Earlier quoted context omitted.
What privacy from vendors?
The Apple Card is the only card in the US I am aware of that does not resell your purchase history to data brokers.
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Chase to become new issuer of Apple Card
111–120 of 200 posts
Re: Chase to become new issuer of Apple Card
#112Hadn'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 catch is ethical. I personally don't feel good profiting from financial distress. Cash-back benefits are primarily funded through interest on carried balances (not interchange fees). In other words, credit card cash back is funded via high interest on other people's debt. The strongest predictors of revolving debt are income volatility, lack of regular savings, irregular work hours, and unexpected expenses. Basic…
“ Cash-back benefits are primarily funded through interest on carried balances (not interchange fees).” citation needed. My understanding is that this is false.
Re: Chase to become new issuer of Apple Card
#113Earlier quoted context omitted.
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
Oh my God what a financial hellhole US is
Re: Chase to become new issuer of Apple Card
#114Earlier quoted context omitted.
you mean it wouldn't make any money for the bank issuing the card? Is that because they can't charge merchants as much to accept it other countries?
Yes, fees are capped in the EU for exemple. Considering the impact on prices, cashback is basically reverse redistribution. It makes the situation worse for the poorest customers to give money to the banks and their richest customers.
Yep if you use a card in the US the company just takes 2c from your left pocket and puts it in your right pocket in a form that's more difficult to use.
And if you don't use a card, the business takes 2c from your left pocket and keeps it.
It's a great trick though, people really buy into the whole points/cashback thing and don't realise they're being paid with their own money
Re: Chase to become new issuer of Apple Card
#115Earlier quoted context omitted.
what's the hard part outside of the Apple ecosystem? They give you a physical card and a normal ccard number. What else is there?
The only fully-functional interface for viewing statements and scheduling payments is on iPhone. In fact I'm pretty sure you can't do either of those things at all in any other place than the iPhone Wallet app. Not even on a Mac or an iPad.
You can view statements via the Web on https://card.apple.com/> (though not for the associated savings account, if you choose to add that).
Re: Chase to become new issuer of Apple Card
#116Earlier quoted context omitted.
I would imagine Goldman want out. They were never a retail banking firm to begin with. And sell the current Apple Card division with debt and customer base packaged at a discount. Consider the transition takes 24 months I wouldn't be surprised if the discount allow them to run three years with clause to terminate at later date. The downside and exposure should be limited with great upside on worldwide launch. But jud…
Yeah I was surprised finding out it's Goldman card - I haven't heard about Goldman doing a consumer cards before that (and I have a lot of cards).
I mean I dont fault Goldman for doing it, if they really want to venture into consumer sector there is no better partner than Apple to do it.
But the execution has been absolutely appalling.
Re: Chase to become new issuer of Apple Card
#117Hadn'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're in the US this sounds like a normal card. If you're in a lot of other places you won't have heard of it because it's not available and it sounds amazing because it wouldn't make any money in more regulated countries.
This is not even a particularly competitive cashback card in the UK. But perhaps you don't consider that a "more regulated country."
Re: Chase to become new issuer of Apple Card
#118Earlier quoted context omitted.
Does it have to be Apple that caved?
Not sure which way this tips the scales, but Chase has a retail banking presence in the UK, GS doesn't. If Apple wants to expand Apple Card internationally, and want to keep the number of partners to a minimum, Chase would be a better fit. Inversely, Chase's market in the UK is still small, and an Apple Card partnership would be a big draw to pull customers in.
(UK reader here too).
You could well be right, though I have a couple of theories why they Apple haven't rolled it out here:
- maybe they think it'll just be too messy, having to market different cashback reward rates and so on for the US and UK, due to the capped interchange fees - too much "it's not fair" style moaning like everyone did about Black Friday, even though we don't even celebrate Thanksgiving here.
- Apple have somewhat de-prioritised UK/Europe generally given their dealings with the EU
- (as others have hinted) most banks simply aren't interested
From the outside it does seem as though there was basically nothing in it for Goldman Sachs, other than perhaps useful spending data (they must surely have got some data, regardless of Apple's privacy claims) and a bit of industry prestige for being the ones to work with Apple?
Re: Chase to become new issuer of Apple Card
#119I wonder what the terms of this new deal are. Goldman Sachs had accepted absolutely ridiculous terms like forgoing fees because they were apparently desperate for consumer business. Chase has an existing consumer business so I can't imagine they would accept the same terms but I wonder what this would mean for the card benefits.
Re: Chase to become new issuer of Apple Card
#120Earlier quoted context omitted.
If you're in the US this sounds like a normal card. If you're in a lot of other places you won't have heard of it because it's not available and it sounds amazing because it wouldn't make any money in more regulated countries.
This is not even a particularly competitive cashback card in the UK. But perhaps you don't consider that a "more regulated country."
Huh? Cashback cards on VISA/Mastercard have all but disappeared, I think Lloyds still do one but it has a promo of 1% for the first year then drops to 0.25% after. American Express will give you 0.75% on first 10k spend then 1.25%. 2% is unheard of (unless it's promo or heavily capped).