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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

#71

Post by jldugger »

delfinom wrote: post #2

Wonder what Apple caved on. They famously only found goldman to work with them originally because they had significant demands that bucked the industry, including setting everyone's statement dates to the exact same so that customer support collapses the same day every year.

> so that customer support collapses the same day every year.

Every _month_. And it's not just the customer service desk that's a problem. With even distribution of billing and a large customer base, outflows match inflows and you don't have to do much to manage it. With all money coming in on one day you have a huge outflow of money and then it all rushes back in.

Much easier to borrow 1 dollar for a year than 30 dollars for a month.

Re: Chase to become new issuer of Apple Card

#72

Post by sharth »

lxgr wrote: post #58
jerlam wrote: post #25

Earlier quoted context omitted.

It's not tremendously better than existing cards. 2% cash back is practically the floor for rewards cards. I've had a 2% rewards card for over a decade (Citi Double Cash). People are able to get around 5% rewards if they're willing to be stuck with miles, locked into a specific retailer/company, or deal with rotating categories.

The floor is 1.5%. I don’t know of any 2% card without any catch (the Apple Card’s being that you have to use Apple Pay, which is still not available at many online merchants).

Isn't the Citi Double Cash the canonical 2% card?

Re: Chase to become new issuer of Apple Card

#74

Post by lowkey »

jerlam wrote: post #25
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?

It's not tremendously better than existing cards. 2% cash back is practically the floor for rewards cards. I've had a 2% rewards card for over a decade (Citi Double Cash). People are able to get around 5% rewards if they're willing to be stuck with miles, locked into a specific retailer/company, or deal with rotating categories.

The Apple card is the only credit card in the US (that I know of) which does not resell your granular transaction data to 3rd party brokers. To me that alone makes it tremendously better than existing cards.

Re: Chase to become new issuer of Apple Card

#76

Post by dillon »

emilsayahi wrote: post #24
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?

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

Apple Card can also sometimes offer 3% like at Walgreens and you can also get 6 months of free Uber One.

Another benefit of the Fidelity card is they reimburse your Global Entry or TSA pre check.

It’s not a bad idea to have both cards because the Apple Card is 1% with the physical card so having the Fidelity card with you for places that don’t accept Apple Pay is a good idea.

Re: Chase to become new issuer of Apple Card

#77

Post by smsm42 »

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?

The catch is it's very annoying to use outside of Apple ecosystem - e.g. if you don't have an iphone or don't want (or can not) use ApplePay.

Also, 2% cashback and no fees is nothing exceptional (in US market) - I mean, it's on the better end but there are a number of cards with similar deal from Wells Fargo, Fidelity, Capital One, etc. So it's not that spectacular - you can have the same deal without being hardwired into Apple's closed garden.

Re: Chase to become new issuer of Apple Card

#78

Post by noduerme »

danpalmer wrote: post #39
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?

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.

you mean it wouldn't make any money for the bank issuing the card? Is that because they can't charge merchants as much to accept it other countries?

Re: Chase to become new issuer of Apple Card

#79

Post by smsm42 »

emilsayahi wrote: post #24
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?

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

I don't believe any card would mean "no fees" as "no late fees". It would be insane. I mean, I just take their money and never pay back and they are fine with it? Doesn't sound possible. I think they mean "no fees for regular usage" - like, annual fees, etc.

Re: Chase to become new issuer of Apple Card

#80

Post by havermeyer »

jldugger wrote: post #67
lxgr wrote: post #58

Earlier quoted context omitted.

The floor is 1.5%. I don’t know of any 2% card without any catch (the Apple Card’s being that you have to use Apple Pay, which is still not available at many online merchants).

It really depends on the definition of catch. Citi Double Cash, Fidelity, Wells Fargo and US Bank all do 2%. Personally, I use a 2.625% cash back card with the "catch" being that I have to have enough stock in their subsidiary brokerage to qualify for the top rewards tier. Since I just buy and hold SP500 ETFs, this is an easy requirement.

Bank of America Unlimited Cash Rewards for the win :) My only regret is not realizing sooner that it existed since I used the Citi Double Cash card for so long.
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