Apple Card

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karpems
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Apple Card

Post by karpems » Tue Mar 26, 2019 7:13 am

What is everyone’s initial impressions?

I am pretty underwhelmed. 2% cash back on purchases with Apple Pay, 1% cash back on purchases with your physical card.

Any thoughts on whether it will integrate with quicken?

stan1
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Re: Apple Card

Post by stan1 » Tue Mar 26, 2019 7:20 am

My one word response reading about it: why?

student
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Re: Apple Card

Post by student » Tue Mar 26, 2019 7:22 am

Not interested.

jpelder
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Re: Apple Card

Post by jpelder » Tue Mar 26, 2019 7:27 am

I already get 2% back on everything with my Citi DoubleCash card. I also am on team Android. Seems like a good deal for Apple, bad for everyone else

Jags4186
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Re: Apple Card

Post by Jags4186 » Tue Mar 26, 2019 7:41 am

Sounds to me that it will be aimed at iPhone users who never considered using a credit card and would not have signed up for one other than that it is now just a few clicks in an Apple branded app. Bad product but I can see how it would be profitable for Apple. My understanding is they saw how many people are willing to sign up for Apple financing of the iPhone and figured it was a lucrative market.

That said, if it leads to greater Apple Pay acceptance I am all for it. I get 4.5% cash back with my Altitude Reserve on Apple Pay.

MichCPA
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Re: Apple Card

Post by MichCPA » Tue Mar 26, 2019 7:45 am

If you have a Chase or Barclays card Apple is 2x on those portals. This means that even if you only get 1x on chase you will come out ahead of the Apple card ON APPLE PRODUCTS if you redeem for travel.

This is totally pointless. Pun intended.

Jags4186
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Re: Apple Card

Post by Jags4186 » Tue Mar 26, 2019 7:57 am

MichCPA wrote:
Tue Mar 26, 2019 7:45 am
If you have a Chase or Barclays card Apple is 2x on those portals. This means that even if you only get 1x on chase you will come out ahead of the Apple card ON APPLE PRODUCTS if you redeem for travel.

This is totally pointless. Pun intended.
Yes but you can use other cards through Chase’s portal, even though they say you can’t. Additionally there are plenty of non-card specific portals (TopCashback, Ebates, Affinityy, etc)

MichCPA
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Re: Apple Card

Post by MichCPA » Tue Mar 26, 2019 8:17 am

Jags4186 wrote:
Tue Mar 26, 2019 7:57 am
MichCPA wrote:
Tue Mar 26, 2019 7:45 am
If you have a Chase or Barclays card Apple is 2x on those portals. This means that even if you only get 1x on chase you will come out ahead of the Apple card ON APPLE PRODUCTS if you redeem for travel.

This is totally pointless. Pun intended.
Yes but you can use other cards through Chase’s portal, even though they say you can’t. Additionally there are plenty of non-card specific portals (TopCashback, Ebates, Affinityy, etc)
Be careful with Ebates, they don't cover all Apple products. The "upto 2%" is refurbs, beats, Apple care+ and accessories, so Chase and Barclays portals would be better than Ebates. The airline portals currently show only 1 pt.

I will have to take advantage of using my Barclays portal with my Double Cash if that's possible. Big +1 to that.

bob60014
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Re: Apple Card

Post by bob60014 » Tue Mar 26, 2019 8:23 am

It's really not about the points, though while nice, it's really about the seemless integration between all Apple devices. Many Appleheads will embrace this. Making transactions "cardless" and easier through wallet pay, tap n go and the like, is the ultimate goal.

28fe6
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Re: Apple Card

Post by 28fe6 » Tue Mar 26, 2019 8:26 am

I think the physical card also has no information printed on it. So it's supposed to be more secure.

MichCPA
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Re: Apple Card

Post by MichCPA » Tue Mar 26, 2019 8:46 am

bob60014 wrote:
Tue Mar 26, 2019 8:23 am
It's really not about the points, though while nice, it's really about the seemless integration between all Apple devices. Many Appleheads will embrace this. Making transactions "cardless" and easier through wallet pay, tap n go and the like, is the ultimate goal.
I have apple pay and it is very convenient, but I can use all of my existing cards with Apple Pay. I just don't see any benefit to using the new card over anything I have. I also think it is actually easier to use something like mint if you want seamless integration of your financial life.

If you don't need a credit card to finance you life, they are all about perks. The perks just don't add up with this card. There isn't even a signup bonus.

Jags4186
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Re: Apple Card

Post by Jags4186 » Tue Mar 26, 2019 8:59 am

MichCPA wrote:
Tue Mar 26, 2019 8:46 am
bob60014 wrote:
Tue Mar 26, 2019 8:23 am
It's really not about the points, though while nice, it's really about the seemless integration between all Apple devices. Many Appleheads will embrace this. Making transactions "cardless" and easier through wallet pay, tap n go and the like, is the ultimate goal.
I have apple pay and it is very convenient, but I can use all of my existing cards with Apple Pay. I just don't see any benefit to using the new card over anything I have. I also think it is actually easier to use something like mint if you want seamless integration of your financial life.

If you don't need a credit card to finance you life, they are all about perks. The perks just don't add up with this card. There isn't even a signup bonus.
The perk is the titanium card lol

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oldcomputerguy
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Re: Apple Card

Post by oldcomputerguy » Tue Mar 26, 2019 9:12 am

Meh. 2% on everything already with Fido card. I already have a backup Capital One 1.5%-on-everything card, don't need Yet Another Credit Card.
"I’ve come around to this: If you’re dumb, surround yourself with smart people; and if you’re smart, surround yourself with smart people who disagree with you." (Aaron Sorkin)

inbox788
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Re: Apple Card

Post by inbox788 » Tue Mar 26, 2019 9:39 am

I don’t get these Apple Pay, Google Play, Samsung Pay if they’re used with your credit cards. Just adds a layer of costs. But with Apple Card, Apple Pay bypasses all the banks and competes with them. If Apple Pay and Apple Card are easy to get and set up, it could become the default payment system for iPhone users. If that happens, Chase, BoA and other credit card companies should be worried. In the physical world, 1% rebate is nothing, but with spending shifting to the digital world, and Apple Pay expanding, 2% is competitive. It’s pushing you and training you to use your phone at the point of sale terminal and to press the Apple Pay button when checking out. I’ve found the availability of that option to be quite limited, but I hope it expands everywhere.

https://ios.gadgethacks.com/how-to/whic ... t-0158076/

Eno Deb
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Re: Apple Card

Post by Eno Deb » Tue Mar 26, 2019 9:42 am

It seems to be a reasonable cashback card, nicely wrapped into an app for people who live on their phones. 2% cashback with neither annual nor foreign transaction fees actually isn't bad. Should make it a good travel card for places where contactless payments are widely used, e.g. many European countries. Also, no late-fees in case you miss a payment, and supposedly their partner bank isn't datamining your information for advertising purposes. Personally I have better cards, but I think this will be popular.

Eno Deb
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Re: Apple Card

Post by Eno Deb » Tue Mar 26, 2019 9:45 am

inbox788 wrote:
Tue Mar 26, 2019 9:39 am
I don’t get these Apple Pay, Google Play, Samsung Pay if they’re used with your credit cards. Just adds a layer of costs.
It's more secure since it uses tokenized account numbers and dynamic security codes, and uses biometric authentication. In case of Apple Pay you also get better privacy since it doesn't transmit your name to the merchant's terminal like normal credit cards do.
But with Apple Card, Apple Pay bypasses all the banks and competes with them.
They are partnering with the new retail banking group of Goldman Sachs, which is the actual issuer of the card.

inbox788
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Re: Apple Card

Post by inbox788 » Tue Mar 26, 2019 9:59 am

Eno Deb wrote:
Tue Mar 26, 2019 9:45 am
inbox788 wrote:
Tue Mar 26, 2019 9:39 am
I don’t get these Apple Pay, Google Play, Samsung Pay if they’re used with your credit cards. Just adds a layer of costs.
It's more secure since it uses tokenized account numbers and dynamic security codes, and uses biometric authentication. In case of Apple Pay you also get better privacy since it doesn't transmit your name to the merchant's terminal like normal credit cards do.
But with Apple Card, Apple Pay bypasses all the banks and competes with them.
They are partnering with the new retail banking group of Goldman Sachs, which is the actual issuer of the card.
How much is Apple getting for Apple Pay? Who’s paying? GS may be the next Motorola as far as Apple partner https://www.cultofmac.com/444315/apple- ... a-rokr-e1/

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CyclingDuo
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Re: Apple Card

Post by CyclingDuo » Tue Mar 26, 2019 10:11 am

karpems wrote:
Tue Mar 26, 2019 7:13 am
What is everyone’s initial impressions?

I am pretty underwhelmed. 2% cash back on purchases with Apple Pay, 1% cash back on purchases with your physical card.

Any thoughts on whether it will integrate with quicken?
3% off my next $1200 iPhone purchase.

Whoot Whoot!!! :beer
"Everywhere is within walking distance if you have the time." ~ Steven Wright

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sunny_socal
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Re: Apple Card

Post by sunny_socal » Tue Mar 26, 2019 10:27 am

It's extremely "meh." It's better than a debit card, that's about it.

Eno Deb
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Re: Apple Card

Post by Eno Deb » Tue Mar 26, 2019 10:29 am

inbox788 wrote:
Tue Mar 26, 2019 9:59 am
How much is Apple getting for Apple Pay? Who’s paying?
The exact terms are obviously not public knowledge, but I assume it's similar to any other bank whose card you use in Apple Pay. The banks give Apple a share of their transaction fees (rumors are that it's around 0.15% of the transaction). The banks supposedly agreed to this because Apple Pay reduces fraud due to its better security.

WhiteMaxima
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Re: Apple Card

Post by WhiteMaxima » Tue Mar 26, 2019 10:34 am

No Apple. I already have a flat 2% reward Fidelity Visa for everything, a Chase Reserve Visa for traveling, a Costco CitiBank Visa for gas(4%), eat (3%). :twisted:

blueman457
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Re: Apple Card

Post by blueman457 » Tue Mar 26, 2019 10:50 am

It's a good card, not amazing, but good.

It's NOT AIMED AT BOGLEHEADS OR CHURNERS who want to milk every benefit out of every card or pay off your balance each month.

The differentiating factors
-security and privacy: many people on this board don't seem to care, but I do
-2% cash back is good: there are better cards out there, but 2% is good

I'll sign up when it gets released.

Blue Man

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sunny_socal
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Re: Apple Card

Post by sunny_socal » Tue Mar 26, 2019 11:00 am

blueman457 wrote:
Tue Mar 26, 2019 10:50 am
It's a good card, not amazing, but good.

It's NOT AIMED AT BOGLEHEADS OR CHURNERS who want to milk every benefit out of every card or pay off your balance each month.

The differentiating factors
-security and privacy: many people on this board don't seem to care, but I do
-2% cash back is good: there are better cards out there, but 2% is good

I'll sign up when it gets released.

Blue Man
That 2% is "sort of." Only if you use Apple Pay, else 1%.

No way I'd use this card. (I'm sure many will sign up for it though, it has the cute little apple logo in the corner!)

Reference:
https://www.apple.com/apple-card/how-it-works/

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djpeteski
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Re: Apple Card

Post by djpeteski » Tue Mar 26, 2019 11:02 am

It seems that the brain trust at Apple is about bankrupt. They are doing what Sears, and JC Penny have done for years. Its the institutional imperative that Buffet talked about.

cheesepep
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Re: Apple Card

Post by cheesepep » Tue Mar 26, 2019 11:06 am

Three main differences between this card and others:

1) More privacy. Apple doesn't know anything about your purchases including what you bought, where, and how much. GS promises not to sell this information to 3rd parties like other credit card issuers who will mail you spam mail through USPS.

2) More secure. Through Apple Pay and no credit card number, tokenized transactions, etc, should be much more difficult for someone to fake your identity.

3) Titanium card (for what it is worth)

inbox788
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Re: Apple Card

Post by inbox788 » Tue Mar 26, 2019 11:13 am

Eno Deb wrote:
Tue Mar 26, 2019 10:29 am
inbox788 wrote:
Tue Mar 26, 2019 9:59 am
How much is Apple getting for Apple Pay? Who’s paying?
The exact terms are obviously not public knowledge, but I assume it's similar to any other bank whose card you use in Apple Pay. The banks give Apple a share of their transaction fees (rumors are that it's around 0.15% of the transaction). The banks supposedly agreed to this because Apple Pay reduces fraud due to its better security.
I've heard that rumor as well. I wonder if Google Pay and Samsung Pay are receiving similar cuts. Also, is this just the physical terminals or is there a different cost factor (and risk factor for fraud) for online transactions.

All these costs get passed on to the merchant and ultimately back to the customer. So if the credit card processor collects 2.9% but has to give 2% back to the customer as rewards and 0.15% to Apple, that leaves only 0.85% to split between them, the bank, Visa/MC/Discover/Amex, and who knows who else wants a cut. Vertical integration of multiple of these steps allows a company to collect more tolls along the way, cutting out some of the unnecessary middlemen (or frontmen). Some of these efficiencies are good for all involved (other than those left out), but if GS, Apple, MC all benefit from higher fees, then the customers and merchants are the ones paying the price. If Apple can eliminate GS and MC from the loop, Apple can collect all the fees and even kick some back to us, but they won't do so willingly, and only if there's some competition. Walmart Pay? Ali Pay?
How much are credit card processing fees? Average credit card processing fees range from 1.5% to 2.9% for swiped credit cards.

Keyed-in transactions have a higher average processing fee of 3.5% to account for the higher risk.
https://www.creditdonkey.com/credit-car ... -fees.html

WhiteMaxima
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Re: Apple Card

Post by WhiteMaxima » Tue Mar 26, 2019 11:31 am

I might get it. It is made of Ti metal and looks cool like every Apple product.

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oldcomputerguy
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Re: Apple Card

Post by oldcomputerguy » Tue Mar 26, 2019 11:39 am

Marketwatch seems to be a bit skeptical.
What this card really might be though is a ploy to get increased access to consumer data, Crone said.

Apple and Goldman will be able to collect data on what consumers prioritize in their financial lives through the new features added to the Apple Wallet app. And with the data they collect each time consumers use the credit card, they will understand more about what items consumers are buying.

(Apple and Goldman Sachs did not respond to requests for comment.)

In turn, Goldman would be able to take that data and use it to better target other credit offers it provides customers. Apple and Goldman could even be poised in the future to offer customized financing offers at the point of purchase to these card holders, Crone said. In other words, consumers shopping with the card could find themselves getting financing offers on purchases as they check out through the Apple Wallet app.
"I’ve come around to this: If you’re dumb, surround yourself with smart people; and if you’re smart, surround yourself with smart people who disagree with you." (Aaron Sorkin)

LawyersGunsAndMoney
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Re: Apple Card

Post by LawyersGunsAndMoney » Tue Mar 26, 2019 11:48 am

I do think there's something to be said for a company/card that has an OK cash back structure, no fees, below-average interest, and what I assume will be a very cool, helpful, and intuitive system to track financial health and spending.

Most of the industry that's centered around maximizing rewards completely ignores the fact that the average American has a credit card debt problem and unhealthy spending. While that's not a Bogleheads issue either, I think it is kind of interesting and probably helpful to a lot of people that Apple is throwing their hat into this ring.

And Apple Pay is indeed far more secure than swiping your card.

onourway
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Re: Apple Card

Post by onourway » Tue Mar 26, 2019 12:02 pm

blueman457 wrote:
Tue Mar 26, 2019 10:50 am
It's a good card, not amazing, but good.

It's NOT AIMED AT BOGLEHEADS OR CHURNERS who want to milk every benefit out of every card or pay off your balance each month.

The differentiating factors
-security and privacy: many people on this board don't seem to care, but I do
-2% cash back is good: there are better cards out there, but 2% is good

I'll sign up when it gets released.

Blue Man
Also - no late fees, no international fees, no over-limit fees. For a lot of credit card users, especially young users who this is aimed at, that's more valuable than an additional 1% or so cash back.

mmcmonster
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Re: Apple Card

Post by mmcmonster » Tue Mar 26, 2019 12:03 pm

blueman457 wrote:
Tue Mar 26, 2019 10:50 am
It's a good card, not amazing, but good.

It's NOT AIMED AT BOGLEHEADS OR CHURNERS who want to milk every benefit out of every card or pay off your balance each month.

The differentiating factors
-security and privacy: many people on this board don't seem to care, but I do
-2% cash back is good: there are better cards out there, but 2% is good

I'll sign up when it gets released.

Blue Man
There's a lot of inertia in what credit cards people have.

Personally, I've had a Wells Fargo card for ~5 years now which gave 1.5% back on most things. Prior to that I had a CitiBank card for 15 years which was 1% back. The fact that Apple's spotlight is focusing on a new card means people are going to look at what they've got now and see if AppleCard is better.

I'll probably get it myself. If it turns out to be accepted everywhere Visa is accepted (by far my most important requirement), it will replace my Wells Fargo Visa.

b4nash
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Re: Apple Card

Post by b4nash » Tue Mar 26, 2019 12:16 pm

mmcmonster wrote:
Tue Mar 26, 2019 12:03 pm
I'll probably get it myself. If it turns out to be accepted everywhere Visa is accepted (by far my most important requirement), it will replace my Wells Fargo Visa.
It's a Mastercard so accepted everywhere but Costco? I am too much of a rewards optimizer so I won't get one right away though I am interested to see how it goes. I wonder how stringent they'll be on accepting applicants.

tedgeorge
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Re: Apple Card

Post by tedgeorge » Tue Mar 26, 2019 12:25 pm

They are going to get a ton of info out of people using this card. Probably resell it all making more than the late fees. Would have loved to have been the MBA that figured that one out!

It looks like they'll do something "Mint" ish by showing your spending habits and the daily reward is going to move the needle for some people. Hopefully doesn't create a positive feedback loop for spending...

b4nash
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Re: Apple Card

Post by b4nash » Tue Mar 26, 2019 12:50 pm

Maybe they'll add another "ring" to the Apple Watch so you can see your daily spending too. :P

Glockenspiel
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Re: Apple Card

Post by Glockenspiel » Tue Mar 26, 2019 1:06 pm

WhiteMaxima wrote:
Tue Mar 26, 2019 11:31 am
I might get it. It is made of Ti metal and looks cool like every Apple product.
This product isn't marketed to the typical boglehead. It's for the millennials and the generation younger than millennials (Gen Z?). I wouldn't expect the typical boomer to understand it.

trevorshhh
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Re: Apple Card

Post by trevorshhh » Tue Mar 26, 2019 1:11 pm

djpeteski wrote:
Tue Mar 26, 2019 11:02 am
It seems that the brain trust at Apple is about bankrupt. They are doing what Sears, and JC Penny have done for years. Its the institutional imperative that Buffet talked about.
I would say that fits more to the card Apple has partnered with Barclaycard for for years than this one, which at least has some interesting features.

https://www.apple.com/shop/browse/financing
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ohai
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Re: Apple Card

Post by ohai » Tue Mar 26, 2019 1:16 pm

The spending tracker thing seems pretty gimmicky, and it won't even be that useful unless you make almost all your transactions with the Apple Card.

I don't think most people will care about "no fees". If you are the sort of person who pays those credit card fees to begin with, I doubt you're really tracking your financial behavior that much.

Daily cash back sounds like a good idea. Even if the value is not much in monetary terms, it will increase user engagement and give Apple a positive excuse to email you every day, and put some advertisement once in a while.

The titanium and looks thing should not be underestimated. If you have 3 different cards in your wallet, you'll choose the one that looks and feels nice.

I don't know how much this will help Apple Pay penetrate market in general, but I guess it can only be positive.

bluebolt
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Re: Apple Card

Post by bluebolt » Tue Mar 26, 2019 1:30 pm

tedgeorge wrote:
Tue Mar 26, 2019 12:25 pm
They are going to get a ton of info out of people using this card. Probably resell it all making more than the late fees. Would have loved to have been the MBA that figured that one out!

It looks like they'll do something "Mint" ish by showing your spending habits and the daily reward is going to move the needle for some people. Hopefully doesn't create a positive feedback loop for spending...
Apple is not going to track your spending info and Goldman won't sell your data to advertisers.
https://www.stuff.co.nz/business/world/ ... -purchases

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sunny_socal
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Re: Apple Card

Post by sunny_socal » Tue Mar 26, 2019 1:35 pm

cheesepep wrote:
Tue Mar 26, 2019 11:06 am
Three main differences between this card and others:

1) More privacy. Apple doesn't know anything about your purchases including what you bought, where, and how much. GS promises not to sell this information to 3rd parties like other credit card issuers who will mail you spam mail through USPS.
I call BS on that one (not at you, but Apple.)
2) More secure. Through Apple Pay and no credit card number, tokenized transactions, etc, should be much more difficult for someone to fake your identity.

3) Titanium card (for what it is worth)
There are other ways to pay aside from Apple Pay
https://www.cnet.com/news/apple-pay-vs- ... chase-pay/

Boglebum
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Re: Apple Card

Post by Boglebum » Tue Mar 26, 2019 1:59 pm

cheesepep wrote:
Tue Mar 26, 2019 11:06 am
Three main differences between this card and others:

1) More privacy. Apple doesn't know anything about your purchases including what you bought, where, and how much. GS promises not to sell this information to 3rd parties like other credit card issuers who will mail you spam mail through USPS.

2) More secure. Through Apple Pay and no credit card number, tokenized transactions, etc, should be much more difficult for someone to fake your identity.

3) Titanium card (for what it is worth)
#1 and #2 are key selling points for me. I know people who work at Apple and they tell me that, yes, Apple takes customer privacy *very* seriously.
The fact that they are hanging their (very valuable) brand on privacy supports this assertion.

I am disgusted at the amount of data the cards I currently use obviously collect about me and sell to the highest bidder.
Since I already use ApplePay at most locations I frequent, the 2% cashback would be the same as the cashback rewards I currently enjoy, so Apple Card is a no-brainer to replace those cards.

inbox788
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Re: Apple Card

Post by inbox788 » Tue Mar 26, 2019 2:17 pm

sunny_socal wrote:
Tue Mar 26, 2019 1:35 pm
cheesepep wrote:
Tue Mar 26, 2019 11:06 am
Three main differences between this card and others:

1) More privacy. Apple doesn't know anything about your purchases including what you bought, where, and how much. GS promises not to sell this information to 3rd parties like other credit card issuers who will mail you spam mail through USPS.
I call BS on that one (not at you, but Apple.)
I take their word on it for now. I don't think they're saying they're not tracking or collecting information, but what I hear is that they won't be linking your name to the data and selling your name and data to 3rd parties. I fully expect they'll be tracking all sorts of characteristics about my transactions and profiling me and selling that profile information.

Credit reporting agencies aren't directly selling your financial information for pre-approved credit card offers, and I expect their pledge to take it a step further so I'm not getting these 3rd party solicitations from Apple/GS collected data, but if GS recommends I apply for a Mortgage Refinance because I'm a homeowner living in Zip Code 12345 and Mortgage Refinance Lender pays Apple or GS a fee for that solicitation, I would not be surprised. I would just want to be able to control whether I want to receive them or not, and if they're relevant, I might even welcome them.

SPAM via USPS costs too much these days, so they wouldn't do that, but they'll probably spam you some other way electronically. If they can be transparent and provide some controls, it will be an improvement over the current situation.

b4nash
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Re: Apple Card

Post by b4nash » Tue Mar 26, 2019 2:20 pm

I am interested to see what the benefits guide looks like. Doubling the warranty might affect AppleCare attachment rate sooo :D

Eno Deb
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Re: Apple Card

Post by Eno Deb » Tue Mar 26, 2019 2:57 pm

inbox788 wrote:
Tue Mar 26, 2019 11:13 am
All these costs get passed on to the merchant and ultimately back to the customer.
Assuming Apple Pay does actually reduce credit card fraud through its improved security, it could be a win-win situation: the banks save money, and the customer the hassle and cost of filing disputes and dealing with card replacements etc. The convenience of using your phone to pay could also stimulate credit card use. The banks would certainly not allow Apple to insert itself into the value chain without getting something in return.
If Apple can eliminate GS and MC from the loop, Apple can collect all the fees and even kick some back to us, but they won't do so willingly, and only if there's some competition. Walmart Pay? Ali Pay?
I see no signs that they are interested in doing that. So far, everything they have done in the payment space involved the existing payment processors and banks. Otherwise, the main competition in the US would probably be Paypal and Venmo (but they haven't gained much traction in the POS payment space).

Jags4186
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Re: Apple Card

Post by Jags4186 » Tue Mar 26, 2019 3:07 pm

Eno Deb wrote:
Tue Mar 26, 2019 2:57 pm
If Apple can eliminate GS and MC from the loop, Apple can collect all the fees and even kick some back to us, but they won't do so willingly, and only if there's some competition. Walmart Pay? Ali Pay?
I see no signs that they are interested in doing that. So far, everything they have done in the payment space involved the existing payment processors and banks. Otherwise, the main competition in the US would probably be Paypal and Venmo (but they haven't gained much traction in the POS payment space).
Agreed...I could be wrong but I highly doubt Apple wants to become a bank...

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Cycle
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Re: Apple Card

Post by Cycle » Tue Mar 26, 2019 3:40 pm

Let me know when there is a massive sign on bonus so I can churn it
Never look back unless you are planning to go that way

Eno Deb
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Re: Apple Card

Post by Eno Deb » Tue Mar 26, 2019 3:41 pm

ohai wrote:
Tue Mar 26, 2019 1:16 pm
The titanium and looks thing should not be underestimated. If you have 3 different cards in your wallet, you'll choose the one that looks and feels nice.
Oooh, so nice and shiny. My precious! :D

I'm wondering if there's any real advantage to not having the card number and CVV printed on it. I always have a bad feeling when a waiter in a restaurant disappears behind the curtains with my card ...

Eno Deb
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Re: Apple Card

Post by Eno Deb » Tue Mar 26, 2019 3:48 pm

inbox788 wrote:
Tue Mar 26, 2019 2:17 pm
I take their word on it for now. I don't think they're saying they're not tracking or collecting information, but what I hear is that they won't be linking your name to the data and selling your name and data to 3rd parties. I fully expect they'll be tracking all sorts of characteristics about my transactions and profiling me and selling that profile information.
Here's what their flashy marketing page says about that:
Even Apple doesn't know what you bought. Or where. Or how much you paid.

At Apple, we firmly believe in your right to privacy. That’s why we created a unique architecture for Apple Card that generates things like your transaction history and spending summaries right in the Wallet app on your iPhone.

Of course, Goldman Sachs will use your data to operate Apple Card. But they will never share or sell your data to third parties for marketing or advertising.
I tend to believe it, since as someone mentioned above, they are heavily marketing privacy as a differentiator from the likes of Google, so if they got caught violating their promise it would damage their brand.

mnsportsgeek
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Re: Apple Card

Post by mnsportsgeek » Tue Mar 26, 2019 9:31 pm

I’ll probably sign up and get one and use it for Apple Pay transactions and international transactions. I don’t have a card with no fees internationally yet.

I like getting delta points with my Amex because it forces me to save for plane tickets which are bigger purchases. If I got cash back all the time I would just end up using it to buy lunch.

I could see the rewards expanding on this card down the road, but as it is now it’s not a great card for rewards. I’ll get it for the international uses, the sweet titanium card, and the integration with my phone.

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sunny_socal
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Re: Apple Card

Post by sunny_socal » Wed Mar 27, 2019 4:37 am

Eno Deb wrote:
Tue Mar 26, 2019 3:48 pm
inbox788 wrote:
Tue Mar 26, 2019 2:17 pm
I take their word on it for now. I don't think they're saying they're not tracking or collecting information, but what I hear is that they won't be linking your name to the data and selling your name and data to 3rd parties. I fully expect they'll be tracking all sorts of characteristics about my transactions and profiling me and selling that profile information.
Here's what their flashy marketing page says about that:
Even Apple doesn't know what you bought. Or where. Or how much you paid.

At Apple, we firmly believe in your right to privacy. That’s why we created a unique architecture for Apple Card that generates things like your transaction history and spending summaries right in the Wallet app on your iPhone.

Of course, Goldman Sachs will use your data to operate Apple Card. But they will never share or sell your data to third parties for marketing or advertising.
I tend to believe it, since as someone mentioned above, they are heavily marketing privacy as a differentiator from the likes of Google, so if they got caught violating their promise it would damage their brand.
These days data is a very precious commodity, there's no way Apple is letting all of that fall on the floor or just keeping it locked up in their 'secret' database. It's not a question of IF you data will be used (or breached) but when.

Just for grins, check yourself here:
https://haveibeenpwned.com/

Still feel secure? Apple and GS are just tech companies with a product to sell. What someone can design & build, someone else can break. :wink:

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oldcomputerguy
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Re: Apple Card

Post by oldcomputerguy » Wed Mar 27, 2019 4:46 am

Has anyone yet actually seen the published Terms and Conditions for this card? Until that hits the streets, I'm afraid I'm still going to be skeptical. But I'm trying to remain open to the idea that this might be worth investigating until I'm sure it's not.
"I’ve come around to this: If you’re dumb, surround yourself with smart people; and if you’re smart, surround yourself with smart people who disagree with you." (Aaron Sorkin)

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