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Apple announces Apple Card credit card

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Re: Apple announces Apple Card credit card

#631

Post by gsnedders »

ucha wrote: post #611
dogma1138 wrote: post #510

Earlier quoted context omitted.

I get 2-5% cash back on my American Express Platinum card in the UK... There are higher cash back cards also the cash back is usually capped on a monthly basis rather than on a flat %. So far for this year I have £341.92 cash back on the card. Mind you that this isn’t a new card I had it for 5 years.

Outside of bonus periods, Amex doesn't pay more than 1% in the UK as far as I know...

1% for spend under 10k, 1.25% beyond on the Amex Platinum Cashback Credit Card.

Combine that with the fact that Amex gives targetted cashback offers I can well believe you can end up averaging several percent on a yearly basis if you're taking up some of the higher value ones (I currently have an offer for £100 cashback for £1000+ spend at Trailfinders, that would bump my average cashback up a fair bit!).

Re: Apple announces Apple Card credit card

#632

Post by pcurve »

V99 wrote: post #74
ocdtrekkie wrote: post #67

Most interesting claim is that there are no late fees. If you don't pay it on time, I presume they're going to stop letting you continue making charges to the card until you do? But that it never gets you locked into the debt cycle of so many other cards? If true, this is the true real innovation. Or is there interest, but just no fee for not making your payment on time?

They showed interest calculation while deciding how much to pay, so there's definitely interest. But not penalty rates or late fees.

There is definitely penalty fee for not paying balance in full. In the video, the fee appeared to be around $20.

Re: Apple announces Apple Card credit card

#633

Post by hug »

mstade wrote: post #551
chx wrote: post #511

Earlier quoted context omitted.

This entire field is completely messed up. One of my favorite movies this year is from India, I don't usually see Bollywood movies but Manikarnika rocked. It opened in January and now, it's been out on Amazon Prime since Saturday: https://www.justwatch.com/ca/search?q=manikarnika In Canada. In the USA? https://www.justwatch.com/us/search?q=manikarnika Not so much. This only drives piracy -- it obviously has been ripp…

Sports is even worse, wanna watch the game for your favorite sport? Gotta have that one special subscription! That shit thrives on exclusivity deals. (Super Bowl ads, anyone?) When I lived in the UK I signed up for an out-of-market subscription for NHL, it was something like $50 and I could watch any game from any broadcast (they always do a home and away broadcast) and they’d block out most of the ads because it was…

Australia has (maybe? mostly?) figured this out with a subscription service called Kayo.

It is $15 a month and contains basically every sport my friends who like sports watch.

I'm looking forward to seeing it collapse into a pile of garbage when the governing bodies of various sports catch on and try to "extract value" from streaming.

The "available sports" on Kayo: https://help.kayosports.com.au/s/article/What-content-is-ava...

Re: Apple announces Apple Card credit card

#634

Post by consumer451 »

drdrey wrote: post #628
amluto wrote: post #618

Earlier quoted context omitted.

I would assume that Apple Card isn’t coming to Europe because Europe doesn’t permit credit cards to charge merchants the insane fees that fund rewards cards in the US. (I bet that if regulations changes and merchants started passing on fees in a transparent manner to customers, then rewards cards would go away in the US. How exciting would 2% back be if you also paid an extra 2% directly to each merchant for the priv…

Aren't merchants typically charged 3%?

In the USA, yes most folks pay around 3%, but it gets lower when the card is physically present, aka swiped.

Now the EU has limited the Interchange Fee paid by EU merchants by an order of magnitude:

>For card payments carried out by the cardholder in a shop ("Card Present Transactions"):

> 0.2% of the value of the transaction for debit cards;

> 0.3% of the value of the transaction for credit cards:

>For online payments ("Card Not Present Transactions"):

> 1.15% of the value of the transaction for debit cards;

> 1.50% of the value of the transaction for credit cards.

Source: http://europa.eu/rapid/press-release_IP-18-6655_en.htm

Re: Apple announces Apple Card credit card

#635

Post by StreamBright »

photonios wrote: post #449

I got all excited and then realized that almost none of the new services that were announced will offer me anything as a European. Apple Card most likely won't be coming to Europe any time soon. The streaming service is also not likely to come to Europe as it includes US-only services such as Hulu and Amazon Prime. I am aware that this is a bit of a 1st world problem, but all of these services being US-only can be re…

Even if it comes to Europe, if they use the same methodology as they usually do (like 1 USD = 1EUR) you are going to have a worse experience.

Re: Apple announces Apple Card credit card

#636

Post by nmstoker »

consumer451 wrote: post #634
drdrey wrote: post #628

Earlier quoted context omitted.

Aren't merchants typically charged 3%?

In the USA, yes most folks pay around 3%, but it gets lower when the card is physically present, aka swiped. Now the EU has limited the Interchange Fee paid by EU merchants by an order of magnitude: >For card payments carried out by the cardholder in a shop ("Card Present Transactions"): > 0.2% of the value of the transaction for debit cards; > 0.3% of the value of the transaction for credit cards: >For online paymen…

And yet there are cards that offer 1 or 2% cashback in the UK - are these simply funded by the banks as a way to tempt users to sign up?

Re: Apple announces Apple Card credit card

#637

Post by pcurve »

jclardy wrote: post #83
ocdtrekkie wrote: post #67

Most interesting claim is that there are no late fees. If you don't pay it on time, I presume they're going to stop letting you continue making charges to the card until you do? But that it never gets you locked into the debt cycle of so many other cards? If true, this is the true real innovation. Or is there interest, but just no fee for not making your payment on time?

There is interest, so you'd still be locked in the cycle. Just a little better off because they don't charge you $30-50 for paying late. But it appears they are much more forward on telling you how much interest you will be paying if you don't pay off the card.

AT least in the video, they do charge you late fee. If you pay balance in full, there's no fee. But if you don't, then the minimum interest they charge is around $20.

Re: Apple announces Apple Card credit card

#638

Post by NicoJuicy »

photonios wrote: post #449

I got all excited and then realized that almost none of the new services that were announced will offer me anything as a European. Apple Card most likely won't be coming to Europe any time soon. The streaming service is also not likely to come to Europe as it includes US-only services such as Hulu and Amazon Prime. I am aware that this is a bit of a 1st world problem, but all of these services being US-only can be re…

If you used Apple pay, you can even get less excited. Because since today, Apple is now a competitor for banks.

Perhaps they are too big too fail in America, but I'm pretty sure they are not in Europe and other countries. And those partnerships with banks are probably going to cease to exist.

Re: Apple announces Apple Card credit card

#639

Post by nmstoker »

What interests me is that they've clearly gone after the dark patterns of their opponents or their blatantly obvious unimplemented features (ie better use of mapping to categories behaviour or clear statements about not abusing the data they gather).

This is a much more compelling sales pitch than "forget about these suspicious practices, everyone does that, but hey isn't this convenient!" which is so common now with the others.

Re: Apple announces Apple Card credit card

#640

Post by abalone »

For those of you concerned about the "antitrust" aspect here, the specter of Apple controlling everything... Keep in mind that Apple has had a partnership-based branded credit card for years: the Barclaycard Visa with Apple Rewards. There is nothing fundamentally new in Apple offering a credit card.

What's new here is they're tightly integrating it with Apple Wallet and in some aspects driving a better deal (like eliminating fees and points and data brokering). Overall I would characterize their offering as a "competitive" rewards card. But what's really distinctive here is the elegant Apple-designed UI around managing your spending and interest charges and rewards, which looks exceptional.

The other really clever thing is how they've leveraged the iPhone to improve the security of the backwards-compatible physical card. For non-ApplePay e-commerce they can rotate the CSC/CVV number you look up on your phone (since it's not printed on the card). And they can just reach out to you through iOS with suspicious transaction notifications and strongly re-authenticate you, instead of relying on antiquated robocalls.

One question I have is whether the card will have a stripe on it or just a chip. Traditionally merchants would be liable for fraudulent swipes without properly-checked signatures. If the signatureless card supports swipes, presumably Goldman Sachs would need to take on that liability now. Maybe that explains why rewards are 1% on physical card transactions instead of 2%.

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