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This Apple Credit Card is going to hurt them
Posted on 8/12/19 at 12:22 pm
Posted on 8/12/19 at 12:22 pm
You can now get the Apple Credit Card. Apple has instructed Goldman Sachs to approve every iPhone user, regardless of credit worthiness.
Subprime borrowers reporting $8000 credit lines.
LINK
Subprime borrowers reporting $8000 credit lines.
LINK
This post was edited on 8/12/19 at 12:24 pm
15
Posted on 8/12/19 at 12:23 pm to anc
Link?
Posted on 8/12/19 at 12:26 pm to anc
I'm actually happy about this. There needs to be more CC companies that don't gouge the sheet out of it's borrowers.
Won't end well for Apple if they're busy approving everyone and their dog though.
Won't end well for Apple if they're busy approving everyone and their dog though.
Posted on 8/12/19 at 12:28 pm to idlewatcher
Oh the product is very good.
Just thought it was interesting that were approving subprimes.
Just thought it was interesting that were approving subprimes.
Posted on 8/12/19 at 12:48 pm to anc
So, is it a Visa, AmEx, or MC?
Can it be used anywhere or just only at Apple stores or online at an Apple site?
Can it be used anywhere or just only at Apple stores or online at an Apple site?
Posted on 8/12/19 at 12:51 pm to anc
Trust me, between profit margins, interest and fees, they’ve figured out how to come out ahead over a ridiculously high default rate.
Posted on 8/12/19 at 12:52 pm to TerryDawg03
Which pension fund is going to buy all this F Grade Paper?
Posted on 8/12/19 at 12:53 pm to anc
Well that's a disaster waiting to happen.
Posted on 8/12/19 at 12:59 pm to HubbaBubba
Its a MC with no number. Needs to be used through an iPhone.
Posted on 8/12/19 at 1:07 pm to anc
Posted on 8/12/19 at 1:12 pm to anc
3% back on apple purchases
2% back on apple pay purchases
1% back on everything else
no thanks.
2% back on apple pay purchases
1% back on everything else
no thanks.
Posted on 8/12/19 at 1:14 pm to anc
I don’t understand the desire by apple to get into this market. A lot of headache for not much benefit. Is apple on the hook when these things go south?
Posted on 8/12/19 at 1:14 pm to 1999
It's a mastercard and you can request a physical card.
Posted on 8/12/19 at 1:18 pm to 1999
quote:
3% back on apple purchases
2% back on apple pay purchases
1% back on everything else
Good god that is horrible. The sheep will line up for that fricker though
Posted on 8/12/19 at 1:20 pm to anc
quote:Are you sure Apple is responsible for the credit risk of its cardholders?
This Apple Credit Card is going to hurt them
Usually the issuing bank absorbs that risk. That would be Goldman Sachs in this case.
Posted on 8/12/19 at 1:21 pm to broadhead
quote:Why brother if it has no account numbers and can't be used? Oh, right.. millenial coolness.
It's a mastercard and you can request a physical card
Posted on 8/12/19 at 1:23 pm to Uncle Don
quote:
2% back on apple pay purchases
This is becoming way more common. Plus, the cash back is instant - You make a $1000 Apple Pay purchase, you have $20 cash. that's something their competitors don't do.
I think there is something deeper here on why Apple is in this market. I know that they are trying to make touch less Apple Pay more popular.
When I use my AMEX platinum at a coffee shop or fast food restaurant, someone usually comments on how heavy it is. Now, those subprimers can have a metal credit card.
Posted on 8/12/19 at 1:24 pm to HubbaBubba
quote:
Why brother if it has no account numbers and can't be used? Oh, right.. millenial coolness.
The physical card has technology to produce a different number for every transaction. The technology behind this may be the play by Apple. It could be a proof of concept thing.
That pretty much eliminates credit card theft.
Here's an unboxing from a reviewer: LINK
This post was edited on 8/12/19 at 1:27 pm
Posted on 8/12/19 at 1:25 pm to HubbaBubba
quote:
Why brother if it has no account numbers and can't be used? Oh, right.. millenial coolness.
It has a number that you can use anywhere, just like a normal card. I have one already. See above, it just changes.
This post was edited on 8/12/19 at 1:27 pm
Posted on 8/12/19 at 1:26 pm to anc
But those rewards are pathetic compared to most of their competitors (even most non fee cards). This is a dumpster card if I ever saw one.
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