371–380 of 778 posts
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My understanding was that Goldman Sachs will have that information and they will be responsible for fraud prevention etc. -- they just won't share it with Apple.
Oh great, now I feel much better.
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Apple said they've engineered the service such that Apple does not know what you're purchasing or even what vendors you're shopping at. If Apple doesn't know this, they can't very well apply arbitrary rules to it.
What do they gain from offering the card if they are not harvesting transaction data? Is it possible that this is some legal gymnastics (i.e. Goldman-Sachs receives the 'Apple doesn't know' data and promptly send it over to them under an opaque 'we share information with our affiliates' clause)? It does seem like a lot of work and potential risk if the sole purpose is to increase user dependency on the Apple ecosyste…
Usually a percentage of each transaction and/or flat fee per cardholder or signup and/or a percentage of fees and interest paid. The exact details on these agreements are rarely published.
See here:
https://www.doctorofcredit.com/everything-you-ever-wanted-to...
It sounds like Apple's doing a lot of things very right with Card. I am curious when it's going to be available here in Germany.
I wonder , is it possible to offer it throughout europe with a single bank partner, or will they have to have a partner in every country.
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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…
Same with wikileaks
> 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.
I guess that, if Apple’s marketing power can sell a ton of these, there’s considerable upside for them, but it doesn’t sound like a truly impressive innovation.
With the rise of smartphone payments like Samsung Pay, Android Pay and Apple Pay , is there even a need for credit cards? How long until these companies start skipping payment processors like Visa and Mastercard and take the whole pie?
I don't live in a tech hub city but in all my shopping I have never seen anyone use one of the Apple/Samsung payment methods where I live. Even when I spent months in Silicon Valley I can count the number of times I saw it used on one hand.
2% if you use Apple Pay, and 1% if you use the physical card. That's not a very competitive offering.
I think the whole idea of "Cash back" is insane. Someone , i.e. the consumer, is ultimately paying for these rewards, whether it is airline miles or cashback % or whatever. It is a self-propelling idea that would be almost impossible to kill because doing so would make your credit card offering less competitive. It is also self-propelling from the consumer end. If you don't take advantage of these rewards, you're pay…
Both the EU and China have introduced legislation that caps merchant fees. This helped with cashless adoption, but also killed off many of the bonus points/miles/cashback offerings.
Most interesting claim is that there are no late fees. If you don't pay it on time, I presume they're going to stop letting you continue making charges to the card until you do? But that it never gets you locked into the debt cycle of so many other cards? If true, this is the true real innovation. Or is there interest, but just no fee for not making your payment on time?
With the rise of smartphone payments like Samsung Pay, Android Pay and Apple Pay , is there even a need for credit cards? How long until these companies start skipping payment processors like Visa and Mastercard and take the whole pie?