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Apple announces Apple Card credit card
441–450 of 778 posts
Re: Apple announces Apple Card credit card
#442"Variable APRs range from 13.24% to 24.24% based on creditworthiness. Rates as of March 2019."
Re: Apple announces Apple Card credit card
#443When will they confirm every non-US jurisdiction for meeting compliance in FinTech? i.e. is this just another 'in the US market' announcement? Maybe for apple that IS the market. For Google, its been acknowledged that whilst mountain view likes to release in the USA first, and it is the single biggest market they have, its not actually bigger than the others put together: far from it.
Secondly, Most cards run for profit on card processing fees. They are a profit centre to the bank. Is apple running this at a loss for other reasons or is this model of card cash-positive inside 1 year? Because its a long way to the bottom when you have a giant pile of cash, but at some time, in a year based financial reporting regime they will have to account for this thing, and if its not visibly in profit then either they have an opportunity cost/loss or a real world loss.
Re: Apple announces Apple Card credit card
#444Earlier quoted context omitted.
how is this remotely true? Apple has nearly nothing on you. Amex knows what I buy, when, and where.
if you're using their products, why would they not know anything about you? using their phone, app store, itunes, news app, maps appointments.. maybe im missing something? I'm not saying they have your purchase history, but they have a lot
You are confusing Apple with Google.
Re: Apple announces Apple Card credit card
#445Earlier quoted context omitted.
> rewards illusion Maybe if you don't pay your balance every month, but the rewards are very real for me.
The rewards may be real, but so are the cost increases the merchants gradually put in place to offset them.
For those of us who use credit cards with rewards, the rewards significantly exceed the price increases, because most of the price increases are paid by people using other payment methods.
Re: Apple announces Apple Card credit card
#446It seems to me that Apple can offer reduced fees due to the fact that they'll have less fraud as a result of requiring touch/face ID for every purchase. While interesting, it doesn't come close to solving what I feel is the largest problem with cards in the US today -- interchange fees.
I know this is a MasterCard, but it'd be more interesting if they were able to take out the $0.35 transaction fee on every transaction. This is the bread and butter of every payment processor, and it's complete rent seeking, AND supposedly all the major processors are going to RAISE it at roughly the same time in the coming months. Eliminating the set transaction fee could open up so many potential businesses. But I'…
>Eliminating the set transaction fee could open up so many potential businesses. But I'm not sure what incentive Apple has of getting rid of it. It's a cash cow.
It doesn't necessarily need to be eliminated, but it should be regulated: see https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32... and the effect it has had in the EU.
Re: Apple announces Apple Card credit card
#447Just 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.
> Just allow me to create as many 'virtual' credit cards from a single card and that's enough Apple Pay already does this via the "EMV Payment Tokenisation Specification": * https://en.wikipedia.org/wiki/Apple_Pay#Technology Anyone can implement it; it's not Apple-proprietary.
This is not what parent is talking about; they want to be able to generate a unique number for a website where the number + CVV is entered manually.
Re: Apple announces Apple Card credit card
#448Earlier quoted context omitted.
Apple likely save quite a lot from small transaction ( $0.99 ) if it was done on Apple Card. Roughly $50B are spent on App Store, and even more with growing number of Subscription along with other Apple Credit Card usage. That is a potential of $100B+ transaction volume. It will likely be another entry point for Apple Cash, sending and receiving money from friends.
There’s no way small transactions cost Apple that much. Square and Stripe charge their merchants something like 23 cents for small transactions.
which is 23% on $1.00.
Re: Apple announces Apple Card credit card
#449I got all excited and then realized that almost none of the new services that were announced will offer me anything as a European.
Apple Card most likely won't be coming to Europe any time soon. The streaming service is also not likely to come to Europe as it includes US-only services such as Hulu and Amazon Prime.
I am aware that this is a bit of a 1st world problem, but all of these services being US-only can be really annoying. Recently I tried to legally stream Battlestar Galatica in Europe. Not available on Netflix or HBO. So I figured I can rent the show from iTunes. Nope, only in the US. How about Amazon Prime? Nope. US only. In the end, I pirated it from one of the private torrent trackers we have here. I was willing to pay and watch it legally. But aside from ordering the blu-ray discs, I had no choice. Wanna keep piracy alive? This is how you do it.
I do understand why these services are not _yet_ available in Europe. It doesn't make it less annoying though.
Re: Apple announces Apple Card credit card
#450Earlier quoted context omitted.
You should stop getting your news from Hollywood movies. Goldman Sachs is the very face of American capitalism. They are no more guilty than any other large financial institution of their age in shady practices. The problem you have is with the exploitative nature of the global capitalist system itself, not the specific actor. Just take a look at the history of Deutsche Bank, HSBC, or Credit Suisse if you think Goldm…
Sounds a bit like Nuremberg defense, don't you think? "The System ordered us to rob people."
You’re missing the point. To think that any business would ever act against it’s own self interest within the bounds of this system is naive at best. We’d all love if that weren’t the case, but discussing fantasy worlds does nobody any good.
Rather than a reactionary emotional response to “bad men are bad”, what alternative do you propose to firms like Goldman? I’m not defending them, it’s simply a law of nature that this behavior exists because we allow it to exist. Capitalism is inherently evil, manipulative, and exploitative, yet no one has figured out anything better so far.