Gen 1 Apple Card did a bait-and-switch about using it to buy iPhones with 0% interest. Super frustrating.
How so?
I've used my Apple card to buy a few Apple devices and indeed with 0% interest.
Chase to become new issuer of Apple Card
31–40 of 200 posts
Re: Chase to become new issuer of Apple Card
#32Hadn'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.
Re: Chase to become new issuer of Apple Card
#33Hadn'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
Also cash advance fees:
https://online1.elancard.com/pdap/terms?locationCode=24193&o...
Re: Chase to become new issuer of Apple Card
#34[deleted]
Re: Chase to become new issuer of Apple Card
#35Gen 1 Apple Card did a bait-and-switch about using it to buy iPhones with 0% interest. Super frustrating.
How so? I've used my Apple card to buy a few Apple devices and indeed with 0% interest.
I used mine to buy Macbook Airs with 0% interest just fine. For the iPhone, the fine print says you (now) have to sign up with one of their pre-approved carriers. If you use another - Mint or US Mobile or whatever - you're out of luck.
Re: Chase to become new issuer of Apple Card
#36Hadn'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. Basically credit cards act as an extractive safety net for people with no other options. It's a business model that depends on financial distress.
Re: Chase to become new issuer of Apple Card
#37Earlier quoted context omitted.
Does it have to be Apple that caved?
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 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 judging from Apple's speed with their execution in Apple Wallet this will likely take a lot longer than expected.
Re: Chase to become new issuer of Apple Card
#38Hadn'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?
> This seems... really good. As in, it's essentially free money. Am I missing a catch here?
2% cash back for "everything" and 3% with some limitations (on platform, types of purchases, etc) is a relatively common reward structure for these types of credit cards. So its... good, but nothing really special.
The money is "free-ish" as long as you don't carry a balance month to month.
Of course, the banks know that a lot of people will actually end up carrying a balance (they mentioned in the linked announcement that they are bringing in an estimated $20 billion worth of existing balances with this deal) so they are fine with giving out the 2-3% "free money" for a lot of chances to collect 17-28% interest.
Re: Chase to become new issuer of Apple Card
#39Hadn'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.
Re: Chase to become new issuer of Apple Card
#40Hadn'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.