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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 26, 19, 7:26 pm
  #46  
 
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Originally Posted by RedSun View Post
I'd be happy to hand over my black Ritz Carlton card to the waiter, than handling over my iPhone to him. This is exactly what I did.
I love my Ritz Carlton card as much as the next cardholder with the old-style heavy metal card (the new plastic one is sacrilege), but unless you have an upgrade to Club floor with certain rates fetish the average consumer is much better off with the Apple Card than anything else on the market. You can already see the credit card shilling blogger scum writing hit pieces on the card because obviously there’s no commission money in it for them and no sign up bonus up front but all the benefits are spread out throughout the life of the product with almost no fees, low rates, and a plain simple good earning %. Good for Apple, good for the consumer, bad for smart-aleck hacks that game the system and give nothing back
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Old Mar 26, 19, 7:33 pm
  #47  
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Originally Posted by msp3 View Post
I love my Ritz Carlton card as much as the next cardholder with the old-style heavy metal card (the new plastic one is sacrilege), but unless you have an upgrade to Club floor with certain rates fetish the average consumer is much better off with the Apple Card than anything else on the market. You can already see the credit card shilling blogger scum writing hit pieces on the card because obviously there’s no commission money in it for them and no sign up bonus up front but all the benefits are spread out throughout the life of the product with almost no fees, low rates, and a plain simple good earning %. Good for Apple, good for the consumer, bad for smart-aleck hacks that game the system and give nothing back
I mean, the 1% for non-Apple Pay purchases is pretty poor for a cash back card. Something like Citi DC or Fidelity's card would be better for someone from the general public, even if it takes a billing cycle to get the cash back credited. If you're already in the Apple ecosystem, however, and you can use AP for close to everything, it might be an okay option.

(BTW, I'm not sure that heavy reliance on credit cards in the US in general is a good thing, even if the majority of people pay their entire balances on time. That's a topic for another thread, though.)
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Old Mar 26, 19, 7:39 pm
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Originally Posted by mia View Post
Does this mean a card account cannot be opened or used without an Apple phone?
Yes. It's managed within the Wallet and the application process will be in the Wallet app as well.

There has been no word (that I know of) regarding statements, if any are to be issued, but I would say that statements are superfluous at least in the traditional sense of a monthly statement.
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Old Mar 26, 19, 8:59 pm
  #49  
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Originally Posted by msp3 View Post

I love my Ritz Carlton card as much as the next cardholder with the old-style heavy metal card (the new plastic one is sacrilege), but unless you have an upgrade to Club floor with certain rates fetish the average consumer is much better off with the Apple Card than anything else on the market. You can already see the credit card shilling blogger scum writing hit pieces on the card because obviously there’s no commission money in it for them and no sign up bonus up front but all the benefits are spread out throughout the life of the product with almost no fees, low rates, and a plain simple good earning %. Good for Apple, good for the consumer, bad for smart-aleck hacks that game the system and give nothing back
Not really. Most of the people here have multiple cards already paying AFs. So another no-AF mediocre card won't be appealing to anyone.

Even the investor market is disappointed. AAPL stock has been down....
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Old Mar 26, 19, 9:04 pm
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Originally Posted by tmiw View Post
I mean, the 1% for non-Apple Pay purchases is pretty poor for a cash back card. Something like Citi DC or Fidelity's card would be better for someone from the general public, even if it takes a billing cycle to get the cash back credited.
Credit card is not an efficient market; otherwise any sub 2% card won't exist. The 1.5% freedom unlimited seems to be co-existing pretty well with both of the 2% visa and mastercard. No reason the apple card can't be successful with its 2%/1% reward structure.
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Old Mar 26, 19, 9:09 pm
  #51  
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Originally Posted by tmiw View Post
I mean, the 1% for non-Apple Pay purchases is pretty poor for a cash back card. Something like Citi DC or Fidelity's card would be better for someone from the general public, even if it takes a billing cycle to get the cash back credited. If you're already in the Apple ecosystem, however, and you can use AP for close to everything, it might be an okay option.

(BTW, I'm not sure that heavy reliance on credit cards in the US in general is a good thing, even if the majority of people pay their entire balances on time. That's a topic for another thread, though.)
From what I've seen patiently waiting in WM, about 5%-10% people pay cash; 5% to 10% with bank debit cards; 5% to 8% with Walmart debit/gift card; rest with various credit cards. Most of the CCs are general bank CCs, not the hotel or airline CCs we normally carry. I do not recall seeing a single $500 premium card, like AmEx Plat, SPG Brilliant, Chase CSR/Ritz Carlton or Citi Prestige. They are mostly BA, Citi, Chase Freedom and Wells Fargo cards. Also, I've not seen anyone paying with Walmart Pay. Most of the terminal are old and Walmart Pay may not even work....
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Old Mar 26, 19, 10:05 pm
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Originally Posted by RedSun View Post
Aside from the promotions to use phone to get more reward points, I do not use phone to pay. There is just no need for it. I carry about 8 CCs that cover all.
I carry just two physical cards with me, and about eight in my iPhone wallet. I use my iPhone to pay as often as I can, fortunately most of the stores I visit regularly support NFC (BJ's, Costco, Food Lion, Target, Supercuts, a handful of restaurants I tend to visit at lunch).
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Old Mar 26, 19, 10:17 pm
  #53  
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Originally Posted by fliesdelta View Post
I carry just two physical cards with me, and about eight in my iPhone wallet. I use my iPhone to pay as often as I can, fortunately most of the stores I visit regularly support NFC (BJ's, Costco, Food Lion, Target, Supercuts, a handful of restaurants I tend to visit at lunch).
A lot the places where I can use the phone, the cashier asks me to show the real card! So what is the point of using the phone to pay?? This happens during Chase Freedom promotion in Shoprite. I was ID'ed each time I buy gift card > $100. They wanted to see both ID and real card. The same happened at some other places too.

Some of the store cashiers are afraid of the phones since they can't see the real cards and real names. Sometimes they even ask to check driver license.

This Apple card will cause even more problems since there is little info on the real card, no card number etc....
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Old Mar 26, 19, 10:48 pm
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Originally Posted by RedSun View Post
This Apple card will cause even more problems since there is little info on the real card, no card number etc....
No it won't. That information is in the chip and mag stripe. There is no reason to have visible numbers on the card anymore.
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Old Mar 26, 19, 11:20 pm
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Originally Posted by RedSun View Post
A lot the places where I can use the phone, the cashier asks me to show the real card!
I have never experienced that when paying with my phone, at either large or small stores, in the US or overseas.

The only place where I have to show any kind of ID card is at Costco (their membership card). BJ's (a membership warehouse) is fine with storing the bar code on the phone and scanning it from there.
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Old Mar 26, 19, 11:21 pm
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Originally Posted by pdxer View Post
No it won't. That information is in the chip and mag stripe. There is no reason to have visible numbers on the card anymore.
Yep. That was a leftover from the days of using the knuckle-busting machines printing embossed characters on paper slips with carbon copies.
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Old Mar 26, 19, 11:42 pm
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Originally Posted by tmiw View Post
(BTW, I'm not sure that heavy reliance on credit cards in the US in general is a good thing, even if the majority of people pay their entire balances on time. That's a topic for another thread, though.)
Definitely waiting for this one!
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Old Mar 27, 19, 12:26 am
  #58  
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Originally Posted by RedSun View Post
Most of the terminal are old and Walmart Pay may not even work....
The terminals themselves were installed back in 2015ish. Maybe not absolutely new, but they aren't ones that are close to being EOL either.

Also, Walmart Pay involves the user scanning the QR code on the self-checkout display or on the terminal. Nothing special is required on Walmart's end otherwise.

Originally Posted by RedSun View Post
I was ID'ed each time I buy gift card > $100.
I'm thinking this is why, and not the fact that you were trying to use Apple Pay. (I've also never had this happen for regular purchases.)

Originally Posted by surfmonkey89 View Post
Definitely waiting for this one!
Besides the people going into debt thing (which I'm not sure of the numbers), there's also the possibility that it might delay our going fully cashless. After all, a lot of stores absolutely hate the whole concept of interchange and have been doing various things to fight against the payment networks.

(And this doesn't even get into the US' relatively large unbanked/underbanked population, either, which is fueling recent moves to ban cashless stores.)
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Old Mar 27, 19, 1:06 am
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Originally Posted by tmiw View Post
(BTW, I'm not sure that heavy reliance on credit cards in the US in general is a good thing, even if the majority of people pay their entire balances on time. That's a topic for another thread, though.)
(You may want to browse Credit Card Nation by Robert Manning when the time comes. There’s a nice table that shows the on-time pay-off percentage for various age groups.)
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Old Mar 27, 19, 2:08 am
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If you use Apple pay a lot it's halfway decent. I can see people getting the card because it's "Apple" and because of the gimmicky Titanium card.

The app actually seems pretty cool, i'd imagine it works similar to something like Mint but fully integrated. When you use programs like Mint you can never get everything setup 100% perfect since they are getting their info from multiple outside sources. With the Apple card being fully integrated into the app i'd imagine it would work pretty seamlessly. Pretty solid if you need a budgeting tool and plan to use this card for most of your purchases.

Not really for the people on these forums but maybe if they offer some additional perks in the future like AMEX type deals
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