How long until we start seeing special cases for these Apple Cards? A normal wallet isn't good enough for a titanium card. We don't want scuffs and scratches.
I'm kidding but because it's a ridiculous idea, but I also expect these products to exist. Looking forward to the comparison videos here.
Customer service quality will be the make or break decision point for me on the Apple credit card. Unfortunately it's also the biggest unknown at this point in time. I have always been impressed with the quality and responsiveness of the customer service I've received from Discover compared to the other major cards, most of which I've used or still use as a secondary source of credit. Maybe a year from now we'll be able to gauge how Apple's credit card stacks up in customer service.
It's funny, no one seems to mention that there is (and has been for several years) an Apple Rewards card through Barclays. On that card you earn 3 points for every dollar spent at Apple (doesn't matter if it is an Apple brand product just that the purchase was at Apple, in store or online), 2 points for every dollar spent at restaurants, and 1 point for every dollar spent on all other purchases. Granted these points are only redeemable for Apple Gift Cards or iTunes Gift Card, but for me as I spend a lot for business on Apple products it has added up to be a considerable amount of savings with the Apple Gift Cards. The other nice feature is that from time-to-time they offer 0% financing for up to 18 months, depending on the size of the purchase. This too has come in handy when doing major upgrades of our computers. There is no indication on whether or not the Apple Rewards Card will remain or be replaced by this newer Apple Card.
If Apple wanted to disrupt the credit card space they should have offered something about half of the usurious rates charged by the banksters. They pay little to nothing to depositors and get money from the fed at the discount rate. The difference is almost pure profit.
If Apple wanted to disrupt the credit card space they should have offered something about half of the usurious rates charged by the banksters. They pay little to nothing to depositors and get money from the fed at the discount rate. The difference is almost pure profit.
Apple may not be setting the rate. And Apple may not be getting any revenue or profit from interest charges. That may be Goldman Sachs. When the contract between Apple and Goldman Sachs expires, Apple is free to choose a different bank for the back-end, and their choice could be based on who promises lower rates.
P.S. I like reading your posts but please stop using bold text, it's very annoying and harder to read. Also, I really wish you would start your own bank and charge much lower rates; I would switch to your bank in an instant.
Even though the Apple transactions can be more secure there is still a potential for fraud. Capital One has regularly caught fraud on our cards over the years. Does anyone know what type of fraud detection features GS or Apple are planning to implement?
In another vein. Suppose you want to dispute a charge or cancel a charge because a product or service wasn't delivered. If Apple doesn't record who you paid and what you bought how do you do disputes?
I am very interested in this card, and will get one. THis one has different features than other cards, and I would think of this as the "go-to walking around card." If a merchant takes Apple Pay for a routine purchase, and it isn't for something another card is a better fit (e.g. the 5% category cards, or a card that doubles a warranty) i'll put it on this. I have other cards for periodic payments (like utilities) that offer better rewards, so I'll stick with this. I see this as a useful tool, and in the end, like all the credit cards I have, they cost me nothing - and in fact pay me. I got over $1000 back last year, and will get at least that this year. (And yes, I consider myself fortunate.)
One thing I have not yet seen is how to set up Apple Card for payment from your bank. I do not have a debit card to link my checking account to Apple Pay Cash, and that is how you use it with no fee (as opposed to a credit card.) I sort of hoping I can set up a direct bank ACH transfer to that (I see there is already the aplenty to get it to a bank account.) Likely be very clear on signup. I'd like to avoid having to get a debit card to make it work.
Comments about the whole credit card industry, high rates, who makes money how, and how people are taken advantage of, don’t know how to use credit, are manipulated, and the like aside, I have the following comments:
I use credit to time shift my money. I charge now and pay for it 25 days later. Interest rates mean nothing to me. I pay the balance every month. Not everyone has this luxury or is able to do this.
i also use credit for bonuses, offers, discounts, zero percent financing and the like. Barclays has been pretty stingey with its Apple offers. I’ve seen only two offers in 4 or 5 years and one is usually the “sign up and get free financing”.
One thing the US credit industry is severely lacking is a reduction in piracy, theft, and fraud. They do not invest in methods to protect consumers because it’s cheaper to pay for fraud than to protect against it.
Apple is going to use its security and unique card transaction IDs created by Apple Pay to protect itself from fraud losses. No extra investment necessary. My guess is that the “number” one sees in one’s a Wallet app to make a purchase is generated on the fly for a given purchase. How that gets to the chip on the card is beyond me. It’s just a guess. I’m also guessing there is no magnetic strip on the card. Apple may reject old technology the same way it always has.
Another thing to note is that Apple may make money on every transaction. It won’t matter if one pays the balance or any interest. They make money from the stores that pay the fees. Ask any merchant about how much money they get from a typical credit card transaction. They get charged more when the card used has higher be benefits to the user.
Apple let may just becoming another piece of the machine that takes advantage of consumers. You can use this machine to your advantage or let it use you.
No no one makes me buy Apple products. No one will make me use their credit card. I will choose to.
Another thing to note is that Apple may make money on every transaction. It won’t matter if one pays the balance or any interest. They make money from the stores that pay the fees. Ask any merchant about how much money they get from a typical credit card transaction. They get charged more when the card used has higher be benefits to the user.
Not at all accurate. I pay the same discount rates for every Visa, every Mastercard, every Discover Card, and every Amex (which happens to be the highest one). I don't pay a different rate if someone's credit card happens to offer more consumer benefits.
The Apple Card (somewhat akin to a store card) will be governed by Mastercard, issued and serviced by Goldman Sachs. My Belk Card is actually a Mastercard with Belk's name on it and can be used anywhere Mastercard is accepted, and I still get 90 days no interest if paid in full. Belk gets a cut from the transactions and maybe other stuff involved when used for Belk merchandise, but the card itself is issued and serviced by a bank (was and may still be from GE) and not Belk. Same with the Apple Card AFAICT.
article says "... double-press the side button to launch Apple Pay. You'll see an image of one card but you can swipe to the right to get any other one."
in fact you have to select/touch the alternate card to use. There doesn't appear to be a swipe action to change to another card. If you have multiple cards, and want to change the >default< one that appears when you double tap power button, just open the Wallet app (after unlocking iPhone) and drag the card to be default to the 'lower/most visible' item in the stack of cards. A confirmation that you have a new default card will appear.
That describes how you choose a different card on the watch. Double press to launch Apple Pay then swipe to the card needed.
I understand this card has no static/printed card number. But it still has a magnetic strip doesn't is? Is that number static?
I'm just wondering if you are any less vulnerable to card cloning/copying - it happened to me when in Mexico sometime with a credit card.
There's no printed number on the physical card, but the number is on the magnetic strip, which makes it vulnerable to skimming. My suggestion is to try to never use your physical card when at all possible…and this goes for all physical cards.
It's funny, no one seems to mention that there is (and has been for several years) an Apple Rewards card through Barclays. On that card you earn 3 points for every dollar spent at Apple (doesn't matter if it is an Apple brand product just that the purchase was at Apple, in store or online), 2 points for every dollar spent at restaurants, and 1 point for every dollar spent on all other purchases. Granted these points are only redeemable for Apple Gift Cards or iTunes Gift Card, but for me as I spend a lot for business on Apple products it has added up to be a considerable amount of savings with the Apple Gift Cards. The other nice feature is that from time-to-time they offer 0% financing for up to 18 months, depending on the size of the purchase. This too has come in handy when doing major upgrades of our computers. There is no indication on whether or not the Apple Rewards Card will remain or be replaced by this newer Apple Card.
Lots of people have mentioned this. In fact, it was in the news just a few days ago, when Barclaycard announced the end of that partnership.
The biggest limitation of the Barclaycard was rewards could only be redeemed in $25 chunks.
I don't know if any details of special financing promotions have been discussed regarding Apple Card.
It's funny, no one seems to mention that there is (and has been for several years) an Apple Rewards card through Barclays. On that card you earn 3 points for every dollar spent at Apple (doesn't matter if it is an Apple brand product just that the purchase was at Apple, in store or online), 2 points for every dollar spent at restaurants, and 1 point for every dollar spent on all other purchases. Granted these points are only redeemable for Apple Gift Cards or iTunes Gift Card, but for me as I spend a lot for business on Apple products it has added up to be a considerable amount of savings with the Apple Gift Cards. The other nice feature is that from time-to-time they offer 0% financing for up to 18 months, depending on the size of the purchase. This too has come in handy when doing major upgrades of our computers. There is no indication on whether or not the Apple Rewards Card will remain or be replaced by this newer Apple Card.
Lots of people have mentioned this. In fact, it was in the news just a few days ago, when Barclaycard announced the end of that partnership.
The biggest limitation of the Barclaycard was rewards could only be redeemed in $25 chunks.
I don't know if any details of special financing promotions have been discussed regarding Apple Card.
If you have the Barclay Apple card then you're this Apple Card is considerably better. Usually we don't replace one card with another (even though I've seen a lot of "this card sux. this won't make me give up my other cards" comments) but this will likely be the case for many because you get your rewards as cash (not as an Apple Store GC), you get it daily (not in $25 incidents), and you get 2% for any purchase done via Apple Pay. I'm very likely dumping my Barclay Apple card once I get the Apple Card.
Another thing to note is that Apple may make money on every transaction. It won’t matter if one pays the balance or any interest. They make money from the stores that pay the fees. Ask any merchant about how much money they get from a typical credit card transaction. They get charged more when the card used has higher be benefits to the user.
Not at all accurate. I pay the same discount rates for every Visa, every Mastercard, every Discover Card, and every Amex (which happens to be the highest one). I don't pay a different rate if someone's credit card happens to offer more consumer benefits.
This part actually depends on the merchant's agreement with the card processor. Some processors offer the same fee regardless of card brand. Others offer tiered fees (generally, Visa and MasterCard in one tier, AmEx and Discover in one tier, and more unusual brands like Diner's Club in a third). Still others don't even accept Discover or AmEx cards, so the store couldn't take them even if they wanted.
I don't really the point of this credit card, it is extremely expensive if you don't pay your full balance every month. (Which I do but I guess this is different in Germany). Also like any other credit card I have to essentially guess which purchase belongs to which invoice or receipt. I wish this information would be a bit more verbose on the statement. Maybe even the entire invoice. So, I'm not really sure if this credit card has any advantages over the one i have from my bank.
Did you not see the keynote? AppleCard is revolutionary in this sense.
Unlike every other credit card, the Apple Card will decipher cryptic merchants codes and tell you exactly with whom you made a purchase and if that doesn't jog your memory they've also geotagged where you made the purchase.
I'm good at forgetting so this will help me a lot!
I checked my transactions at an ATM yesterday and they read like this:
Exactly. We still shop at places that don't read the chip on our current cards, but require you to swipe the magnetic strip which the Apple Card lacks. Heck, we were at a motel last month and I went to the lobby to buy a pop and the machine required me to swipe the card. Also, when I do things over the phone, such as reserve a room or a spot for our RV, I often have to give them my card number, expiration date and the 3-digit number from the back of the card. Again, with an Apple Card, I'd be screwed.
Exactly. We still shop at places that don't read the chip on our current cards, but require you to swipe the magnetic strip which the Apple Card lacks. Heck, we were at a motel last month and I went to the lobby to buy a pop and the machine required me to swipe the card. Also, when I do things over the phone, such as reserve a room or a spot for our RV, I often have to give them my card number, expiration date and the 3-digit number from the back of the card. Again, with an Apple Card, I'd be screwed.
It's funny, no one seems to mention that there is (and has been for several years) an Apple Rewards card through Barclays. On that card you earn 3 points for every dollar spent at Apple (doesn't matter if it is an Apple brand product just that the purchase was at Apple, in store or online), 2 points for every dollar spent at restaurants, and 1 point for every dollar spent on all other purchases. Granted these points are only redeemable for Apple Gift Cards or iTunes Gift Card, but for me as I spend a lot for business on Apple products it has added up to be a considerable amount of savings with the Apple Gift Cards. The other nice feature is that from time-to-time they offer 0% financing for up to 18 months, depending on the size of the purchase. This too has come in handy when doing major upgrades of our computers. There is no indication on whether or not the Apple Rewards Card will remain or be replaced by this newer Apple Card.
Lots of people have mentioned this. In fact, it was in the news just a few days ago, when Barclaycard announced the end of that partnership.
The biggest limitation of the Barclaycard was rewards could only be redeemed in $25 chunks.
I don't know if any details of special financing promotions have been discussed regarding Apple Card.
If you have the Barclay Apple card then you're this Apple Card is considerably better. Usually we don't replace one card with another (even though I've seen a lot of "this card sux. this won't make me give up my other cards" comments) but this will likely be the case for many because you get your rewards as cash (not as an Apple Store GC), you get it daily (not in $25 incidents), and you get 2% for any purchase done via Apple Pay. I'm very likely dumping my Barclay Apple card once I get the Apple Card.
I have a card that offers 2% on Grocery, Gas, and Drug Stores, and I have it added to Apple Pay. However, I'll still carry that physical card, as i still occasionally find a vendor that can't take Apple Pay, and I won't carry or use the physical Apple Card because it only offers 1% when I use it. The Apple Card will be my default in Apple Pay, and I'll never use it for anything else.
Cap One allows cash back at any amount. Discover also now shows a map of the purchase location.
I'm curious to see if/how how Apple Card makes a foray into other offers. Most other cards offer promo deals, statement credits for partners and the like. AAPL seems serious about being a service provider - we shall see if they deliver.
It's funny, no one seems to mention that there is (and has been for several years) an Apple Rewards card through Barclays. On that card you earn 3 points for every dollar spent at Apple (doesn't matter if it is an Apple brand product just that the purchase was at Apple, in store or online), 2 points for every dollar spent at restaurants, and 1 point for every dollar spent on all other purchases. Granted these points are only redeemable for Apple Gift Cards or iTunes Gift Card, but for me as I spend a lot for business on Apple products it has added up to be a considerable amount of savings with the Apple Gift Cards. The other nice feature is that from time-to-time they offer 0% financing for up to 18 months, depending on the size of the purchase. This too has come in handy when doing major upgrades of our computers. There is no indication on whether or not the Apple Rewards Card will remain or be replaced by this newer Apple Card.
The Barclays card perks are going away.
I've had the Barclays card for years. It would never let me use it on big purchases, so the AMEX platinum got those transactions.
I received an invite from Apple for this... I'll probably dump the Barclays and get this for future Apple purchases.
Comments
I'm kidding but because it's a ridiculous idea, but I also expect these products to exist. Looking forward to the comparison videos here.
P.S. I like reading your posts but please stop using bold text, it's very annoying and harder to read. Also, I really wish you would start your own bank and charge much lower rates; I would switch to your bank in an instant.
In another vein. Suppose you want to dispute a charge or cancel a charge because a product or service wasn't delivered. If Apple doesn't record who you paid and what you bought how do you do disputes?
One thing I have not yet seen is how to set up Apple Card for payment from your bank. I do not have a debit card to link my checking account to Apple Pay Cash, and that is how you use it with no fee (as opposed to a credit card.) I sort of hoping I can set up a direct bank ACH transfer to that (I see there is already the aplenty to get it to a bank account.) Likely be very clear on signup. I'd like to avoid having to get a debit card to make it work.
I use credit to time shift my money. I charge now and pay for it 25 days later. Interest rates mean nothing to me. I pay the balance every month. Not everyone has this luxury or is able to do this.
i also use credit for bonuses, offers, discounts, zero percent financing and the like. Barclays has been pretty stingey with its Apple offers. I’ve seen only two offers in 4 or 5 years and one is usually the “sign up and get free financing”.
One thing the US credit industry is severely lacking is a reduction in piracy, theft, and fraud. They do not invest in methods to protect consumers because it’s cheaper to pay for fraud than to protect against it.
Apple is going to use its security and unique card transaction IDs created by Apple Pay to protect itself from fraud losses. No extra investment necessary. My guess is that the “number” one sees in one’s a Wallet app to make a purchase is generated on the fly for a given purchase. How that gets to the chip on the card is beyond me. It’s just a guess. I’m also guessing there is no magnetic strip on the card. Apple may reject old technology the same way it always has.
Another thing to note is that Apple may make money on every transaction. It won’t matter if one pays the balance or any interest. They make money from the stores that pay the fees. Ask any merchant about how much money they get from a typical credit card transaction. They get charged more when the card used has higher be benefits to the user.
Apple let may just becoming another piece of the machine that takes advantage of consumers. You can use this machine to your advantage or let it use you.
No no one makes me buy Apple products. No one will make me use their credit card. I will choose to.
The Apple Card (somewhat akin to a store card) will be governed by Mastercard, issued and serviced by Goldman Sachs. My Belk Card is actually a Mastercard with Belk's name on it and can be used anywhere Mastercard is accepted, and I still get 90 days no interest if paid in full. Belk gets a cut from the transactions and maybe other stuff involved when used for Belk merchandise, but the card itself is issued and serviced by a bank (was and may still be from GE) and not Belk. Same with the Apple Card AFAICT.
The biggest limitation of the Barclaycard was rewards could only be redeemed in $25 chunks.
I don't know if any details of special financing promotions have been discussed regarding Apple Card.
This part actually depends on the merchant's agreement with the card processor. Some processors offer the same fee regardless of card brand. Others offer tiered fees (generally, Visa and MasterCard in one tier, AmEx and Discover in one tier, and more unusual brands like Diner's Club in a third). Still others don't even accept Discover or AmEx cards, so the store couldn't take them even if they wanted.
Did you not see the keynote? AppleCard is revolutionary in this sense.
I'm good at forgetting so this will help me a lot!
I checked my transactions at an ATM yesterday and they read like this:
8/5/19 Debit $8.12
8/5/19 Debit $4.89
8/5/19 Debit $14.16
What's worse is I didn't buy anything yesterday. It just decided to clump everything in a day making things more confusing to remember.
Cap One allows cash back at any amount. Discover also now shows a map of the purchase location.
I'm curious to see if/how how Apple Card makes a foray into other offers. Most other cards offer promo deals, statement credits for partners and the like. AAPL seems serious about being a service provider - we shall see if they deliver.