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

1911131415

Comments

  • Reply 201 of 283
    sirlance99sirlance99 Posts: 1,145member
    welshdog said:
    We have credit freezes on all three credit bureaus. I wonder if this will be a problem when we try to get an Apple Card?
    Of course it will. 
    randominternetperson
  • Reply 202 of 283
    melgrossmelgross Posts: 31,802member
    AF_Hitt said:
    melgross said:
    My question involves that card itself. Apple said that it was for when in an establishment that didn’t (yet) accept Apple Pay. But, with nothing on the card other than the chip, we’re (see, I already committed to getting this) going to have a problem for all of those places that are tardy enough to have not yet gotten chip readers. And despite the deadline having passed last year, I think, I still encounter places, mostly small, that can’t use a chip card.

    well, still carrying other cards would be wise for a time.
    The promo video clearly shows a mag strip on the back, so I think we’ll be okay.
    Did it? I didn’t see it.
  • Reply 203 of 283
    shahhet2 said:
    Soli said:
    shahhet2 said:
    Soli said:
    What a great event and an amazing card. An Apple card that has been desired for years and yet exceeding all expectations of anything discussed. So, of course, people are complaining about it.

    MacPro said:
    Soli said:
    1) It's about time someone stepped up to offer a financial incentive to using Apple Pay.

    2) That card looks great and I'm glad there is no signature on it. I never understood why that was ever a thing, like some minimum wage retail employee can gauge whether my sig was forged or wether I was just lazy in signing.
    I've never signed any card in years.  I've been asked for my driver's license three of four times by a few intelligent souls in all that time

    I'll definitely get one of these.
    I haven't signed cards in countless years unless I've been effectively forced to because someone says they can't accept the card without me first signing it… which I've then signed right in front of them. #Security 

    There seems to be an inverse relationship to the cost of the product to the requirement for verifying an identity. Maybe it's because stolen cards are most often used for mundane purchases. ¯\_(ツ)_/¯ 
    Explain me why would you take this Apple card which gives  2% only  with Apply Pay and 1% on everything else compared to getting Citi Double Cash or Fidelity rewards which gives 2% flat on everything and then adding it to Apple Wallet for all Apple Pay payments as well?
    Those cards are available for many many years.
    Let's see...
    • 3% back on Apple purchases (which is a considerable annual expense). Does Citi Double Cash or Fidelity offer 3%?
    • No foreign transactions fees. Does Citi Double Cash or Fidelity offer no foreign transaction fees?
    • No late fees. Does Citi Double Cash or Fidelity offer no late fees?
    • No penalty interest rate. Does Citi Double Cash or Fidelity offer no penalty interest rates?
    • Daily rewards reimbursement. Does Citi Double Cash or Fidelity offer daily reward reimbursement?
    • Dynamic app that shows you purchases and spending habits in a non-cryptic format. Does Citi Double Cash or Fidelity offer machine learning in their (assumed) apps with human readable details that one can completely understand in a glance?
    • A titanium card that is laser etched and only contains your name. Does Citi Double Cash or Fidelity offer a collectable physical card?

    Last, but certainly not least…
    • Potentially lower interest rates. Can you guarantee me that Citi Double Cash or Fidelity will absolutely be lower than the Card?

    Bonus reason when other HW makers start offering their own card:
    • No purchase tracking through Apple.

    Perhaps most important is, why do you keep coming at this binary notion that if you have an Card that you also can't have another card. It's great that we can have a physical card that will offer us 2% back (even if you have to wait until you pay off your bill to get it), but it's also great to have rewards right away, lower fees for those that will incur fees, better accounting to help people be more aware of their spending habits, daily rewards, etc. Are you the kind of person that will only use one type of thing and then say everything else sucks simply because the uses don't suit your specific needs as well as someone else?
    So getting rewards instantly of few cents to few dollars makes this card great for you?
    How much purchase you make that are Apple store purchases and gives additional 1% vs Purchase that you make, which is not Apple pay  and get only 1% return return instead of 2%?
    What We are talking are the net effects and not BS like daily vs monthly rewards and you know that already.

    If you are in the market for more than one go-to card, them there are far better ways to optimize earnings with various cards.
    What We are talking is single go-to card to have.

    As far as other items you mentioned(where you incur fees then those people should not even look into rewards when they are already giving away money in to apr) and I don't think you even fall into any of those categories. You just used to make a point.

    On side note that physical card is not giving you 2% anywhere.
    As far as counting individual benefits, Citi gives 0% apr Balance transfer for 18 months and so on.
    We are not here to discuss minor +/-. 
    The “0%” balance transfers are often a scam: they typically charge you a 3%-4% “transaction fee” up front, hoping that people are idiots and don’t see that as the 18-month interest rate. 

    If nothing else, if Apple can help put an end to these types of scummy ‘fine-print’ cc practices (although, I am a bit skeptical about how far they can go on that front, given all the regulations and disclosure requirements in place), that would be a huge step in and of itself. 
    beowulfschmidtwatto_cobra
  • Reply 204 of 283
    You will have to unfreeze all three. 
    welshdog said:
    We have credit freezes on all three credit bureaus. I wonder if this will be a problem when we try to get an Apple Card?

  • Reply 205 of 283
    SoliSoli Posts: 9,193member
    welshdog said:
    We have credit freezes on all three credit bureaus. I wonder if this will be a problem when we try to get an Apple Card?
    It's pretty easy to lift your credit for a day. There are also one-time PINs that can be generated for someone looking you up, but I've never come across any potential lender that will accept them.
    watto_cobra
  • Reply 206 of 283
    cgWerkscgWerks Posts: 2,273member
    melgross said:
    Defining fault isn’t always easy. The concept of credit has become so embedded in society that people no longer think of debt as anything they should worry about. In debt? Take on more to push the problem further down. Is it their fault? Well, it is because most people don’t allow things to get that far, so it isn’t the system itself, by itself.
    Well, the system is quite slimy, but that doesn't excuse people for not being responsible on some level, I guess. But, given that there is almost no financial education going on, and these companies prey on (and make most of their money from) the the financially uneducated and financially out of control, there is a system problem, and the 'industry' is quite a bit to blame.

    That said, these systems and services can be used responsibly, and the 'system' is quite rigged to make doing without them nearly impossible. (Have you heard about businesses going to no-cash? That should actually be illegal.)
  • Reply 207 of 283
    SoliSoli Posts: 9,193member
    You will have to unfreeze all three. 
    welshdog said:
    We have credit freezes on all three credit bureaus. I wonder if this will be a problem when we try to get an Apple Card?
    I've never had to. I've just asked what credit bureau they've used and unfrozen that one.

    PS: There are 4 major bureaus. You may want to freeze Innovis. It's the easiest and most modern-looking website of all 4 so it's easy enough to do.
    welshdogwatto_cobra
  • Reply 208 of 283
    StrangeDaysStrangeDays Posts: 8,298member
    I am literally lol at some of these commenters. All of business, from banking to construction to real estate development, is entirely 100% based on lending, credit, debt, and repayment over time with interest. If there was no such thing the world economy would be in tatters — because few can afford to build a skyscraper or shopping center or even a house with cash. It has always been this way, and will always be this way. But sure, preach on with your cute debt-free piggy banks. Doesn’t change a thing in the real world.
    edited March 25 randominternetpersonmacguiwatto_cobra
  • Reply 209 of 283
    eightzeroeightzero Posts: 2,443member

    Plus the Variable APRs range from 13.24% to 24.24% based on creditworthiness. Rates as of March 2019.” What a crock of shit this “low interest rates” line is. Those interest rates are usury, right in line with the rest of the credit card industry. 24% interest ought to be criminal, and 13% is not “low”.
    Hum. Interesting. This is a direct quote from DaringFireball. That you, John?
    watto_cobra
  • Reply 210 of 283
    robbyxrobbyx Posts: 479member
    robbyx said:
    Of all the announcements today, this is perhaps the most interesting.  At first I rolled my eyes but, as the presentation continued, it became clear that Apple has genuinely added value to the credit card experience.  That said, I get 3.6% back on every purchase with no limits or category restrictions, so Apple's rewards aren't as good as what I already have.  I love the simplified statement and clear merchant identification, though.  I wonder how long it will be until we see a full-blown financial management app baked into iOS and macOS.
    I highly doubt your rewards are as good as you claim they are.
    You're right.  I stand corrected.  3.4%.

    All of my accounts are with Bank of America.  I have my investment accounts with Merrill Lynch, so my combined relationship value puts me into their highest rewards tier.  I have unlimited ATM fee reimbursements.  I never pay an ATM fee.  I have no account fees.  And they boost my credit card rewards by 70%.  My card earns 2% back on everything, no categories, no reward limits.  That works out to 3.4%, so yeah, sorry, I guess I was off by .2%.
    edited March 26 Bebe
  • Reply 211 of 283
    robbyxrobbyx Posts: 479member

    jason98 said:
    robbyx said:
    Of all the announcements today, this is perhaps the most interesting.  At first I rolled my eyes but, as the presentation continued, it became clear that Apple has genuinely added value to the credit card experience.  That said, I get 3.6% back on every purchase with no limits or category restrictions, so Apple's rewards aren't as good as what I already have.  I love the simplified statement and clear merchant identification, though.  I wonder how long it will be until we see a full-blown financial management app baked into iOS and macOS.
    I highly doubt your rewards are as good as you claim they are.
    Must be paying annual fees.
    No annual fees.
  • Reply 212 of 283
    sirlance99sirlance99 Posts: 1,145member
    eightzero said:

    Plus the Variable APRs range from 13.24% to 24.24% based on creditworthiness. Rates as of March 2019.” What a crock of shit this “low interest rates” line is. Those interest rates are usury, right in line with the rest of the credit card industry. 24% interest ought to be criminal, and 13% is not “low”.
    Hum. Interesting. This is a direct quote from DaringFireball. That you, John?
    No I took the last part from him because he’s right. 
  • Reply 213 of 283
    ElCapitanElCapitan Posts: 264member
    mike1 said:

    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.

    Absolutely not, but when Apple calls for an international launch, but in reality only launch products and services applicable to the US market, it feels like being invited to a birthday party and being denied the cake
    cgWerks
  • Reply 214 of 283
    Johan42Johan42 Posts: 163member
    Run-of-the-mill credit card. I’ll be keeping my Amex.
  • Reply 215 of 283
    crowleycrowley Posts: 5,996member
    Obviously this isn't going to compete with platinum cards from high end banks with a high barrier to entry.  Apple don't aim only at high wealth individuals, they aim at the mass, and balance the offering to appeal to the highest proportion of that audience.  This looks to be a solid offering for everyday users of credit cards, I'll definitely be signing up, at the very least to use as a back up.
    randominternetpersonwatto_cobra
  • Reply 216 of 283
    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: 
    Well for me, I'm not just excited (which might be a little strong, but not much) about the credit card.  It's the fact that it combines some of the best features of credit cards in general, and gives me about as much privacy and security as I can expect in today's world.  To me, this is just about as perfect as a credit card can get.  I had often considered using a rewards card to pay bills and then just pay it off every month in order to reap the rewards.  I've never bothered because many cards that rewards also have ludicrous fees.  This card is one I might actually shift to doing that with.
    watto_cobra
  • Reply 217 of 283
    wizard69 said:
    Soli said:
    1) It's about time someone stepped up to offer a financial incentive to using Apple Pay.

    2) That card looks great and I'm glad there is no signature on it. I never understood why that was ever a thing, like some minimum wage retail employee can gauge whether my sig was forged or wether I was just lazy in signing.
    You’re such an elitist. Some of the best and most intelligent people start out as a “minimum wage retail employee”. Stop acting like you’re better than everyone all the time. 
    Your response here is way off the wall.  He was just pointing out how useless signatures are with respect to credit cards.  I once had a card refused because the Ink was smudged off due to years of use.  Kind of asinine considering the signature has zero value in identifying me alone.  
    It used to be that merchants would actually compare the signature on the credit slip with the one on the card side by side, and if the card itself wasn't signed, they'd ask for a picture ID to compare.  I haven't had that happen in a couple of decades.  In fact, even with a credit transaction, if the charge is below a certain amount, they don't even ask for a signature!
    watto_cobra
  • Reply 218 of 283
    6502 said:
    Not using your Apple Watch is a deficiency on your end.
    I don't own one, so it is not a deficiency on my end. If I was gifted one, I would probably never use it.
    That's what I said too.  Turns out I was wrong.  Anecdotal and YMMV, of course.
    watto_cobra
  • Reply 219 of 283
    sflocal said:
    6502 said:
    I pay cash for all my cars. And, I sleep like a baby at night knowing I don't owe anyone a nickel. The borrower is slave to the lender. You are criticizing me for being fiscally sound? LOL. If you enjoy paying fees and interest be my guest. I know I'll never be sued for not being able to pay on a load I don't have.
    Well that's just good for you.  Paying cash when you can use someone else's money is not sound planning as far as I'm concerned.  I bought my car a couple years ago with 0% financing.  I had the cash, but why take my $50K out of the market when I can keep it working for me?

    The money I made on that $50K over the two years resulted in a significant "discount" on my car when I paid it off 8 months ago.  
    To be fair though, most people don't have the opportunity to use other people's money like you did.  They have to let other people use their money.  And while I enjoy being able to pay cash for most things, there are times when it's just not advisable to do so.

    It's not always best to pay cash, but it's usually better.
  • Reply 220 of 283
    sflocal said:
    Sign me up!!
    I signed up.  This is a great development for Apple.  I love how this card will not share anything of me to 3rd party folks.  Looking forward to canceling my other cards and giving them the middle finger.

    This was a shot across the bow to other card issuers.  Just like Apple revolutionized the smartphone, I hope they do the same to credit cards which is LONG overdue!
    I did too (well, all that’s available right now is an option for them to notify me).

    But I must admit to being somewhat surprised, even a tad disappointed, that Apple did not offer the contactless option for the physical card. It’s becming quite common all over Europe. 
    Perhaps they will do so when they roll it out in Europe where contactless terminal usage is more common than it is in the US.
    watto_cobra
Sign In or Register to comment.