Apple and Goldman Sachs to partner on new credit card
Mar 18, 2020, 12:16 am
#301
Join Date: Jul 2014
Location: JRF
Programs: AA Gold, Marriott Platinum, Hilton Diamond, National Executive Elite
Posts: 1,784
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.
Apr 17, 2020, 12:51 pm
#302
Join Date: May 2011
Location: NYC (LGA, JFK), CT
Programs: Delta Platinum, American Gold, JetBlue Mosaic 4, Marriott Platinum, Hyatt Explorist, Hilton Diamond,
Posts: 4,895
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
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
Jul 30, 2020, 3:21 pm
#303
Join Date: May 2016
Location: NYC
Posts: 265
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.
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.
Oct 2, 2020, 11:07 am
#304
Join Date: Aug 2015
Location: SFO
Programs: AS 75K (OW), SK Silver (*A), UR, MR
Posts: 3,347
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?
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, 2020 at 10:36 pm
Oct 5, 2020, 7:35 am
#305
Join Date: Aug 2008
Location: SAF
Programs: HH Gold, IHG Gold
Posts: 675
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?
Also, I paid down my balance so far by $1 off Apple Cash. Can that be done with other cards?
Oct 5, 2020, 11:23 am
#306
Join Date: Aug 2015
Location: SFO
Programs: AS 75K (OW), SK Silver (*A), UR, MR
Posts: 3,347
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
Oct 5, 2020, 11:52 am
#307
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
“We also assume Apple receives a 1% fee for transactions, a rate that we believe is in line with the average for card issuers"
Oct 14, 2020, 12:35 pm
#308
Join Date: Aug 2015
Location: SFO
Programs: AS 75K (OW), SK Silver (*A), UR, MR
Posts: 3,347
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).
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).
Oct 15, 2020, 7:10 am
#309
Join Date: May 2011
Location: NYC (LGA, JFK), CT
Programs: Delta Platinum, American Gold, JetBlue Mosaic 4, Marriott Platinum, Hyatt Explorist, Hilton Diamond,
Posts: 4,895
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...
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...
May 24, 2021, 5:28 pm
#310
Join Date: Jul 2014
Location: JRF
Programs: AA Gold, Marriott Platinum, Hilton Diamond, National Executive Elite
Posts: 1,784
If you have not yet seen the email that came out with iOS 14.6 today, Apple Card now has AUs and joint accounts. T&Cs
1. Apple Card Family Participants and Co-Owners do not need to have a familial relationship but must be part of the same Apple Family Sharing group.
2. Coming July 2021: You will be able to invite another Apple Card Owner to combine credit limits and form one co-owned account. Each Co-Owner is individually liable for all balances on the co-owned Apple Card, including amounts due on the existing Co-Owner’s account before the accounts are merged. Each Co-Owner will be reported to credit bureaus as an Owner on the account. In addition, Co-Owners will have full visibility into all account activity, and each Co-Owner is responsible for the other Co-Owner’s instructions or requests. Co-ownership involves risk, including payment history and other information about your Apple Card, including negative items like missed payments. Addition of a new Co-Owner is subject to credit approval and general eligibility requirements. For Apple Card eligibility requirements, click here. Either Co-Owner can close the account at any time, which may negatively impact your credit, and you will still be responsible for paying all balances on the account. For details on account-sharing options, including some of the risks and benefits, click here.
3. Building credit “equally” means that the payment history and other information about your Apple Card will be reported to credit bureaus for each Co-Owner. Each Co-Owner is individually liable for all balances on the co-owned Apple Card, and each will be reported to credit bureaus as an Owner on the account. Credit reporting includes payment history and other information about your Apple Card, including negative items like missed payments. Card usage and payment history may impact each Co-Owner’s credit score differently, because each individual’s credit history will include information that is unique to them. Either Co-Owner can close the account at any time, but you will still be responsible for paying all balances on the account. For details on account-sharing options, including some of the risks and benefits, click here.
4. Coming July 2021: You will be able to invite another Apple Card Owner to combine credit limits and form one co-owned account. Merging accounts is subject to credit approval and general eligibility requirements.
5. If you are a Participant, you are able to spend on the account but are not responsible for payments. Being a Participant who is reported to the credit bureaus on an account that has a negative payment history (e.g. the account goes past due) or is overutilized can have negative effects on your credit. The account Owner remains responsible for all purchases made by a Participant. For more details, including some risks and benefits of being a Participant, click here.
6. An Apple Cash card is required. Participants under 18 on Apple Card Family accounts must have the family organizer of their Apple Cash Family set up their own Apple Cash card. If you do not have an Apple Cash account, Daily Cash can be applied as a credit on the account Owner’s statement balance by contacting Goldman Sachs Bank USA. The Apple Cash card is issued by Green Dot Bank, Member FDIC.
7. Owners can set transaction limits at any time for Participants through the Wallet app, but this does not limit a Participant’s ability to spend up to the available credit limit on the account. Participant cards can also be locked to pause spending at any time through the Wallet app.
8. Some transactions may not be displayed in Apple Maps.
9. If you are a Participant, you are able to spend on the account but are not responsible for payments. Being a Participant who is reported to the credit bureaus on an account that has a negative payment history (e.g. the account goes past due) or is overutilized can have negative effects on your credit. For details on credit reporting, click here. For more details, including some risks and benefits of being a Participant, click here.
2. Coming July 2021: You will be able to invite another Apple Card Owner to combine credit limits and form one co-owned account. Each Co-Owner is individually liable for all balances on the co-owned Apple Card, including amounts due on the existing Co-Owner’s account before the accounts are merged. Each Co-Owner will be reported to credit bureaus as an Owner on the account. In addition, Co-Owners will have full visibility into all account activity, and each Co-Owner is responsible for the other Co-Owner’s instructions or requests. Co-ownership involves risk, including payment history and other information about your Apple Card, including negative items like missed payments. Addition of a new Co-Owner is subject to credit approval and general eligibility requirements. For Apple Card eligibility requirements, click here. Either Co-Owner can close the account at any time, which may negatively impact your credit, and you will still be responsible for paying all balances on the account. For details on account-sharing options, including some of the risks and benefits, click here.
3. Building credit “equally” means that the payment history and other information about your Apple Card will be reported to credit bureaus for each Co-Owner. Each Co-Owner is individually liable for all balances on the co-owned Apple Card, and each will be reported to credit bureaus as an Owner on the account. Credit reporting includes payment history and other information about your Apple Card, including negative items like missed payments. Card usage and payment history may impact each Co-Owner’s credit score differently, because each individual’s credit history will include information that is unique to them. Either Co-Owner can close the account at any time, but you will still be responsible for paying all balances on the account. For details on account-sharing options, including some of the risks and benefits, click here.
4. Coming July 2021: You will be able to invite another Apple Card Owner to combine credit limits and form one co-owned account. Merging accounts is subject to credit approval and general eligibility requirements.
5. If you are a Participant, you are able to spend on the account but are not responsible for payments. Being a Participant who is reported to the credit bureaus on an account that has a negative payment history (e.g. the account goes past due) or is overutilized can have negative effects on your credit. The account Owner remains responsible for all purchases made by a Participant. For more details, including some risks and benefits of being a Participant, click here.
6. An Apple Cash card is required. Participants under 18 on Apple Card Family accounts must have the family organizer of their Apple Cash Family set up their own Apple Cash card. If you do not have an Apple Cash account, Daily Cash can be applied as a credit on the account Owner’s statement balance by contacting Goldman Sachs Bank USA. The Apple Cash card is issued by Green Dot Bank, Member FDIC.
7. Owners can set transaction limits at any time for Participants through the Wallet app, but this does not limit a Participant’s ability to spend up to the available credit limit on the account. Participant cards can also be locked to pause spending at any time through the Wallet app.
8. Some transactions may not be displayed in Apple Maps.
9. If you are a Participant, you are able to spend on the account but are not responsible for payments. Being a Participant who is reported to the credit bureaus on an account that has a negative payment history (e.g. the account goes past due) or is overutilized can have negative effects on your credit. For details on credit reporting, click here. For more details, including some risks and benefits of being a Participant, click here.
May 25, 2021, 8:16 am
#311
Join Date: Mar 2013
Location: EWR
Programs: World of Hyatt, Marriott Bonvoy, Hilton Honors, UA Mileage Plus
Posts: 1,255
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...
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...
May 25, 2021, 12:58 pm
#312
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,044
Without going crazy off-topic here, there are plenty of germane differences, and the biggest two are the annual fee and the form of the rebate. Yes, you can ameliorate most (but not all) of the annual fee if you play the game, and yes, you can cash out your points for travel credit if you play the game, but both do take time and have certain conditions and limitations.
May 25, 2021, 8:08 pm
#313
Join Date: May 2011
Location: NYC (LGA, JFK), CT
Programs: Delta Platinum, American Gold, JetBlue Mosaic 4, Marriott Platinum, Hyatt Explorist, Hilton Diamond,
Posts: 4,895
Without going crazy off-topic here, there are plenty of germane differences, and the biggest two are the annual fee and the form of the rebate. Yes, you can ameliorate most (but not all) of the annual fee if you play the game, and yes, you can cash out your points for travel credit if you play the game, but both do take time and have certain conditions and limitations.
Many on FT earn either 2x points back (Double Cash, Amex BBP) or 2% cash back. I have also found Apple/Goldman to be a pretty good lender (they have quickly become my largest credit limit through automatic and requested credit limit increases, which is nice for a no fee card). 2% minimum on a no fee card with no FX fees isn’t bad (I don’t believe I have ever swiped the physical card)
May 26, 2021, 7:04 am
#314
Join Date: Mar 2013
Location: EWR
Programs: World of Hyatt, Marriott Bonvoy, Hilton Honors, UA Mileage Plus
Posts: 1,255
Don’t you also have to have an existing US Bank account to get the Altitude Reserve? I think most people can get it but I remember having an issue with that as a New York resident (they didn’t give cards to people outside of their target markets are something).
Many on FT earn either 2x points back (Double Cash, Amex BBP) or 2% cash back. I have also found Apple/Goldman to be a pretty good lender (they have quickly become my largest credit limit through automatic and requested credit limit increases, which is nice for a no fee card). 2% minimum on a no fee card with no FX fees isn’t bad (I don’t believe I have ever swiped the physical card)
Many on FT earn either 2x points back (Double Cash, Amex BBP) or 2% cash back. I have also found Apple/Goldman to be a pretty good lender (they have quickly become my largest credit limit through automatic and requested credit limit increases, which is nice for a no fee card). 2% minimum on a no fee card with no FX fees isn’t bad (I don’t believe I have ever swiped the physical card)
Also, I didn’t realize I was replying to a post that was like 8 months old until after I hit send, sorry to bring it up to the front.
Jul 20, 2021, 1:45 pm
#315
Join Date: May 2011
Location: NYC (LGA, JFK), CT
Programs: Delta Platinum, American Gold, JetBlue Mosaic 4, Marriott Platinum, Hyatt Explorist, Hilton Diamond,
Posts: 4,895
For iPhone users Apple Card is actually pretty good. 2% cash back, basically instantly, as long as you can use Apple Pay, no fees of any kind.
pair that with either Chase Sapphire Preferred + Freedom Unlimited combo (Visa) and you should be covered for $95 in total fees.
pair that with either Chase Sapphire Preferred + Freedom Unlimited combo (Visa) and you should be covered for $95 in total fees.