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.
Bingo! The elitist and judgemental comments being posted, i.e. "Maybe you shouldn't buy what you can't afford then" is sad and only serves to illustrate how out of touch and/or ignorant some people can be.
I agree that for several decades the middle class has been eroding, and as a result many more people are living paycheck to paycheck. I am fairly certain that the majority of Apple Insider readers, including 6502, Wizard69, and sirlance99, do not have to struggle with living paycheck to paycheck.
Because of this, they probably don't understand how difficult it can be for those living paycheck to paycheck to avoid using a credit card to pay for major, unexpected expenses such as car repairs, emergency dental work, replacing a major appliance that suddenly died, etc. And since they are living paycheck to paycheck, they can't just pay off the credit card balance in 30 days. Instead, it takes them months to pay it off, all the while paying interest, and all the while praying that another major, unexpected expense does not occur before they can pay off their credit card balance. Unfortunately for some, another significant unexpected expense occurs and pushes them deeper into credit card debt.
So yeah, for those people no annual fee and a low APR matters a lot.
Stop playing the victim. You must be a millennial. Woe is me, woe is me. I moved to CA for a job with a few thousand in my bank account, and worked hard to where I'll likely never have to worry about money again considering my very modest lifestyle. But, guess what, when I had no money I didn't buy shit I couldn't afford, never ate out, never got starbucks, drove a shit car (still do), lived in a shit apartment and on and on. I watched youtube on how to fix my own car or anything else that broke. But, I never went in credit card debt. Time to grow up.
I love this 6502 number guy. His tolling is driving one of the best new services to come from Apple today. Thanks for the attention bud.
I don't even know what this means. I'm doing marketing for Apple? If you want to go into credit card debt, on apple's credit card or someones else's, be my guest. Doesn't bother me.
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.
Theoretically? Canada has one of the highest adoption rates of Apple Pay of any place in the world, and definitely higher than the US. Almost every single checkout as tap to pay. I've been using Apple Pay like 95% of the time, for years. Nothing theoretical about it.
You're right: the data presented by Cook today showed that ApplePay coverage in Canada was 90% of retail outlets, compared to 85% for the US. (Australia was 99%!).
What the heck are you talking about? I didn't "scam" anyone. Stop changing the narrative to suit your agenda. I have a perfect credit score of 850. That 0% financing was offered only to folks with the best credit. Folks with low credit don't qualify because obviously, if they are more a credit risk than they have to pay more for the privilege of financing. In addition, that 0% was only for vehicles of the prior model year. It has nothing to do with your fabricated "poor selling" vehicles. My car is one on the best sellers for Ford so give it a rest.
That 0% deal is not rare. Stop making shit up if you don't know. This was offered to anyone that qualified, meaning responsible people. If you really believe paying $50K for a car in cash is better than a 0% loan allowing you to keep your money working for you, then maybe you are the one that got swayed by those late night infomercials and got suckered into one.
Zero % car financing is rare as obviously they make no money on loaning you money. Show me a manufacturer offering 0% currently. They probably just wanted to get rid of that car that's been on their lot all year (it was costing them money as they probably took a loan out to buy it). The only way you get a perfect credit score is by borrowing a lot of money, after all it is called a "credit" score. I assume once your home mortgage is paid off, you'll remortgage it and invest that money in the stock market. After all the mortgage rate is 4.5% and the market returns 10%. But, you know you won't do that. You're forgetting about risk.
I'll continue to be a multimillionaire that never goes into debt, and you can continue to do whatever it is you do.
And my house (in San Francisco) is paid off. No mortgage and financially, doing just fine.
By your arrogance, wouldn't surprise me if your "multimillionaire" status includes your parents' money, assuming you're even remotely telling the truth. Based on your prior posts, It's most likely the latter.
None of those I'm remotely interested in. I'd rather get a much larger cash back than 0% interest.
No, I'm a self made millionaire, I've gotten no inheritance or gifts. I've had a good income, and made sound investment decisions. Believe me or don't believe me, I really don't give a shit. And, I'm being arrogant by saying I don't go into debt?
Why haven't you remortgaged your house at 4.5% and invest that money at 10% in the market? Think of how much money you'll make!
Weird you should ask him that question, given your braggadocio about understanding risk and return: on a 40% tax bracket (which, as a "millionaire" you probably are), your actual cost of borrowing is 2.7%; an investment in A-rated (probably comparable in terms of the actual risk) municipal bonds gives you an after-tax 3.5%.
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.
And your indifference to the shift will be looked at as part of the problem that Apple just solved for an industry it didn't NEED to be involved in. Apple doesn't make moves and involve itself in things if it doesn't feel like it can make a significant (read profitable) change in a significant way. This big dog doesn't get off the porch unless there is a need. You staring at the enormity of the dog and saying " psssshhht! I've seen bigger dogs" Misses the point a little. You pulling the curtain back and pointing to the Great Wizard, 5 minutes into the movie, misses the point a bit. It's all Meh bro, life isn't that complicated. Your indifference and nonchalantness isn't all that earth shattering, in fact Microsoft and IBM used to say "they only represent less than 3% of all computer users..." too. How is that indifference working out for them?
So Apple is now a martyr for saving the credit card industry? My credit card is a next to nothing part of my life. I charge things on it, pay it off when due and don't think twice about it. This is not what made Apple great.
LOL You sir are not the average consumer. Congrats on WINNING! Apple isn't a martyr. They won't die because of this. They will however, usher in a changed ecosystem that never existed before. They will usher in a new and easier way for the "average consumer" to interact with their finances. Bro clearly this isn't a big deal to you. However, your incredible money skillz aren't who this is for. This is for the average user. This is for the masses. This just took your "I'm winning at life cuz I can finance..." and made it easier for the average user to win. GAME CHANGER. Your once venerable DOS Command Line user skillz have just been fossilized. Welcome to irrelevance.
So it's for people who buy stuff they don't need, with money they don't have to impress people they don't like (to quote Dave Ramsey). In other words, imbeciles.
The worst kind of imbecile is one who does not understand the opportunity cost of using one’s capital.
When someone says “I never take on debt,” they simply have no clue how they could have invested their capital to earn a higher rate of return, and therefore how, by avoiding debt, they’re incurring an opportunity cost.
I recommend some Econ 101.
And you're forgetting about risk. Why doesn't everyone remortgage their paid off house and invest the money? I recommend some high school econ.
Too bad that the autarkic barter economy doesn't exist in your primitive financial world...
My financial world may be primitive, but it's gained me several million dollars and I sleep like a baby at night. I don't worry about margin calls, or not being able to pay my debts. To me that's worth a lot.
Anyone who buys stock on margin is, indeed, an imbecile -- most brokerages charge personal investors 6%-7%. But that's not what you've been talking about. You've been berating people for borrowing mortgage debt at 4.5% (pre-tax), which makes no sense (given your supposed financial savvy).
Moreover, your arrogance is laid bare by the stupid comment that you "sleep like a baby at night." Does it occur to you that is for exactly the same reason that, some people who may not have the ability make ends meet during the last week of the month might decide to not pay off 100% of their cc charges by the end of the month?
Or, is sleep only for arrogant internet twits like you?
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.
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 on everything (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, cards (e.g.: Amazon) that offer 5% back, 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?
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.
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 on everything (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, cards (e.g.: Amazon) that offer 5% back, 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?
Because a few people keep saying this is the best card ever when that’s not even close to the truth. I use cards in an advanced way to maximize my rewards and there isn’t any reason to get the Apple Card as I can beat it every time with every purchase. And who the hell cares about the titanium card? I have a few metal cards and don’t care about those.
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”.
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.
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 +/-.
Does the Apple card charge foreign transaction fees for purchases made with the card outside the USA? Most cards do, but if the Apple card doesn't, I would consider that a reason to get one.
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 deadline was not a hard one for deploying chip-based terminals. It was a transfer of liability. Before the deadline, any fraudulent activity was the responsibility of the credit card issuer. After the deadline, the liability transfered to the merchant.
Thus, a merchant can continue using swipe terminals, but with the liability of higher risk of fraud. Note that the transfer of liability dates were different between regular retail POS systems and gas station pump POS terminals.
Well, yes, I know that. That’s why there are still those who haven’t yet moved over. But that didn’t address my question.
Does the Apple card charge foreign transaction fees for purchases made with the card outside the USA? Most cards do, but if the Apple card doesn't, I would consider that a reason to get one.
The presentation said no foreign transaction fees.
Apple Card will not be limited to being a digital-only card, as a physical titanium version will be available to use at outlets where Apple Pay is not accepted. The card won't have details like a card number, CVV code, expiration date, or signature, but the data will be available to users from within the Wallet app.
Sorry, I don't have time to day to read a couple hundred comments to see if this has been addressed, but..
Does anyone know what this means? Like, there is a CC number, CCV, etc associated with the card, but just not printed on it? And, you get that info via the Wallet app? And, what is the point of this physical card? It is just so you can have it in your wallet if you're going out without your phone? (As, without the CC number, expiration, etc. it isn't going to necessarily work where they don't have ApplePay anyway, right?)
Apple Card will not be limited to being a digital-only card, as a physical titanium version will be available to use at outlets where Apple Pay is not accepted. The card won't have details like a card number, CVV code, expiration date, or signature, but the data will be available to users from within the Wallet app.
Sorry, I don't have time to day to read a couple hundred comments to see if this has been addressed, but..
Does anyone know what this means? Like, there is a CC number, CCV, etc associated with the card, but just not printed on it? And, you get that info via the Wallet app? And, what is the point of this physical card? It is just so you can have it in your wallet if you're going out without your phone? (As, without the CC number, expiration, etc. it isn't going to necessarily work where they don't have ApplePay anyway, right?)
Correct, if you need the other info it’s in the Wallet app. The card is for use at terminals that don’t accept NFC payments.
Although, good luck using it at an Apple Store when their POS system goes down and they pull out the old imprint machine. Time to use a different card that has raised numbers or make your purchase later.
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.
Bingo! The elitist and judgemental comments being posted, i.e. "Maybe you shouldn't buy what you can't afford then" is sad and only serves to illustrate how out of touch and/or ignorant some people can be.
I agree that for several decades the middle class has been eroding, and as a result many more people are living paycheck to paycheck. I am fairly certain that the majority of Apple Insider readers, including 6502, Wizard69, and sirlance99, do not have to struggle with living paycheck to paycheck.
Because of this, they probably don't understand how difficult it can be for those living paycheck to paycheck to avoid using a credit card to pay for major, unexpected expenses such as car repairs, emergency dental work, replacing a major appliance that suddenly died, etc. And since they are living paycheck to paycheck, they can't just pay off the credit card balance in 30 days. Instead, it takes them months to pay it off, all the while paying interest, and all the while praying that another major, unexpected expense does not occur before they can pay off their credit card balance. Unfortunately for some, another significant unexpected expense occurs and pushes them deeper into credit card debt.
So yeah, for those people no annual fee and a low APR matters a lot.
Sooo, you think that people SHOULD buy what they can’t afford? Do you have any idea how many people get into such crippling amounts of credit card debt that they go bankrupt, and have to start over again—if they’re lucky?
his statement didn’t read as elitist to me. Just the opposite. I think to a certain extent, we’re on the same page here. A problem is that the easy availability of credit has caused problems. It hasn’t actually solved any other than allowing people to buy something before they have the money to do so. That’s normally fine. But too many people use their credit card as a loan, not understanding the almost extortionate interest rates they’re paying. Some people just get more cards, and max them out. There isn’t a good way for banks and card companies to check out their credit until they start defaulting on payments. Then things come crashing down.
A friend of my wife’s did that quite a while ago. She was crying that she couldn’t go and buy anything anymore because she had no credit, and they were heavily garnishing her salary. I didn’t feel sorry for her, to tell the truth, because we kept telling her to stop buying all that stuff, and pay off her cards. But it was like a drug.
"so you think that people SHOULD buy what they can't afford?" NO, I didn't say or imply that whatsoever. The example of your wife's friend sounds like an example of someone with irresponsible spending habits. I know several people who have done the same thing, and I have no sympathy or empathy for them. My original point was that not everyone in credit card debt is an irresponsible spender, especially those who are living paycheck to paycheck. Those living paycheck to paycheck have no savings, so when a major unexpected expense occurs, they may have little choice but to use a credit card. And once that happens, it becomes much more difficult to avoid falling deeper into debt, especially since financial institutions tend to prey on those who can least afford to carry debt. So for those folks, a credit card with no annual fee and a low APR is important.
And when I seen comments that seem to imply "it's their own fault", in my opinion that is a bit elitist and judgemental. It's easy to view everything from within your own prism of experience, but I tend to find that to be a fairly near-sighted way to look at the world. For many it's not "thier own fault", but it's eaiser to think that it is.
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.
ihatescreennames said: Correct, if you need the other info it’s in the Wallet app. The card is for use at terminals that don’t accept NFC payments.
Although, good luck using it at an Apple Store when their POS system goes down and they pull out the old imprint machine. Time to use a different card that has raised numbers or make your purchase later.
Oh, it still has a magnetic strip? Luckily, I think everything here in Canada has NFC, though I'm not sure they all take Apple Pay. I was thinking more about on-line purchases were you have to type that stuff in (where they often don't have Apple Pay).
I guess if they had one of those card-imprint things, they could also just take down the info you'd give them out of the Wallet, if they were willing to do that.
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.
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.
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.
Comments
Why are you leaving $$ on the table?
Anyone who buys stock on margin is, indeed, an imbecile -- most brokerages charge personal investors 6%-7%. But that's not what you've been talking about. You've been berating people for borrowing mortgage debt at 4.5% (pre-tax), which makes no sense (given your supposed financial savvy).
Moreover, your arrogance is laid bare by the stupid comment that you "sleep like a baby at night." Does it occur to you that is for exactly the same reason that, some people who may not have the ability make ends meet during the last week of the month might decide to not pay off 100% of their cc charges by the end of the month?
Or, is sleep only for arrogant internet twits like you?
Last, but certainly not least…
Bonus reason when other HW makers start offering their own card:
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 on everything (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, cards (e.g.: Amazon) that offer 5% back, 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?
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”.
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 +/-.
Does anyone know what this means? Like, there is a CC number, CCV, etc associated with the card, but just not printed on it? And, you get that info via the Wallet app? And, what is the point of this physical card? It is just so you can have it in your wallet if you're going out without your phone? (As, without the CC number, expiration, etc. it isn't going to necessarily work where they don't have ApplePay anyway, right?)
Although, good luck using it at an Apple Store when their POS system goes down and they pull out the old imprint machine. Time to use a different card that has raised numbers or make your purchase later.
I guess if they had one of those card-imprint things, they could also just take down the info you'd give them out of the Wallet, if they were willing to do that.
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.