Apple and Goldman Sachs to partner on new credit card
#16
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Given that this card is designed for a general audience, the fee structure (no fees) and payment options seem well-designed.
The physical card looks amazingly well designed, it's a shame they only offer 1% back on it (I assume physical card transactions would have higher theft rates than a fingerprint-verified Apple Pay transaction).
That said, no word on benefits. It may not have all the benefits (like Extended Warranty protection) of competitors like Citi Double Cash. So for those who buy a lot of Apple products, Apple's own card may not be the best.
Official press release: https://www.apple.com/newsroom/2019/...ated-by-apple/
The physical card looks amazingly well designed, it's a shame they only offer 1% back on it (I assume physical card transactions would have higher theft rates than a fingerprint-verified Apple Pay transaction).
That said, no word on benefits. It may not have all the benefits (like Extended Warranty protection) of competitors like Citi Double Cash. So for those who buy a lot of Apple products, Apple's own card may not be the best.
Official press release: https://www.apple.com/newsroom/2019/...ated-by-apple/
Last edited by Xlr; Mar 25, 2019 at 11:57 am Reason: Added press release
#17
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Actually, one of the justifications for the US doing chip and signature rather than chip and PIN is the supposedly low lost/stolen fraud rate (which is what stuff like PIN and biometrics would protect against). The lower cash back rate for non-Apple Pay transactions is likely more to encourage Apple Pay use.
#18
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Does this mean a card account cannot be opened or used without an Apple phone?
Agreed. It's evident that traditional card issuers are pushing back against Apple/Google/Samsung intruding on their revenue stream, and if phone payment loses momentum it could easily be relegated to niche status which is unlikely to deliver long term profits.
Agreed. It's evident that traditional card issuers are pushing back against Apple/Google/Samsung intruding on their revenue stream, and if phone payment loses momentum it could easily be relegated to niche status which is unlikely to deliver long term profits.
#19
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Considering how many banks and credit unions in the US signed on with Apple, I'm not sure they feel threatened. In fact, I think banks in the US weren't going to bother with contactless payment at all until Apple showed up due to past failures of the technology to get traction.
#20
Join Date: Mar 2017
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The presentation didn't really say what the process for opening the account is. I would imagine if it is limited to iPhone that you would need to apply through the iPhone to ensure you have the device, unless Apple plans to make an Apple Pay Android app (which I doubt). You will only be able to see your card number, exp date, CVV in the Apple Wallet.
#21
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Agreed, but now that the contactless infrastructure is in place the banks are issuing cards that can use it without a phone, and the tech companies will need to do something compelling or their share will erode.
#23
Apple's video shows that it is a titanium laser etched card for those who love metal cards.
https://www.youtube.com/watch?time_c...&v=HAZiE9NtRfs
https://www.youtube.com/watch?time_c...&v=HAZiE9NtRfs
#24
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Most stuff I've heard claims that contactless payment usage in the US (regardless of form) is below 1%. I'm not sure there's much market share to erode.
#26
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#27
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Disappointment. Apple should've told Goldman to offer 5% back on Apple Pay purchases instead of 2%... You have actually give an incentive to use Apple Pay - not pay the same or less on each transaction.
#29
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The presentation didn't really say what the process for opening the account is. I would imagine if it is limited to iPhone that you would need to apply through the iPhone to ensure you have the device, unless Apple plans to make an Apple Pay Android app (which I doubt). You will only be able to see your card number, exp date, CVV in the Apple Wallet.
#30
Only some people use iPhone (20% US market share?). A lot people do not have the habit of using device to pay....
They will have to up the offer to motivate people to use the phone and the new credit card. Or it is just a piece of show metal....