Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
There is none (being serious).
This is only the third credit card I have ever had (the other two are AMEX and Visa). Here are the reasons I chose to sign up:
1) Extremely secure. There is no fixed card number, and if the physical card is used and a card skimmer or waiter steals your card number and pin, a number can be created instantly. So there is no interruption in use of the card.
2) No Tracking. You are not identified by the retailer by name or by card number. They only receive meta-data, they cannot track you (unless you want them to by signing up for some "deal" in which you have control over what information you give them)
3) Having instant info on spending is very handy, and provides for instant recognition if charges are incorrect, thus allowing for immediate corrections.
4) Reasonable interest rate (mine was a high limit with a 12.99% interest rate). Not a big deal of me as I pay off my balance every month.
5) Complete control over payments. I simply set mine up to auto pay from my bank at the end of each month. I don't incur any interest charges and I'm sent notifications well in advance so I can balance my bank statements.
6) Very detailed (and very Apple designed) infographics on spending by category and retailer. Also the info on the retailer is in plain english with business name, address, map, and contact info. Very handy for looking back at what I purchased and from whom.
7) There are no fees, and no late fees, or currency fees.
8) Ties to my Apple Cash account, and of course there is the instant cash back features
9) So far so good, I've made a couple of transactions and set up auto pay. I will evaluate how this works for me (about 65% of all retailers in the US now accept Apple Pay/Card) to see if this is something I want to use long term. But I know from experience that Apple Pay works extremely well and fast at checkout, especially using my Watch, so all of my Apple Pay will be done using this card going forward.
10) Longer term I can see using this card (or something like it) to manage all of my payments (retail purchases, mortgage, other credit card balances (not available now), utilizes etc, etc) from a single source while I am mobile.
1. Nearly all credit cards available today with EMV (chip) are equally as secure (data is encrypted when inserting your chip). Also, many people link their cards to Apple Pay and pay via NFC, which is also equally as secure. The instant number creation is not related to stolen Apple Cards. It is used for making purchases online. If your Apple Card is stolen, you must report it, freeze it, and request a new one.
2. See above. Encrypted meta-data during payment is the norm already.
3. Nearly all credits cards today post your pending purchase in your account immediately, with the charged amount. Immediate corrections are not necessary (credit card payments are not due for a minimum of 30 days after payment. Reversal of fraudulent charges can typically be handled in that time frame).
4. Not a big deal for those who pay off in full each month.
5. Nearly every card today allows for auto pay and has notification settings.
6. Mint.com allows you to see your spending by category/retailer on ALL of your credit cards at one time. This is a significant advantage over the Apple Card because people are interested in their total spend, not just their spend on one individual card. Apple Card will NOT be able to be linked to any budgeting app (Mint, Quicken, etc) - a massive deal breaker.
7. An infinite number of credit cards are available today with no fees.
8. 1-3% cash back today or in 30 days is not significant.
9. Most cards available today can be added to Apple Pay.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
2% cash back on NFC, 3% on all Apple products and services, no annual fee. Why wouldn’t I want to use it for my Apple Pay card?
That doesn’t mean I’ll use it for everything, of course.
The interest rate is quite poor (24% for good credit), but I don’t plan to carry a balance.
At least 3 cards available today offer 2% cash back on NFC AND non-NFC purchases.
Apple products can often be found on Amazon at equal or lower price than Apple.com and paid with Amazon Credit Card for 5% back.
Itunes gift cards can easily be found online for at least 5% off.
I have just one credit card which I use for my business, I get miles which I can use for tickets I don't like the airline and have been thinking of switching recently and then the Apple Card was announced. I am lucky that I have not paid interest on a card for nearly 20 years so the rate is not an issue. The biggest negative for me is Goldman Sachs involvement in this scenario. I will try the Apple Card if they ever send me an invite.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
There is no draw for anyone but gullible suckers- exactly the draw for Government Sachs. I am old enough to remember when anything above 10% was legally considered usury.
I have a card right now that is 0.0% for 18 months and no fee. When the 18 months is over there will be another waiting and so on. If your credit is good you need not pay outrageous interest rates like this. I rarely use credit cards or credit, but keep an account because your score will drop if you do not use credit regularly.
I wonder about the who is exposed on the liability side. Consumer debt is at an all-time high, government debt is at an all-time high, corporate debt is very high, wages are flat and real (as opposed to the doctored "official") cost of living is high and going up quickly. The economic expansion that started in Obama's 1st term after the financial crisis and recession is very long in the tooth and the business cycle will eventually turn to a recession. Giving credit to subprime customers at this point in the business cycle doesn't look like the wisest thing to do.
I'm not the guy running Apple, just a shareholder, but am not sure this whole thing will end as a positive. Ask GE about selling Long Term Care Insurance- it has almost sunk the company. They cannot offload the liability and it and they are selling off profitable businesses to stay afloat.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
2% cash back on NFC, 3% on all Apple products and services, no annual fee. Why wouldn’t I want to use it for my Apple Pay card?
That doesn’t mean I’ll use it for everything, of course.
The interest rate is quite poor (24% for good credit), but I don’t plan to carry a balance.
At least 3 cards available today offer 2% cash back on NFC AND non-NFC purchases.
Apple products can often be found on Amazon at equal or lower price than Apple.com and paid with Amazon Credit Card for 5% back.
Itunes gift cards can easily be found online for at least 5% off.
So what's the advantage?
What are the 2% cashback no fee cards?
I don’t buy my Apple gear from Amazon. Nor does that cover App Store, iTunes, iCloud, etc which are 3%.
So the advantages for me are there. If you’re pretending I’m saying it’s the only card for everybody for all use cases, you’re being silly.
The actual cost to sign up new users is actually close to $0. The on boarding is right there in the Wallet. All it takes is notifying the user it is there
This $350 estimate tells me this analyst does not know WTF he is talking about
I was about to say the same thing.
They don’t have enough information to state how much each acquisition costs. They don’t have enough information to state how much it costs to build an iPhone.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
2% cash back on NFC, 3% on all Apple products and services, no annual fee. Why wouldn’t I want to use it for my Apple Pay and Apple ID/iTunes card?
That doesn’t mean I’ll use it for everything, of course.
The interest rate is quite poor (24% for good credit), but I don’t plan to carry a balance.
The people this card is aimed at won’t have an issue with the rate; they pay off the balance each month.
And I have no doubt other incentives will be added, like a year’s AppleCare for laptop purchases.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
You can’t use the “rate” as a valid reason. That rate range is pretty standard and will depend on the individual score.
Others claim there are lower than 12.99 with other institutions? I agree BUT even though I have a Credit Union cc with 6.99% I rarely use it and for sure don't trust it to be my card on an international trip. It shows the name of the cu on the card but it is managed by some company out of Dallas with no 24/7 CS which is very inconvenient and not reliable.
Integration to Wallet? A lot of people will find appealing that every piece of information about your credit card account is there without a separare account login, app, web.
Another thing some people will find useful is how the app guides you to pay x amount for you not to incur any additional charges. I like to see the Chase, WF, BoA, Cap1 notifying their customers “hey we don't want you to pay us interest so pay x amount” Again I know that people claim they pay everything monthly (doubt it) but the core of customers carries a balance month to month...
Google a few articles on how much debt customers carry on the popular Amex/Delta cards (so it is costing them to earn a few miles 🙄)
or do people think banks will offer credit cards if 100% of their customers pay everything up front
The benefits of Apple Card, including no fees and a competitive interest rate range for comparable cards, leads Nomura to believe "The Apple Card portfolio may generate lower revenues and face higher loss content relative to the industry average."
Nomura believes Apple Card is "highly sensitive" to rising net charge offs, with Goldman Sachs losing money if losses reach around 8%.
I do not understand the terms "loss content" and "net charge offs" - can someone here enlighten me (or possibly update the article)?
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
2% cash back on NFC, 3% on all Apple products and services, no annual fee. Why wouldn’t I want to use it for my Apple Pay card?
That doesn’t mean I’ll use it for everything, of course.
The interest rate is quite poor (24% for good credit), but I don’t plan to carry a balance.
At least 3 cards available today offer 2% cash back on NFC AND non-NFC purchases.
Apple products can often be found on Amazon at equal or lower price than Apple.com and paid with Amazon Credit Card for 5% back.
Itunes gift cards can easily be found online for at least 5% off.
So what's the advantage?
Good that the word use was OFTEN meaning not always and then you have to wait for it to arrive if you order on Amazon etc etc etc
itunes GC at 5% (too expensive when they hit 15-20% thats when I get them...)
other cards available that offer 2% suuuuuure I agree BUT when you earn those 23 dollars of cash back on the Citi Double Cash can you redeem? or are you force to keep earning until 25? Same with Amex Blue
Another point is international traveling:
I like to use dif cards for dif rewards while in the US but I dont care about shuffling cards while on a once in a lifetime destination. For the longest time I want a single card to use while on trips and the citi dc would have been perfect because 2% on everything is better than no rewards at all but I cant use it because all those cash back cards have a 3% fee. So here comes the Apple Card with 2% on Apple Pay with no fees while abroad. Interesting Apple Pay/NFC while abroad is easier you don't get that awkward look from cashiers of “why is this person waving the phone at the terminal” that you still gets in the US like they never heard of nfc payments.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
There is none (being serious).
This is only the third credit card I have ever had (the other two are AMEX and Visa). Here are the reasons I chose to sign up:
1) Extremely secure. There is no fixed card number, and if the physical card is used and a card skimmer or waiter steals your card number and pin, a number can be created instantly. So there is no interruption in use of the card.
2) No Tracking. You are not identified by the retailer by name or by card number. They only receive meta-data, they cannot track you (unless you want them to by signing up for some "deal" in which you have control over what information you give them)
3) Having instant info on spending is very handy, and provides for instant recognition if charges are incorrect, thus allowing for immediate corrections.
4) Reasonable interest rate (mine was a high limit with a 12.99% interest rate). Not a big deal of me as I pay off my balance every month.
5) Complete control over payments. I simply set mine up to auto pay from my bank at the end of each month. I don't incur any interest charges and I'm sent notifications well in advance so I can balance my bank statements.
6) Very detailed (and very Apple designed) infographics on spending by category and retailer. Also the info on the retailer is in plain english with business name, address, map, and contact info. Very handy for looking back at what I purchased and from whom.
7) There are no fees, and no late fees, or currency fees.
8) Ties to my Apple Cash account, and of course there is the instant cash back features
9) So far so good, I've made a couple of transactions and set up auto pay. I will evaluate how this works for me (about 65% of all retailers in the US now accept Apple Pay/Card) to see if this is something I want to use long term. But I know from experience that Apple Pay works extremely well and fast at checkout, especially using my Watch, so all of my Apple Pay will be done using this card going forward.
10) Longer term I can see using this card (or something like it) to manage all of my payments (retail purchases, mortgage, other credit card balances (not available now), utilizes etc, etc) from a single source while I am mobile.
1. Nearly all credit cards available today with EMV (chip) are equally as secure (data is encrypted when inserting your chip). Also, many people link their cards to Apple Pay and pay via NFC, which is also equally as secure. The instant number creation is not related to stolen Apple Cards. It is used for making purchases online. If your Apple Card is stolen, you must report it, freeze it, and request a new one.
2. See above. Encrypted meta-data during payment is the norm already.
3. Nearly all credits cards today post your pending purchase in your account immediately, with the charged amount. Immediate corrections are not necessary (credit card payments are not due for a minimum of 30 days after payment. Reversal of fraudulent charges can typically be handled in that time frame).
4. Not a big deal for those who pay off in full each month.
5. Nearly every card today allows for auto pay and has notification settings.
6. Mint.com allows you to see your spending by category/retailer on ALL of your credit cards at one time. This is a significant advantage over the Apple Card because people are interested in their total spend, not just their spend on one individual card. Apple Card will NOT be able to be linked to any budgeting app (Mint, Quicken, etc) - a massive deal breaker.
7. An infinite number of credit cards are available today with no fees.
8. 1-3% cash back today or in 30 days is not significant.
9. Most cards available today can be added to Apple Pay.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
There is none (being serious).
This is only the third credit card I have ever had (the other two are AMEX and Visa). Here are the reasons I chose to sign up:
1) Extremely secure. There is no fixed card number, and if the physical card is used and a card skimmer or waiter steals your card number and pin, a number can be created instantly. So there is no interruption in use of the card.
2) No Tracking. You are not identified by the retailer by name or by card number. They only receive meta-data, they cannot track you (unless you want them to by signing up for some "deal" in which you have control over what information you give them)
3) Having instant info on spending is very handy, and provides for instant recognition if charges are incorrect, thus allowing for immediate corrections.
4) Reasonable interest rate (mine was a high limit with a 12.99% interest rate). Not a big deal of me as I pay off my balance every month.
5) Complete control over payments. I simply set mine up to auto pay from my bank at the end of each month. I don't incur any interest charges and I'm sent notifications well in advance so I can balance my bank statements.
6) Very detailed (and very Apple designed) infographics on spending by category and retailer. Also the info on the retailer is in plain english with business name, address, map, and contact info. Very handy for looking back at what I purchased and from whom.
7) There are no fees, and no late fees, or currency fees.
8) Ties to my Apple Cash account, and of course there is the instant cash back features
9) So far so good, I've made a couple of transactions and set up auto pay. I will evaluate how this works for me (about 65% of all retailers in the US now accept Apple Pay/Card) to see if this is something I want to use long term. But I know from experience that Apple Pay works extremely well and fast at checkout, especially using my Watch, so all of my Apple Pay will be done using this card going forward.
10) Longer term I can see using this card (or something like it) to manage all of my payments (retail purchases, mortgage, other credit card balances (not available now), utilizes etc, etc) from a single source while I am mobile.
Excellent reply! For me sticking with the southwest card, free flights just pour in.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
2% cash back on NFC, 3% on all Apple products and services, no annual fee. Why wouldn’t I want to use it for my Apple Pay card?
That doesn’t mean I’ll use it for everything, of course.
The interest rate is quite poor (24% for good credit), but I don’t plan to carry a balance.
At least 3 cards available today offer 2% cash back on NFC AND non-NFC purchases.
Apple products can often be found on Amazon at equal or lower price than Apple.com and paid with Amazon Credit Card for 5% back.
Itunes gift cards can easily be found online for at least 5% off.
So what's the advantage?
What are the 2% cashback no fee cards?
I don’t buy my Apple gear from Amazon. Nor does that cover App Store, iTunes, iCloud, etc which are 3%.
So the advantages for me are there. If you’re pretending I’m saying it’s the only card for everybody for all use cases, you’re being silly.
Fidelity 2% cashback card, Citi double cash card, and Paypal cashback card. All of which can be added to Apple Pay for NFC. All of which can be inserted into a chip machine for non NFC purchases.
Why don't you buy from Amazon if you can get 5% back?
As I stated above, iTunes gift cards (which can be used for App Store, iCloud, etc) can frequently be found online (not Amazon) for at least 5% off. For example, Best Buy recently offered a $50 iTunes gift card for $40.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
There is none (being serious).
This is only the third credit card I have ever had (the other two are AMEX and Visa). Here are the reasons I chose to sign up:
1) Extremely secure. There is no fixed card number, and if the physical card is used and a card skimmer or waiter steals your card number and pin, a number can be created instantly. So there is no interruption in use of the card.
2) No Tracking. You are not identified by the retailer by name or by card number. They only receive meta-data, they cannot track you (unless you want them to by signing up for some "deal" in which you have control over what information you give them)
3) Having instant info on spending is very handy, and provides for instant recognition if charges are incorrect, thus allowing for immediate corrections.
4) Reasonable interest rate (mine was a high limit with a 12.99% interest rate). Not a big deal of me as I pay off my balance every month.
5) Complete control over payments. I simply set mine up to auto pay from my bank at the end of each month. I don't incur any interest charges and I'm sent notifications well in advance so I can balance my bank statements.
6) Very detailed (and very Apple designed) infographics on spending by category and retailer. Also the info on the retailer is in plain english with business name, address, map, and contact info. Very handy for looking back at what I purchased and from whom.
7) There are no fees, and no late fees, or currency fees.
8) Ties to my Apple Cash account, and of course there is the instant cash back features
9) So far so good, I've made a couple of transactions and set up auto pay. I will evaluate how this works for me (about 65% of all retailers in the US now accept Apple Pay/Card) to see if this is something I want to use long term. But I know from experience that Apple Pay works extremely well and fast at checkout, especially using my Watch, so all of my Apple Pay will be done using this card going forward.
10) Longer term I can see using this card (or something like it) to manage all of my payments (retail purchases, mortgage, other credit card balances (not available now), utilizes etc, etc) from a single source while I am mobile.
1. Nearly all credit cards available today with EMV (chip) are equally as secure (data is encrypted when inserting your chip). Also, many people link their cards to Apple Pay and pay via NFC, which is also equally as secure. The instant number creation is not related to stolen Apple Cards. It is used for making purchases online. If your Apple Card is stolen, you must report it, freeze it, and request a new one.
2. See above. Encrypted meta-data during payment is the norm already.
3. Nearly all credits cards today post your pending purchase in your account immediately, with the charged amount. Immediate corrections are not necessary (credit card payments are not due for a minimum of 30 days after payment. Reversal of fraudulent charges can typically be handled in that time frame).
4. Not a big deal for those who pay off in full each month.
5. Nearly every card today allows for auto pay and has notification settings.
6. Mint.com allows you to see your spending by category/retailer on ALL of your credit cards at one time. This is a significant advantage over the Apple Card because people are interested in their total spend, not just their spend on one individual card. Apple Card will NOT be able to be linked to any budgeting app (Mint, Quicken, etc) - a massive deal breaker.
7. An infinite number of credit cards are available today with no fees.
8. 1-3% cash back today or in 30 days is not significant.
9. Most cards available today can be added to Apple Pay.
In short, there is no added draw whatsoever.
OMG! Still trolling with the same lies. Pathetic.
If there wasn’t at least one comment that compared lots of other cards with Apple Card then declared Apple had failed, then I’d be worried Apple had missed its target market.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
There is none (being serious).
This is only the third credit card I have ever had (the other two are AMEX and Visa). Here are the reasons I chose to sign up:
1) Extremely secure. There is no fixed card number, and if the physical card is used and a card skimmer or waiter steals your card number and pin, a number can be created instantly. So there is no interruption in use of the card.
2) No Tracking. You are not identified by the retailer by name or by card number. They only receive meta-data, they cannot track you (unless you want them to by signing up for some "deal" in which you have control over what information you give them)
3) Having instant info on spending is very handy, and provides for instant recognition if charges are incorrect, thus allowing for immediate corrections.
4) Reasonable interest rate (mine was a high limit with a 12.99% interest rate). Not a big deal of me as I pay off my balance every month.
5) Complete control over payments. I simply set mine up to auto pay from my bank at the end of each month. I don't incur any interest charges and I'm sent notifications well in advance so I can balance my bank statements.
6) Very detailed (and very Apple designed) infographics on spending by category and retailer. Also the info on the retailer is in plain english with business name, address, map, and contact info. Very handy for looking back at what I purchased and from whom.
7) There are no fees, and no late fees, or currency fees.
8) Ties to my Apple Cash account, and of course there is the instant cash back features
9) So far so good, I've made a couple of transactions and set up auto pay. I will evaluate how this works for me (about 65% of all retailers in the US now accept Apple Pay/Card) to see if this is something I want to use long term. But I know from experience that Apple Pay works extremely well and fast at checkout, especially using my Watch, so all of my Apple Pay will be done using this card going forward.
10) Longer term I can see using this card (or something like it) to manage all of my payments (retail purchases, mortgage, other credit card balances (not available now), utilizes etc, etc) from a single source while I am mobile.
1. Nearly all credit cards available today with EMV (chip) are equally as secure (data is encrypted when inserting your chip). Also, many people link their cards to Apple Pay and pay via NFC, which is also equally as secure. The instant number creation is not related to stolen Apple Cards. It is used for making purchases online. If your Apple Card is stolen, you must report it, freeze it, and request a new one.
2. See above. Encrypted meta-data during payment is the norm already.
3. Nearly all credits cards today post your pending purchase in your account immediately, with the charged amount. Immediate corrections are not necessary (credit card payments are not due for a minimum of 30 days after payment. Reversal of fraudulent charges can typically be handled in that time frame).
4. Not a big deal for those who pay off in full each month.
5. Nearly every card today allows for auto pay and has notification settings.
6. Mint.com allows you to see your spending by category/retailer on ALL of your credit cards at one time. This is a significant advantage over the Apple Card because people are interested in their total spend, not just their spend on one individual card. Apple Card will NOT be able to be linked to any budgeting app (Mint, Quicken, etc) - a massive deal breaker.
7. An infinite number of credit cards are available today with no fees.
8. 1-3% cash back today or in 30 days is not significant.
9. Most cards available today can be added to Apple Pay.
In short, there is no added draw whatsoever.
OMG! Still trolling with the same lies. Pathetic.
Wow it took you this long to spew out your favorite word "troll"? Too bad you didn't respond with any valid or factual counterpoints.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
2% cash back on NFC, 3% on all Apple products and services, no annual fee. Why wouldn’t I want to use it for my Apple Pay card?
That doesn’t mean I’ll use it for everything, of course.
The interest rate is quite poor (24% for good credit), but I don’t plan to carry a balance.
At least 3 cards available today offer 2% cash back on NFC AND non-NFC purchases.
Apple products can often be found on Amazon at equal or lower price than Apple.com and paid with Amazon Credit Card for 5% back.
Itunes gift cards can easily be found online for at least 5% off.
So what's the advantage?
What are the 2% cashback no fee cards?
I don’t buy my Apple gear from Amazon. Nor does that cover App Store, iTunes, iCloud, etc which are 3%.
So the advantages for me are there. If you’re pretending I’m saying it’s the only card for everybody for all use cases, you’re being silly.
It has been reported so many times and you are already aware of it.
Citi Double Cashbacks
Fidelity Visa Signature
Capital One Quick Silver
I am sure you will come back with item that is unique to apple card to make an argument.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
There is none (being serious).
This is only the third credit card I have ever had (the other two are AMEX and Visa). Here are the reasons I chose to sign up:
1) Extremely secure. There is no fixed card number, and if the physical card is used and a card skimmer or waiter steals your card number and pin, a number can be created instantly. So there is no interruption in use of the card.
2) No Tracking. You are not identified by the retailer by name or by card number. They only receive meta-data, they cannot track you (unless you want them to by signing up for some "deal" in which you have control over what information you give them)
3) Having instant info on spending is very handy, and provides for instant recognition if charges are incorrect, thus allowing for immediate corrections.
4) Reasonable interest rate (mine was a high limit with a 12.99% interest rate). Not a big deal of me as I pay off my balance every month.
5) Complete control over payments. I simply set mine up to auto pay from my bank at the end of each month. I don't incur any interest charges and I'm sent notifications well in advance so I can balance my bank statements.
6) Very detailed (and very Apple designed) infographics on spending by category and retailer. Also the info on the retailer is in plain english with business name, address, map, and contact info. Very handy for looking back at what I purchased and from whom.
7) There are no fees, and no late fees, or currency fees.
8) Ties to my Apple Cash account, and of course there is the instant cash back features
9) So far so good, I've made a couple of transactions and set up auto pay. I will evaluate how this works for me (about 65% of all retailers in the US now accept Apple Pay/Card) to see if this is something I want to use long term. But I know from experience that Apple Pay works extremely well and fast at checkout, especially using my Watch, so all of my Apple Pay will be done using this card going forward.
10) Longer term I can see using this card (or something like it) to manage all of my payments (retail purchases, mortgage, other credit card balances (not available now), utilizes etc, etc) from a single source while I am mobile.
1. Nearly all credit cards available today with EMV (chip) are equally as secure (data is encrypted when inserting your chip). Also, many people link their cards to Apple Pay and pay via NFC, which is also equally as secure. The instant number creation is not related to stolen Apple Cards. It is used for making purchases online. If your Apple Card is stolen, you must report it, freeze it, and request a new one.
2. See above. Encrypted meta-data during payment is the norm already.
3. Nearly all credits cards today post your pending purchase in your account immediately, with the charged amount. Immediate corrections are not necessary (credit card payments are not due for a minimum of 30 days after payment. Reversal of fraudulent charges can typically be handled in that time frame).
4. Not a big deal for those who pay off in full each month.
5. Nearly every card today allows for auto pay and has notification settings.
6. Mint.com allows you to see your spending by category/retailer on ALL of your credit cards at one time. This is a significant advantage over the Apple Card because people are interested in their total spend, not just their spend on one individual card. Apple Card will NOT be able to be linked to any budgeting app (Mint, Quicken, etc) - a massive deal breaker.
7. An infinite number of credit cards are available today with no fees.
8. 1-3% cash back today or in 30 days is not significant.
9. Most cards available today can be added to Apple Pay.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
There is none (being serious).
This is only the third credit card I have ever had (the other two are AMEX and Visa). Here are the reasons I chose to sign up:
1) Extremely secure. There is no fixed card number, and if the physical card is used and a card skimmer or waiter steals your card number and pin, a number can be created instantly. So there is no interruption in use of the card.
2) No Tracking. You are not identified by the retailer by name or by card number. They only receive meta-data, they cannot track you (unless you want them to by signing up for some "deal" in which you have control over what information you give them)
3) Having instant info on spending is very handy, and provides for instant recognition if charges are incorrect, thus allowing for immediate corrections.
4) Reasonable interest rate (mine was a high limit with a 12.99% interest rate). Not a big deal of me as I pay off my balance every month.
5) Complete control over payments. I simply set mine up to auto pay from my bank at the end of each month. I don't incur any interest charges and I'm sent notifications well in advance so I can balance my bank statements.
6) Very detailed (and very Apple designed) infographics on spending by category and retailer. Also the info on the retailer is in plain english with business name, address, map, and contact info. Very handy for looking back at what I purchased and from whom.
7) There are no fees, and no late fees, or currency fees.
8) Ties to my Apple Cash account, and of course there is the instant cash back features
9) So far so good, I've made a couple of transactions and set up auto pay. I will evaluate how this works for me (about 65% of all retailers in the US now accept Apple Pay/Card) to see if this is something I want to use long term. But I know from experience that Apple Pay works extremely well and fast at checkout, especially using my Watch, so all of my Apple Pay will be done using this card going forward.
10) Longer term I can see using this card (or something like it) to manage all of my payments (retail purchases, mortgage, other credit card balances (not available now), utilizes etc, etc) from a single source while I am mobile.
1. Nearly all credit cards available today with EMV (chip) are equally as secure (data is encrypted when inserting your chip). Also, many people link their cards to Apple Pay and pay via NFC, which is also equally as secure. The instant number creation is not related to stolen Apple Cards. It is used for making purchases online. If your Apple Card is stolen, you must report it, freeze it, and request a new one.
2. See above. Encrypted meta-data during payment is the norm already.
3. Nearly all credits cards today post your pending purchase in your account immediately, with the charged amount. Immediate corrections are not necessary (credit card payments are not due for a minimum of 30 days after payment. Reversal of fraudulent charges can typically be handled in that time frame).
4. Not a big deal for those who pay off in full each month.
5. Nearly every card today allows for auto pay and has notification settings.
6. Mint.com allows you to see your spending by category/retailer on ALL of your credit cards at one time. This is a significant advantage over the Apple Card because people are interested in their total spend, not just their spend on one individual card. Apple Card will NOT be able to be linked to any budgeting app (Mint, Quicken, etc) - a massive deal breaker.
7. An infinite number of credit cards are available today with no fees.
8. 1-3% cash back today or in 30 days is not significant.
9. Most cards available today can be added to Apple Pay.
In short, there is no added draw whatsoever.
OMG! Still trolling with the same lies. Pathetic.
Which of the 9 points are a lie? Because they all seem correct to me...
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
There is none (being serious).
This is only the third credit card I have ever had (the other two are AMEX and Visa). Here are the reasons I chose to sign up:
1) Extremely secure. There is no fixed card number, and if the physical card is used and a card skimmer or waiter steals your card number and pin, a number can be created instantly. So there is no interruption in use of the card.
2) No Tracking. You are not identified by the retailer by name or by card number. They only receive meta-data, they cannot track you (unless you want them to by signing up for some "deal" in which you have control over what information you give them)
3) Having instant info on spending is very handy, and provides for instant recognition if charges are incorrect, thus allowing for immediate corrections.
4) Reasonable interest rate (mine was a high limit with a 12.99% interest rate). Not a big deal of me as I pay off my balance every month.
5) Complete control over payments. I simply set mine up to auto pay from my bank at the end of each month. I don't incur any interest charges and I'm sent notifications well in advance so I can balance my bank statements.
6) Very detailed (and very Apple designed) infographics on spending by category and retailer. Also the info on the retailer is in plain english with business name, address, map, and contact info. Very handy for looking back at what I purchased and from whom.
7) There are no fees, and no late fees, or currency fees.
8) Ties to my Apple Cash account, and of course there is the instant cash back features
9) So far so good, I've made a couple of transactions and set up auto pay. I will evaluate how this works for me (about 65% of all retailers in the US now accept Apple Pay/Card) to see if this is something I want to use long term. But I know from experience that Apple Pay works extremely well and fast at checkout, especially using my Watch, so all of my Apple Pay will be done using this card going forward.
10) Longer term I can see using this card (or something like it) to manage all of my payments (retail purchases, mortgage, other credit card balances (not available now), utilizes etc, etc) from a single source while I am mobile.
1. Nearly all credit cards available today with EMV (chip) are equally as secure (data is encrypted when inserting your chip). Also, many people link their cards to Apple Pay and pay via NFC, which is also equally as secure. The instant number creation is not related to stolen Apple Cards. It is used for making purchases online. If your Apple Card is stolen, you must report it, freeze it, and request a new one.
2. See above. Encrypted meta-data during payment is the norm already.
3. Nearly all credits cards today post your pending purchase in your account immediately, with the charged amount. Immediate corrections are not necessary (credit card payments are not due for a minimum of 30 days after payment. Reversal of fraudulent charges can typically be handled in that time frame).
4. Not a big deal for those who pay off in full each month.
5. Nearly every card today allows for auto pay and has notification settings.
6. Mint.com allows you to see your spending by category/retailer on ALL of your credit cards at one time. This is a significant advantage over the Apple Card because people are interested in their total spend, not just their spend on one individual card. Apple Card will NOT be able to be linked to any budgeting app (Mint, Quicken, etc) - a massive deal breaker.
7. An infinite number of credit cards are available today with no fees.
8. 1-3% cash back today or in 30 days is not significant.
9. Most cards available today can be added to Apple Pay.
In short, there is no added draw whatsoever.
OMG! Still trolling with the same lies. Pathetic.
Wow it took you this long to spew out your favorite word "troll"? Too bad you didn't respond with any valid or factual counterpoints.
I did that several times but you had no interest in statements for and against various cards, and you kept saying that because you don't find a specific benefit useful that it was irrelevant for everyone.
Not trying to be negative on this, really asking. Why would anyone want this card? The rate is pretty high, the integrations are interesting but don't really add that much value IMO, and I can use Apple Pay with my existing card. What is the draw?
I think the better question is why is anyone carrying a balance on any credit card. People tend to use credit cards to finance their lifestyle, rather than as a convenient replacement for cash.
That said, if you don't personally find a "draw" then don't sign up. Personally I'd rather deal with Apple when I have a problem than any credit card company. I was a platinum Amex member for a long time, and their customer service is horrible. Same with Chase and most of the others.
The rewards are just as good as most other credit cards if you aren't in one of the niche groups like frequent business travelers. Most people aren't and would find the Apple Card offers benefits just as good or better than the average card. The closest competitor is the Amazon Prime Card, which pays 5% (assuming you buy something from Amazon), but with Apple Card you get the cash right away to spend on anything (as opposed to a month later for money that can only be spent at Amazon).
Comments
2. See above. Encrypted meta-data during payment is the norm already.
3. Nearly all credits cards today post your pending purchase in your account immediately, with the charged amount. Immediate corrections are not necessary (credit card payments are not due for a minimum of 30 days after payment. Reversal of fraudulent charges can typically be handled in that time frame).
4. Not a big deal for those who pay off in full each month.
5. Nearly every card today allows for auto pay and has notification settings.
6. Mint.com allows you to see your spending by category/retailer on ALL of your credit cards at one time. This is a significant advantage over the Apple Card because people are interested in their total spend, not just their spend on one individual card. Apple Card will NOT be able to be linked to any budgeting app (Mint, Quicken, etc) - a massive deal breaker.
7. An infinite number of credit cards are available today with no fees.
8. 1-3% cash back today or in 30 days is not significant.
9. Most cards available today can be added to Apple Pay.
In short, there is no added draw whatsoever.
Apple products can often be found on Amazon at equal or lower price than Apple.com and paid with Amazon Credit Card for 5% back.
Itunes gift cards can easily be found online for at least 5% off.
So what's the advantage?
I have a card right now that is 0.0% for 18 months and no fee. When the 18 months is over there will be another waiting and so on. If your credit is good you need not pay outrageous interest rates like this. I rarely use credit cards or credit, but keep an account because your score will drop if you do not use credit regularly.
I wonder about the who is exposed on the liability side. Consumer debt is at an all-time high, government debt is at an all-time high, corporate debt is very high, wages are flat and real (as opposed to the doctored "official") cost of living is high and going up quickly. The economic expansion that started in Obama's 1st term after the financial crisis and recession is very long in the tooth and the business cycle will eventually turn to a recession. Giving credit to subprime customers at this point in the business cycle doesn't look like the wisest thing to do.
I'm not the guy running Apple, just a shareholder, but am not sure this whole thing will end as a positive. Ask GE about selling Long Term Care Insurance- it has almost sunk the company. They cannot offload the liability and it and they are selling off profitable businesses to stay afloat.
I don’t buy my Apple gear from Amazon. Nor does that cover App Store, iTunes, iCloud, etc which are 3%.
So the advantages for me are there. If you’re pretending I’m saying it’s the only card for everybody for all use cases, you’re being silly.
They don’t have enough information to state how much each acquisition costs.
They don’t have enough information to state how much it costs to build an iPhone.
The people this card is aimed at won’t have an issue with the rate; they pay off the balance each month.
And I have no doubt other incentives will be added, like a year’s AppleCare for laptop purchases.
Others claim there are lower than 12.99 with other institutions? I agree BUT even though I have a Credit Union cc with 6.99% I rarely use it and for sure don't trust it to be my card on an international trip. It shows the name of the cu on the card but it is managed by some company out of Dallas with no 24/7 CS which is very inconvenient and not reliable.
Integration to Wallet? A lot of people will find appealing that every piece of information about your credit card account is there without a separare account login, app, web.
Another thing some people will find useful is how the app guides you to pay x amount for you not to incur any additional charges. I like to see the Chase, WF, BoA, Cap1 notifying their customers “hey we don't want you to pay us interest so pay x amount” Again I know that people claim they pay everything monthly (doubt it) but the core of customers carries a balance month to month...
Google a few articles on how much debt customers carry on the popular Amex/Delta cards (so it is costing them to earn a few miles 🙄)
or do people think banks will offer credit cards if 100% of their customers pay everything up front
I do not understand the terms "loss content" and "net charge offs" - can someone here enlighten me (or possibly update the article)?
Thanks.
itunes GC at 5% (too expensive when they hit 15-20% thats when I get them...)
other cards available that offer 2% suuuuuure I agree BUT when you earn those 23 dollars of cash back on the Citi Double Cash can you redeem? or are you force to keep earning until 25? Same with Amex Blue
Another point is international traveling:
I like to use dif cards for dif rewards while in the US but I dont care about shuffling cards while on a once in a lifetime destination. For the longest time I want a single card to use while on trips and the citi dc would have been perfect because 2% on everything is better than no rewards at all but I cant use it because all those cash back cards have a 3% fee. So here comes the Apple Card with 2% on Apple Pay with no fees while abroad. Interesting Apple Pay/NFC while abroad is easier you don't get that awkward look from cashiers of “why is this person waving the phone at the terminal” that you still gets in the US like they never heard of nfc payments.
Why don't you buy from Amazon if you can get 5% back?
As I stated above, iTunes gift cards (which can be used for App Store, iCloud, etc) can frequently be found online (not Amazon) for at least 5% off. For example, Best Buy recently offered a $50 iTunes gift card for $40.
Where are the advantages again?
Citi Double Cashbacks
I am sure you will come back with item that is unique to apple card to make an argument.
That said, if you don't personally find a "draw" then don't sign up. Personally I'd rather deal with Apple when I have a problem than any credit card company. I was a platinum Amex member for a long time, and their customer service is horrible. Same with Chase and most of the others.
The rewards are just as good as most other credit cards if you aren't in one of the niche groups like frequent business travelers. Most people aren't and would find the Apple Card offers benefits just as good or better than the average card. The closest competitor is the Amazon Prime Card, which pays 5% (assuming you buy something from Amazon), but with Apple Card you get the cash right away to spend on anything (as opposed to a month later for money that can only be spent at Amazon).