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Chase to become new issuer of Apple Card

jpmorganchase.com

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Re: Chase to become new issuer of Apple Card

#21

Post by Larrikin »

nomilk wrote: post #17

Hadn't even heard of Apple Card until now: https://www.apple.com/apple-card/ A credit card with > No fees. Not even hidden ones and > 2% cash back when you use Apple Card with Apple Pay and > 3% cash back at Apple (and Uber, Uber Eats, Booking.com and a few others) when you use Apple Pay This seems... really good. As in, it's essentially free money. Am I missing a catch here?

If you care about earning cash back and points it's only a good card for buying Apple products.

I have one and it exist for presents and upgrades. It is great for that but only that.

Re: Chase to become new issuer of Apple Card

#24

Post by emilsayahi »

nomilk wrote: post #17

Hadn't even heard of Apple Card until now: https://www.apple.com/apple-card/ A credit card with > No fees. Not even hidden ones and > 2% cash back when you use Apple Card with Apple Pay and > 3% cash back at Apple (and Uber, Uber Eats, Booking.com and a few others) when you use Apple Pay This seems... really good. As in, it's essentially free money. Am I missing a catch here?

Isn't this kind of card normal? The Fidelity card is basically the same (no fees, 2% cash back) but without any Apple-specific restrictions

EDIT: The Fidelity card has late fees, I guess. Does the Apple one not? It shouldn't really affect you if you know what you're doing

Re: Chase to become new issuer of Apple Card

#25

Post by jerlam »

nomilk wrote: post #17

Hadn't even heard of Apple Card until now: https://www.apple.com/apple-card/ A credit card with > No fees. Not even hidden ones and > 2% cash back when you use Apple Card with Apple Pay and > 3% cash back at Apple (and Uber, Uber Eats, Booking.com and a few others) when you use Apple Pay This seems... really good. As in, it's essentially free money. Am I missing a catch here?

It's not tremendously better than existing cards.

2% cash back is practically the floor for rewards cards. I've had a 2% rewards card for over a decade (Citi Double Cash).

People are able to get around 5% rewards if they're willing to be stuck with miles, locked into a specific retailer/company, or deal with rotating categories.

Re: Chase to become new issuer of Apple Card

#26

Post by lotsofpulp »

jerlam wrote: post #25
nomilk wrote: post #17

Hadn't even heard of Apple Card until now: https://www.apple.com/apple-card/ A credit card with > No fees. Not even hidden ones and > 2% cash back when you use Apple Card with Apple Pay and > 3% cash back at Apple (and Uber, Uber Eats, Booking.com and a few others) when you use Apple Pay This seems... really good. As in, it's essentially free money. Am I missing a catch here?

It's not tremendously better than existing cards. 2% cash back is practically the floor for rewards cards. I've had a 2% rewards card for over a decade (Citi Double Cash). People are able to get around 5% rewards if they're willing to be stuck with miles, locked into a specific retailer/company, or deal with rotating categories.

Fidelity has had a great 2% cash back/no forex fee/free global entry card for a long time too.

Apple's credit card has always been unremarkable.

Re: Chase to become new issuer of Apple Card

#27

Post by silisili »

nomilk wrote: post #17

Hadn't even heard of Apple Card until now: https://www.apple.com/apple-card/ A credit card with > No fees. Not even hidden ones and > 2% cash back when you use Apple Card with Apple Pay and > 3% cash back at Apple (and Uber, Uber Eats, Booking.com and a few others) when you use Apple Pay This seems... really good. As in, it's essentially free money. Am I missing a catch here?

One can do better.

As just a one card catchall, Robinhood does 3% on everything.

I'm one of those crazy maximizers with a drawer full of cards, and most purchases earn 5% or 6%.

Re: Chase to become new issuer of Apple Card

#29

Post by nrb »

adrr wrote: post #16
delfinom wrote: post #2

Wonder what Apple caved on. They famously only found goldman to work with them originally because they had significant demands that bucked the industry, including setting everyone's statement dates to the exact same so that customer support collapses the same day every year.

I would guess putting a cap of 660 credit score and adding some fees back like late fee, over limit fee, and return payment fee. I don't see JPM doing a card with rewards/cash back in the sub prime market, slate doesn't have any rewards. Apple card with GS was amazing deal for people who didn't have prime credit.

Some of the perks were great even for prime if you're already bought into the Apple ecosystem. 3% cash back plus 0% APR installment on Apple product purchases is a nice double dip that most cards can't touch unless you're really trying hard.

Re: Chase to become new issuer of Apple Card

#30

Post by adrr »

sethhochberg wrote: post #11
killingtime74 wrote: post #6

Earlier quoted context omitted.

Banks were not queuing up to do it the first time and it didn't work out well for the bank that did (Goldman). Who else is compromising

I have no insider knowledge here but it doesn't seem outlandish to think that the negotiations would go a little differently for an established product vs a brand new one. Goldman may have simply been the only bank willing to work with Apple when the customer base (in size, demographics, spending patterns, whatever) was hypothetical.

What bank offers rewards and no fees to subprime(below 660) customers? There aren't any. Why no wanted the deal. Guaranteed to lose money. Its not like there's name recognition, i doubt most people could name the underlying bank for the Apple Card. Only place the bank is mentioned is the fine print at the bottom of the card details. Everything is branded "Apple Card"
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