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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

#161

Post by TheNewsIsHere »

nutjob2 wrote: post #40
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?

No fees except the hundreds of dollars it costs to buy an iPhone or iPad which is required.

An iPhone is required. You can pay for things with Apple Pay, but there’s no Wallet interface on iPadOS.

Given that I have an Apple Card, this is a chief annoyance. GS/Apple extended an insane credit limit to my household but we’ve never used more than about 6% of that and the benefits aren’t any better than any of our other cards.

My spouse’s reaction to the news of the move to Chase was basically “so I guess we do know when we’ll finally close that account.”

Re: Chase to become new issuer of Apple Card

#162

Post by nozzlegear »

lotsofpulp wrote: post #157
nozzlegear wrote: post #156

Earlier quoted context omitted.

It's exceedingly rare to offer a cash discount in the US, I honestly don't think I've ever seen one in person.

They are all over the place, especially small businesses. A cash only (paper money) price is typically less than debit card or other electronic “cash” discounts because tax evasion is assumed. Next time you have an independent contractor do some work, after they give a price, ask them if they will accept 90% or even less if you pay cash. My barber has a sign with a cash price, a Zelle/Venmo price, and a credit card p…

Like I said, I don't think I've ever seen them. For instance, you can't go into a Walmart or Best Buy and ask for a cash discount. Maybe a small business offers them, but I live in a small town (pop I'm not disputing they exist, just that it's exceedingly rare and not the norm.

> My barber has a sign with a cash price, a Zelle/Venmo price, and a credit card price.

I'm half joking and half serious, is he intentionally trying to confuse customers? Why do Zelle/Venmo have their own prices, and what price do I pay if I just want to pay with the debit card on my phone?

Re: Chase to become new issuer of Apple Card

#163

Post by TheNewsIsHere »

e40 wrote: post #134
vladgur wrote: post #94

For people living in the states there are better deals to be had: Multiple 2% cashback cards Amazon prime - 5% off Amazon and Whole Foods purchases, but you have to be a prime subscriber Robinhood gold -3% off anything for $60/year Amex blue cash rewards - 6% off groceries(and gift cards bought at supermarkets) for $75 per year

Re the Amazon card, it used to be offered through Synchrony Bank (I think I got the name right). I had a lot of weird issues with them and their customer service was very difficult to get ahold of and were terrible once you did. I ended up canceling the card.

That’s the Amazon Store Card, which (at least used to) only works on Amazon.com.

The Prime credit card is issued by Chase. I closed mine and stopped patronizing Amazon.com around the time Bezos started meddling with the Washington Post, so I may be out of the loop on how things work now.

Re: Chase to become new issuer of Apple Card

#164

Post by TheNewsIsHere »

delfinom wrote: post #132
apaprocki wrote: post #98

Earlier quoted context omitted.

I had thousands of dollars of charges I didn’t make (but billed electronically via Apple as if my card was attached to someone else’s iCloud account) appear, exceeding my limit and locking my entire family out of the shared Apple subscriptions (e.g. no music on their devices but strangely music on mine). GS could remotely lock your Apple account at will it seemed. Called, charges reversed, 1 month later they were all…

You clearly never experienced chases anti-fraud division. Who will, without warning, close all of your chase accounts because you used a credit card at the wrong store at the wrong time and you set off whatever fraud score. And csr will not help you as the anti fraud system is treated as god.

A client of mine pushed her business expenses through a Chase account. She banked with them too.

She traveled to the “wrong” country. A country that is not and was not embargoed or sanctioned. A country that the US is/was on good terms with. She had been there and used her Chase card previously. She didn’t do anything out of the norm.

Chase closed all her accounts with no notice while she was traveling and refused to provide a reason. I told her to sit on my invoices while she scrambled and got things sorted out.

It took months. They refused to send her the balance of her asset accounts until she threatened to sue them and air the calls she recorded.

I have kept a healthy distance from relying on Chase ever since.

Re: Chase to become new issuer of Apple Card

#165

Post by e40 »

adw wrote: post #155
e40 wrote: post #134

Earlier quoted context omitted.

Re the Amazon card, it used to be offered through Synchrony Bank (I think I got the name right). I had a lot of weird issues with them and their customer service was very difficult to get ahold of and were terrible once you did. I ended up canceling the card.

The Prime credit card is Chase.

Thanks for the clarification. I had forgotten the distinction.

Re: Chase to become new issuer of Apple Card

#166

Post by lotsofpulp »

nozzlegear wrote: post #162
lotsofpulp wrote: post #157

Earlier quoted context omitted.

They are all over the place, especially small businesses. A cash only (paper money) price is typically less than debit card or other electronic “cash” discounts because tax evasion is assumed. Next time you have an independent contractor do some work, after they give a price, ask them if they will accept 90% or even less if you pay cash. My barber has a sign with a cash price, a Zelle/Venmo price, and a credit card p…

Like I said, I don't think I've ever seen them. For instance, you can't go into a Walmart or Best Buy and ask for a cash discount. Maybe a small business offers them, but I live in a small town (pop I'm not disputing they exist, just that it's exceedingly rare and not the norm. > My barber has a sign with a cash price, a Zelle/Venmo price, and a credit card price. I'm half joking and half serious, is he intentionally…

>I'm half joking and half serious, is he intentionally trying to confuse customers?

He is sharing some of the savings from tax evasion with the customer.

I do not know if he can accept electronic payments from a debit card on the phone. I presume Zelle/Venmo is simpler than figuring out a system to separate debit cards and credit cards.

>just that it's exceedingly rare

Discounts for non credit card payment methods (such as ACH/debit card/Zelle/Venmo/paper cash) seem more and more common to me. Bigger businesses likely won't engage in tax evasion allowing for bigger discounts for paper cash, but fewer and fewer of my expenses are worth paying with a credit card.

Re: Chase to become new issuer of Apple Card

#167

Post by devilbunny »

wolvoleo wrote: post #160
devilbunny wrote: post #154

Earlier quoted context omitted.

Credit cards are, oddly enough, one place in which the US has absolutely amazing consumer protection laws. Debit cards do not share these protections by law (though many banks offer some of them). So, if you move to the US, getting a credit card, even if you never intend to carry a balance, is a wise idea. - You cannot be held responsible for more than $50 of fraudulent charges - You are not required to report a card…

Hmm point #2 is not really required here either. In the past I have been skimmed once and I was notified by the bank before I even noticed the transactions. They had noticed because several cards used at a specific public ATM had been skimmed and abused, they removed the transactions immediately and sent me a new card. Very proactive, I didn't have to do anything. Point #3 doesn't really play here because the credit…

#3 is a reason not to use a debit card but to use credit instead. If you pay your balance in full every month, on time, then there is no interest due at all. So even after you get your bill, if the card has been used fraudulently, it's not your problem and you can't be stuck with the bill.

I was using the generic "you", not you specifically. Many people don't understand this about credit cards in the US. If an entire nation of people use something that nobody you know does, then either they are all idiots in a way that nobody you know is, or there is something that makes it uniquely valuable there. The consumer protection angle is the unique value proposition (and it covers quite a lot of things).

Re: Chase to become new issuer of Apple Card

#168

Post by cmurf »

nozzlegear wrote: post #156
ifwinterco wrote: post #152

Earlier quoted context omitted.

My point is if credit cards didn't exist, the $1 thing would cost 98c, so in that sense it's your money. Admittedly that is overstating it a bit because not everyone uses a rewards card. In reality the 2% cashback is 1% your own money being given back to you and 1% money from people paying in cash being transferred to you (normally regressively as someone else pointed out). If you get a discount for paying cash, then…

It's exceedingly rare to offer a cash discount in the US, I honestly don't think I've ever seen one in person.

I'm seeing it more often. They don't say cash discount, they say they're charging a fee for using a credit card.

What annoys me is debit card fees are supposed to be capped in the U.S. But for unclear reasons many payment processors don't honor this, even large processors like PayPal and Square. Merchants tell me the debit card fee is same as a credit card.

My local government charges a 2.9% fee for use of credit or debit card as well.

Re: Chase to become new issuer of Apple Card

#169

Post by xyst »

hamburglar wrote: post #44
xyst wrote: post #10

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?

I didn’t "want" it. Chase just gave my auto increases over the years of having this card. Spending habits have yet to change.

Also in US, credit utilization is a factor in credit scoring. Higher total credit means a lower utilization.

Re: Chase to become new issuer of Apple Card

#170

Post by cmurf »

devilbunny wrote: post #154
wolvoleo wrote: post #124

Earlier quoted context omitted.

The UK is very similar to the US, very neoliberal. They have a little more consumer protection but not a lot. Here in Spain cards don't tend to provide any cashback, also they hurt your credit rating (in contrast with the US where they improve it and people end up shuffling cards). They're pretty unpopular here, most people just use debit cards. I prefer it too, if I don't need credit to buy something I don't want to…

Credit cards are, oddly enough, one place in which the US has absolutely amazing consumer protection laws. Debit cards do not share these protections by law (though many banks offer some of them). So, if you move to the US, getting a credit card, even if you never intend to carry a balance, is a wise idea. - You cannot be held responsible for more than $50 of fraudulent charges - You are not required to report a card…

Year old story about the limited debit card protections, with an appalling Chase customer anecdote.

https://www.usatoday.com/story/money/2024/10/09/fraud-protec...

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