Apple announces Apple Card credit card • Hacker News Board

Re: Apple announces Apple Card credit card

#701

Post by moogleii » Tue, Mar 26, 2019, 4:29 AM UTC

slantyyz wrote: post #574

ehsankia wrote: post #544

Earlier quoted context omitted.

I'm curious to know what the percentage of places are that 1. Support contactless 2. support chip 3. only support swiping. Secondly, I wonder if they can, for example, have a different number on the swipe, and have that number require extra security (such as approving each transaction on your phone).

Anecdotal - I'm in Canada and pay mostly with credit cards. I don't even recall swiping my card in the past two years. I've basically been doing contactless under $100 whenever I can and chip and pin for all other transactions.

I had to swipe in Whistler, BC last week FWIW.

Re: Apple announces Apple Card credit card

#702

Post by lskopwol » Tue, Mar 26, 2019, 4:30 AM UTC

nfoz wrote: post #699

lskopwol wrote: post #672

Earlier quoted context omitted.

What's fetlife? Seems like a risky google

Curious, what does that mean "risky google"? If you're avoiding seeing some graphic images, that makes sense. If you're avoiding searching it because of implications for google's tracking profile about you and how it might then rebalance future searches, then that's a pretty upsetting reflection on google / tech status quo, and fairly on-topic here. We shouldn't be afraid to seek knowledge like from a library, becaus…

Exactly the latter

Re: Apple announces Apple Card credit card

#703

Post by icelancer » Tue, Mar 26, 2019, 4:37 AM UTC

briandear wrote: post #604

icelancer wrote: post #586

Earlier quoted context omitted.

> Americans don't realize how good they have it. Some of us do (me, for example). Travel enough and you realize what is actually awesome about America. But complaining is something Americans do exceptionally well. It is at our core. Just how it is.

And complaining about Americans is something the rest of the world does pretty well.

As is their right!

Re: Apple announces Apple Card credit card

#704

Post by m463 » Tue, Mar 26, 2019, 4:49 AM UTC

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.

Visa is already a "big entity"

I think the big indicator will be if payment overhead goes down with increased competition.

Re: Apple announces Apple Card credit card

#705

Post by shhehebehdh » Tue, Mar 26, 2019, 4:53 AM UTC

ralusek wrote: post #692

pryce wrote: post #688

Earlier quoted context omitted.

Deciding 'whether to do business with someone or not' is one of the kinds of freedoms capitalism is supposed to protect. Outside of a standard set of specific reasons for which it is agreed to be illegal to refuse business (race, sex, orientation etc..), no business is supposed to be able to be compelled -by the government- to associate or transact with another. Instead, boycotts are used by the public themselves (ra…

Where did I say that it should become legally mandated that MasterCard associate with anybody? Not only do I not think capitalism does/should compel them to do that, I think that capitalism explicitly doesn't compel anybody to do anything. What I'm asking is if we as a public really want our payment processors to be making these moral judgements? That doesn't mean I think they should be compelled to do anything, but…

> What I'm asking is if we as a public really want our payment processors to be making these moral judgements?

Apparently we do, otherwise they wouldn’t be doing it.

Re: Apple announces Apple Card credit card

#706

Post by ebg13 » Tue, Mar 26, 2019, 4:59 AM UTC

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…

> - 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.

How does that work for US-based cards used outside of the US? I definitely don't lose my rebate while in other countries.

Re: Apple announces Apple Card credit card

#707

Post by gigatexal » Tue, Mar 26, 2019, 5:11 AM UTC

gigatexal wrote: post #414

I for one love this card and Apple’s direction. I’ll be signing up ASAP. No fees. No penalties. Baked into iOS via the wallet and cash back available daily? Count me in!

Just saw on twitter that the interest rates are 13% to 24%. Ugh.

Re: Apple announces Apple Card credit card

#708

Post by delfinom » Tue, Mar 26, 2019, 5:13 AM UTC

nabaraz wrote: post #25

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?

Because at the end of the day, credit cards are loans and more than just transactions. Way more bank related integration work than just charging money.

Re: Apple announces Apple Card credit card

#709

Post by ksec » Tue, Mar 26, 2019, 5:32 AM UTC

amluto wrote: post #332

ksec wrote: post #302

Earlier 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.

Sorry wasn't clear enough the 0.99 was referring to the transaction value itself, not the fee.

Re: Apple announces Apple Card credit card

#710

Post by argonaut » Tue, Mar 26, 2019, 5:46 AM UTC

gsnedders wrote: post #631

ucha wrote: post #611

Earlier quoted context omitted.

Outside of bonus periods, Amex doesn't pay more than 1% in the UK as far as I know...

1% for spend under 10k, 1.25% beyond on the Amex Platinum Cashback Credit Card. Combine that with the fact that Amex gives targetted cashback offers I can well believe you can end up averaging several percent on a yearly basis if you're taking up some of the higher value ones (I currently have an offer for £100 cashback for £1000+ spend at Trailfinders, that would bump my average cashback up a fair bit!).

That's just a coupon. There is no doubt Trailfinders kicks back some of your purchase $$ to AMEX.