Apple announces Apple Card credit card • Hacker News Board

Re: Apple announces Apple Card credit card

#331

Post by EADGBE » Mon, Mar 25, 2019, 7:14 PM UTC

jki275 wrote: post #46

jwagenet wrote: post #43

How does something like this work in Europe with no signature on the card? When I tried to use a US card without a PIN that I hadn't yet signed, a German checker made a fuss about the missing signature. This isn't a problem in the US where no one bothers checking the signature. What about a brewery I went to this weekend where neither swipe or chip was available for their POS and the card number was manually entered?

open up the wallet app, get the info and enter it.

Opens up wallet app, looks for card number, doesn't see it

Re: Apple announces Apple Card credit card

#332

Post by amluto » Mon, Mar 25, 2019, 7:14 PM UTC

ksec wrote: post #302

Liquix wrote: post #274

Earlier quoted context omitted.

What do they gain from offering the card if they are not harvesting transaction data? Is it possible that this is some legal gymnastics (i.e. Goldman-Sachs receives the 'Apple doesn't know' data and promptly send it over to them under an opaque 'we share information with our affiliates' clause)? It does seem like a lot of work and potential risk if the sole purpose is to increase user dependency on the Apple ecosyste…

Apple likely save quite a lot from small transaction ( $0.99 ) if it was done on Apple Card. Roughly $50B are spent on App Store, and even more with growing number of Subscription along with other Apple Credit Card usage. That is a potential of $100B+ transaction volume. It will likely be another entry point for Apple Cash, sending and receiving money from friends.

There’s no way small transactions cost Apple that much. Square and Stripe charge their merchants something like 23 cents for small transactions.

Re: Apple announces Apple Card credit card

#333

Post by geddy » Mon, Mar 25, 2019, 7:14 PM UTC

I love the app used to manage spending and paying your bill. It'll definitely be super easy to stay on budget given the fact that you'll have immediate access to up-to-date spending and trends, whereas if I want to do that with my Chase account, I need to login, run numbers, etc.

There seems to be a subfocus here about helping you manage your spending, which I can appreciate. The problem with ease of spending money is ease of going into debt, I think I could make this work for my wife and I fairly well, and easily at that.

Of course, the practicality of this for each person depends on their typical spending patterns and how often they can use Apple Pay in the first place. If you shop at places that don't accept it, you're pretty much out of luck.

Interesting foray into a gigantic industry that loves preying on people's inability to be responsible, though. I can think of a lot of people who could use more oversight with their spending.

Re: Apple announces Apple Card credit card

#334

Post by kerbalspacepro » Mon, Mar 25, 2019, 7:14 PM UTC

naravara wrote: post #195

m3kw9 wrote: post #184

Earlier quoted context omitted.

Banks are pretty big too

Banks are also much more heavily regulated than tech companies. Yes, they've mostly captured all the regulators at this point so it's like the foxes running the henhouse, but at least in theory that's how it's supposed to work. . .

Yes, and ultimately Goldman Sachs is a bank and will be held accountable for anything that happens. This is a GS product that Apple gets a significant cut of.

Re: Apple announces Apple Card credit card

#335

Post by aarbor989 » Mon, Mar 25, 2019, 7:15 PM UTC

Would they be able to start offering discounts for those who make purchases with an Apple Card vs other credit card? Would be interesting to see if we are having a “credit card neutrality” discussion here in the not too distant future.

Re: Apple announces Apple Card credit card

#336

Post by rietta » Mon, Mar 25, 2019, 7:15 PM UTC

rietta wrote: post #312

I want to know what sort of extended warranty insurance they will provide. There was no mention of this in the presentation today. They mentioned giving 3% cash back on anything bought from Apple. Right now American Express is giving me 3% back on all computer purchases and extending AppleCare by 2 additional years. I made the most recent purchase with that card via Apple Pay. So if I went out and bought a new MacBoo…

This is a HUGE deal for heavily used electronics that tend to fail around the end of the warranty. Amex has paid money back to me for major repairs on the last two MacBook Pros and they paid me the cost of replacing an iPhone 6s when the headphone jack failed.

Re: Apple announces Apple Card credit card

#337

Post by kerbalspacepro » Mon, Mar 25, 2019, 7:15 PM UTC

foobarbazetc wrote: post #318

ajra wrote: post #131

It seems to me that Apple can offer reduced fees due to the fact that they'll have less fraud as a result of requiring touch/face ID for every purchase. While interesting, it doesn't come close to solving what I feel is the largest problem with cards in the US today -- interchange fees.

This really isn’t why. Fraud cost is negligible. Apple literally gets a cut out of every NFC transaction. So they get to double dip here.

Why do you think "Fraud cost is negligible"?

Re: Apple announces Apple Card credit card

#338

Post by ValentineC » Mon, Mar 25, 2019, 7:15 PM UTC

josefresco wrote: post #140

bk_mtn_man wrote: post #63

Earlier quoted context omitted.

I don't live in a tech hub city but in all my shopping I have never seen anyone use one of the Apple/Samsung payment methods where I live. Even when I spent months in Silicon Valley I can count the number of times I saw it used on one hand.

So I live 1.75 hours from a major city, not in a tech hub of any sorts, pretty typical sleepy Northeast town and use my Apple pay at the local Cumberland Farms, Stop & Shop and about a half dozen less regular shops. Once you start looking for it, you'd be surprised at how many places offer. I've never "seen" anyone else using it, but I'm in the position to "see" only a few minutes each week as I'm waiting in line.

> Once you start looking for it, you'd be surprised at how many places offer. I've never "seen" anyone else using it, but I'm in the position to "see" only a few minutes each week as I'm waiting in line.

Isn't this because Apple Pay is essentially built on top of the Visa/Mastercard/Amex contactless solutions?

Re: Apple announces Apple Card credit card

#339

Post by mklarmann » Mon, Mar 25, 2019, 7:16 PM UTC

As a non US person. Can someone explain the innovation of this? What should be better here? Is there anything I have missed? As I understand from the Wikileaks cables, the American government prevented Russia to establish their own credit card system. So they can better spy on the people as they have full access to MasterCard and visacards transactions. So how can this be about privacy?

Re: Apple announces Apple Card credit card

#340

Post by devy » Mon, Mar 25, 2019, 7:16 PM UTC

throwawaysea wrote: post #172

I don't thing it is healthy to have big entities like this control fundamental services like payment processing. How long before the opaque governance of the App Store is applied to their payments offering? How long before activists start making this a new vector for deplatforming? Apple also announced a news offering ( https://www.techradar.com/news/apple-news-plus ) and I think the same concerns apply there.

Apple's partnering with Goldman Sachs and Mastercard to do payment processing, I don't think Apple themselves are doing payment processing per se, neither they are certified to do it. What they can do is to generate alternative account numbers and passing that along with transaction details to Goldman Sachs(which is a bank)/ Mastercard (top 2 payment processing network) for actual payment processing.