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Apple announces Apple Card credit card

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Re: Apple announces Apple Card credit card

#481

Post by jonknee »

samstave wrote: post #407

I am going to state my unpopular opinion once again on HN, but so be it: SCREW GOLDMAN SACHS. So - with that said, without getting mad at me, look at the long history of shenanigans that GS is responsible. Lets start first with the Wolf of Wall Street (the movie) -- if you're not familiar, GS helped the PM of Malaysia rob the country of ~4 billion in profits, from which one of the Playboy-money-guys from Malaysia, st…

Goldman is a huge organization, the parts that deal with consumers aren't the parts cutting huge financing deals. Marcus--their online savings bank--is very consumer friendly and pays more interest than almost anyone else (2.25%, certainly more than anyone else with a big name). I'd imagine this offering will be much more like Marcus and have nothing to do with its investment bank activities, but I guess we'll find out.

https://www.marcus.com

Re: Apple announces Apple Card credit card

#482

Post by codazoda »

I wonder how this is reconciled.

"Apple also says that it’ll use machine learning and Apple Maps to label stores that you use in the app, and use that data to track purchases across categories like “food and drink” or “shopping.”"

"Like many of Apple’s products, privacy is a big push here. “Apple doesn’t know what you bought, where you bought it, and how much you paid for it,” said Jennifer Bailey, VP of Apple Pay. All of the spending tracking and other information is stored directly on the device, not Apple’s servers. The company also promises that “Goldman Sachs will never sell your data to third parties for marketing and advertising.”"

Re: Apple announces Apple Card credit card

#483

Post by AnssiH »

photonios wrote: post #455
durability wrote: post #451

Earlier quoted context omitted.

I get Amazon Prime Video in Holland.

Lucky you! I am from the Netherlands, but not presently living there. Maybe I should sign up with my Dutch credit card and put my parents address. Thanks for the tip!

Amazon Prime Video is a worldwide service: https://www.primevideo.com

Content varies by region, though, of course.

And naturally nowhere do they tell you need to use primevideo.com instead of amazon.com as an international customer.

Re: Apple announces Apple Card credit card

#484

Post by lol768 »

dharma1 wrote: post #466
lol768 wrote: post #438

This is interesting to observe from the UK. - Cashback is generally lower here because interchange fees are regulated/capped to 0.3% for personal credit cards and 0.2% for personal debit cards. Offers of 2% cashback simply won't work outside the US so I'll be curious to see how (if?) they try and expand this globally. - "All of the spending tracking and other information is stored directly on the device, not Apple’s…

New for the US

Don't you have Simple Bank?

Re: Apple announces Apple Card credit card

#485

Post by ceejayoz »

onlyrealcuzzo wrote: post #305
ceejayoz wrote: post #258

Earlier quoted context omitted.

Why is the per-transaction fee the rent-seeking part? I get why MC/Visa have a per-transaction fee. I don't understand why there's a percentage of the transaction on top of that. It's not any more work for a $1 transaction versus a $1,000,000 one on their end.

The percentage fee is 1, for rewards necessary to get people to use the card and 2, to cover fraud which is actually a MASSIVE problem and 3, to cover defaults/payment issues. The per-transaction fee existed to cover the additional cost of building out the network (literally running cables and wires to the merchants' stores) and providing card readers. The network is already built and has been paid for THOUSANDS of t…

Mastercard/Visa aren't paying the rewards (that's on the issuing bank), they're not doing much fraud protection (again, largely the issuing bank), and they're not responsible for any of the defaults or payment issues (you guessed it, the issuing bank).

The issuing bank sets interest rates (and late/missed payment fees, and penalty rates, etc.) to cover at least the defaults and payment issues part.

Re: Apple announces Apple Card credit card

#486

Post by czbond »

I laughed only when I read the last sentence "The company also promises that “Goldman Sachs will never sell your data to third parties for marketing and advertising.” Never trust Goldman when a profit is already built in.

Re: Apple announces Apple Card credit card

#487

Post by gcb0 »

codazoda wrote: post #482

I wonder how this is reconciled. "Apple also says that it’ll use machine learning and Apple Maps to label stores that you use in the app, and use that data to track purchases across categories like “food and drink” or “shopping.”" "Like many of Apple’s products, privacy is a big push here. “Apple doesn’t know what you bought, where you bought it, and how much you paid for it,” said Jennifer Bailey, VP of Apple Pay. A…

they don't know what YOU bougth. But be sure they know what YOUR ANONIMIZED AD ID bought.

It's obviously not a good idea to have a credit card from a company thay make up to 20% of their profits from advertising. But somehow because they called it X-pay instead of X-credit card, everyone ignored comon sense. /shrug

Re: Apple announces Apple Card credit card

#488

Post by tylerhou »

tyre wrote: post #320
acjohnson55 wrote: post #306

Earlier quoted context omitted.

Oh great, now I feel much better.

Goldman is a client of Apple's. It's possible that they do some shady shit, but it's also possible that they don't want to fuck up their relationship with the world's most valuable company or jeopardize their entry into the consumer space. Their profit motive might save them. Or it could be a disaster, who knows. My guess is that Goldman would trade on the aggregate data

Nit: world's most valuable publicly traded* company.

https://en.wikipedia.org/wiki/Saudi_Aramco

Re: Apple announces Apple Card credit card

#489

Post by munk-a »

aphextron wrote: post #457
munk-a wrote: post #453

Earlier quoted context omitted.

So... you're saying this is why we need to regulate bad actors like GS into the ground? Because it's inconceivable they'd ever police themselves because there are no market incentives that actually reward good actors?

Precisely. But we don’t regulate them into the ground because we like money. And Goldman is really really good at making money. Until the good of humanity is held in higher esteem than private profit, this will always be the case. I’m not holding my breath on that one.

I agree, sadly I don't see the US going in this direction until after the voting system and election funding is fixed to the point where no longer is money > public will.

Re: Apple announces Apple Card credit card

#490

Post by davidgh »

ceejayoz wrote: post #258
onlyrealcuzzo wrote: post #160

Earlier quoted context omitted.

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'…

Why is the per-transaction fee the rent-seeking part? I get why MC/Visa have a per-transaction fee. I don't understand why there's a percentage of the transaction on top of that. It's not any more work for a $1 transaction versus a $1,000,000 one on their end.

The percentage that merchants pay largely goes to the underlying (card-issuing) bank. They take some risk in chargebacks (not all chargebacks go back to the merchant). Additionally, the banks use the fees they collect to pay for their rewards programs.
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