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
It tells me Goldman Sachs is fabricating a cost investment for this new business venture so they can write down and lower their total taxable assets.
Obviously Sachs has substantial sunk costs plus a hefty kick-back to Apple but the big cost in any such venture ... advertising ... is minimal. So I tend to agree with both of you, this is an accounting maneuver.
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…
The very first point, for starters, but why should I bought when in 2019 you can't understand how a system that uses a secure backend to create a referential and tokenized card number to use with a digital device that is tied to your bank account by your bank, which stores your credentials on a local a secure element, and then uses a required passcode to access the device before allowing a secure biometric to allow you to use the referential, tokenized card is inherently more secure than a physical card that anyone can use simply by having it their possession there there's absolutely nothing I can tell that will make you understand how they are not "equally as secure."
Have you noticed how the arguments against this card are exactly the same as those railed against every single piece of Apple kit ever made?
Here’s the process:
Read the list of Apple advantages.
Run off and find a piece of kit which matches EXACTLY ONE advantage of the Apple kit. Repeat process for every item in the list.
List all the kit that when combined will match or exceed the Apple advantages.
I’m always impressed at the lengths folk will go to create a false equivalence.
Well, I thought there would be no harm in using the landline phone number associated with my address in the USA, so I typed that in and filled out the rest of the application. Ultimately it errored out because I was still using my VPN. I disabled the VPN and then tapped “Next“ and it worked. In the end it asked me for my full Social Security number, which I provided. But it denied my application! It sent me an email to say it denied my application only because Equifax would not provide my credit report for some unknown reason to Goldman Sachs. And that’s the end of it.
What a let down!
Had you frozen your credit?
No. But maybe my reports were all frozen automatically after that Equifax fiasco? I don’t know. I’ve actually never requested my own credit reports before. I tried to get them for free online but it refused saying it couldn’t confirm my identity. So it’s suggesting I try to get them by mail, which I guess I will. Weird. I’ve never been in dead or had bad credit either. In fact I never carry balances on my credit cards at all. I never have.
But let’s say hypothetically that I am able to resolve whatever this “can’t confirm identity“ problem is in conjunction with Equifax and Trans Union etc., am I allowed to apply for Apple Card again or am I banned forever? That’s what I really want to know.
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).
AMEX customer service is actually SPECTACULAR. I never paid the ridiculous fees for the Platinum, but I've had my Gold Business card for >10 years and ANY TIME I have an issue, they are helpful, polite and take care of the issue.
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 don’t understand why people are wild for credit cards in general.
Um. Because not using one at every opportunity and paying the balance in full each month is throwing away money?
I crave most things Apple, but my existing bank credit card pays 2% cash back on all purchases. The Apple Card only pays 2% when using Apple Pay.
The Apple Card pays 3% on purchases made from Apple, but Apple charges me 8.25% sales tax. I buy most of my gear from Apple Authorized Resellers that don't charge me sales tax and often sell for less than Apple.
I’m not saying that people shouldn’t use them I just don’t understand how excited people get about them.
You may have a different definition of "excited" than the rest of us. Wanting to try a credit card is not the same as "getting excited," and I haven't heard of anyone camping out in front of Apple HQ in hopes of getting an early invite.
Then you haven't read any of the other Apple Card threads, because people are definitely "excited" to get one of these "status symbol" cards. It's just another Apple product that some people cannot live without.
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.
I use Citi DoubleCash which give you 2% for any purchase online or with the physical card.
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.
I use Citi DoubleCash which give you 2% for any purchase online or with the physical card.
Citi DoubleCash has a foreign transaction fee “which is 3% of the U.S. dollar amount of each purchase made in a foreign currency.”
I imagine that is one of the fees @StrangeDays means when asking “What are the 2% cashback no fee cards?”.
targeting subprime accounts is smart too - more likely to carry a balance that will be affected by interest rtes = profit It is like the Goldman of the Great Recession/Sub-prime mortgage crisis....
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
nothing has a $0 or $0 cost of acquisition - you're not counting the cost of the engineers behind the making it easy to apply through wallet, the cost of the people monitoring the early invitations to ensure a smooth user experience and the cost associated to ensuring everything remains secure in the data exchange - while I would say the cost might be less than a traditional credit card, it's far from $0
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
The $350 is most likely based on a per customer average estimate of the money they've spent getting the initiative going. From the article: ...
Yeh, very true.... Goldman is trying to break into the retail banking segment and this is, for the most part, their first step -- which requires an upfront investment in infrastructure.
As for the so called upcoming recession affecting their returns: That's not a recession. It's uncertainty caused by Trump and his little brother Boris pouring uncertainty into the markets -- so corporations are retreating into the safety of treasuries which drives their price up and their yield down. Aside from the fact each of the two crazies will have to back off if they want to keep their jobs, the most likely impact will be the Fed lowering rates to fund the craziness -- which only helps banks since they pay a low interest rate to borrow but then loan it out at 17+%.
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…
The very first point, for starters, but why should I bought when in 2019 you can't understand how a system that uses a secure backend to create a referential and tokenized card number to use with a digital device that is tied to your bank account by your bank, which stores your credentials on a local a secure element, and then uses a required passcode to access the device before allowing a secure biometric to allow you to use the referential, tokenized card is inherently more secure than a physical card that anyone can use simply by having it their possession there there's absolutely nothing I can tell that will make you understand how they are not "equally as secure."
Have you noticed how the arguments against this card are exactly the same as those railed against every single piece of Apple kit ever made?
Here’s the process:
Read the list of Apple advantages.
Run off and find a piece of kit which matches EXACTLY ONE advantage of the Apple kit. Repeat process for every item in the list.
List all the kit that when combined will match or exceed the Apple advantages.
I’m always impressed at the lengths folk will go to create a false equivalence.
No, not for me. I was planning on not only getting one but making it my main card -- till I found out that it does not support Quicken transaction downloads. For me, that's a requirement.
I may still get one and use it for iTunes where the number of transactions are limited so I can enter and reconcile everything manually without too much excess work. Actually, for me, the biggest appeal was that Apple may be opening the door to future fintech products so I wanted to get involved mostly to stay on top of things.
One more question for those of you who already have the Apple Card ...
If you go into the iOS Settings and change the Language & Region to something other than the USA, and then if you open Wallet do you still see your Apple card there?
This is a very important question because Apple claims you can use Apple Card when traveling outside the United States.
FWIW: To "apply" for Apple Pay, my iOS setting had to be Italy, then adding card to Wallet, after that I could change my L&R back to Dutch and the card was still in the Wallet (use it every day). My Dutch bank doesn't have Apple Pay in The Netherlands, but has in Italy. So only during adding my card to my Wallet, L&R had to be Italy. Thinking this "check" is the same for Apple Card.
Well, I thought there would be no harm in using the landline phone number associated with my address in the USA, so I typed that in and filled out the rest of the application. Ultimately it errored out because I was still using my VPN. I disabled the VPN and then tapped “Next“ and it worked. In the end it asked me for my full Social Security number, which I provided. But it denied my application! It sent me an email to say it denied my application only because Equifax would not provide my credit report for some unknown reason to Goldman Sachs. And that’s the end of it.
What a let down!
Had you frozen your credit?
No. But maybe my reports were all frozen automatically after that Equifax fiasco? I don’t know. I’ve actually never requested my own credit reports before. I tried to get them for free online but it refused saying it couldn’t confirm my identity. So it’s suggesting I try to get them by mail, which I guess I will. Weird. I’ve never been in dead or had bad credit either. In fact I never carry balances on my credit cards at all. I never have.
But let’s say hypothetically that I am able to resolve whatever this “can’t confirm identity“ problem is in conjunction with Equifax and Trans Union etc., am I allowed to apply for Apple Card again or am I banned forever? That’s what I really want to know.
I would pursue that aggressively. It sounds too close to one of the ways people mess with you when they steal your ID -- but changing things like your address (because they don't want you seeing the bills they are racking up). It's likely just a clerical error somewhere -- but, best to check it out and get it resolved.
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.
Please show me a single card that combines all of these features
Since most of the features are more or less industry standards at this point, pretty much every card has them. The only feature that is really somewhat unique to the Apple Card is the no late fees; I haven’t read the fine print to find out what all is associated with that (i.e. do they raise your interest rate, start charging interest as soon as charges are incurred if you are late, etc?) I have all of my cards set up to automatically withdraw the minimum payment each month so if I forget, I’m covered. I can’t remember the last time I payed a fee.
As others have mentioned, the security features of the card are duplicated with pretty much any chip card, and with any card that goes through Apple Pay. All of my cards have customizable settings to give text and/or email notifications about things like large purchases, purchases for which the card wasn’t present (online,) payment due dates, etc. When I make a large purchase with my discover card, I get the text notification before I have a chance to sign the receipt/screen.
Likewise, every single card I have has a ‘spending analysis’ feature, but that’s really worthless if you have more than one card. You need to be able to look at your spending as a whole across all your accounts. The Apple Card actually makes it impossible to do that since it doesn’t support any form of online access.
I don’t think anyone is arguing that the Apple Card is a bad card, it’s just that for the majority of people it’s not significantly better than a lot of other cards and it’s puzzling to see people touting features as ‘special’ when they are so common that they are practically universal.
I love Apple stuff ... have since the Apple II in high school. Probably have bought $250K in Apple products (had a business and used Apple stuff for it). I have 2 MacBo
Whatever.
Could someone explain to me why they think listing their Apple kit adds legitimacy to their argument?
I’ve been eating cheesecake since I was a kid, but I don’t think that makes me an expert on credit card marketing.
Weird.
It’s obviously in response to the people who respond to any posts that are in any way critical of Apple with some form or variation of “clearly you’re just a Fandroid troll.
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.
Quick Silver - 1.5% cash back. Citi Double - 1% at purchase, 1% later when paid. Fidelity Visa - uses points. Rate is higher for unpaid balance than AC
None of cards also come with 3% on anything Apple (hardware, software, apps, services, cloud, rentals, music, etc), using them instead of AC for these use cases is losing money, and at best they’re no better for NFC uses, which is my primary use case.
And as other have mentioned, currency conversion rates are higher.
Just get over the butthurt — no one card is perfect for everyone or every use case. For many of us, the AC is a good choice for our use cases.
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.
Quick Silver - 1.5% cash back. Citi Double - 1% at purchase, 1% later when paid. Fidelity Visa - uses points. Rate is higher for unpaid balance than AC
None of cards also come with 3% on anything Apple (hardware, software, apps, services, cloud, rentals, music, etc), using them instead of AC for these use cases is losing money, and at best they’re no better for NFC uses, which is my primary use case.
And as other have mentioned, currency conversion rates are higher.
Just get over the butthurt — no one card is perfect for everyone or every use case. For many of us, the AC is a good choice for our use cases.
No one here is butthurt besides you. Time and time again people, especially a select few here, have touted the AC as some type of game-changer with revolutionary features, when that simply could not be further from the truth. With each supposed revolutionary feature of the AC, many have provided other examples of cards that exceed the value of the those features. And when it is pointed out, the insecure defensiveness from the AC apologists immediately come out full force and refuse to accept that having the AC does not provide any added benefit that other card(s) already provide today.
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 isn't "a rate" It's right in line with the industry range, not "high." Your mileage may vary, but the value is classically Apple; it's the ecosystem. People don't get it when they talk about a specific feature another card has. Apple isn't trying to compete with everyone of those. It's like when people point out that some phone manufacturer has more lenses , or charges faster, than the iPhone. Apple shoots for the best overall experience with a phone.
The card offers unparalleled privacy and security that you won't get from any other card, but Apple moves on from there to offer simplicity and an integrated experience from a super easy sign up with transparent, easy to read disclosures, no fees, etc., to autofill of a great app to show you your purchases, to easy and flexible payoffs, instant and simple rebates, instead of the headache of tracking and cashing/using other rebates (it's an untold scandal that the industry makes huge profits from people not using their rebates), etc. And, of course, the coolest physical card in the industry
That's the play, a package no one can compete with, but if you are chasing a particular "feature," e.g., airline miles, you may prefer another card.
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.
Please show me a single card that combines all of these features
... As others have mentioned, the security features of the card are duplicated with pretty much any chip card, and with any card that goes through Apple Pay. All of my cards have customizable settings to give text and/or email notifications about things like large purchases, purchases for which the card wasn’t present (online,) payment due dates, etc. When I make a large purchase with my discover card, I get the text notification before I have a chance to sign the receipt/screen.
...
Are you sure about that? My understanding is that whether it goes through ApplePay or not, the Applecard never actually gives out your credit card number. Instead it is only a tokenized number that the vendor sees. Conversely, chip cards and mag stripes both give out your actual card number -- plus a lot more.
It is for that reason that my main credit card company advised my to use Apple Pay in preference to using their chip card directly because, they said, it was safer.
Also, in terms of notififications and alerts: I have all my cards set to alert me to any charge above $1.00. My cards have been hacked twice -- and both times I caught them with the alert when I saw a charge I hadn't made. But, both were for less than $30 -- one at an online store and the other at a gas station. I think that is because most people, if they even reconcile their cards only look at the charges once a month on the statement and, a smallish charge, particularly for gas, will just get passed on -- so the criminal can keep using your card.
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.
LOL. You've been reading some fake news. The rate is about half that for good credit. You're quoting the maximum rate for people with the weakest credit.
Comments
Here’s the process:
I’m always impressed at the lengths folk will go to create a false equivalence.
But let’s say hypothetically that I am able to resolve whatever this “can’t confirm identity“ problem is in conjunction with Equifax and Trans Union etc., am I allowed to apply for Apple Card again or am I banned forever? That’s what I really want to know.
I imagine that is one of the fees @StrangeDays means when asking “What are the 2% cashback no fee cards?”.
Let us see in 10 weeks. Here is the competition:
https://www.valuepenguin.com/largest-credit-card-issuers#active-accounts
targeting subprime accounts is smart too - more likely to carry a balance that will be affected by interest rtes = profit
It is like the Goldman of the Great Recession/Sub-prime mortgage crisis....
As for the so called upcoming recession affecting their returns: That's not a recession. It's uncertainty caused by Trump and his little brother Boris pouring uncertainty into the markets -- so corporations are retreating into the safety of treasuries which drives their price up and their yield down. Aside from the fact each of the two crazies will have to back off if they want to keep their jobs, the most likely impact will be the Fed lowering rates to fund the craziness -- which only helps banks since they pay a low interest rate to borrow but then loan it out at 17+%.
I may still get one and use it for iTunes where the number of transactions are limited so I can enter and reconcile everything manually without too much excess work.
Actually, for me, the biggest appeal was that Apple may be opening the door to future fintech products so I wanted to get involved mostly to stay on top of things.
Thinking this "check" is the same for Apple Card.
As others have mentioned, the security features of the card are duplicated with pretty much any chip card, and with any card that goes through Apple Pay. All of my cards have customizable settings to give text and/or email notifications about things like large purchases, purchases for which the card wasn’t present (online,) payment due dates, etc. When I make a large purchase with my discover card, I get the text notification before I have a chance to sign the receipt/screen.
Likewise, every single card I have has a ‘spending analysis’ feature, but that’s really worthless if you have more than one card. You need to be able to look at your spending as a whole across all your accounts. The Apple Card actually makes it impossible to do that since it doesn’t support any form of online access.
I don’t think anyone is arguing that the Apple Card is a bad card, it’s just that for the majority of people it’s not significantly better than a lot of other cards and it’s puzzling to see people touting features as ‘special’ when they are so common that they are practically universal.
Citi Double - 1% at purchase, 1% later when paid.
Fidelity Visa - uses points. Rate is higher for unpaid balance than AC
None of cards also come with 3% on anything Apple (hardware, software, apps, services, cloud, rentals, music, etc), using them instead of AC for these use cases is losing money, and at best they’re no better for NFC uses, which is my primary use case.
And as other have mentioned, currency conversion rates are higher.
Just get over the butthurt — no one card is perfect for everyone or every use case. For many of us, the AC is a good choice for our use cases.
The card offers unparalleled privacy and security that you won't get from any other card, but Apple moves on from there to offer simplicity and an integrated experience from a super easy sign up with transparent, easy to read disclosures, no fees, etc., to autofill of a great app to show you your purchases, to easy and flexible payoffs, instant and simple rebates, instead of the headache of tracking and cashing/using other rebates (it's an untold scandal that the industry makes huge profits from people not using their rebates), etc. And, of course, the coolest physical card in the industry
That's the play, a package no one can compete with, but if you are chasing a particular "feature," e.g., airline miles, you may prefer another card.
My understanding is that whether it goes through ApplePay or not, the Applecard never actually gives out your credit card number. Instead it is only a tokenized number that the vendor sees. Conversely, chip cards and mag stripes both give out your actual card number -- plus a lot more.
It is for that reason that my main credit card company advised my to use Apple Pay in preference to using their chip card directly because, they said, it was safer.
Also, in terms of notififications and alerts: I have all my cards set to alert me to any charge above $1.00. My cards have been hacked twice -- and both times I caught them with the alert when I saw a charge I hadn't made. But, both were for less than $30 -- one at an online store and the other at a gas station. I think that is because most people, if they even reconcile their cards only look at the charges once a month on the statement and, a smallish charge, particularly for gas, will just get passed on -- so the criminal can keep using your card.
LOL. You've been reading some fake news. The rate is about half that for good credit. You're quoting the maximum rate for people with the weakest credit.