I wonder what these means for my credit limit. I have a chase card with 60XXX CL and an AC with 50XXX.
Why would you want such a high credit limit? Are you dying to spend money you don’t have?
So you can tell other people about it.
Chase to become new issuer of Apple Card
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Re: Chase to become new issuer of Apple Card
#52I wonder what these means for my credit limit. I have a chase card with 60XXX CL and an AC with 50XXX.
Why would you want such a high credit limit? Are you dying to spend money you don’t have?
credit utilization is a factor in credit scores, which are important for things like mortgages and auto loans. higher credit limit, ceteris paribus, is lower utilization
Re: Chase to become new issuer of Apple Card
#53The hilarious thing is the Apple card is a chunk of titanium and doesn’t have contactless payment capabilities in the year 2025. (Obviously their angle is you’ll use your phone or watch, which isn’t a huge stretch)
I've never used the card. too heavy.
Re: Chase to become new issuer of Apple Card
#54Earlier quoted context omitted.
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"
> 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.
And in the bottom-right corner of the titanium card and in the picture in Wallet. And it's advertised practically everywhere they mention the titanium card. And if you have Apple Savings it's also specified to be from GS everywhere.
Re: Chase to become new issuer of Apple Card
#55The whiplash is hilarious, they've been through 3 banks now over the years
Re: Chase to become new issuer of Apple Card
#56Hadn'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?
The simplicity and nice app experience is what's really good, but you can easily get better terms in the industry if you pay just one hour of attention. I use the Apple Card because I love the customer UX, including the privacy from vendors part.
What privacy from vendors?
Re: Chase to become new issuer of Apple Card
#57Does anyone know why they moved away from GS? Frankly I liked that they had GS as the bank cause they come with a pretty amazing customer support system
Did GS not want to be involved anymore? I suspect the liability was one of the issues.
Re: Chase to become new issuer of Apple Card
#58Hadn'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.
The floor is 1.5%. I don’t know of any 2% card without any catch (the Apple Card’s being that you have to use Apple Pay, which is still not available at many online merchants).
Re: Chase to become new issuer of Apple Card
#59Earlier quoted context omitted.
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.
If you don't want to mess with points, its a great card. You still need another card for travel since it doesn't have rental car insurance, travel insurance, etc. Its missing all the features that normally come with Visa Infinite or Mastercard World Elite cards.
Re: Chase to become new issuer of Apple Card
#60Does anyone know why they moved away from GS? Frankly I liked that they had GS as the bank cause they come with a pretty amazing customer support system
GS lost a whole bunch of money on the deal and wants to get out of it.