Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Apple announces Apple Card credit card

theverge.com

Post reply on HN
Print view View original

221–230 of 778 posts

Re: Apple announces Apple Card credit card

#221

Post by fragmede »

dlubarov wrote: post #177
w-m wrote: post #32

There was a big emphasis on privacy. Apple does all the categorization and geolocation on device. There was a slide dedicated to the point that Goldman Sachs will never share the data with advertisers. But no word on MasterCard. Will they share the data, is that their business?

The thing is, even if MasterCard excluded Apple Card from the data they sell, very few merchants send transactions directly to MasterCard. There's usually a merchant acquirer involved, and that acquirer might proxy transactions through Visa rather than integrating with the other networks directly. In that case the merchant, the acquirer, Visa, MasterCard and Goldman Sachs would all see the transaction data. Plus ther…

It goes Customer -> Merchant -> payment processor (eg PayPal) -> acquirer (eg First Data in the US) -> Visa or MC -> bank the CC comes from (issuing bank)

CC transactions are all settled later.

Re: Apple announces Apple Card credit card

#222

Post by onlyrealcuzzo »

gervase wrote: post #128
onlyrealcuzzo wrote: post #110

Earlier quoted context omitted.

Wait. What? I use credit cards for the consumer protections they provide. A store claims to have some type of return policy -- if I buy with credit, and they don't follow that policy -- I get my money back no matter what. With cash, that's not guaranteed. What do you mean?

That is exactly what the parent was saying. They would not consider a financial product that bypasses the major payment processors (Visa/MC) unless it has similar customer protections built in.

I'm confused. The Apple card is a MasterCard.

Re: Apple announces Apple Card credit card

#224

Post by freyir »

jumbopapa wrote: post #72
freyir wrote: post #39

Earlier quoted context omitted.

2% cash back on all purchases through the phone with no annual fees? I’d wager this is much better than what the majority of Americans currently have.

There's multiple 2% cards with no fees.. Citi Double Cash, Fidelity Visa, PenFed Power Cash Not to mention cards like the Chase Freedom Unlimited where 1.5% is closer to 3% when redeemed through their travel portal.

Right. Those are the best unlimited rates you can get, and Apple is matching that rate with their digital card.

The downside is that their physical card rate (1%) is not as competitive, but they're trying to nudge people/businesses towards digital payments.

Re: Apple announces Apple Card credit card

#225

Post by dwighttk »

saagarjha wrote: post #89
dwighttk wrote: post #73

Earlier quoted context omitted.

I'm not as much of a fan of it with faceID as I was with touchID. Double tapping the lock button is awkward.

Compared to touching the Touch ID sensor?

yes, the touch ID sensor was near my fingers, the lock button is far from my fingers.

Re: Apple announces Apple Card credit card

#226

Post by [deleted] »

jscholes wrote: post #208

> there’s no credit card number, CVV, expiration date, or signature, with all that authorization information stored directly in the Apple Wallet app. I understand the point is to increase Apple Pay usage, but how would I use this card with online websites which don't support Apple Pay?

[deleted]

Re: Apple announces Apple Card credit card

#227

Post by lemoncucumber »

bilbo0s wrote: post #196
Swizec wrote: post #179

Earlier quoted context omitted.

You mean like Visa and MasterCard? Yes very unhealthy. Big entities shouldn’t control payments.

Point taken. You could also argue that having multiple big entities doing payment processing is better for everyone to the extent that they are competing. I mean, Mastercard and Visa are undoubtedly going to pull every lever at their disposal to take out Apple. (And to take out Amazon and Walmart as well if they decide to jump into this thing.) So rather than wishing that Apple were NOT a payment processor, I guess a…

> Mastercard and Visa are undoubtedly going to pull every lever at their disposal to take out Apple.

The Apple card isn't competing with Mastercard and Visa -- in fact, it uses the Mastercard payment network. It's competing with credit cards issued by other banks on top of the MC and Visa payment networks (and AmEx/Discover, which unlike MC and Visa combine the payment network and card issuing).

I doubt the other banks are too afraid of Apple though, I didn't see anything so compelling about the Apple card that would cause it kill other credit cards. It's a slick product, but not game-changing the way that e.g. the iPhone was to entrenched phone makers.

Re: Apple announces Apple Card credit card

#228

Post by kyrra »

ralusek wrote: post #189
throwawaysea wrote: post #172

I don't thing it is healthy to have big entities like this control fundamental services like payment processing. How long before the opaque governance of the App Store is applied to their payments offering? How long before activists start making this a new vector for deplatforming? Apple also announced a news offering ( https://www.techradar.com/news/apple-news-plus ) and I think the same concerns apply there.

Look no further than the recent issue where Patreon competitor Subscribestar had payment processors Stripe and PayPal stop processing their payments for _political_ disagreements with the purported beneficiaries of the donations through the platform. PayPal said that it was actually one of the underlying payment processors, and it was suspected to be MasterCard. That incident was the first time I've ever taken the ne…

The CC networks are known cave to political pressure to shut down certain merchants. Apple is likely no better or worse here.

example: https://www.eff.org/deeplinks/2015/07/caving-government-pres...

Re: Apple announces Apple Card credit card

#230

Post by [deleted] »

droithomme wrote: post #215
bilbo0s wrote: post #196

Earlier quoted context omitted.

Point taken. You could also argue that having multiple big entities doing payment processing is better for everyone to the extent that they are competing. I mean, Mastercard and Visa are undoubtedly going to pull every lever at their disposal to take out Apple. (And to take out Amazon and Walmart as well if they decide to jump into this thing.) So rather than wishing that Apple were NOT a payment processor, I guess a…

> Mastercard and Visa are undoubtedly going to pull every lever at their disposal to take out Apple The images shown are labeled the "Apple Mastercard". So it's a Mastercard with Apple branding.

[deleted]
Post reply on HN