Apple announces Apple Card credit card • Hacker News Board

Re: Apple announces Apple Card credit card

#361

Post by ValentineC » Mon, Mar 25, 2019, 7:21 PM UTC

dwighttk wrote: post #73

siculars wrote: post #34

Earlier quoted context omitted.

I use Apple pay wherever possible. It is far quicker and more convenient than either cash, chip card or swipe in that order. Besides convenience, security and privacy are the backstop for my usage. I just trust Apple more to not be sleezy with my transaction history.

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

> Double tapping the lock button is awkward.

I agree with this. Maybe it's because I still have trauma from broken power buttons (back in the iPhone 4 era), but I'd like to not have to press buttons as much as possible.

Re: Apple announces Apple Card credit card

#362

Post by pfranz » Mon, Mar 25, 2019, 7:22 PM UTC

xeromal wrote: post #155

AznHisoka wrote: post #104

Just allow me to create as many 'virtual' credit cards from a single card and that's enough. Every single provider that promised that feature has either underwhelmed, or gone out of business.

I used that feature so many times with Paypal and Final and both closed that product after a year or two. I'm not sure what kills it, but it's a difficult space I guess. Maybe too much fraud to handle?

I'm pretty sure Bank of America had it probably 5-8 years ago. But it was web-only (I think it required a Java applet?) and awkward to use.

Re: Apple announces Apple Card credit card

#363

Post by geddy » Mon, Mar 25, 2019, 7:22 PM UTC

MBCook wrote: post #353

geddy wrote: post #333

I love the app used to manage spending and paying your bill. It'll definitely be super easy to stay on budget given the fact that you'll have immediate access to up-to-date spending and trends, whereas if I want to do that with my Chase account, I need to login, run numbers, etc. There seems to be a subfocus here about helping you manage your spending, which I can appreciate. The problem with ease of spending money i…

They give you a physical card that clearly has an EMV chip. Don’t know if it includes MSR. But you should be able to use this almost anywhere, it doesn’t depend on contactless ApplePay.

Hah! I'm an idiot. I watched the whole presentation front to back and forgot about the physical card.

You are correct and they really did think of all scenarios here. I dig it.

Re: Apple announces Apple Card credit card

#364

Post by filoleg » Mon, Mar 25, 2019, 7:22 PM UTC

saagarjha wrote: post #90

mises wrote: post #75

Earlier quoted context omitted.

I don't use it, but I just read (can't remember where) that adoption in America is about 70% of stores and 99% in Australia. This corresponds to another comment's assessment that it was available in about 2/3 of stores.

Yup, they had a slide with those exact numbers on it.

iirc, they had RU at around 85% and AUS at 99%

Re: Apple announces Apple Card credit card

#365

Post by apeace » Mon, Mar 25, 2019, 7:22 PM UTC

> Apple doesn’t know what you bought, where you bought it, and how much you paid for it

But surely many intermediaries do know this information and store it forever?

I'm not sure I see the value of Apple not knowing this information, when credit cards are inherently one of the most trackable and most-tracked purchasing mechanisms ever.

Re: Apple announces Apple Card credit card

#366

Post by crooked-v » Mon, Mar 25, 2019, 7:23 PM UTC

mrweasel wrote: post #319

How does one pay the bill to Apple? I never owned a credit card, only debit cards, and they are tied to your bank account. As I understand it, bank transfers pretty much doesn't work in the US and it not really the way you'd want customers to pay of credit card bills anyway. Denmark has a services that will ensure that your bills are paid automatically, on time, from a bank account you choose. I just never heard that…

The same way as you pay the bill to any other credit card company: scheduled transfers that pull money from a bank account. (No, this doesn't require any verification on the bank side of things. Yes, this only requires the same routing and account number info printed on every check you write.)

Re: Apple announces Apple Card credit card

#367

Post by bunderbunder » Mon, Mar 25, 2019, 7:23 PM UTC

vxNsr wrote: post #288

throw0101a wrote: post #191

Earlier quoted context omitted.

> [...] ability to use the card to finance items you can't afford to pay in full right now. Given the rates charged by many cards, I'm not sure you'd want to do that. The US has an average of 15%: * https://www.creditkarma.com/credit-cards/i/average-apr-on-cr... * https://www.valuepenguin.com/average-credit-card-interest-ra...

So much this. I've never carried a balance on a card that charges interest. but I would be more open to the idea if they charged interest more inline with market loan rates. 15-35% is insane.

35% seems pretty high, but I think you'd find that, far from being insane, the bottom portion of that range is right in line with what's typical for unsecured debt.

You can't really compare it to mortgages or car loans, because those are both secured by a collateral. You can't really compare it to student loans because it's impossible to get out from under a student loan. Either way, the debt is less risky for the lender, so they're willing to offer it for a lower rate.

Re: Apple announces Apple Card credit card

#368

Post by davidcollantes » Mon, Mar 25, 2019, 7:24 PM UTC

vinay427 wrote: post #165

dwighttk wrote: post #126

Earlier quoted context omitted.

all of those have pretty big caveats. Citi seems the closest to straight 2% assuming you pay off your balance all the time, I didn't notice any limits on how you get your 2%. But they do have late payment fees. PenFed you have to be active duty military to qualify for 2%... Fidelity you have to put your 2% (not going to call it "cash") into a Fidelity product, no balance credits.

That's fair, but with caveats you can also get more than 2% back on every purchase and 4-5% on many purchases. For many people, that's easily worth it and I wouldn't settle for a 2% back card.

Which card gives you 4-5% cash back?

Re: Apple announces Apple Card credit card

#369

Post by daeken » Mon, Mar 25, 2019, 7:24 PM UTC

ben_w wrote: post #246

ralusek wrote: post #189

Earlier quoted context omitted.

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…

I’ve been told political campaigns focused on MC/Visa forced a policy change on Fetlife (specifically which kinks you’re allowed to admit to being into) a few years back. I’m not into the kink which caused it (and I won’t repeat it here) but that left a bad taste in my mouth. IMO, people should be free to discuss what they’re into, even when it’s something much more harmful than the kink involved.

Yep, it also drove them to take payments primarily via an e-check service, which promptly got owned and a huge number of FL users had to deal with fraudulent charges.

Re: Apple announces Apple Card credit card

#370

Post by ValentineC » Mon, Mar 25, 2019, 7:24 PM UTC

smileysteve wrote: post #31

ckastner wrote: post #4

> get a digital card that they can use anywhere Apple Pay Apply Pay users: how broad is Apply Pay adoption? Is this a viable replacement for a VISA, Mastercard or AMEX? I'm intrigued by the privacy angle to this, seeing as VISA and Mastercard apparently share and/or sell a lot of transaction data with/to third parties. Edit: The article has been updated: As rumored, Apple is partnering with Goldman Sachs for Apple Ca…

> how broad is Apply Pay adoption? Is this a viable replacement for a VISA, Mastercard or AMEX? It should work anywhere that touchless mastercard is accepted, though I do think that vendors can turn off apple pay specifically to avoid the fee.

> It should work anywhere that touchless mastercard is accepted, though I do think that vendors can turn off apple pay specifically to avoid the fee.

I don't think merchants have to pay anything extra to accept Apple Pay. It's the banks that have to pay a "marketing fee" to Apple to let their cards work with Apple Pay.