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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 Mar 18, 20, 1:16 am
  #301  
 
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Apple/Goldman Sachs took the lead of letting cardholders skip their March payment if you send some magic words via iMessage chat with Apple. Will any other bank follow their lead and offer their cardholders a payment holiday? e.g. 1 payment or a short 0% APR offer.
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Old Apr 17, 20, 1:51 pm
  #302  
 
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Decided to out of the box with this year’s credit card applications - focusing on no fee cards until next year. So far I have applied for and received the Capital One Savor One and the Apple Card. Apple Card terms were decently attractive (I checked last year when they launched and was denied for an odd reason). I have used the card via Apple Pay this week and just received the physical card today. I will likely leave the physical card in the stock drawer (though it is a cool looking card)

At the most basic level, Apple Card is a 2% to 3% cashback card when using Apple Pay either in person or online. 2% Apple Pay in person actually can come in handy for a lot of different situations. Obviously cards like Citi Double Cash are comparable, but Apple Card does give you your 2% immediately. 3% cashback on Uber, Nike, Walgreens, Apple are pretty attractive. I am not sure why this card got so much grief when it launched, it is a no fee card with a decent earnings structure, nothing wrong with that
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Old Jul 30, 20, 4:21 pm
  #303  
 
Join Date: May 2016
Location: NYC
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I applied to the Apple Card about 3 weeks ago out of curiosity, plus they're doing the $50 deal this month. They asked for Driver's License verification and it went to pending. It got auto-rejected because I didn't pick up the phone when they called for further verification. Tried again the next day (since it's not a hard pull until you actually get approved), and it went pending after DL verification, then auto reject without phone call.

I thought it might be because my DL has a different address than my application address, so I decided to wait until I get my DL renewal.

Applied again yesterday, this time they didn't even ask for ID verification, and was auto-approved. 10k CL, 15.99% APR. Did the $1 balance reload right away, got the free $50 Apple cash this morning, and immediately transferred it to bank account.
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Old Oct 2, 20, 12:07 pm
  #304  
 
Join Date: Aug 2015
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I applied for the card, but no inquiry is showing up. Being a bit rusty not having applied for any card for nearly six years prior to the day a couple of weeks ago, I combed through my reports more than once.

Also, I paid down my balance so far by $1 off Apple Cash. Can that be done with other cards?

Last edited by vanillabean; Oct 2, 20 at 11:36 pm
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Old Oct 5, 20, 8:35 am
  #305  
 
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Originally Posted by vanillabean View Post
I applied for the card, but no inquiry is showing up. Being a bit rusty not having applied for any card for nearly six years prior to the day a couple of weeks ago, I combed through my reports more than once.

Also, I paid down my balance so far by $1 off Apple Cash. Can that be done with other cards?
Not clear what you are asking on the last part there. You can transfer Apple Cash to regular US bank accounts which could then be used to pay off a credit card. I believe the only credit card you can pay directly from Apple Cash is the Apple Card.
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Old Oct 5, 20, 12:23 pm
  #306  
 
Join Date: Aug 2015
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Originally Posted by G2244 View Post
I believe the only credit card you can pay directly from Apple Cash is the Apple Card.
Yes, that was my question.

Meanwhile, "Payments could be Apple’s next multibillion-dollar business. That’s what Cowen analyst Krish Sankar thinks. He dove into Apple’s digital-payments business—Apple Pay, Apple Card and Apple Cash—and the analyst likes what he sees. ... Apple Card, he notes, is the company’s newest payments business, but he thinks it could be the biggest revenue driver in that division, with 89% compounded annual growth to $1.2 billion by fiscal 2023.”

https://www.marketwatch.com/articles...id-51601915879
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Old Oct 5, 20, 12:52 pm
  #307  
mia
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Originally Posted by vanillabean View Post
.... Apple Card, he notes, is the company’s newest payments business, but he thinks it could be the biggest revenue driver in that division, with 89% compounded annual growth to $1.2 billion by fiscal 2023.”....
“We also assume Apple receives a 1% fee for transactions, a rate that we believe is in line with the average for card issuers"
Apple is not the issuer. Issued by Goldman Sachs Bank USA, Salt Lake City Branch. As the co-brand partner I imagine their share of the revenue stream is smaller, but perhaps the analyst addressed this and it is not mentioned in the article.
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Old Oct 14, 20, 1:35 pm
  #308  
 
Join Date: Aug 2015
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Originally Posted by vanillabean View Post
I applied for the card, but no inquiry is showing up.
It is known that when you apply for the Apple card, a soft pull is done on your credit by Goldman Sachs. Based on the information and if approved, you’ll get an offer outlining stuff such as credit limit and interest rates. If you accept, the standard hard pull is done and the card is yours.

Except it appears the card is yours before the hard pull is actually done. The only reason I know this is that when I had temporarily lifted the freeze on my reports in order to apply, a credit report alert informed me that a hard pull was later attempted while my credit report was frozen.

I applied at 8 p.m. of the day that I previously had specified as the start day for lifting the freeze with the end day being the following day. Little did I know that Transunion’s definition of the end day is one minute before that day.

On top of it, the time zone specified is CT, not the PT that I live in, which effectively reduces the window to nearly two hours, until 10 p.m. The supposedly real-time alert that I received (and didn’t pay much attention back then) arrived at 10:10 p.m.

How is that for fun?

For the record, the above is in no way an endorsement of intentionally attempting to do so in order to bypass the hard pull. I am personally fine with getting a hard inquiry whenever I apply for credit (which is not often).
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Old Oct 15, 20, 8:10 am
  #309  
 
Join Date: May 2011
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Several months into having this card, I must say I like it

1) Zero percent financing for things like MacBooks is easy and useful
2) 3% back on Uber is a good option now that I no longer have my CSR and now that Citi Premier doesn’t give 3x back on Uber
3) Decent return (2%) for random online purchases that work with Apple Pay
4) GS has been consistent and credit limit increases

Basically if you have an iPhone and are willing to take up a 5/24 slot I this is just a good no fee card to have. I think it makes sense to have as many no fee cards as possible...
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