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Apple and Goldman Sachs to partner on new credit card

Apple and Goldman Sachs to partner on new credit card

Old Aug 12, 19, 4:57 am
  #166  
 
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Originally Posted by rasheed View Post
I have not been able to determine what level of Mastercard the card is tied. It seems none because I was under the impression the level had to be on the physical card. There are no benefits being purchased by GS for customers. Gold was the lowest listed level on the MC site. People should keep this is mind if extended warranty or other protections are important.
MasterCard issuers have slowly stopped providing extended warranty and other benefits. Citi was one of the major banks to do it so far. I'm not sure I'd expect a no AF card to offer a lot of benefits other than zero liability (required by law).
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Old Aug 12, 19, 10:08 am
  #167  
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Originally Posted by mikesyr18 View Post
MasterCard issuers have slowly stopped providing extended warranty and other benefits. Citi was one of the major banks to do it so far. I'm not sure I'd expect a no AF card to offer a lot of benefits other than zero liability (required by law).
Why wouldn't it? I mean, even debit cards seem to have some of those benefits (example), and if the point of Apple Card is to be a card that doesn't try to actively screw its users over, keeping those benefits would be a major selling point.
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Old Aug 12, 19, 10:58 am
  #168  
 
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I have been invited to apply for their “preview” program, but honestly I don’t think I will. I enjoy my relationships with other card issuers and don’t see the point in wasting a pull on this program.
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Old Aug 12, 19, 6:39 pm
  #169  
 
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https://www.buzzfeednews.com/article...-stolen-iphone
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Old Aug 12, 19, 11:31 pm
  #170  
 
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Will there ever be a sign-up bonus for this card? Got the notify me invite, but just can't help but think about what this card would be like if they offered a pair of AirPods for each approved account. Then again, it's not like Apple to cheapen any of their products like that...
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Old Aug 13, 19, 5:57 am
  #171  
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Originally Posted by msp3 View Post
Will there ever be a sign-up bonus for this card? Got the notify me invite, but just can't help but think about what this card would be like if they offered a pair of AirPods for each approved account. Then again, it's not like Apple to cheapen any of their products like that...
I think the “sign up bonus” is (and always will be) the titanium card ;-)
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Old Aug 13, 19, 12:42 pm
  #172  
 
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Originally Posted by msp3 View Post
Will there ever be a sign-up bonus for this card? Got the notify me invite, but just can't help but think about what this card would be like if they offered a pair of AirPods for each approved account. Then again, it's not like Apple to cheapen any of their products like that...
I don't expect a SUB because the demand is already strong considering the weakish rewards program. I could see them giving away AirPods or beats device in the future if they get really low on demand. I already feel Apple has flattened the AirPods pricing consider how often various retailers put them "on-sale".

Remember, the card industry is trying to get away from SUB. That has been a massive pain point (Chase had to call out those millions from the CSR rewards costs). It seems Apple has done not only that but also removed ancillary benefits. Also, Apple is supposedly not going to spend much to replace the physical card because they don't expire.

The lack of ability to "push" payments (from your bank) is interesting, but I don't really think that is the case. Once you get your full account number from the app, program it into your favorite online bank bill pay service with the only legal address offered:
Lockbox 6112, P.O. Box 7247, Philadelphia, PA 19170-6112.
These payments are considered non-conforming, but I don't thing GS will have the ability to reject these payments.

Send your payment knowing that they will likely have to drop a check (so allow the 5-7 days instead of the 1-2 days). I recognize there are people who do not wish to give their bank information to Apple.
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Old Aug 13, 19, 1:00 pm
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Originally Posted by rasheed View Post
The lack of ability to "push" payments (from your bank) is interesting, but I don't really think that is the case. Once you get your full account number from the app, program it into your favorite online bank bill pay service with the only legal address offered:
The app only provides a virtual card number, which can be regenerated at any time.

The only way to get the actual card number is read the magstripe or chip, which might not be what GS uses internally for an account number.
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Old Aug 13, 19, 1:14 pm
  #174  
 
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Originally Posted by pdxer View Post
The app only provides a virtual card number, which can be regenerated at any time.

The only way to get the actual card number is read the magstripe or chip, which might not be what GS uses internally for an account number.
Thanks for clarifying. Yes, you are supposed to use your name and email address attached to your Apple Card account to identify your unique account. So, that would be the identifying info for the payment per GS. This is messy because most online bill payment don't accept @ or . characters for account numbers.

However, I am not clear how often does that virtual card number change because Apple says to use that number in the app not just for online purchases that don't accept Apple Pay, but also for recurring online transactions. Is the card number initially placed on the mag strip and EMV chip different than the virtual number shown in the app? I am not sure.

Looks like my ideas of payment outside the app are getting destroyed quickly. Thankfully I won't have this card to worry about.

Last edited by rasheed; Aug 13, 19 at 1:21 pm
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Old Aug 13, 19, 1:45 pm
  #175  
 
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Originally Posted by rasheed View Post
I recognize there are people who do not wish to give their bank information to Apple.
What could Apple do with it?
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Old Aug 13, 19, 1:59 pm
  #176  
 
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Originally Posted by rasheed View Post
Thanks for clarifying. Yes, you are supposed to use your name and email address attached to your Apple Card account to identify your unique account. So, that would be the identifying info for the payment per GS. This is messy because most online bill payment don't accept @ or . characters for account numbers.
I doubt GS internal systems do either. Maybe there's a way to get an actual account number to push a payment. Part of whatever they use should be on credit reports.

However, I am not clear how often does that virtual card number change because Apple says to use that number in the app not just for online purchases that don't accept Apple Pay, but also for recurring online transactions.
It's a virtual number that can be changed whenever the user decides they want a new number, such as when it's been compromised.

Is the card number initially placed on the mag strip and EMV chip different than the virtual number shown in the app? I am not sure.
It is.
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Old Aug 13, 19, 2:10 pm
  #177  
 
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Originally Posted by rasheed View Post
Thanks for clarifying. Yes, you are supposed to use your name and email address attached to your Apple Card account to identify your unique account. So, that would be the identifying info for the payment per GS. This is messy because most online bill payment don't accept @ or . characters for account numbers.

However, I am not clear how often does that virtual card number change because Apple says to use that number in the app not just for online purchases that don't accept Apple Pay, but also for recurring online transactions. Is the card number initially placed on the mag strip and EMV chip different than the virtual number shown in the app? I am not sure.

Looks like my ideas of payment outside the app are getting destroyed quickly. Thankfully I won't have this card to worry about.
There's nothing wrong with the card just because it doesn't allow banks to push payments to it. Not paying within the app defeats the purpose of the payment calculator for many people (the part that calculates interest) and the instant payment feature that credits your payment immediately and allows you to restore your line of credit.

If you're that worried about overdrafting your account because you can't push bill payments to the Apple Card, perhaps having a credit card isn't right for you in the first place.
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Old Aug 13, 19, 4:30 pm
  #178  
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Originally Posted by mikesyr18 View Post
There's nothing wrong with the card just because it doesn't allow banks to push payments to it. Not paying within the app defeats the purpose of the payment calculator for many people (the part that calculates interest) and the instant payment feature that credits your payment immediately and allows you to restore your line of credit.

If you're that worried about overdrafting your account because you can't push bill payments to the Apple Card, perhaps having a credit card isn't right for you in the first place.
What about the people who want to keep their bill pay in one place? Being able to log onto your bank's website and pay all of your bills at once is pretty convenient, IMO (although I personally don't do that).
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Old Aug 13, 19, 4:31 pm
  #179  
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So yeah, here's the first report of someone having problems with the physical Apple Card (that I've heard about, anyway): https://www.reddit.com/r/AppleCard/c...ese_encounter/

Bonus: no signature line on the receipt, either. So I'm guessing the terminal properly selected "no CVM required", then, if it's apparently printing out signature lines for everyone else.
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Old Aug 13, 19, 4:40 pm
  #180  
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Originally Posted by tmiw View Post
So yeah, here's the first report of someone having problems with the physical Apple Card (that I've heard about, anyway): https://www.reddit.com/r/AppleCard/c...ese_encounter/

Bonus: no signature line on the receipt, either. So I'm guessing the terminal properly selected "no CVM required", then, if it's apparently printing out signature lines for everyone else.
As, personally, a fan of contactless payments and no signatures, if adoption is fairly high for the Apple Card, it might be just the thing to help push acceptance of those along.
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