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Posted on 10/2/19 at 12:16 am to Korkstand
quote:
The investment bank spent about $300 million to build the credit card and reassigned thousands of its engineers to finish it on time
just stop. Nobody has thousands of engineers available to throw at something like a credit card. A think tank of 10-20? Sure.
But it was on the Internet, so it must be true!
Posted on 10/2/19 at 12:22 am to Korkstand
quote:
I don't know why Apple would seek outside funding.
Reading more on it, Goldman Sachs is pretty much building a national bank for consumer level. That’s where the $300M went. They are a player in big business and billionaires, but they had nothing at below OT baller status.
Apple supposedly went to them because they don’t have a footprint at this level and weren’t tied to partners that would have contracts in place to prevent any market disruption that might be planning with it. Chase and the rest have long standing partnerships in place that would make anything much different than what they currently offer next to impossible.
It will be interesting to see if anything comes of these stories. Right now the card isn’t that impressive, but maybe they can cause some market disruption in the future. Only could help us with more options if they force other credit cards to do the same.
Posted on 10/2/19 at 5:41 am to umop_apisdn
quote:
Apple sells it, the dummies will desire it.
And the problems with it are?
All us dummies need to know...
Posted on 10/2/19 at 6:16 am to TigerGman
quote:
And the problems with it are?
While I'm not calling anyone dummies, like this other guy, I'll take a stab at it.
First off, there might not be any problems with it technically, it's just the fact that it is a mediocre card that apple fans are talking about like it is a game changer. If Capitol one introduced the same exact card those same apple fans wouldn't give two shits. It is a status symbol card, with no real status because it is geared towards lower income people.
Which leads me to point two. The fact that they do not charge late fees sounds good, but the more I think about it, this is a real problem imo. Our society already has major issues with credit card debt and people having terrible habits in relation to bill pay and spending. This card will only reinforce those habits. Americans need to learn from an early age that there are consequences to poor financial decisions. This card doesn't provide that. I do think that only "dummies" would argue that any credit lender not charging late fees for missed payments is a good thing.
Posted on 10/2/19 at 6:25 am to dltigers3
quote:
Which leads me to point two. The fact that they do not charge late fees sounds good, but the more I think about it, this is a real problem imo. Our society already has major issues with credit card debt and people having terrible habits in relation to bill pay and spending. This card will only reinforce those habits. Americans need to learn from an early age that there are consequences to poor financial decisions. This card doesn't provide that. I do think that only "dummies" would argue that any credit lender not charging late fees for missed payments is a good thing.
I'll give you B+ for effort...but we've had 100% of all other cards have had late fees for decades and doesn't seem to be reinforcing good credit habits anywhere.
ETA:Most credit card statements emphasize your minimum amount due. And if you pay just that, it costs you a lot in interest over time. Apple Card is different.
When you’re ready to make a payment, Apple Card estimates the interest you’ll wind up paying, based on any payment amount you choose. And it does it in real time, so you can make an informed decision about how much of your balance to pay down. LINK
This post was edited on 10/2/19 at 6:29 am
Posted on 10/2/19 at 8:05 am to TigerGman
While I do agree that having the payment calculator on there is a nice feature, saying that because we have always had late fees and people are irresponsible is like saying because obesity and cardiac disease are so prevalent we should hand out free bacon...
Posted on 10/2/19 at 8:54 am to dltigers3
quote:
because obesity and cardiac disease are so prevalent we should hand out free bacon...
actually we should:
Keto baby, Keto.
ETA: Still waiting for Upside Down to tell me why the Apple Card is such shite for dummies. Another person pontificating on something he obviously knows jack about.
This post was edited on 10/2/19 at 8:59 am
Posted on 10/2/19 at 9:26 am to TigerGman
It's a poor card from a rewards standpoint and has zero sign up bonus. That's really not debatable. It's just a fact.
I'm not telling someone not to get it, because that's not really my business. But let's call a spade a spade.
I'm not telling someone not to get it, because that's not really my business. But let's call a spade a spade.
This post was edited on 10/2/19 at 9:27 am
Posted on 10/2/19 at 9:40 am to bbap
Oh no, one of those "keto" people hah
I don't think you'll get a response from upside down. But again, I don't think it's for dummies, I just think if Capitol one released a card with mediocre rewards, no fees, and a cool app noone would be talking about it. But apple does it and it is some cool revolutionary thing. I mean, the titanium card is pretty ridiculous
I don't think you'll get a response from upside down. But again, I don't think it's for dummies, I just think if Capitol one released a card with mediocre rewards, no fees, and a cool app noone would be talking about it. But apple does it and it is some cool revolutionary thing. I mean, the titanium card is pretty ridiculous
Posted on 10/2/19 at 10:26 am to TigerGman
quote:
Most credit card statements emphasize your minimum amount due. And if you pay just that, it costs you a lot in interest over time. Apple Card is different.
When you’re ready to make a payment, Apple Card estimates the interest you’ll wind up paying, based on any payment amount you choose. And it does it in real time, so you can make an informed decision about how much of your balance to pay down. LINK
This. So my wife and I have a few credit cards. The Amazon Visa, others with flyer mile rewards etc. Those are great and usually give a higher %age back, however, it's a higher %age to SPEND MORE MONEY.
Take the Amazon Visa card, we have basically the same interest rate on that card as I have on my individual Apple card. However, I get 3% back but it's in "Amazon Points". I can't use those except to spend MORE MONEY at Amazon. So yea, I get a higher %age back but in essence I have to spend more money to use it.
Same concept with my Capital One Visa that gives me gift cards. Yay I got 200$ in Best Buy gift cards. I'll go buy some random shite and spend 250$. Guess what, I still spent an extra 50$
Whereas I'm liking the Apple card for places like Walgreens and such that give 3% back (when using Apple Watch). Now that 3% goes into a "slush fund" that I can then bank and eventually use like money when I so choose. Or use it 100% towards debt paydowns on the same credit card.
It's not a perfect card but it can be, if used perfectly.
Posted on 10/2/19 at 12:13 pm to DoubleDown
quote:
Whereas I'm liking the Apple card for places like Walgreens and such that give 3% back (when using Apple Watch). Now that 3% goes into a "slush fund" that I can then bank and eventually use like money when I so choose. Or use it 100% towards debt paydowns on the same credit card.
It’s only 2%, 3% is if you buy something from Apple itself. You can get 2% or better on a ton of cards that give you cash back. It’s not a great rewards card. Amazon and a lot of Chase cards always have revolving deals where you can get 10% back at certain places if you checking the Chase app. My wife abused the shite out of 10% back at Starbucks.
This post was edited on 10/2/19 at 12:15 pm
Posted on 10/2/19 at 12:24 pm to Dam Guide
And the 2% is only when using apple pay. Where I am, NFC payments aren't that common. I can't use them at Walmart, Target, Kroger, at restaurants, or when getting gas. Also, can't use on Amazon purchases. That takes away about 90% of my purchases. Really the only place that I shop that takes NFC is academy. I think chik fil a does also, but I use their app and do mobile orders to speed that process up.
So really for me, I could get 2% back on a small fraction of purchases.
Maybe this will be a step towards pushing more places towards accepting NFC
So really for me, I could get 2% back on a small fraction of purchases.
Maybe this will be a step towards pushing more places towards accepting NFC
Posted on 10/2/19 at 12:28 pm to DoubleDown
quote:
Take the Amazon Visa card, we have basically the same interest rate on that card as I have on my individual Apple card. However, I get 3% back but it's in "Amazon Points". I can't use those except to spend MORE MONEY at Amazon. So yea, I get a higher %age back but in essence I have to spend more money to use it.
[...]
Whereas I'm liking the Apple card for places like Walgreens and such that give 3% back (when using Apple Watch). Now that 3% goes into a "slush fund" that I can then bank and eventually use like money when I so choose. Or use it 100% towards debt paydowns on the same credit card.
I have the Amazon Prime Store Card and you can get 5% in "points" or have those points applied to pay down your balance, effectively giving you 5% off all orders.
So no... I don't think the Apple Card's offer is super great.
But the real reason everyone is shitting on the Apple Card is because they are comparing the offers and not factoring in at all the integration with Apple's systems. At the current moment, I'm looking to get out of Apple's ecosystem, so I'm not super interested, but I can certainly see the appeal of the Apple Card from that perspective.
Posted on 10/2/19 at 12:44 pm to efrad
Honest question, how is it anymore integrated into apples ecosystem than any other rewards card that offers 2% back that you can add to apple pay?
To me, I don't see the difference, other than with those other cards you would still get 2% when you use the physical card
To me, I don't see the difference, other than with those other cards you would still get 2% when you use the physical card
Posted on 10/2/19 at 12:50 pm to dltigers3
quote:
Honest question, how is it anymore integrated into apples ecosystem than any other rewards card that offers 2% back that you can add to apple pay?
To me, I don't see the difference, other than with those other cards you would still get 2% when you use the physical card
Tracking, security wise it knows where you are based on your phone location. It’s completely built into the Apple Wallet app and has some nice features for tracking bills and sorting your balance/payments out if you don’t just pay it off immediately like me. It’s super nice to see how you are spending money and the ease of tracking because it’s natively built into the OS, an extra app isn’t bad, but having stuff natively in the OS is always nice.
It’s just a nice setup because it’s not a lot of fluff or terrible app programming like most banking apps.
This post was edited on 10/2/19 at 12:52 pm
Posted on 10/2/19 at 1:02 pm to dltigers3
quote:
Honest question, how is it anymore integrated into apples ecosystem than any other rewards card that offers 2% back that you can add to apple pay?
To me, I don't see the difference, other than with those other cards you would still get 2% when you use the physical card
Maybe I'm wrong, I don't have the card, but I am assuming that since the AppleCard and the Apple Pay are both integrated parts of iOS, you'll have more accurate or up to date transaction information. This is not nearly as big of a deal to me as I'm older and don't have to worry about hitting card limits these days, but when I was younger this was a big deal.
There's also stuff like leveraging Apple Maps data to show the actual vendor/store of the transaction instead of some cryptic address.
I also think the privacy is tighter on Apple Card (as far as what the companies can see about your transactions), but I'm not sure. It's hard to tell if the Apple Card's language is really just describing the same increased security other Apple Pay transactions have.
Posted on 10/2/19 at 1:03 pm to Dam Guide
quote:
It’s only 2%, 3% is if you buy something from Apple itself.
Nadda. It's definitely 3%. My app tells me that and so does the math I did to verify.
Yesterday I spent $26.20 at my local Walgreens. I got $.78 cents deposited back to my account which it stated was 3% and math says is 3%.
Now Walgreens is one of the very few that does 3% but maybe others will hop on board? Dunno.
Anyways, I agree with other posters that if you're looking to get out of the Apple ecosystem, this is a bad idea. My wife and I like the apple ecosystem but only I have the apple card for certain things (apple and walgreens purchases for the time being).
It's an "average" card, you just have to use it the right way. However, I think some of the people shitting on the Apple Credit Card would've shite on anything Apple, even if they cured Aids and Cancer on the same day... they'd still bitch.
Posted on 10/2/19 at 1:14 pm to Dam Guide
Ok, I was thinking there was something I was missing. So it really all boils down to it gives you a better app experience than some third party.
As far as the security goes, I would imagine anything that uses NFC would have the same security features as they use some form of token instead of actual card numbers. I did see that they aren't putting the card number on the physical card, which, although it could be an inconvenience at times, I am surprised more card companies don't do this for security.
And to double downs point, the same can be said for apple users, they would shite all over this card if Google did the same thing. I hope I am not coming across as hating on it. I am genuinely curious as I said, I'm trying to figure out what the appeal is, reading the apple pay website, it seemed pretty mediocre to me so I was trying to find out if there was something I was missing
As far as the security goes, I would imagine anything that uses NFC would have the same security features as they use some form of token instead of actual card numbers. I did see that they aren't putting the card number on the physical card, which, although it could be an inconvenience at times, I am surprised more card companies don't do this for security.
And to double downs point, the same can be said for apple users, they would shite all over this card if Google did the same thing. I hope I am not coming across as hating on it. I am genuinely curious as I said, I'm trying to figure out what the appeal is, reading the apple pay website, it seemed pretty mediocre to me so I was trying to find out if there was something I was missing
Posted on 10/2/19 at 1:16 pm to dltigers3
quote:
If Capitol one introduced the same exact card those same apple fans wouldn't give two shits.
Ignoring the fact that if Capital One introduced this card they would have had to developed a cellphone, OS, and about a million other technical details to be the same exact card.
quote:
As far as the security goes, I would imagine anything that uses NFC would have the same security features as they use some form of token instead of actual card numbers.
They use a one time token for online payments also, not many cards are doing this (if any currently).
This post was edited on 10/2/19 at 1:18 pm
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