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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 13, 19, 4:45 pm
  #181  
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Originally Posted by dw View Post
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.
OTOH, I can see a bunch of people simply assuming that AP won't work at any drive through or sit-down restaurant and always opting for the physical card, which might not help adoption at those. Those two categories seem to be the biggest omissions now, IMO (and gas pumps, too, but at least you can usually go inside to pay if you want to use NFC).
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Old Aug 13, 19, 6:58 pm
  #182  
 
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Originally Posted by vanillabean View Post
What could Apple do with it?
I think what we are seeing here is an interesting rebellion against the banking industry. It just wasn't clear that there was no other way to make a payment toward the credit card aside from the app.

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.
I guess we could also say that if the payment calculator was needed or even the instant credit restoration that maybe credit cards are not a good fit for a given person. Ultimately, the market will decide if Apple's way of running credit cards is the better way. Maybe it is, I just don't know.
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Old Aug 14, 19, 3:51 am
  #183  
 
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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.
Like everything else new in the payment world, we'll start seeing stories about stupid cashiers and how this and that happened.

It'll be fun to tell cashiers "I don't need to sign because there's no signature line."
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Old Aug 14, 19, 10:48 am
  #184  
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Originally Posted by mikesyr18 View Post
Like everything else new in the payment world, we'll start seeing stories about stupid cashiers and how this and that happened.

It'll be fun to tell cashiers "I don't need to sign because there's no signature line."
Eh, considering that no one bothers checking the signature, I'm fine with humoring them and signing anyway. It's not worth getting into an argument with someone who likely has no control over the store's policies.

(Same thing with ID checks, although I should honestly fight those more. Not that those happen much anymore.)
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Old Aug 14, 19, 3:07 pm
  #185  
 
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I understand that there is some sort of NFC-like chip in the physical card that allows the phone to detect when you physically receive it based on some notes out there. However, this unseen chip does not allow tapping to pay (which you would not to do anyway because tapping the phone would have a higher rebate rate), correct or was this something for people to try (even without the contactless chip symbol)?
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Old Aug 14, 19, 3:09 pm
  #186  
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Originally Posted by rasheed View Post
I understand that there is some sort of NFC-like chip in the physical card that allows the phone to detect when you physically receive it based on some notes out there. However, this unseen chip does not allow tapping to pay (which you would not to do anyway because tapping the phone would have a higher rebate rate), correct or was this something for people to try (even without the contactless chip symbol)?
The chip is in the physical packaging that comes with the card. The card itself has no NFC functionality.
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Old Aug 15, 19, 6:46 am
  #187  
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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.
There is a report on Reddit today that someone ran his card number through his merchant account and it was coded as a World Elite card. Unfortunately, as we all know, the card doesnít come with any World Elite benefits (though I guess GS is getting the higher swipe fees).
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Old Aug 15, 19, 12:36 pm
  #188  
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Originally Posted by rasheed View Post
....supposed to use your name and email address attached to your Apple Card account to identify your unique account.....
Many provisions of card regulations are tied to Statements. If Goldman is going to generate statements there may be additional payment options or account identification methods there.
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Old Aug 15, 19, 2:18 pm
  #189  
 
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Originally Posted by dw View Post
There is a report on Reddit today that someone ran his card number through his merchant account and it was coded as a World Elite card. Unfortunately, as we all know, the card doesnít come with any World Elite benefits (though I guess GS is getting the higher swipe fees).
I could imagine this card won't be as profitable as other cards, so can you really blame GS for taking the higher fees?

This card literally discourages paying interest and has no fees... Not even late fees, nor does it encourage GS to sell data, and then it still offers rewards.
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Old Aug 15, 19, 3:15 pm
  #190  
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Originally Posted by mia View Post
Many provisions of card regulations are tied to Statements. If Goldman is going to generate statements there may be additional payment options or account identification methods there.
Worst case, wouldn't one be able to pull the account number from their credit reports? Assuming GS will actually accept checks sent to the above address, of course.

Originally Posted by mikesyr18 View Post
I could imagine this card won't be as profitable as other cards, so can you really blame GS for taking the higher fees?

This card literally discourages paying interest and has no fees... Not even late fees, nor does it encourage GS to sell data, and then it still offers rewards.
They're accepting a fair number of subprime cardholders, though, so I'm sure a bunch will still be paying interest. Also, I don't think the Apple Card will help at all with resolving longstanding merchant complaints about interchange fees, either, but I'm also not sure merchants can really do much about it as long as "honor all cards" is still a thing.
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Old Aug 15, 19, 4:18 pm
  #191  
 
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Originally Posted by tmiw View Post
Worst case, wouldn't one be able to pull the account number from their credit reports?
I donít remember credit reports listing full account numbers.
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Old Aug 15, 19, 4:54 pm
  #192  
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Originally Posted by vanillabean View Post
I donít remember credit reports listing full account numbers.
Maybe not the exact card number but I thought they had some sort of unique reference listed (either now or at some point in the past). Might need to pull mine and double-check.
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Old Aug 16, 19, 9:54 am
  #193  
 
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The Mastercard's latest BIN database indicates GS has lots of ranges reserved. So, it is entirely possible they are issuing all kinds (WE, non-WE) depending on the customer.

Another item I recently realized is you cannot use aggregation (Mint or Envestnet/Yodlee engine) with this account to get a complete spend picture.

Since all cardholders have end of month due dates, we should be seeing some account statements soon that might indicate overnight payment options or other items since there was indication you could generate a PDF of your statement from the app.
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Old Aug 16, 19, 7:39 pm
  #194  
 
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Originally Posted by rasheed View Post
Another item I recently realized is you cannot use aggregation (Mint or Envestnet/Yodlee engine) with this account to get a complete spend picture.
Nor, apparently, Quicken or even a CSV download.

Limited benefits, limited acceptance, limited functionality. No thanks. YMMV.
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Old Aug 16, 19, 7:47 pm
  #195  
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Originally Posted by Petdog View Post
Nor, apparently, Quicken or even a CSV download.

Limited benefits, limited acceptance, limited functionality. No thanks. YMMV.
Besides Costco and the places that don't accept CC in the first place (e.g. most Arcos), where can't you use the physical card in the US? (Apple Pay and non-US usage of the physical card is admittedly a different story.)
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