it's business as usual. It does require consulting the Card app for whatever payment amount you wish to make, then going to your bank's app to make the payment, or set up a recurring payment.
I've thought about doing an auto-token payment in the past with other cards, but just didn't want to bother with the reconciliation.
A nice thing about the Apple Card, is the lack of late fees, and that a late payment doesn't affect your interest rate, though you still have to pay interest on the unpaid balance. That could change for everyone down the road, or possibly only for new members after a certain date.
At some point, I might be comfortable with G-S (or somebody else for that matter) accessing my account. That would make using the Card that much more convenient. But I've seen some businesses who's only accepted method of payment was their debiting of your account and avoided them.
Did Goldman Sachs make other statements other than those concerning “underwriting”, as the quotes provided don’t support the statement “...developed and is making all the decisions about Apple Card”. One can underwrite (I.e manage the risk, provide the credit and make the decisions on who to provide credit to) without having control of many meaningful differentiating aspects of the service.
I can see them getting a little miffed at the ad campaign. Apple could have changed it up a bit. Not seeing any ads for the card on TV, I don't know if G-S even gets a mention. Their name and the MC logo is on the back, and most of us never even look at it.
The partnership, on G-S' part maybe a seized opportunity to help rehab its image, if that's even possible. That makes the not by a bank a bit hard to swallow, though literally accurate. Otherwise, Visa and Master Card never mention a particular bank (that I've seen). They leave that up to individual banks to hawk their card.
Anyway, I'm happy with Apple Card. It's not my only card but I use it because knowing exactly what I have to pay to avoid interest, and carry some balance interest free to the next cycle, is quick and easy. It can encourage people to avoid falling into the 'minimum purchase' trap, too.
Give me a break. Goldman may be making the “financial” aspect decision regarding the Apple Card. The app design, user interface, intuitive user experience and creative aspect of the app, is all Apple.
To be honest, my Apple Card is the worst one of my cards to deal with. Basically a PIA. It's why I limit it to Apple transactions only -- to keep the volume down.
My other cards reconcile themselves automatically in Quicken -- the transactions download and then match themselves to the charges and payments with me doing almost nothing. The Apple Card is all manual -- like computers and computing didn't exist. Then instead of telling my bank to send them a check, I have to give them my checking account information so they can pull the money out themselves -- which I consider an unsafe practice.
I’ll tell you this every time you mention it — do you know what’s on the check you send? Your checking account information. That is, your bank account and routing numbers. On a piece of paper, sent in the mail. Which is opened, and keyed into an ACH system which then...pulls the money out. There is no added security feature of sending a check over doing it electronically. None.
So what you personally consider unsafe is completely irrelevant.
Except it’s the banking institution that has access to your checking account, not some business. When you set up an automatic draft to be made by a business, they can “oops” and clean you out. Even when you can get that sorted, it could result in a pile of other problems in the mean time.
No, giving a third party direct access to your bank accounts can turn out badly. So unless there is some overwhelming benefit to you, its a good thing to avoid. And I resent being forced into it by Apple/Goldman.
You resent being forced into some agreement with Apple? What, there's a gun to your head? You're not forced into it. Don't use the card and close your account. Simple.
Give me a break. Goldman may be making the “financial” aspect decision regarding the Apple Card. The app design, user interface, intuitive user experience and creative aspect of the app, is all Apple.
To be honest, my Apple Card is the worst one of my cards to deal with. Basically a PIA. It's why I limit it to Apple transactions only -- to keep the volume down.
My other cards reconcile themselves automatically in Quicken -- the transactions download and then match themselves to the charges and payments with me doing almost nothing. The Apple Card is all manual -- like computers and computing didn't exist. Then instead of telling my bank to send them a check, I have to give them my checking account information so they can pull the money out themselves -- which I consider an unsafe practice.
I’ll tell you this every time you mention it — do you know what’s on the check you send? Your checking account information. That is, your bank account and routing numbers. On a piece of paper, sent in the mail. Which is opened, and keyed into an ACH system which then...pulls the money out. There is no added security feature of sending a check over doing it electronically. None.
So what you personally consider unsafe is completely irrelevant.
Except it’s the banking institution that has access to your checking account, not some business. When you set up an automatic draft to be made by a business, they can “oops” and clean you out. Even when you can get that sorted, it could result in a pile of other problems in the mean time.
That is true.... But it goes beyond that. They could be hacked and the hackers now have free access to your bank accounts -- and since most organizations don't see a hack for months and don't report it for months after, it could be bad. But, there is another reason, from personal experience: once you give an organization access to your accounts the obligation is on you to stop them once you change your mind --- and they have no reason to make that easy. In fact, they have every reason to make it hard.
No, giving a third party direct access to your bank accounts can turn out badly. So unless there is some overwhelming benefit to you, its a good thing to avoid. And I resent being forced into it by Apple/Goldman.
OK, Boomer. You signed up for the fucking card. The only thing you said that was correct was that it's on you if you change your mind, but they do make it fucking easy.
And that's another one of the deficiencies in the Apple Card: For all of my other cards I have the bank automatically send a token amount (about a $100) once a month. That way if something happens (say I get hurt or lazy or just forget) and I miss the regular payment I don't get hit with late fees. Or, for the card I use for paying recurring charges, I set the automatic payment enough to cover the usual standard charges so the balance tends to hover around zero and all I have to do is reconcile the account each month.
In many ways the supposedly modern Apple Card is a step back from modern banking.
You can have your bank send a recurring payment to G-S. It would require you to contact them one time to find the best G-S address for your location. After that it's business as usual. It does require consulting the Card app for whatever payment amount you wish to make, then going to your bank's app to make the payment, or set up a recurring payment.
I've thought about doing an auto-token payment in the past with other cards, but just didn't want to bother with the reconciliation.
A nice thing about the Apple Card, is the lack of late fees, and that a late payment doesn't affect your interest rate, though you still have to pay interest on the unpaid balance. That could change for everyone down the road, or possibly only for new members after a certain date.
At some point, I might be comfortable with G-S (or somebody else for that matter) accessing my account. That would make using the Card that much more convenient. But I've seen some businesses who's only accepted method of payment was their debiting of your account and avoided them.
I wouldn't even do that. I have a specific checking account that is specifically for payments to others. This means that none of my brokerage accounts (which collect a decent interest rate and where my dividends are deposited) push to my checking account when I choose. My checking account is usually void of funds, I only need to write one actual check per month, occasionally I'll send a check via their portal online. All this means that my checking account only has funds for the payments and then it's gone (usually) the next day.
I will now often incorporate Apple Cash (not Apple Card) into this mix because their ACH usually happens same day (unless it's later in the afternoon, which means it's next day). This means I can use a debit card from a brokerage account to fund my Apple Card and then push it into my checking account. I also prefer people send me money via Apple Cash because of the speed, ease of use, and security, so the only issue I've had with a transfer with Apple Cash is trying to send more than the allowed maximum at one time.
And that's another one of the deficiencies in the Apple Card: For all of my other cards I have the bank automatically send a token amount (about a $100) once a month. That way if something happens (say I get hurt or lazy or just forget) and I miss the regular payment I don't get hit with late fees. Or, for the card I use for paying recurring charges, I set the automatic payment enough to cover the usual standard charges so the balance tends to hover around zero and all I have to do is reconcile the account each month.
In many ways the supposedly modern Apple Card is a step back from modern banking.
You can have your bank send a recurring payment to G-S. It would require you to contact them one time to find the best G-S address for your location. After that it's business as usual. It does require consulting the Card app for whatever payment amount you wish to make, then going to your bank's app to make the payment, or set up a recurring payment.
I've thought about doing an auto-token payment in the past with other cards, but just didn't want to bother with the reconciliation.
A nice thing about the Apple Card, is the lack of late fees, and that a late payment doesn't affect your interest rate, though you still have to pay interest on the unpaid balance. That could change for everyone down the road, or possibly only for new members after a certain date.
At some point, I might be comfortable with G-S (or somebody else for that matter) accessing my account. That would make using the Card that much more convenient. But I've seen some businesses who's only accepted method of payment was their debiting of your account and avoided them.
I tried that. They said NO! The only way is to link your bank account to Goldmann's systems. They won't even let you pay with AppleCash. Well, they will, but your bank account still has to be linked to Goldmann's systems which makes it a worthless option.
Give me a break. Goldman may be making the “financial” aspect decision regarding the Apple Card. The app design, user interface, intuitive user experience and creative aspect of the app, is all Apple.
To be honest, my Apple Card is the worst one of my cards to deal with. Basically a PIA. It's why I limit it to Apple transactions only -- to keep the volume down.
My other cards reconcile themselves automatically in Quicken -- the transactions download and then match themselves to the charges and payments with me doing almost nothing. The Apple Card is all manual -- like computers and computing didn't exist. Then instead of telling my bank to send them a check, I have to give them my checking account information so they can pull the money out themselves -- which I consider an unsafe practice.
I’ll tell you this every time you mention it — do you know what’s on the check you send? Your checking account information. That is, your bank account and routing numbers. On a piece of paper, sent in the mail. Which is opened, and keyed into an ACH system which then...pulls the money out. There is no added security feature of sending a check over doing it electronically. None.
So what you personally consider unsafe is completely irrelevant.
Except it’s the banking institution that has access to your checking account, not some business. When you set up an automatic draft to be made by a business, they can “oops” and clean you out. Even when you can get that sorted, it could result in a pile of other problems in the mean time.
No, giving a third party direct access to your bank accounts can turn out badly. So unless there is some overwhelming benefit to you, its a good thing to avoid. And I resent being forced into it by Apple/Goldman.
You resent being forced into some agreement with Apple? What, there's a gun to your head? You're not forced into it. Don't use the card and close your account. Simple.
As I said, I minimize its use because of its lack of modern links to download transactions. As for it forcing me to link my bank account, I hold my nose and deal with it each month.
Give me a break. Goldman may be making the “financial” aspect decision regarding the Apple Card. The app design, user interface, intuitive user experience and creative aspect of the app, is all Apple.
To be honest, my Apple Card is the worst one of my cards to deal with. Basically a PIA. It's why I limit it to Apple transactions only -- to keep the volume down.
My other cards reconcile themselves automatically in Quicken -- the transactions download and then match themselves to the charges and payments with me doing almost nothing. The Apple Card is all manual -- like computers and computing didn't exist. Then instead of telling my bank to send them a check, I have to give them my checking account information so they can pull the money out themselves -- which I consider an unsafe practice.
I’ll tell you this every time you mention it — do you know what’s on the check you send? Your checking account information. That is, your bank account and routing numbers. On a piece of paper, sent in the mail. Which is opened, and keyed into an ACH system which then...pulls the money out. There is no added security feature of sending a check over doing it electronically. None.
So what you personally consider unsafe is completely irrelevant.
Except it’s the banking institution that has access to your checking account, not some business. When you set up an automatic draft to be made by a business, they can “oops” and clean you out. Even when you can get that sorted, it could result in a pile of other problems in the mean time.
That is true.... But it goes beyond that. They could be hacked and the hackers now have free access to your bank accounts -- and since most organizations don't see a hack for months and don't report it for months after, it could be bad. But, there is another reason, from personal experience: once you give an organization access to your accounts the obligation is on you to stop them once you change your mind --- and they have no reason to make that easy. In fact, they have every reason to make it hard.
No, giving a third party direct access to your bank accounts can turn out badly. So unless there is some overwhelming benefit to you, its a good thing to avoid. And I resent being forced into it by Apple/Goldman.
OK, Boomer. You signed up for the fucking card. The only thing you said that was correct was that it's on you if you change your mind, but they do make it fucking easy.
Give me a break. Goldman may be making the “financial” aspect decision regarding the Apple Card. The app design, user interface, intuitive user experience and creative aspect of the app, is all Apple.
To be honest, my Apple Card is the worst one of my cards to deal with. Basically a PIA. It's why I limit it to Apple transactions only -- to keep the volume down.
My other cards reconcile themselves automatically in Quicken -- the transactions download and then match themselves to the charges and payments with me doing almost nothing. The Apple Card is all manual -- like computers and computing didn't exist. Then instead of telling my bank to send them a check, I have to give them my checking account information so they can pull the money out themselves -- which I consider an unsafe practice.
I’ll tell you this every time you mention it — do you know what’s on the check you send? Your checking account information. That is, your bank account and routing numbers. On a piece of paper, sent in the mail. Which is opened, and keyed into an ACH system which then...pulls the money out. There is no added security feature of sending a check over doing it electronically. None.
So what you personally consider unsafe is completely irrelevant.
Except it’s the banking institution that has access to your checking account, not some business. When you set up an automatic draft to be made by a business, they can “oops” and clean you out. Even when you can get that sorted, it could result in a pile of other problems in the mean time.
That is true.... But it goes beyond that. They could be hacked and the hackers now have free access to your bank accounts -- and since most organizations don't see a hack for months and don't report it for months after, it could be bad. But, there is another reason, from personal experience: once you give an organization access to your accounts the obligation is on you to stop them once you change your mind --- and they have no reason to make that easy. In fact, they have every reason to make it hard.
No, giving a third party direct access to your bank accounts can turn out badly. So unless there is some overwhelming benefit to you, its a good thing to avoid. And I resent being forced into it by Apple/Goldman.
OK, Boomer. You signed up for the fucking card. The only thing you said that was correct was that it's on you if you change your mind, but they do make it fucking easy.
Give me a break. Goldman may be making the “financial” aspect decision regarding the Apple Card. The app design, user interface, intuitive user experience and creative aspect of the app, is all Apple.
To be honest, my Apple Card is the worst one of my cards to deal with. Basically a PIA. It's why I limit it to Apple transactions only -- to keep the volume down.
My other cards reconcile themselves automatically in Quicken -- the transactions download and then match themselves to the charges and payments with me doing almost nothing. The Apple Card is all manual -- like computers and computing didn't exist. Then instead of telling my bank to send them a check, I have to give them my checking account information so they can pull the money out themselves -- which I consider an unsafe practice.
I’ll tell you this every time you mention it — do you know what’s on the check you send? Your checking account information. That is, your bank account and routing numbers. On a piece of paper, sent in the mail. Which is opened, and keyed into an ACH system which then...pulls the money out. There is no added security feature of sending a check over doing it electronically. None.
So what you personally consider unsafe is completely irrelevant.
Except it’s the banking institution that has access to your checking account, not some business. When you set up an automatic draft to be made by a business, they can “oops” and clean you out. Even when you can get that sorted, it could result in a pile of other problems in the mean time.
That is true.... But it goes beyond that. They could be hacked and the hackers now have free access to your bank accounts -- and since most organizations don't see a hack for months and don't report it for months after, it could be bad. But, there is another reason, from personal experience: once you give an organization access to your accounts the obligation is on you to stop them once you change your mind --- and they have no reason to make that easy. In fact, they have every reason to make it hard.
No, giving a third party direct access to your bank accounts can turn out badly. So unless there is some overwhelming benefit to you, its a good thing to avoid. And I resent being forced into it by Apple/Goldman.
OK, Boomer. You signed up for the fucking card. The only thing you said that was correct was that it's on you if you change your mind, but they do make it fucking easy.
The company's policies for determining credit limits has come under attack from politicians.
That bit makes me laugh and disgusted at the same time. A guy screams sexism and without any information or substantiation other than a differing lines of credit issued, out come the torches and pitchforks. Based on an unverified claim of 'they found out my wife was a woman and based on her gender, gave her a lower limit'. That's all it took.
Nobody checks its merit and Apple gets the blame. G-S didn't help when they immediately boosted the guy's wife's credit limit. People called that an admission of guilt.
Gov't officials, here to help, couldn't resist the rush to hitch their teams to the MeToo bandwagon and call for an 'immediate' investigation of Apple and G-S.
I'd like to have seen G-S reply with 'We've examined the credit history of both Mr. and Mrs. Important Developer and are ready and willing to go on record for the as to why she got a lower credit limit. Just give us the word, Mr. Important Dev. Hint: nothing in our code and algorithms says reduce females' credit limit by 40%' and 'Ignore Woz's blathering'. The Govt has yet to tell us that Apple and G-S were caught lowering the glass sealing.
My Chase credit card has a limit of $17,000, I was offered a credit limit of $2,500 from the Apple Card-Goldman Sachs. My first name is non-gender and when I correspond with strangers 9 out of 10 assume I am female.
I doubt you would believe that big institutions have bias in regards to gender or race because it has never happened to you therefore it does not exist and those that claim it does are liars.
I have similar allowances between my Chase card and my Apple Card. But my first name is George. I doubt it was gender.
So are you not curious to why?
You just moved the goalposts. Being curious why != “sexism!” There are lots of reasons why, and 0 of them are the illegal practice of gender discrimination. Trust me, you’re just a number. They really don’t give a shit.
StrangeDays, you and I must be speaking or reading different forms of the English language. Asking someone if they are curious to know why some people experience something while other don't is somehow "sexism"? Since you state there are lots of reasons why not inform the rest of us rather than insulting people. Big thanks for telling me I am just a number, talk about de-humanizing someone for no damn reason. Shame on you.
The "!=" construct is a programming term meaning "does not equal" so StrangeDays is agreeing with you. And he's referring to the financial institutions (and plenty of other businesses) treating you as a number as the reason why sexism is not applicable in this situation: the banks only care that you (a) can repay what they loan you, and (b) will make them a profit. As we have seen, it doesn't matter if you're Idi Amin or Imelda Marcos - tick those two boxes and you're acceptable as a customer.
Comments
I've thought about doing an auto-token payment in the past with other cards, but just didn't want to bother with the reconciliation.
A nice thing about the Apple Card, is the lack of late fees, and that a late payment doesn't affect your interest rate, though you still have to pay interest on the unpaid balance. That could change for everyone down the road, or possibly only for new members after a certain date.
At some point, I might be comfortable with G-S (or somebody else for that matter) accessing my account. That would make using the Card that much more convenient. But I've seen some businesses who's only accepted method of payment was their debiting of your account and avoided them.
I can see them getting a little miffed at the ad campaign. Apple could have changed it up a bit. Not seeing any ads for the card on TV, I don't know if G-S even gets a mention. Their name and the MC logo is on the back, and most of us never even look at it.
The partnership, on G-S' part maybe a seized opportunity to help rehab its image, if that's even possible. That makes the not by a bank a bit hard to swallow, though literally accurate. Otherwise, Visa and Master Card never mention a particular bank (that I've seen). They leave that up to individual banks to hawk their card.
Anyway, I'm happy with Apple Card. It's not my only card but I use it because knowing exactly what I have to pay to avoid interest, and carry some balance interest free to the next cycle, is quick and easy. It can encourage people to avoid falling into the 'minimum purchase' trap, too.
I will now often incorporate Apple Cash (not Apple Card) into this mix because their ACH usually happens same day (unless it's later in the afternoon, which means it's next day). This means I can use a debit card from a brokerage account to fund my Apple Card and then push it into my checking account. I also prefer people send me money via Apple Cash because of the speed, ease of use, and security, so the only issue I've had with a transfer with Apple Cash is trying to send more than the allowed maximum at one time.
As I said, I minimize its use because of its lack of modern links to download transactions. As for it forcing me to link my bank account, I hold my nose and deal with it each month.
LOL.... So you don't think corporate servers can be hacked? And you think companies like Goldmann are there for your personal benefit? OK Boomer....
That be you