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.
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.)
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.
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?
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%.
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.
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.
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.
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.
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
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.
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!
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.
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.
It's 2% for only payment made through Apple Pay/NFC, else it is 1%. Which means online purchase would be 1% as well. Why would someone take this over Citi Double Cash or Fidelity Rewards , which have flat 2% regardless?
One uses the best tool for the job. Do the Citi or Fidelity cards have annual fees? Those eat into the value of rewards. If the Apple Card and another card offer the same reward, one might choose which to use based on some other criteria, such as ease of use, security, other costs, etc. It's not a "one size fits all" kind of thing, each person might come up with a different answer.
If the Apple Card and another card offer the same reward, one might choose which to use based on some other criteria, such as ease of use, security, other costs, etc. It's not a "one size fits all" kind of thing, each person might come up with a different answer.
Choice is good.
Bingo!
It strikes me as somewhat humorous how so many see this through their own lens ("I don't use a credit card so it's useless" "It's no better than my current card" etc). I think the Credit Card will be a huge success, further adding value to the functionality of the iPhone, and simplifying Apple Pay, which has gotten incrementally easier, but is still a little clunky. I see it as taking what is normally seen as a run of the mill item (a credit card) and making it more effective and "sexier". These discussions remind me of those surrounding Apple Watch. "Hey my watch tells time just fine". This is a win for Apple.
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!
A few years ago I worked in a retail eastablishment in Massachusetts. We were told to check for a signature on a credit card and if one wasn’t present to ask to see state ID. However, we were also informed it was Massachusetts law (I have no idea if that is true, just that this is what our management team told us) that if a person refused to show state ID we could not deny using an unsigned credit card. Huh? So, if someone was using a credit card with no signature we, potentially, had no way to verify if that person was who they said they were. They could sign the receipt however they wanted and didn’t have to prove their name matched what was on the card.
Again, I don’t have proof of the that, it’s simply what we were told and how the whole store operated.
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.
There’s a difference between corporate and individual debt. Large companies, in particular, can go on for years, being highly indebted. But individuals can’t. I’ve always felt that debt for individuals needs to be more highly regulated. It’s like the mortgages given to people who can’t afford them. One of the major reasons for the last recession. Many people don’t understand when they can take debt on,, and when they can’t. The lender therefore, has to act as the parent, and tell them no.
but money is involved, so that doesn’t always happen. Everyone want that mortgage to go through. The same thing with credit cards. Pay that minimum balance, and you’re fine, you’re told. But you know, a lot of people think they’re smarter than the system. By getting more cards, they think they’re beating it. Yes, that’s their fault.
but people get caught in this even they shouldn’t be, such as by losing a job. Then it all comes crashing down.
Comments
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.)
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.
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%.
No annual fees.
It's not always best to pay cash, but it's usually better.
Choice is good.
It strikes me as somewhat humorous how so many see this through their own lens ("I don't use a credit card so it's useless" "It's no better than my current card" etc). I think the Credit Card will be a huge success, further adding value to the functionality of the iPhone, and simplifying Apple Pay, which has gotten incrementally easier, but is still a little clunky. I see it as taking what is normally seen as a run of the mill item (a credit card) and making it more effective and "sexier". These discussions remind me of those surrounding Apple Watch. "Hey my watch tells time just fine". This is a win for Apple.
Again, I don’t have proof of the that, it’s simply what we were told and how the whole store operated.
but money is involved, so that doesn’t always happen. Everyone want that mortgage to go through. The same thing with credit cards. Pay that minimum balance, and you’re fine, you’re told. But you know, a lot of people think they’re smarter than the system. By getting more cards, they think they’re beating it. Yes, that’s their fault.
but people get caught in this even they shouldn’t be, such as by losing a job. Then it all comes crashing down.