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Apple Card - Their new credit card/app (1 Viewer)

LAUNCH

LAUNCH

Footballguy
https://www.forbes.com/sites/camilomaldonado/2019/03/25/apple-just-released-new-details-about-the-apple-card-with-goldman-sachs/#58d301b6644b

Pic of card

https://www.gannett-cdn.com/presto/2019/03/25/USAT/df03786e-a2fe-4d9b-be80-231fd7644317-Screen_Shot_2019-03-25_at_1.39.26_PM.jpg?width=540&height=&fit=bounds&auto=webp

Apple's new credit card will have Goldman Sachs as their banking partner, and will be known as the Apple Card. The Apple Card is designed for the iPhone and it integrates directly with the hardware and software on the phone for seamless functionality. In fact, they've revolutionized some processes which we all take for granted. You sign up for the card directly on your phone and if approved, you'll be able to start using it within minutes. Say goodbye to the customary two-week waiting period. (If you aren't sure if you need a credit card, here's my take.)

The Apple Card will live in your Apple Wallet and will be accepted wherever Apple Pay is accepted. This means that it will work with all of your existing digital payments for things such as Lyft, Apple subscriptions, and other online purchases. However, Apple Card customers will also receive a titanium laser etched card to be used at physical merchants. Apple selected Mastercard as their payment network which means the titanium version of the card will be accepted virtually everywhere.

Arguably, the Apple Card's best features are related to their fees, or lack thereof. The Apple Card will have no late fees, no annual fees, no international fees, or over-limit fees. Said simply, Apple is not entering the credit card business to make money off of the fees. They will also eliminate penalty interest rates and strive to offer the lowest interest rates in the industry, although they left out specific details about the interest rates themselves. Consumers who feared that Apple would charge exorbitant fees on their new product will be delighted. The company will also allow consumers to schedule more frequent payments in order to avoid interest rate payments.

When it comes to rewards, Apple has aimed to make their rewards program easy to understand and navigate. It revolves around the Apple Cash Card, into which your cash back will automatically be added. The Apple Card earns 2% cash back on all ApplePay transactions, 1% cash back on all transactions if you use the physical Apple Card, and 3% cash back on all purchases made at Apple. Daily Cash is the name of the Apple Card rewards program and cash back will get paid directly to your Apple Cash card on a daily basis. You can spend it wherever you use Apple Pay, send money to friends via iMessage, or pay down your Apple Card balance.

Seems like it could be a nice alternative card.

 
How does a technology company like Apple come out with their own branded card and not have contactless payment for the physical card?

 
Link

by Barri Segal at creditcards.com:

Apple’s new credit card will reward fans of the company’s products and offer money management tools, the company announced today.

The tech giant said at a March 25 event the Apple Card – which will be available in the summer – will offer 3 percent cash back on Apple purchases and 2 percent on purchases made with Apple’s mobile wallet, Apple Pay. Users will earn 1 percent cash back on purchases made with the physical card.

When you earn cash back on the Apple Card, it’s added to your account on the same day, rather than after the current billing cycle ends. And the cash back can be sent to a virtual “debit” card, where it can be used for anything – including sending money to friends without getting charged a fee.

The card will also feature budgeting and debt management tools in the Wallet app.

News of Apple and Goldman Sachs’ credit card collaboration first broke in May 2018, but there were few details at that time about how the card would be structured.

The nitty gritty

An iPhone-first credit card, potential cardholders will sign up for the Apple Card on their phones in the Wallet app – they don’t even have to download a new app. Cardholders will also receive a physical card made of titanium.

The card will not come with any fees – no annual, late or foreign transaction fees – and no penalty APR. The regular APR will range from 13.24 percent to 24.24 percent – and Apple will encourage cardholders to pay in full (or as much as possible) by showing the cost of interest in clear dollar terms.

As a commitment to privacy, Apple said it won’t be able to see your transaction history, and Goldman Sachs won’t share or sell your info.

The new card issue will not affect the existing Barclaycard Visa with Apple Rewards.

See related:  Guide to mobile wallets: Samsung Pay, Apple Pay, Google Pay

An expert’s opinion

Ted Rossman, industry analyst at CreditCards.com, is underwhelmed by the details of the new card.

“This card will get a lot of headlines, but its bark is greater than its bite. People will sign up for it, but that will be mostly because they love Apple, not because this card is better than anything that already exists,” Rossman said.

Rossman noted the Citi Double Cash Card offers 2 percent cash back on all purchases (not just Apple Pay) – 1 percent when you spend, and another 1 percent when you pay.

And if you want to maximize Apple Pay, the U.S. Bank Altitude Reserve Visa Infinite Card gives 3 points per dollar on mobile wallet spending (worth 3 percent cash back or 4.5 percent off travel).

“That’s really interesting: U.S. Bank offers better Apple Pay rewards than Apple,” Rossman said.

But Rossman said Apple may be offering more cash back for Apple Pay to boost usage (according to research from Crone, PayPal and Venmo have 267 million users, while Apple Pay has 32 million).

Plus, as a merchant, Apple will save on interchange fees when card users buy something from Apple.

As a service provider, it will get a cut of Apple Card transactions elsewhere, plus the potential to earn interest from cardholders who carry balances.

But as a cardholder, you need to be an iPhone user to maximize your benefits, Rossman said.

By contrast, you don’t need to use Uber to get high-end cash back from the Uber Visa Card (which offers 4 points per dollar at restaurants and 3 points for airfare, hotels and vacation home rentals).

“Apple could have made a similar push for a broader customer base but did not,” Rossman said.

 
I don't get it.  For those of us who pay our credit cards monthly, it's just a credit card with a crappy rewards program?

 
NutterButter said:
2% cash back is crappy?   
Click to expand...
I think so compared to all the great perks you get with some of the well known travel cards.

The article even acknowledges the rewards kind of suck.  But they say they’ll make it up for it wiht technology.  Like, you can send a text message to customer support.  For all those times I desperately need to send a text message to my credit card company.  Woah!!111

 
Otis said:
I think so compared to all the great perks you get with some of the well known travel cards.

The article even acknowledges the rewards kind of suck.  But they say they’ll make it up for it wiht technology.  Like, you can send a text message to customer support.  For all those times I desperately need to send a text message to my credit card company.  Woah!!111
Click to expand...
For those people like yourself that like to play the travel miles game, its probably just blah, but I think a lot of people simply want cash back and 2% on all purchases is as good as it gets.   I know there's cards that give you better for some retailers during certain time periods and that there's cards like amazon's that give you 5% back when purchasing from them.  If I had an iphone and used applepay, I'd certainly use this card.  

 
Walking Boot said:
Its only on someone purchases. Other cards you get at least 2% on everything. 

But, this is for the fanboys. The people that buy everything apple just because it's got the logo and tell everyone else that it's just awesomer and that they're the best, even if you're really paying more for less.

The Apple way. 

If you lump apple nerds in with vegans and other zealots, you'll see through it. If you are a fanboy, nothing will dissuade you anyway and you've already applied for the card. 
Click to expand...
Its 2% on everything provided you use applepay right?    Maybe I'm reading it wrong.  Its really for those that use applepay which is probably a lot of the young crowd which for a large part is the apple crowd.   

 
If you are spending the money to be in the apple eco-system, I doubt credit card fees mean a whole lot to you in the first place. Let's be honest most people will get this to to have a titanium credit card with the apple logo etched on it. Which I'm fine with, but am hardly excited about. Good deal for people that want to do the bare minimum when comparing their alternatives so they do know their audience well. 

 
NutterButter said:
For those people like yourself that like to play the travel miles game, its probably just blah, but I think a lot of people simply want cash back and 2% on all purchases is as good as it gets.   I know there's cards that give you better for some retailers during certain time periods and that there's cards like amazon's that give you 5% back when purchasing from them.  If I had an iphone and used applepay, I'd certainly use this card.  
Click to expand...
 Citi cash back card is 2 percent on everything. This apple card isn’t. 

 
tommyGunZ said:
I’m all in.  AAPL gonna make boatloads.
Click to expand...
Be honest, is inventing the credit card more exciting or less exciting than back when they invented the mp3 player? I know, I know..... "but, T-I-T-A-N-I-U-M. ETCHED MF's!@#$"

I think I'll wait for the apple credit  card 3.0 when they invent the black credit card. Calling my shot now. Boatloads.

 
Walking Boot said:
Right, only if you are at a place that has apple pay, and you use that instead of the physical card. Otherwise, anywhere you use the physical card, you only get 1%.
Click to expand...
Yup.   Depends on applepay.  Plus 3% back for apply purchases.   This crowd is certainly not the target audience.   

 
I own a bunch of Apple products but wouldn't call myself a fanboy.  I won't be getting this but to play devil's advocate, I think some draws to this are:

- If you're already using Apple Pay regularly, and not already getting 2% cash back on everything, this is an upgrade.

- From what I've seen I assume the native integration with iPhone will be pretty cool (e.g. viewing your transaction history, etc)

- Getting your cash back credited daily as opposed to points you have to redeem after your monthly statement is kinda cool.  Ultimately makes no difference to the "pay off my balance in full every month" crowd but still feels like a neat innovation, have often wished I could just apply the cash back at the point of purchase rather than needing the extra step of redeeming points later.    

Most here will have no use for it but I can see how this would be an appealing proposition to the younger demographic.  We're quick to point out that it's not really any better than other cards, but it's also not really any worse, and does have some cool features so it will undoubtedly be a huge success.   :shrug:  

 
Walking Boot said:
Ooooh

It “encourages” customers to pay less interest, which is Apple-speak for “the app shows you how much more money you will owe in interest if you don’t pay off your balance.”

Gamechanger.
Click to expand...
No word yet on the app that compares what your savings over the course of your life would be if you buy a $200 phone every three years vs upgrading your apple phone every year. 

 
Ignoratio Elenchi said:
Most here will have no use for it but I can see how this would be an appealing proposition to the younger demographic.  We're quick to point out that it's not really any better than other cards, but it's also not really any worse, and does have some cool features so it will undoubtedly be a huge success.   :shrug:  
Click to expand...
This is true, and anything that inches wireless/cardless payments up the mountain is overall a GOOD thing imo. It's pretty much the same thing with watches. I can't ever imagine owning an apple watch but if adoption of an apple watch is required to enable me to eventually leave the house with just a watch and no phone and no wallet.... I'm all for other people spending their money to eventually enable me to do that. Sorry, I mean spending "boatloads" of their money to eventually enable me to do that.

 
From investing standpoint I'm liking anything that gets Apple stock climbing. I'm a doofus when it comes to investing but have been buying selling Apple since the iPod and it's the one area where I have consistently done well with albeit with some lucky timing.

Expanding Apple Pay reach seems like a no brainer to me. Sounds like they can def do better than this but I have faith they'll figure it out or make it so ingrained in their ecosystem that it will become useful and a moneymaker.

Apple has turned into this behemoth now and most stuff they do nowadays seems to start with a thud and slowly grow into ubiquitous tech items (the watch, the ear buds, etc). 

 
NutterButter said:
2% cash back is crappy?   
Click to expand...
If you open up cards specific to things, yes. Amazon has 5% back for Prime members on Amazon & Whole Foods. 

I don't understand late fees, I pay my cards monthly. I also don't live beyond my means, so I'm typically not part of the problem. 

 
GroveDiesel said:
How does a technology company like Apple come out with their own branded card and not have contactless payment for the physical card?
Click to expand...
Because they DON'T want you to use the card. They're halving the rewards when you use it, and only including a chip (no mag stripe) to push people to use Apple Pay (which gives you contactless.) 

 
The "we won't store or monitor your individual transaction activity" is misleading. Yes, APPLE won't be doing that, but Goldman Sachs will be, as the issuing bank. That's the same as any co-branded credit card. If you're got a Kansas City Chiefs card from Barclaycard, Andy Reid isn't peeping your account activity. But Barclaycard is, for fraud, risk and compliance requirements. 

 
The Noid said:
The "we won't store or monitor your individual transaction activity" is misleading. Yes, APPLE won't be doing that, but Goldman Sachs will be, as the issuing bank. That's the same as any co-branded credit card. If you're got a Kansas City Chiefs card from Barclaycard, Andy Reid isn't peeping your account activity. But Barclaycard is, for fraud, risk and compliance requirements. 
Click to expand...
This is a requirement of the card act.  So at least they will comply with that.  Yay

 
culdeus said:
How is it a status symbol if the main way they want you to use it is NFC from your phone.  I can put a discover card on NFC.
Click to expand...
The card itself, which is what almost everyone uses.  People always comment on my CC because it is heavier metal and not the same light crap plastic as most cards.  If this is similar and has the Apple logo too it will be a topic of conversation with a lot of people.

Better picture.  Very clean.

https://cdn.vox-cdn.com/thumbor/2fPZgFGLWq4ZTEtUoGWwSuYCNkw=/0x0:1642x1095/1200x800/filters:focal(690x417:952x679)/cdn.vox-cdn.com/uploads/chorus_image/image/63299396/applcardti.0.jpg

 
LAUNCH said:
The card itself, which is what almost everyone uses.  People always comment on my CC because it is heavier metal and not the same light crap plastic as most cards.  If this is similar and has the Apple logo too it will be a topic of conversation with a lot of people.

Better picture.  Very clean.

https://cdn.vox-cdn.com/thumbor/2fPZgFGLWq4ZTEtUoGWwSuYCNkw=/0x0:1642x1095/1200x800/filters:focal(690x417:952x679)/cdn.vox-cdn.com/uploads/chorus_image/image/63299396/applcardti.0.jpg
Click to expand...
Aren't the award structures dependent on using NFC?  I thought the reward for using the card itself was half? No?

 
Interesting how there won't be a card number, expiration date or CVV on the physical card.  How common is that these days?  I'd find that annoying but I'm not the targeted user.

 
culdeus said:
Aren't the award structures dependent on using NFC?  I thought the reward for using the card itself was half? No?
Click to expand...
Yes, but if your goal is to show status, you're probably ok with whatever the rate is.  Amazon Prime members get 5% back on Amazon purchases, but I would imagine only a small percentage of Prime owners capitalize on that.

fyi

Heaviest Metal Credit Cards (by Weight)

CARDWEIGHT

JP Morgan Reserve Card27g

Mastercard® Gold Card™22g

The Platinum Card® from American Express18g

U.S. Bank Altitude Reserve Visa Infinite® Card16g

Capital One® Venture® Rewards Credit Card16g

American Express® Gold Card15g

Amazon Prime Rewards Visa Signature Card13g

Chase Sapphire Reserve13g

Chase Sapphire Preferred Card13g

Citi Prestige® Card12g

IHG® Rewards Club Premier Credit Card13g

United MileagePlus® Club Card12g

Wells Fargo Propel American Express® Card10g

 
I mean if you think people will get this card, simply to show that they have it, and take lower rewards in doing so, because status reasons...ok.  

 
culdeus said:
I mean if you think people will get this card, simply to show that they have it, and take lower rewards in doing so, because status reasons...ok.  
Click to expand...
There will be some people that I guess would do that.

The 1st people that get this will be Apple fanboys.

IMO It will slowly get adapted by average consumer because everyone has Apple stuff and they slowly get their claws in you out of ease of use and design of their products. 

 
The General said:
There will be some people that I guess would do that.

The 1st people that get this will be Apple fanboys.

IMO It will slowly get adapted by average consumer because everyone has Apple stuff and they slowly get their claws in you out of ease of use and design of their products. 
Click to expand...
Or the more likely situation is they want to move to a General Motors mode where they have saturated the market and know that real money is made on the money.

 
LAUNCH said:
  Amazon Prime members get 5% back on Amazon purchases, but I would imagine only a small percentage of Prime owners capitalize on that.
Click to expand...
Nothing shocks me with how stupidly people live their lives but this one would be close if true.  I only use that card for amazon purchases.  Dont even have to think about it with it being the default payment method on the website.  

 
Ignoratio Elenchi said:
I own a bunch of Apple products but wouldn't call myself a fanboy.  I won't be getting this but to play devil's advocate, I think some draws to this are:

- If you're already using Apple Pay regularly, and not already getting 2% cash back on everything, this is an upgrade.

- From what I've seen I assume the native integration with iPhone will be pretty cool (e.g. viewing your transaction history, etc)

- Getting your cash back credited daily as opposed to points you have to redeem after your monthly statement is kinda cool.  Ultimately makes no difference to the "pay off my balance in full every month" crowd but still feels like a neat innovation, have often wished I could just apply the cash back at the point of purchase rather than needing the extra step of redeeming points later.    

Most here will have no use for it but I can see how this would be an appealing proposition to the younger demographic.  We're quick to point out that it's not really any better than other cards, but it's also not really any worse, and does have some cool features so it will undoubtedly be a huge success.   :shrug:  
Click to expand...
Yeah, this is me.  I don’t carry a wallet, so I don’t have 18 different credit cards to choose from in order to get .25% more airline miles.  I use 🍎 Pay every time it’s an option, and my BoA debit card everywhere else.  Moving forward I’ll ditch the debit card for the Apple CC.  

 
Walking Boot said:
Right, only if you are at a place that has apple pay, and you use that instead of the physical card. Otherwise, anywhere you use the physical card, you only get 1%.
Click to expand...
1% is more than I get now using my debit card. I realize I could be getting 2.1472736% back if only I get a Chase-Double-Black-Triple-Points-on-the-Fifth-Friday-of-February account but I’d rather keep my accounts to a minimum and in ecosystems I’m already present in.  

 
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culdeus said:
Or the more likely situation is they want to move to a General Motors mode where they have saturated the market and know that real money is made on the money.
Click to expand...
They are sitting on like 250 billion cash so selling phones seems to work pretty well.

I do like this move though as it just another stream coming in. 

 
I opened this thread to find @BoltBackerin here having a full on meltdown. The 18 posts did not disappoint :lol:  

Neat features, meh rewards. Nice bump in security with Apple Pay over a traditional card. I’m guessing there will be additional benefits/integration into the ecosystem. 

They’re leveraging this to push adoption on ApplePay / Contactless payments. It also improves the feature set of Apple Pay system.  I prefer my 3/2/1 Citi card, but this is kinda fun low risk extension for them. 

It’s a smart move. It’ll make them money. It’ll further embed their hundreds of millions of users into their ecosystem. It will be copied. 

 
culdeus said:
I mean if you think people will get this card, simply to show that they have it, and take lower rewards in doing so, because status reasons...ok.  
Click to expand...
I think they absolutely will. I have some idiot buddies who pay a $500 annual fee for some metal black card that has limited benefits. But they say chicks are impressed when they pull it out 😂

If people will PAY $500 for a cool looking card, I’m guessing they’ll gladly take one for free with 2/1% rewards. 

 
Last edited by a moderator:
[icon] said:
I opened this thread to find @BoltBackerin here having a full on meltdown. The 18 posts did not disappoint :lol:  
Click to expand...
If you define having a meltdown as having a good laugh, then you are absolutely right. The company that is selling a phone for $1100 and a tablet for $1900 is writing apps to explain to their customer base ways to be more wise with their money. I'm still chuckling about it now. 

 
BoltBacker said:
If you define having a meltdown as having a good laugh, then you are absolutely right. The company that is selling a phone for $1100 and a tablet for $1900 is writing apps to explain to their customer base ways to be more wise with their money. I'm still chuckling about it now. 
Click to expand...
My 2009 MacBook Pro cost $1500. At the time, PC buddies of mine derided me for paying too much. I could have gotten a plastic dell for $850 that had a faster processor! 

10 years later my MacBook Pro is still screaming along (albeit with a SSD conversion and new battery). I’m guessing they have bought another 1-2 machines since then. Not to mention that software matters, and OSX, for my line of work, crushes WIN for UX. That alone is worth the price of admission. For spreadsheet/office jockeys who do a bit of browsing, base model wintel books make perfect sense. 

There are software (and some hardware) reasons people choose iOS devices over Android. To those of us who do, the extra 20-30% isn’t a big deal. Let’s not pretend the flagship phones from Samsung or Google are dramatically cheaper. 

Finally, a large portion of apples user base are happy buying older models to take advantage of the UX/Ecosystem benefits... those people ARE being smart with their money.... thus negating any perceived irony that got you so worked up you posted a dozen times in this thread. 

Relax... there’s more to life then getting worked up over mobile device brands. I promise :D   

 
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eoMMan said:
I think for a "cool" looking card, they could have done a better job.
Click to expand...
Taste is subjective. 

As a designer ill say its in line with their minimalist aesthetic style and is sharp. I likely won’t get it, but ####loads of people will. 

 
it is not really made out of apple fyi if you bite it that sucker will hurt the hell out of your gums and mouth look just listen to me on this one take that to the bank brohans 

 
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