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Apple’s Latest Invention: Yes, It’s a Credit Card


hegemony
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Apple Pay Fees Vex Credit-Card Issuers
 
 
Currently, banks pay Apple a fee when their cardholders use Apple Pay. Under the planned new process, the fees wouldn’t apply on automatic recurring payments such as gym memberships and streaming services.
 

Why wouldn't automatic recurring payments trigger a fee? If they go through the Apple system they should pay.


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I just ordered a new iPad for TAD and used my Bank of America Cash Rewards Visa for 5.25% back ($56.38).
 
Apple Card pays what?  1%, boosted to 2% if you pay in person by banging your Apple Watch against a merchant's payment terminal?  Not an option here, as I ordered it from Apple's web site.
 
At 1% back, the Apple Card would have gotten me $10.74 (81% less cash back on the same purchase)
At 2% back paid in person with timekeeping jewelry, that would have been $21.48 back (62% less).
At 3% back (shown in some screen images but never explained on the pages I consulted), that would be $32.22 (43% less).
 
 
 
 

It's good you make money by stealing from your neighbors because otherwise you haven't the minimum intellectual capacity required to flip burgers.

It's 3% back at Apple.

And the reason you get 5.25% back with Skank of America is because you are stupid enough to pay Merrill Lynch at least 2% in fees for investment services plus the other multiple fees they charge. They could give 10% in credit card rewards and still make money.


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I am super happy with my Apple Card. I thought it was stupid at first, but a couple of things have really changed my mind. For one, you can request a new card number at any time at the press of a button without having to get a new physical card. This is revolutionary and will save so much time and energy and waste of extra cards being mailed out. Why isn’t every card issuer copying this, like, immediately? Also, they have been VERY generous with CLIs. I’ve gotten about 40% every time I’ve asked via soft pull every 90 days. The card started with an SL of $1,250, now I’m at $9k after a year and I am due for another 90 day CLI! I also really like the user interface and cash back categories. I am fine with 2% using Apple Pay and 3% on certain categories, such as Apple, TMobile, Uber, Panera, and Nike. I don’t use this card for everything, but I really enjoy it nonetheless. I have used it for a large purchase a while back (like $6k) with no trouble at all. I’m cheap, so forgive me if that’s small compared to you big ballers out there. I haven’t had any interaction with their fraud/security department, so I can’t speak to how well that works. Overall, it’s kind of an oddball card, but I think it is excellent if you can make it work/if it provides value to you.

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I am super happy with my Apple Card. I thought it was stupid at first, but a couple of things have really changed my mind. For one, you can request a new card number at any time at the press of a button without having to get a new physical card. This is revolutionary and will save so much time and energy and waste of extra cards being mailed out. Why isn’t every card issuer copying this, like, immediately? Also, they have been VERY generous with CLIs. I’ve gotten about 40% every time I’ve asked via soft pull every 90 days. The card started with an SL of $1,250, now I’m at $9k after a year and I am due for another 90 day CLI! I also really like the user interface and cash back categories. I am fine with 2% using Apple Pay and 3% on certain categories, such as Apple, TMobile, Uber, Panera, and Nike. I don’t use this card for everything, but I really enjoy it nonetheless. I have used it for a large purchase a while back (like $6k) with no trouble at all. I’m cheap, so forgive me if that’s small compared to you big ballers out there. I haven’t had any interaction with their fraud/security department, so I can’t speak to how well that works. Overall, it’s kind of an oddball card, but I think it is excellent if you can make it work/if it provides value to you.


I definitely agree with you on everything!

As long as you give the card use, CLIs are not difficult at all. I appreciated the fact that both the initial credit application and subsequent CLIs were all without inquiries.

I am also surprised at the number of merchants that accept Apple Pay this allowing you to get the full 2% cash back. I like how you get the cash back as soon as the transactions post and there is none of the $25 minimum redemption b.s. that most others foist on you.

In addition to changing your virtual card number at the touch of a button, I like how the physical card doesn't show anything but your name. That makes cloning virtually impossible.

Making payments is easy and they post instantly. Adding authorized users is also easy and you can restrict how much of the limit they have access to plus see every transaction they make instantly. When you do add an authorized user, GS Bank reports the tradeline to their credit reports really fast.

They recently added a new function where you can have a family member apply for an Apple Card and, when approved, you can combine the accounts and they become one joint account with a combined credit limit.

So far, I think Apple Card's poop doesn't stink.


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Well… I was adding my DH’s new AmEx Delta Gold to Apple Pay. A button popped up asking if he wanted to apply for the Apple Card. He was already an AU on mine, so I didn’t think he could apply. Anyway, we tried it and he was approved for $500! I am shocked. He has 6 charge-offs on TU from 2017, 2 of which are still unpaid. They approved him anyway! I remember when I was applying, they kept denying me for inquiries. So this is interesting to say the least. Afterward, it took away his AU card and put his new card into the Apple Wallet app instead. I am unsure if this will mean he is permanently removed as an AU on my card or not. We will have to try his AU card for something tomorrow to see. And who knows if it will continue showing on his reports. 🤷🏻‍♂️

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Well… I was adding my DH’s new AmEx Delta Gold to Apple Pay. A button popped up asking if he wanted to apply for the Apple Card. He was already an AU on mine, so I didn’t think he could apply. Anyway, we tried it and he was approved for $500! I am shocked. He has 6 charge-offs on TU from 2017, 2 of which are still unpaid. They approved him anyway! I remember when I was applying, they kept denying me for inquiries. So this is interesting to say the least. Afterward, it took away his AU card and put his new card into the Apple Wallet app instead. I am unsure if this will mean he is permanently removed as an AU on my card or not. We will have to try his AU card for something tomorrow to see. And who knows if it will continue showing on his reports.

That happened with my son, too.

They will not allow you to have your own card and also be an AU.


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On 10/8/2021 at 10:44 PM, RehabbingANDBlabbing said:

Well… I was adding my DH’s new AmEx Delta Gold to Apple Pay. A button popped up asking if he wanted to apply for the Apple Card. He was already an AU on mine, so I didn’t think he could apply. Anyway, we tried it and he was approved for $500! I am shocked. He has 6 charge-offs on TU from 2017, 2 of which are still unpaid. They approved him anyway! I remember when I was applying, they kept denying me for inquiries. So this is interesting to say the least. Afterward, it took away his AU card and put his new card into the Apple Wallet app instead. I am unsure if this will mean he is permanently removed as an AU on my card or not. We will have to try his AU card for something tomorrow to see. And who knows if it will continue showing on his reports. 🤷🏻‍♂️

 What was his FICO Score with 6 CO

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  • 4 months later...
  • 1 month later...

Why Apple Acquired An ‘Open Banking’ Fintech

 

CREDIT KUDOS

 

CREDITKUDOS

 

CREDITCOODOOZE

 

Quote

“Transform the credit scoring system to provide fairer credit for all; helping people access responsible finance they can afford, when they need it.”

 

Quote

“Apple isn’t interested in directly being a lender itself, for several reasons. It's capital intensive, highly regulated, and the optics of Apple debt collectors going after individuals or SMBs are horrible.”

Credit Kudos isn’t going to assume the risk, either.

 

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  • 4 weeks later...
59 minutes ago, hegemony said:

I saw this pop up for my Chase debit card yesterday. It is my understanding this protection is only for transactions processed on the Apple Pay infrastructure. I actually use Apple Pay at the Chase ATM. I find that to be a useful feature because it gives me some extra security when using my debit card and I don't have to carry the physical card with me.

 

This reminds of something I saw a while back on the US Bank app. They wanted me to share my location data so they could match my phone's location with where I was making card transactions. To me, that seemed pretty sophisticated considering how low-tech their website is. I had never seen a similar popup for any of my other banking apps, so it definitely stood out. Maybe the like of Chase, Bank of America, and AmEx are doing this, but maybe they just don't have a popup that asks for permission.

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