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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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  • 4 weeks later...
  • 2 months later...
Posted (edited)

Goldman Sachs, bank behind the Apple Card, says regulators are investigating its credit card practices

 

 

 

 

 

Quote

It later announced a General Motors card, and management has said that the bank is also working on a Goldman-branded card. The firm ran into technical issues while porting over GM card users to its platform, the Wall Street Journal reported last month.

 

Edited by hegemony
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1 hour ago, hegemony said:

 

Yes, those 💩heads at the CFPB definitely do need to investigate GS Bank.  They need to investigate and determine precisely how GS Bank can launch their first-ever credit card in conjunction with Apple and be such a resounding success that puts other card issuers to shame.  

 

My Apple Card reported to the credit bureaus promptly.  It updates monthly like clockwork.  Payments can be made and are posted immediately.  Prompt support 24/7 is but a text message or phone call away.  

 

And then there are billing disputes.  With Skank of America, a temporary credit after filing a dispute takes several days to appear.  Then they drag their feet for ten -- yes, fooking ten!! -- weeks before finally resolving the issue.  With GS Bank, the temporary credit happens within minutes.  Then, a permanent resolution is usually just a week or maybe two away.  

 

AFAIAC, GS Bank is a golden unicorn that poops yummy 🍭.

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4 hours ago, PotO said:

 

Yes, those 💩heads at the CFPB definitely do need to investigate GS Bank.  They need to investigate and determine precisely how GS Bank can launch their first-ever credit card in conjunction with Apple and be such a resounding success that puts other card issuers to shame.  

 

My Apple Card reported to the credit bureaus promptly.  It updates monthly like clockwork.  Payments can be made and are posted immediately.  Prompt support 24/7 is but a text message or phone call away.  

 

And then there are billing disputes.  With Skank of America, a temporary credit after filing a dispute takes several days to appear.  Then they drag their feet for ten -- yes, fooking ten!! -- weeks before finally resolving the issue.  With GS Bank, the temporary credit happens within minutes.  Then, a permanent resolution is usually just a week or maybe two away.  

 

AFAIAC, GS Bank is a golden unicorn that poops yummy 🍭.


I would tend to agree. My Apple Card is my least complicated credit card, as far as the user experience goes. You have to be pretty brain dead to not understand what’s going on, not to mention the fact that the only fee the card has is interest. I too recently acquired the GM Mastercard for the $100 annual fuel credit. It’s pretty similar. My only gripe has been that the signup bonus has not posted yet, even though I hit the minimum spend requirement before the first statement cut. I also had a technical glitch linking the card to GM rewards. But otherwise, the card has been fine.

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6 minutes ago, RehabbingANDBlabbing said:


I would tend to agree. My Apple Card is my least complicated credit card, as far as the user experience goes. You have to be pretty brain dead to not understand what’s going on, not to mention the fact that the only fee the card has is interest. I too recently acquired the GM Mastercard for the $100 annual fuel credit. It’s pretty similar. My only gripe has been that the signup bonus has not posted yet, even though I hit the minimum spend requirement before the first statement cut. I also had a technical glitch linking the card to GM rewards. But otherwise, the card has been fine.

 

One thing I do dislike is that the cash back posts to the actual spender's account.  My son is an AU and the cash back from his spend goes to his Apple Cash account.  Can you imagine that crap???  He spends my money and then gets the rewards.  Fook that!

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On 8/5/2022 at 1:10 AM, PotO said:

 

One thing I do dislike is that the cash back posts to the actual spender's account.  My son is an AU and the cash back from his spend goes to his Apple Cash account.  Can you imagine that crap???  He spends my money and then gets the rewards.  Fook that!

That rat bas-tard! What are you gonna do about it? LOL

Edited by RehabbingANDBlabbing
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4 hours ago, RehabbingANDBlabbing said:

That rat bas-tard! What are you gonna do about it? LOL

 

My wife and I have been trying to teach him to be a financial OCD for decades, but sometimes he just doesn't get it.  Seems equitation is the difficult way to solve the issue.  

 

But then there is the illustrious Teddy Roosevelt Trick -- "Talk softly, but carry a big fooking stick."  I slashed his budget 5%.  3% was for the possible 3% some Apple Card transactions earn and 2% was a penalty reduction.

 

PharmaHo got him into a summer internship program so then my son thought he was on cloud 9.  Since he is earning money, he can be at least partially financially self sufficient.  I take 60%.  25% is to repay part of his budget and 25% goes into a mandatory long-term savings.  10% goes into an investment program that I let him manage.  

 

The only other problem I had to solve is his extreme tipping.  He goes out to eat a lot with his friends and they think nothing of 30% tips.  I told him 15% is good and maybe even less if the service isn't that good.  But noooooo.  Good thing about Apple Card and using it with Apple Pay is that you see the original authorized amount and then when the charge actually posts you see the increased amount due to the tip.  So I averaged his tips for a month and they were about 27% -- an excess of 12%.  12% x 2 = 24%.  I reduced his budget across the board 24%.  Voila!  Now he realizes that there's a limit to how much of my money I will let him throw away.  

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5 hours ago, PotO said:

 

Growing pains.  

It's good to know people are having these issues. I rarely have to do any credit card disputes. Coincidentally, my Apple Card is the one I use for shady transactions since I can always change the card number. But I am gonna rethink that now considering the dispute situation over there. Next up, Capital One! Haha. My bucketed Savor One card can be my new one for shady stuff.

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