Apple and Goldman Sachs to partner on new credit card
Aug 25, 2019, 12:03 pm
#211
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You are focusing on the parts that do not matter. Of course there are no extra fees. They are marketing this to Apple customers. Not people who aren't earning a livable wage. It is all about the interest rate and what Apple and Goldman can earn. Plus the bit they get per transaction. That is the core of the business. The rest is fluff. If they cannot count on you to pay them enough, you get charged a higher interest rate.
Interest rate is all about risk and creditworthiness. There are plenty of approvals at 12.99% which is cheaper than the lowest rate most banks give.
There are already worries that Goldman may not profit off of this card for the long term... If they're lucky. I'm leaning towards expecting a recession within the next two years, so Goldman may not make a profit on this card until at least 2025.
I would say an industry trend where getting a SP with the credit line and interest rate is a breakthrough in the industry. I wish every bank had to do that. Apply and aren't approved? No harm done. Don't like the terms? No harm done to your 5/24 record.
Aug 25, 2019, 3:26 pm
#212
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I agree, this is a great feature for this card.
Last edited by mia; Aug 25, 2019 at 4:09 pm Reason: Formatting
Aug 25, 2019, 3:39 pm
#213
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Unfortunately, it's also an indictment of our current payments system. If NFC support were at 100% (or even customer facing equipment in general), there wouldn't be a need to hide card numbers. Or really, any expectation that almost 100% of Apple Card cardholders would need the physical card.
Of course, that's a discussion that's already been had in other threads on FT ad nauseam.
Of course, that's a discussion that's already been had in other threads on FT ad nauseam.
Aug 25, 2019, 4:26 pm
#214
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Unfortunately, it's also an indictment of our current payments system. If NFC support were at 100% (or even customer facing equipment in general), there wouldn't be a need to hide card numbers. Or really, any expectation that almost 100% of Apple Card cardholders would need the physical card.
Of course, that's a discussion that's already been had in other threads on FT ad nauseam.
Of course, that's a discussion that's already been had in other threads on FT ad nauseam.
A fax machine, a computer still running windows 7, a swipe only card reader with no encryption, and dial up internet are not ways to run a business.
Aug 25, 2019, 5:18 pm
#215
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You already know how I feel about the payment technology in the U.S. I still cringe whenever cards are swiped. I can accept not having NFC yet, but to still swipe cards when the EMV transition date started in November 2015 is a joke... Here we sit in almost September 2019 and we have crappy swipe only readers that offer no security whatsoever.
A fax machine, a computer still running windows 7, a swipe only card reader with no encryption, and dial up internet are not ways to run a business.
A fax machine, a computer still running windows 7, a swipe only card reader with no encryption, and dial up internet are not ways to run a business.
As for NFC, why shouldn't we expect everyone to get it at the same time as the chip? The rest of the world is moving to contactless payment, after all. Being the only country that still inserts cards 5-10 years from now isn't going to be a good look either, especially if the cards still require signature when overseas (as I expect will be the case).
Aug 25, 2019, 7:49 pm
#216
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I'll cut a bit of slack for Windows 7, at least for another few months; support doesn't end until January 2020. There does need to be a migration plan actively being worked on though.
As for NFC, why shouldn't we expect everyone to get it at the same time as the chip? The rest of the world is moving to contactless payment, after all. Being the only country that still inserts cards 5-10 years from now isn't going to be a good look either, especially if the cards still require signature when overseas (as I expect will be the case).
As for NFC, why shouldn't we expect everyone to get it at the same time as the chip? The rest of the world is moving to contactless payment, after all. Being the only country that still inserts cards 5-10 years from now isn't going to be a good look either, especially if the cards still require signature when overseas (as I expect will be the case).
Aug 25, 2019, 11:38 pm
#217
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Aug 25, 2019, 11:46 pm
#218
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While I used contactless for the vast majority of stuff last time I was in the UK, I did have to use the physical card for hotels and they just used the signature on the folio instead of also making me sign the receipt from the terminal. YMMV, of course.
Aug 26, 2019, 7:53 am
#219
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Well researched and written evaluation of the Apple Card from MacWorld:
https://www.macworld.com/article/343...elsewhere.html
As slick as the Apple Card is, its features are unique only in their mix, presentation, and integration into iOS. Doing business elsewhere doesn’t mean you miss out on real-time fraud alerts, payment reminders, cash back and the like.
In fact, the majority of the Apple Card’s defining features have been around for ages, and odds are they’re available in a credit card you already possess.
In fact, the majority of the Apple Card’s defining features have been around for ages, and odds are they’re available in a credit card you already possess.
Last edited by mia; Aug 26, 2019 at 8:07 am
Aug 26, 2019, 8:57 am
#220
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I'm thinking along the lines of the same types of compatibility/convenience issues that happened just before the US adopted EMV happening again, just with cards that don't have contactless. OTOH, we as cardholders can more easily work around that this time with Apple Pay and the like (not to mention that some issuers are rolling out contactless cards).
Aug 26, 2019, 12:35 pm
#221
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I won’t attempt an apples-to-oranges comparison with points-earning cards, but unless you’re in it for the software features or major Apple Store purchases, I still don’t see the point of this card when there are competitors like the Citi Double Cash that get 2% all day long, Apple Pay or not.
Aug 26, 2019, 2:47 pm
#223
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I won’t attempt an apples-to-oranges comparison with points-earning cards, but unless you’re in it for the software features or major Apple Store purchases, I still don’t see the point of this card when there are competitors like the Citi Double Cash that get 2% all day long, Apple Pay or not.
Aug 27, 2019, 2:13 am
#224
Join Date: Apr 2015
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At the end of the day, the only reason the Apple Card is even being discussed on these forums is simply due to the level of hype surrounding it. This is flyertalk. Even the greenest member of these forums is NOT the target audience. The target audience is the vast majority of sheep that have never bothered to educate themselves on credit cards and the various drawbacks and benefits.
That said, I've always been a big Apple fan and not a heavy churner. I'm getting the card for the aesthetic because I can and it only takes me to something like 3/24 right now. I'll use it for Apple store purchases, Apple Pay purchases at non-bonus merchants, and for the purpose of whipping out the purty white card every now and then just to be an obnoxious snob... especially since I live overseas and will likely be the only Apple card holder in a 100 mile radius.
That said, I've always been a big Apple fan and not a heavy churner. I'm getting the card for the aesthetic because I can and it only takes me to something like 3/24 right now. I'll use it for Apple store purchases, Apple Pay purchases at non-bonus merchants, and for the purpose of whipping out the purty white card every now and then just to be an obnoxious snob... especially since I live overseas and will likely be the only Apple card holder in a 100 mile radius.
Aug 27, 2019, 10:20 am
#225
Join Date: Jan 2000
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At the end of the day, the only reason the Apple Card is even being discussed on these forums is simply due to the level of hype surrounding it. This is flyertalk. Even the greenest member of these forums is NOT the target audience. The target audience is the vast majority of sheep that have never bothered to educate themselves on credit cards and the various drawbacks and benefits.
That said, I've always been a big Apple fan and not a heavy churner. I'm getting the card for the aesthetic because I can and it only takes me to something like 3/24 right now. I'll use it for Apple store purchases, Apple Pay purchases at non-bonus merchants, and for the purpose of whipping out the purty white card every now and then just to be an obnoxious snob... especially since I live overseas and will likely be the only Apple card holder in a 100 mile radius.
That said, I've always been a big Apple fan and not a heavy churner. I'm getting the card for the aesthetic because I can and it only takes me to something like 3/24 right now. I'll use it for Apple store purchases, Apple Pay purchases at non-bonus merchants, and for the purpose of whipping out the purty white card every now and then just to be an obnoxious snob... especially since I live overseas and will likely be the only Apple card holder in a 100 mile radius.
I don't necessarily agree that this is the only reason it's being discussed. I think the Apple card is a game changer in the CC market. From the ease of application - everyone with an iPhone can apply and be approved instantly - to the ease of use. Granted most of the FT audience is a lot more savvy than the average user however Apple is disrupting the traditional business model.