LOL!!! Too many cardholders paying off their balances every month (you get alerts to pay in your wallet). 2% discount on ApplePay. 3% for using ApplePay on Apple products.
Apple Card doesn’t charge users any fees other than interest. Whereas other card companies nickel and dime with things like late fees and foreign transaction fees, Apple Card does not. Add to that $350 per customer acquisition cost mentioned in the article.
Don't cry for Goldman Sachs, America. From their 2022 yearly report, and I quote: "Net revenues were $47.4 billion, net earnings were $11.3 billion and diluted earnings per common share were $30.06." Contrastingly, Apple in 2022 reported net revenues of $94.84 billion. net earnings of $24.16 billion, but diluted earnings of only $1.52 per common share. Of course there are far more shares outstanding at Apple.
I do not understand the role of Goldman Sachs as the bank for Apple Card. Apple Card is a credit card the transactions is handled by MasterCard. So what is the role of Goldman Sachs?
Let me walk you through this.
Do you have any credit or debit card? Of course you do.
Do you see Mastercard or Visa on those card? Of course you do.
Do you also see a bank on there? Of course you do.
Well there you go. It is the financial institutions that issue and distribute credit and debit cards. It's the job of MC and Visa to be the payment networks to facilitate the processing of payments between your bank and the merchant.
Yes. I went through careful thinking on this credit card. I may still live in the old ages. In the old ages, there is a credit card company and a bank. The card company is responsible for the transactions. The bank will pay the merchants. Maybe twenty years ago, the credit card find a new business model to promote credit card uses. They sign up merchants. The customer will get discounts or cash back by using a credit card associated with a particular merchant by making purchases with the merchant. This new business model caused an explosion of credit card issuing. Some people get tens of different credit cards.
Amazon Prime card is like annual enrollment fee tie with it.. Like AMEX gold card. Annual fee cause higher benefit. Same to Costco executive visa card return 4% for Costco purchase but regular Costco card only return 2% for Costco purchase. Normally all free card has some what limit return and/or revolving items to higher % return.
Apple card is free fee and return any item without limit to return 2% as long as you use apple pay. GS and Apple has contract until 2029 I think I read some where.
Apple and Amex talking about to take over.. So far all 3 parties not confirm this yet.. We will see.. GS and AMEX must provide bank service due to subprime problem before. AMEX now provide checking as well.. I am thinking about ditch local bank to AMEX saving, CD, checking.
Apple will not draw back from Apple card this point. They need finical service to sell iPhone and iWatch.
I had expected it would be, but I declined their card offer. The terms weren't good compared to other cards in my wallet.
The APR is high, but as I'm one of those deadbeats who pays the card off each and every month that doesn't matter. Besides, doesn't make sense to get cash back and then hand it right back in interest fees.
I agree, and I don't. Instead I collect reward points from two existing cards, one of which still under 13% (barely LOL) and which I may carry a balance for up to three months on a purchase a couple times a year, depending on the size of it. The other is paid off every month. In the past year I'd estimate I've received over $1500 converted to gift cards from just one of them, and always for Home Depot which gives me 1:1 points. Many partners don't, Amazon being one of them I'd never trade points for product with.
If you're a heavy and regular purchaser of Apple products, I can understand that AppleCard might be advantageous, as long as you're paying off the balance each month. I'm not saying it's a bad card, it's not as long as you get a proper offer re:interest rate and limit. It's that there are much better cards with better benefits for the way I use them.
Another ‘deadbeat freeloader’ here. Over 50 years old and I’ve never carried a balance on any card I’ve owned.
Except i don’t consider myself either. A credit card is an unsecured loan with an associated contract. I abide by the terms of the contract. If the bank isn’t happy then they shouldn’t have made the offer.
The same can be said for G-S. I have an Apple Card, albeit reluctantly so and primarily for Apple purchases. The cash back and automatic savings programs are nice but as others have pointed out, the lack of a web site or Quicken compatibility make managing the card more tedious than other cards.
Rewards on other cards may end up being better in some circumstances (e.g. I have a delta AmEx card) but overall I like the simplicity of not dealing with points and gift cards.
Rewards on other cards may end up being better in some circumstances (e.g. I have a delta AmEx card) but overall I like the simplicity of not dealing with points and gift cards.
I have an Amex Platinum card. That costs $695/year, but it has historically paid for itself because of how I utilize the card: $200/year for hotel credit, $200/y for airlines, $240/year streaming services, $200/year Uber, plus points, access to airport lounges, free upgrades, and many other features. Some of those rebates like with the airline and streaming services aren't 1:1 but you learn the requirements and monthly limits to make it work (e.g.: airline isn't for the flight but anything else you would pay for, like a seat upgrade, and steaming services are $20/month.
Additionally, I was getting the card free from a financial institution providing I kept a certain amount of cash in an account. That changed this year when the fed kept raising interest rates which meant that I could put those funds into a high yield account, which instead of saving me $695/y is netting me about $1000/y after my financial institutions takes out $55/month for having the Amex card without the minimum amount of funds in the account to keep it free.
It would still work out for me if I had to pay for the card outright ($695/year), but not enough that I would've ever signed up if there wasn't that deal from my bank. I am considering letting the card go but I have been traveling a lot this year and the Delta and Amex airport lounges have been a very nice perk.
I am a proud deadbeat + freeloader. Not only do I pay my balance off every month and pay 0 interest to the blood-suckers, I get about $1k / year in cash back from all my purchases.
Us too. But get an Amazon Prime card. We get 5 times that (although in Amazon credits, all of which get spent).
Good for you, great idea; my wife does the same. What was life like pre-Amazon? I can barely remember.
I can remember! Going out to real bookstores and holding paper in your hands, reading words printed in ink on them. Smelling that distinct aroma. Browsing the magazines, including the ones you have no intention of buying. Sitting in the store café and talking about books with attractive strangers…
Going to Ace and Home Depot and spending an extra half hour looking at the power tools you don't need but really want. Eating lunch with your bestie in the Walnut Room at the Marshall Field store in Chicago, and picking up a box of Frango Mints you didn't plan on. Actually trying on shoes and clothes before buying and having to return them when they turn out to be low quality or just don't fit.
And of course, the Mecca of Meccas: the Apple Store, not just for shopping, but the experience of being around like minds, and comparing notes on your Apple misadventures. Take a look at the Chicago Flagship store on Michigan Ave. sometime.
But then, I'm so old there was no such thing as the Internet when I was born!
Us too. But get an Amazon Prime card. We get 5 times that (although in Amazon credits, all of which get spent).
If at all possible I refuse to do business with Amazon. Deceptive business practices. Screws suppliers. False advertising. Rips off successful products with "Amazon Basics" and then ranks their products higher in search. Refuses to crack down on fake reviews. Refuses to crack down on "me too" Chinese ripoffs. Refuses to pay adequate wages to workers...
The list goes on and on.
And since more and more web sites now take Apple Pay, it's much, much easier to do business with the people who actually make the products without going through the hassle of setting up new accounts Nor do I need to worry about sharing card details with yet another company who may have questionable security practices.
I can’t ‘like’ these two comments enough. I’ve ordered something off of Amazon twice in the last 5 years because it was something I couldn’t get anywhere else and I couldn’t find an equivalent substitute. It takes a bit of work but just add “-site:Amazon.com” to your web search and all sorts of options pop up.
From putting monopolistic tactics that put smaller companies out of business to abusive employment practices, they’re a company that no one should support.
Beyond that, they’ve essentially become a site for fencing cheap Chinese fakes and other crap. Yet another reason to stay away.
I am a proud deadbeat + freeloader. Not only do I pay my balance off every month and pay 0 interest to the blood-suckers, I get about $1k / year in cash back from all my purchases.
Us too. But get an Amazon Prime card. We get 5 times that (although in Amazon credits, all of which get spent).
Good for you, great idea; my wife does the same. What was life like pre-Amazon? I can barely remember.
I can remember! Going out to real bookstores and holding paper in your hands, reading words printed in ink on them. Smelling that distinct aroma. Browsing the magazines, including the ones you have no intention of buying. Sitting in the store café and talking about books with attractive strangers…
Going to Ace and Home Depot and spending an extra half hour looking at the power tools you don't need but really want. Eating lunch with your bestie in the Walnut Room at the Marshall Field store in Chicago, and picking up a box of Frango Mints you didn't plan on. Actually trying on shoes and clothes before buying and having to return them when they turn out to be low quality or just don't fit.
And of course, the Mecca of Meccas: the Apple Store, not just for shopping, but the experience of being around like minds, and comparing notes on your Apple misadventures. Take a look at the Chicago Flagship store on Michigan Ave. sometime.
But then, I'm so old there was no such thing as the Internet when I was born!
Us too. But get an Amazon Prime card. We get 5 times that (although in Amazon credits, all of which get spent).
If at all possible I refuse to do business with Amazon. Deceptive business practices. Screws suppliers. False advertising. Rips off successful products with "Amazon Basics" and then ranks their products higher in search. Refuses to crack down on fake reviews. Refuses to crack down on "me too" Chinese ripoffs. Refuses to pay adequate wages to workers...
The list goes on and on.
And since more and more web sites now take Apple Pay, it's much, much easier to do business with the people who actually make the products without going through the hassle of setting up new accounts Nor do I need to worry about sharing card details with yet another company who may have questionable security practices.
I can’t ‘like’ these two comments enough. I’ve ordered something off of Amazon twice in the last 5 years because it was something I couldn’t get anywhere else and I couldn’t find an equivalent substitute. It takes a bit of work but just add “-site:Amazon.com” to your web search and all sorts of options pop up.
From putting monopolistic tactics that put smaller companies out of business to abusive employment practices, they’re a company that no one should support.
Beyond that, they’ve essentially become a site for fencing cheap Chinese fakes and other crap. Yet another reason to stay away.
Commendable. I wish I could bring my Amazon usage to just once every 2.5 years.
Goldman Sachs also badly managed the card. They made it impossible to use financial management apps like Quicken, let alone Quickbooks, or even to view activity on the web. Big spenders need those abilities. And Goldman hasn’t taken much advantage of the benefits of being iPhone-centric. How about free Apple products, or at least swag for good customers? Free AirTag holders, which cost next to nothing. It comes off as amateur hour, with a pretty interface.
Most people don’t want to hassle with managing a card with a proprietary, annoying, interface.
GS had no say in integration with Quicken for Mac. Apple did not allow it in order to protect the privacy component of each individual card transaction.
Goldman Sachs also badly managed the card. They made it impossible to use financial management apps like Quicken, let alone Quickbooks, or even to view activity on the web.
It's not impossible to interface with Quicken. It is a PITA, but it's possible. Export is available from Statements (open the Apple Card in Wallet, tap the "Card Balance", scroll down to Statements, tap into the one you want, and at the bottom is an option to Export Transactions), then import them into Quicken. I use OneDrive as the intermediate step between my iPhone any my PC. You might be able to do it more directly with a Mac.
It's certainly not automatic, and it can only be done (as far as I've seen) from the statements, so you can't keep Quicken updated real time, but you can at least keep track of trends.
But get an Amazon Prime card. We get 5 times that (although in Amazon credits, all of which get spent).
You actually don't have to spend those points at Amazon. In fact it's better if you don't, because you'll get the 5% back on all Amazon purchases; you wouldn't on items you buy with points. If you go through your account page at Chase's website, there are several options, the simplest and probably the best being cash back. You can redeem points for a statement credit or have the cash transferred to your bank account (which, if you pay your bill online, is already linked).
I don't know Jack about this area but why can't Apple fund its own card? Why do they need anyone to help them with this? Just make that a new part of the biz and forget these banks who are giant losers. They just don't care the same way Apple does...
I agree. Like how Apple started its own music label business: iTunes. Why not? The goal is to sell Apple products, not making money off credit card fees. I think Apple is using GS to test the water.
Apple started its own music label? That's news to me. I thought they were simply a retail outlet and weren't signing musicians.
This sounds like Apple is creating direct deals with musicians:
Comments
Same to Costco executive visa card return 4% for Costco purchase but regular Costco card only return 2% for Costco purchase.
Normally all free card has some what limit return and/or revolving items to higher % return.
Apple card is free fee and return any item without limit to return 2% as long as you use apple pay.
GS and Apple has contract until 2029 I think I read some where.
Apple and Amex talking about to take over.. So far all 3 parties not confirm this yet.. We will see..
GS and AMEX must provide bank service due to subprime problem before.
AMEX now provide checking as well.. I am thinking about ditch local bank to AMEX saving, CD, checking.
Apple will not draw back from Apple card this point. They need finical service to sell iPhone and iWatch.
If you're a heavy and regular purchaser of Apple products, I can understand that AppleCard might be advantageous, as long as you're paying off the balance each month. I'm not saying it's a bad card, it's not as long as you get a proper offer re:interest rate and limit. It's that there are much better cards with better benefits for the way I use them.
https://www.rollingstone.com/politics/politics-news/the-great-american-bubble-machine-195229/
Additionally, I was getting the card free from a financial institution providing I kept a certain amount of cash in an account. That changed this year when the fed kept raising interest rates which meant that I could put those funds into a high yield account, which instead of saving me $695/y is netting me about $1000/y after my financial institutions takes out $55/month for having the Amex card without the minimum amount of funds in the account to keep it free.
It would still work out for me if I had to pay for the card outright ($695/year), but not enough that I would've ever signed up if there wasn't that deal from my bank. I am considering letting the card go but I have been traveling a lot this year and the Delta and Amex airport lounges have been a very nice perk.
https://artists.apple.com/support/3863-new-apple-music-for-artists