How the Apple Card will assist in managing your finances

2

Comments

  • Reply 21 of 51
    fumifumi Posts: 15member
    Soli said:
    fumi said:
    That's why Credit Cards exist. That's the only reason they exist. To make money.
    What?! You mean to tell me that a for-profit company is for profit? Stop the fucking presses! Next you're going to tell me that Apple makes the iPhone to make money and here I thought Tim Cook was my best friend. /s

    Clearly, the post is not aimed at you but there are a million stupid people out there thinking "Hey, Apple are so caring. They want to help me with my finances." LOL. Yeah, that's why they introduced a credit card. To make your life better. Lots of people fall for the hype.
    chemengin
  • Reply 22 of 51
    apple ][apple ][ Posts: 8,687member

    fumi said:
    apple ][ said:
    fumi said:
    This card will not assist you in your finances, its purpose is to destroy your finances. 
    Only if somebody is dumb.
    People in the US hold over $1 trillion in credit card debt. That's a lot of dumb people.

    The average U.S. household now has $8,284 in credit card debt. Apple are now going to contribute to that. I don't know. Getting into the Debt business, It's just not a good look for them, IMO.
    Yes, I do agree that there are a lot of dumb people out there. Last I read an article on it, the average cc debt was around 6.5 k, but that has obviously gone up now, since you mentioned the $8,284 figure.

    Apple is not the bank, and there have been Apple cards before, I believe the previous one was a Barclays card.
    watto_cobra
  • Reply 23 of 51
    SoliSoli Posts: 9,193member
    apple ][ said:
    Soli said:
    but never carry the physical card on my person.
    I will. I doubt that it's any thicker than any of the plastic cards that I already have in there.
    I'm sure a lot of people will (millions), but I assume that it's most fall to those that want to carry to their "treasure" to show off and those that don't have physical cards with better rewards. The Card will be a benefit for me in rewards, but only for Apple Pay and when making Apple-based purchases.

    PS: I already have an Apple credit card via Barclay with the same benefits for purchases amongst Apple-based purchases. I haven't decided if it behooves me to keep that card. In general terms it's redundant to have both, but perhaps the Goldman Sachs backed card will have lower interest rate (not that I carry a balance), and there are fewer fees (not that I'm ever charged any). There are many other factors like potentially not having to use the Barclay website for payments, like the Goldman Sachs card not giving me a high-enough credit line to buy a new MacBook Pro in full, or how my credit rating could be affected by a new credit check and/or killing a line of credit which lowers my available balance. All of these are bridges to cross when the card is finally out, but chances are I'm going to get the one and kill the other.
    edited April 4 watto_cobra
  • Reply 24 of 51
    apple ][apple ][ Posts: 8,687member
    Soli said:
    apple ][ said:
    Soli said:
    but never carry the physical card on my person.
    I will. I doubt that it's any thicker than any of the plastic cards that I already have in there.
    I'm sure a lot of people will (millions), but I assume that it's most fall to those that want to carry to their "treasure" to show off and those that don't have physical cards with better rewards. The Card will be a benefit for me in rewards, but only for Apple Pay and when making Apple-based purchases.

    PS: I already have an Apple credit card via Barclay with the same benefits for purchases amongst Apple-based purchases. I haven't decided if it behooves me to keep that card. In general terms it's redundant to have both, but perhaps the Morgan Stanley-backed card will have lower interest rate (not that I carry a balance), and there are fewer fees (not that I'm ever charged any). There are many other factors like potentially not having to use the Barclay website for payments, like the Morgan Stanley card not giving me a high-enough credit line to buy a new MacBook Pro in full, or how my credit rating could be affected by a new credit check and/or killing a line of credit which lowers my available balance. All of these are bridges to cross when the card is finally out, but chances are I'm going to get the one and kill the other.
    You mention Morgan Stanley a few times, but this new Apple Card is backed by Goldman Sachs. Are you confusing the two, or am I not aware of what Morgan Stanley has to do with this?
  • Reply 25 of 51
    SoliSoli Posts: 9,193member
    fumi said:
    Soli said:
    fumi said:
    That's why Credit Cards exist. That's the only reason they exist. To make money.
    What?! You mean to tell me that a for-profit company is for profit? Stop the fucking presses! Next you're going to tell me that Apple makes the iPhone to make money and here I thought Tim Cook was my best friend. /s
    Clearly, the post is not aimed at you but there are a million stupid people out there thinking "Hey, Apple are so caring. They want to help me with my finances." LOL. Yeah, that's why they introduced a credit card. To make your life better. Lots of people fall for the hype.
    Why can't a company help you do something and profit from you at the same time? These aren't mutually exclusive. Apple has profited considerably from me over the decades -and- Apple has benefited my life and probably the lives of most people, even if they've never directly used an Apple product.

    If Apple can make it easier for people to both manage their spending and see what they need to pay off their charges with better visual readouts then I'll be glad to recommend the Card to those who I believe aren't as finance-minded; and that's without considering the potential for lower interest rates, fewer fees, or the benefits of encouraging consumers to use Apple Pay whenever possible.
    n2itivguylostkiwiwatto_cobra
  • Reply 26 of 51
    SoliSoli Posts: 9,193member
    apple ][ said:
    Soli said:
    apple ][ said:
    Soli said:
    but never carry the physical card on my person.
    I will. I doubt that it's any thicker than any of the plastic cards that I already have in there.
    I'm sure a lot of people will (millions), but I assume that it's most fall to those that want to carry to their "treasure" to show off and those that don't have physical cards with better rewards. The Card will be a benefit for me in rewards, but only for Apple Pay and when making Apple-based purchases.

    PS: I already have an Apple credit card via Barclay with the same benefits for purchases amongst Apple-based purchases. I haven't decided if it behooves me to keep that card. In general terms it's redundant to have both, but perhaps the Morgan Stanley-backed card will have lower interest rate (not that I carry a balance), and there are fewer fees (not that I'm ever charged any). There are many other factors like potentially not having to use the Barclay website for payments, like the Morgan Stanley card not giving me a high-enough credit line to buy a new MacBook Pro in full, or how my credit rating could be affected by a new credit check and/or killing a line of credit which lowers my available balance. All of these are bridges to cross when the card is finally out, but chances are I'm going to get the one and kill the other.
    You mention Morgan Stanley a few times, but this new Apple Card is backed by Goldman Sachs. Are you confusing the two, or am I not aware of what Morgan Stanley has to do with this?
    Mea culpa. I meant Goldman Sachs. 🤦‍♂️
    edited April 4 n2itivguywatto_cobra
  • Reply 27 of 51
    "Apple Card provides very impressive features about managing your spending. From precise details of every item —down to a map of where you bought it —through helping you analyze your spending"

    Wow I hope all this data never falls into the 'wrong hands'...?
  • Reply 28 of 51
    sirlance99sirlance99 Posts: 1,145member
    Soli said:
    eightzero said:
    I'm curious how I will connect my method of payment. Yes, a "pay now" button, and I think it ties to Apple Pay Cash, but there's no information about how to put money in that except for another credit card (with a fee) and a debit card (no fee) or the coming rewards program.  Surely you won't be able to pay the Apple Card with another credit card, and I do not have a debit card for my bank account (I never use it, and is thus an unneeded risk.) So I'm assuming there will be an panel to add ACH information to pay TO the Apple Pay Cash (like the existing option to move it FROM that.)
    1) It will not tie to Apple Pay Cash (APC). Apple has or will be removing the option to tie a credit card (CC) to APC—only a debit card will be allowed. If they allow you to use money within APC to make a payment to your Card, that would be a nice feature since you wouldn't have to input any routing and account data manually -and- you wouldn't have to wait the 1-3 business days for the ACH (the free option) to push monies back to your checking account before you make a payment toward your Card. I'm a bit skeptical of that setup because one is via Discover and the other is Goldman Sachs. While this may all like an Apple-to-Apple payment from the outside, it would involve something more complex setup on the backend which could incur higher costs that might not be feasible for any involved party.

    2) My guess is there will be a Goldman Sachs website, app, and possibly an option in the Wallet app portal for the Card in which to pay off your charges using a bank routing and account number. My reasoning for the 3rd option is because they will be offering all the details on how much you need to pay with the Wallet app portal for the Card to pay down your balance so having you do it via that portal for the card is more streamlined than pushing you out to another app, but that's just speculation on my part.
    Is it hard for you to write Apple instead of making the symbol?
    JWSCchemengin
  • Reply 29 of 51
    eightzeroeightzero Posts: 2,443member
    Soli said:
    eightzero said:
    I'm curious how I will connect my method of payment. Yes, a "pay now" button, and I think it ties to Apple Pay Cash, but there's no information about how to put money in that except for another credit card (with a fee) and a debit card (no fee) or the coming rewards program.  Surely you won't be able to pay the Apple Card with another credit card, and I do not have a debit card for my bank account (I never use it, and is thus an unneeded risk.) So I'm assuming there will be an panel to add ACH information to pay TO the Apple Pay Cash (like the existing option to move it FROM that.)
    1) It will not tie to Apple Pay Cash (APC). Apple has or will be removing the option to tie a credit card (CC) to APC—only a debit card will be allowed. If they allow you to use money within APC to make a payment to your Card, that would be a nice feature since you wouldn't have to input any routing and account data manually -and- you wouldn't have to wait the 1-3 business days for the ACH (the free option) to push monies back to your checking account before you make a payment toward your Card. I'm a bit skeptical of that setup because one is via Discover and the other is Goldman Sachs. While this may all like an Apple-to-Apple payment from the outside, it would involve something more complex setup on the backend which could incur higher costs that might not be feasible for any involved party.

    2) My guess is there will be a Goldman Sachs website, app, and possibly an option in the Wallet app portal for the Card in which to pay off your charges using a bank routing and account number. My reasoning for the 3rd option is because they will be offering all the details on how much you need to pay with the Wallet app portal for the Card to pay down your balance so having you do it via that portal for the card is more streamlined than pushing you out to another app, but that's just speculation on my part.
    I've yet to use Apple Pay Cash because I don't have a debit card, and I refuse to pay the credit card vig. But one of the features of the Apple Card is its on device functions. By necessity, it will need to get money from a bank, somehow. I can also see Apple making it able to scan a check with the camera. I can do that for bank deposits. I scan the drawers check (both sides including endorsement) using my bank's app, and it gets deposited. I know vendors do this at POS terminals too - your check is actually returned to you by the cashier. 

    And now that I type this, I'll bet this is what Apple will do. So easy.
    watto_cobra
  • Reply 30 of 51
    apple ][apple ][ Posts: 8,687member
    eightzero said:

    And now that I type this, I'll bet this is what Apple will do. So easy.
    As long as Apple has some way to set up ACH transfers to pay for the card balance, then I'll be happy. You should be able to link a bank account to the card, in order to make easy payments.

    Checks are pretty last century at this point.
    edited April 4 watto_cobra
  • Reply 31 of 51
    Soli said:
    eightzero said:
    I'm curious how I will connect my method of payment. Yes, a "pay now" button, and I think it ties to Apple Pay Cash, but there's no information about how to put money in that except for another credit card (with a fee) and a debit card (no fee) or the coming rewards program.  Surely you won't be able to pay the Apple Card with another credit card, and I do not have a debit card for my bank account (I never use it, and is thus an unneeded risk.) So I'm assuming there will be an panel to add ACH information to pay TO the Apple Pay Cash (like the existing option to move it FROM that.)
    1) It will not tie to Apple Pay Cash (APC). Apple has or will be removing the option to tie a credit card (CC) to APC—only a debit card will be allowed. If they allow you to use money within APC to make a payment to your Card, that would be a nice feature since you wouldn't have to input any routing and account data manually -and- you wouldn't have to wait the 1-3 business days for the ACH (the free option) to push monies back to your checking account before you make a payment toward your Card. I'm a bit skeptical of that setup because one is via Discover and the other is Goldman Sachs. While this may all like an Apple-to-Apple payment from the outside, it would involve something more complex setup on the backend which could incur higher costs that might not be feasible for any involved party.

    2) My guess is there will be a Goldman Sachs website, app, and possibly an option in the Wallet app portal for the Card in which to pay off your charges using a bank routing and account number. My reasoning for the 3rd option is because they will be offering all the details on how much you need to pay with the Wallet app portal for the Card to pay down your balance so having you do it via that portal for the card is more streamlined than pushing you out to another app, but that's just speculation on my part.
    Is it hard for you to write Apple instead of making the symbol?
    It’s pretty easy to set up a keyboard shortcut for that sort of thing and end up typing fewer letters. 

    eightzero said:
    Soli said:
    eightzero said:
    I'm curious how I will connect my method of payment. Yes, a "pay now" button, and I think it ties to Apple Pay Cash, but there's no information about how to put money in that except for another credit card (with a fee) and a debit card (no fee) or the coming rewards program.  Surely you won't be able to pay the Apple Card with another credit card, and I do not have a debit card for my bank account (I never use it, and is thus an unneeded risk.) So I'm assuming there will be an panel to add ACH information to pay TO the Apple Pay Cash (like the existing option to move it FROM that.)
    1) It will not tie to Apple Pay Cash (APC). Apple has or will be removing the option to tie a credit card (CC) to APC—only a debit card will be allowed. If they allow you to use money within APC to make a payment to your Card, that would be a nice feature since you wouldn't have to input any routing and account data manually -and- you wouldn't have to wait the 1-3 business days for the ACH (the free option) to push monies back to your checking account before you make a payment toward your Card. I'm a bit skeptical of that setup because one is via Discover and the other is Goldman Sachs. While this may all like an Apple-to-Apple payment from the outside, it would involve something more complex setup on the backend which could incur higher costs that might not be feasible for any involved party.

    2) My guess is there will be a Goldman Sachs website, app, and possibly an option in the Wallet app portal for the Card in which to pay off your charges using a bank routing and account number. My reasoning for the 3rd option is because they will be offering all the details on how much you need to pay with the Wallet app portal for the Card to pay down your balance so having you do it via that portal for the card is more streamlined than pushing you out to another app, but that's just speculation on my part.
    I've yet to use Apple Pay Cash because I don't have a debit card, and I refuse to pay the credit card vig. 
    I got my first debit card ever just so I could use APC and I’m happy I did as I use it multiple times a week and find it very convenient. Getting the debit card took one trip to my bank where they simply issued be an updated ATM card that has debit capabilities as well. It took me less than 15 minutes. 

    Yeah, paying a fee to a credit card company just to transfer some money to APC didn’t make sense to me. That’s a thing of the past now, though. 
    edited April 4 lostkiwiwatto_cobra
  • Reply 32 of 51
    apple ][ said:
    eightzero said:

    And now that I type this, I'll bet this is what Apple will do. So easy.
    Checks are pretty last century at this point.
    Tell that to the people in line ahead of me at the grocery store at least twice a month!  :D
    watto_cobra
  • Reply 33 of 51
    iOS_Guy80iOS_Guy80 Posts: 201member
    apple ][ said:
    eightzero said:

    And now that I type this, I'll bet this is what Apple will do. So easy.
    As long as Apple has some way to set up ACH transfers to pay for the card balance, then I'll be happy. You should be able to link a bank account to the card, in order to make easy payments.

    Checks are pretty last century at this point.
    They will have to.
    watto_cobra
  • Reply 34 of 51
    iOS_Guy80iOS_Guy80 Posts: 201member
    apple ][ said:

    fumi said:
    apple ][ said:
    fumi said:
    This card will not assist you in your finances, its purpose is to destroy your finances. 
    Only if somebody is dumb.
    People in the US hold over $1 trillion in credit card debt. That's a lot of dumb people.

    The average U.S. household now has $8,284 in credit card debt. Apple are now going to contribute to that. I don't know. Getting into the Debt business, It's just not a good look for them, IMO.
    Yes, I do agree that there are a lot of dumb people out there. Last I read an article on it, the average cc debt was around 6.5 k, but that has obviously gone up now, since you mentioned the $8,284 figure.

    Apple is not the bank, and there have been Apple cards before, I believe the previous one was a Barclays card.
    How many people are in debt for buying smartphones sndcdatsvpjsns they cannot afford?
    watto_cobra
  • Reply 35 of 51
    kestralkestral Posts: 251member
    I already get the kind of tracking and more with Mint, and it tracks not just one credit card, but all my accounts.
    chemengin
  • Reply 36 of 51
    If you don't already have a handle on your income and expenses, another credit card will not help. You need to set up a budget, spend some time keeping it current, and don't freaking spend more than you make. Don't expect Apple Daddy to do it for you. Argh.
    chemengin
  • Reply 37 of 51
    silvergold84silvergold84 Posts: 70unconfirmed, member
    This new service and card by Apple sounds good. Like no other. More simply to use, safe, and to respect the privacy. 
    macguilostkiwiwatto_cobra
  • Reply 38 of 51
    JWSCJWSC Posts: 512member
    apple ][ said:

    fumi said:
    apple ][ said:
    fumi said:
    This card will not assist you in your finances, its purpose is to destroy your finances. 
    Only if somebody is dumb.
    People in the US hold over $1 trillion in credit card debt. That's a lot of dumb people.

    The average U.S. household now has $8,284 in credit card debt. Apple are now going to contribute to that. I don't know. Getting into the Debt business, It's just not a good look for them, IMO.
    Yes, I do agree that there are a lot of dumb people out there. Last I read an article on it, the average cc debt was around 6.5 k, but that has obviously gone up now, since you mentioned the $8,284 figure.

    Apple is not the bank, and there have been Apple cards before, I believe the previous one was a Barclays card.

    You’re certainly not the first to say that Apple is not a bank after this announcement.  But aren’t they?  The Vampire Squid (that’s Goldman Sachs for you nouveaus) is there for their financial expertise in aligning Apple’s capital with liquid credit markets and MasterCard is there for their transactional expertise and infrastructure.  But Apple’s cash could be a significant component of the Apple Card credit pool.

    Apple has been criticized in the past for not utilizing their vast cash hoard more effectively, although I give them kudos for using it to bolster suppler manufacturing capabilities and then locking in component orders to the detriment of the hapless competition.  But interest rates on bonds and treasuries doesn’t exactly yield stellar returns.  So it seems to me that getting into the credit card business is an opportunity to get a significantly better return on Apple’s cash hoard.

    lostkiwi
  • Reply 39 of 51
    JWSCJWSC Posts: 512member
    Soli said:
    apple ][ said:
    Soli said:
    apple ][ said:
    Soli said:
    but never carry the physical card on my person.
    I will. I doubt that it's any thicker than any of the plastic cards that I already have in there.
    I'm sure a lot of people will (millions), but I assume that it's most fall to those that want to carry to their "treasure" to show off and those that don't have physical cards with better rewards. The Card will be a benefit for me in rewards, but only for Apple Pay and when making Apple-based purchases.

    PS: I already have an Apple credit card via Barclay with the same benefits for purchases amongst Apple-based purchases. I haven't decided if it behooves me to keep that card. In general terms it's redundant to have both, but perhaps the Morgan Stanley-backed card will have lower interest rate (not that I carry a balance), and there are fewer fees (not that I'm ever charged any). There are many other factors like potentially not having to use the Barclay website for payments, like the Morgan Stanley card not giving me a high-enough credit line to buy a new MacBook Pro in full, or how my credit rating could be affected by a new credit check and/or killing a line of credit which lowers my available balance. All of these are bridges to cross when the card is finally out, but chances are I'm going to get the one and kill the other.
    You mention Morgan Stanley a few times, but this new Apple Card is backed by Goldman Sachs. Are you confusing the two, or am I not aware of what Morgan Stanley has to do with this?
    Mea culpa. I meant Goldman Sachs. 🤦‍♂️
    What about Lehman Brothers or Bear Stearns?  No ones giving them a fair shake.
  • Reply 40 of 51
    GeorgeBMacGeorgeBMac Posts: 4,958member
    For me, the AppleCard cannot replace Quicken.   At best it presents just a small piece of my financial pie.

    With Quicken I can tell you where every penny came from and went  to over the past 20+ years.  (not just credit card transactions)
    Reconciling an account is mostly the push of a button (well two:  one to download the transactions and one to reconcile the account).
    And, Quicken not only tells me my financial past -- but what the balance in my bank accounts will be in 3-4 weeks.
    And too, it maintains an accurate,detailed record of my investments and every transaction -- including splits, distributions, etc...

    I am hoping that Apple doesn't stop at a mere credit card -- but integrates that into a total banking/financial experience.  And provides the software to manage all of that at the detail level -- both past and future.

    Quicken can do that (and does it).  But it feels crude an medieval.  I think Apple could do better.  Much better.
    watto_cobra
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