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Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

finance.yahoo.com

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Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#191

Post by jjav »

monetus wrote: post #138
wkat4242 wrote: post #130

Earlier quoted context omitted.

Why would you even use a credit card if you have the money? You don't have to bother with the loan aspects of the card then (and the paying off). You could just use a debit card. This is what keeps me from even considering an apple card, I don't need any credit and getting credit registered against my name will make it more difficult to get a mortgage.

> Why would you even use a credit card if you have the money? I get ten percent cash back on groceries right now. It is subsidized in a sense, and builds out an advertising portfolio on me - those are questionable - but it is money in my pocket.

> ten percent cash back on groceries

You must share which card is this, I will get one immediately. 10%?

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#192

Post by Schiendelman »

icelancer wrote: post #123
crowcroft wrote: post #114

Awkward time for Apple. - Moves into finance have been a failure, cancelling their BNPL as well. - Vision Pro basically dead at this point. - A large number of senior execs getting reshuffled/moving on from the company. - Apple Intelligence, still no where to be seen. This is most likely a Goldman Sachs issue, but still, who at Apple decided to partner with the bank that hasn't got any track record in consumer bankin…

Apple Intelligence is on the eligible devices in beta, I've had it for a little bit now. It's nothing exciting but I've been using it.

Keep in mind what you're using isn't much of what they're launching. 18.1 only has a couple of features, the three releases after that have the bulk of what they demonstrated.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#193

Post by refurb »

dartos wrote: post #188
refurb wrote: post #186

Earlier quoted context omitted.

> But the point of a fine is to be a deterrent. Is it? Or is it purely to make the action a net negative?

The purpose of a fine is to deter an action. Making an action a net negative _can_ act as a deterrent as in the $1B case earlier. The issue is that, at a certain scale, the risk of simply having an action be a net negative may be worth the potential upside. I honestly don’t understand what’s so disagreeable about this idea. What else would a fine be other than a serious deterrent to an illegal action? A mild annoyanc…

> The issue is that, at a certain scale, the risk of simply having an action be a net negative may be worth the potential upside

I agree there, but if you're going to come up with a system of fines to incentivize not breaking the law, it needs to make sense.

Just making it a huge numbers is likely to not even pass muster in the courts.

A $10B company paying a $1B fine for sending out spam mail to 10 customers would be seen as "cruel and unusual punishment".

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#194

Post by smcin »

steveBK123 wrote: post #110
smcin wrote: post #105

Earlier quoted context omitted.

There have been several public-interest reports and scorecardings of the readability/unreadability of the language in various consumer/financial contracts (the grade-level required to understand it x the number of minutes/hours to read it).

Yes and ARMs got a simple one-pager treatment post-GFC thanks to the CFPB. I'm just saying that "6th grade reading level" is extremely basic level of literacy that a lot of contracts probably couldn't be easily communicated to that level.

Agreed. Lots of people/bodies/academics have measured contract readability; I didn't say the US CFPB was the only arbiter.

Lina Khan seems to be one of the bigger contributors to curbing excesses, at least in the domains she's authorized to, and she may not keep her job in the next admin.

(As to ARMs, from the regulator point of view, much of the economic damage done is in the rear-view mirror; the next big thing is presumably student loans.)

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#195

Post by ezfe »

tedunangst wrote: post #36
ezfe wrote: post #24

Earlier quoted context omitted.

I'm curious what the issue is, since most Apple Devices DO have interest free payments for 12 months

But you have to click the payments option (and pay the billed amounts). If you put the full balance on your card, you can't ignore it for 12 months and then pay.

Right, which is why the program is called "Monthly Installments" not "no interest for 12 months"

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#196

Post by ezfe »

rootusrootus wrote: post #62
ezfe wrote: post #24

Earlier quoted context omitted.

I'm curious what the issue is, since most Apple Devices DO have interest free payments for 12 months

IIRC, the installment each month hits your card like any other charge. So maybe if you let it become part of your revolving balance at that point, you'll pay interest. It's been a while since I bought an Apple device that way, but I do think that's how it showed up. I always pay my card off each month so I never got to find out if the installment would be subject to interest if I didn't immediately pay it.

Right, it shows up as an installment plan when you checkout and each month a charge is put on your card to pay on the next statement cycle.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#198

Post by monetus »

jjav wrote: post #191
monetus wrote: post #138

Earlier quoted context omitted.

> Why would you even use a credit card if you have the money? I get ten percent cash back on groceries right now. It is subsidized in a sense, and builds out an advertising portfolio on me - those are questionable - but it is money in my pocket.

> ten percent cash back on groceries You must share which card is this, I will get one immediately. 10%?

Sorry, I just saw this. Not a fancy card, a discover it®

https://www.discover.com/credit-cards/cash-back/it-card.html

The ten percent is a promotion they were doing for getting the card; matching your cash back for a bit. 1% on everything, 5% on a couple of categories, and x2 for only a bit.

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