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.
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.
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.
There are still several 2% cards that don’t require Apple Pay, although I don’t know of any with no foreign exchange fee other than maybe the Fidelity one.
For everything where Apple Pay works, it’s a great deal; for everything else, it’s below average (as there are many 1.5% on everything cards).
> it's essentially free money. Am I missing a catch here?
In the end, all you’re doing is recouping a bit more of your own money than with some other cards. You pay those 2% and more as part of the price of everything you buy.
Bank of America Travel Rewards is effectively 2.625% on everything if you put >$100k in a Merrill account and redeem the rewards against "travel" (including restaurants in any location) expenses charged to the card. There's no foreign transaction fee.
The biggest downside is all the dark patterns at Merrill trying to sell you advisory services. That seems to be only upon account opening, though.
> There are still several 2% cards that don’t require Apple Pay, although I don’t know of any with no foreign exchange fee other than maybe the Fidelity one.
The Bread American Express is a 2% card and no FTF. Fidelity is still the best overall card, but sometimes the AmEx can be nice.
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.
Incidentally that's when I got the double cash card because in those days that was the top. Fidelity and some other company had 2%, but that was it (not considering what Amex Elite might have had) for all purchase.
For prime plus you can get better cards, for people sub 660 credit score, it is the best card on the market. Chase's subprime card which is the slate offers no rewards.
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).
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.
Has none of the usual expected perks like rental car insurance or damage/theft protection on purchases. Guess purchase protection would be a threat to applecare revenue.
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.
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.
> 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.
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.
“ Cash-back benefits are primarily funded through interest on carried balances (not interchange fees).” citation needed. My understanding is that this is false.
An iPhone is required. You can pay for things with Apple Pay, but there’s no Wallet interface on iPadOS.
Given that I have an Apple Card, this is a chief annoyance. GS/Apple extended an insane credit limit to my household but we’ve never used more than about 6% of that and the benefits aren’t any better than any of our other cards.
My spouse’s reaction to the news of the move to Chase was basically “so I guess we do know when we’ll finally close that account.”
A nice feature of the Apple Card is the very fast processing of transactions. I can pay for something and have it show up as pending and clear within a day. Whereas my bank credit card will leave transactions pending for an average of five days. The fast clearing is not a huge deal, but it's nice as it pairs well with a daily YNAB routine.
The actual rewards are pretty average, but that's okay. I don't really get the elitism I'm seeing in the comments from people who act like you're an idiot for not juggling a half-dozen cards with varying annual fees and rotating bonus points categories. For people who don't travel, rent cars, dine out, etc. the Apple card is a fine everyday card given the number of places that qualify for 2%. In the end, for people making the average US salary, +/-1% in limited categories is not worth the administrative overhead and credit impact of managing a bunch of cards.
I personally enjoy some of the min-maxing involved in managing cards/finances, but I wouldn't go as far as to call somebody 'financially illiterate', as one commenter did, for using the physical apple card and receiving 1% back on the rare occasion contactless payment doesn't work somewhere.
Re the Amazon card, it used to be offered through Synchrony Bank (I think I got the name right). I had a lot of weird issues with them and their customer service was very difficult to get ahold of and were terrible once you did. I ended up canceling the card.
That’s the Amazon Store Card, which (at least used to) only works on Amazon.com.
The Prime credit card is issued by Chase. I closed mine and stopped patronizing Amazon.com around the time Bezos started meddling with the Washington Post, so I may be out of the loop on how things work now.
The physical card is explicitly just a backup option for when contactless payment isn't available. It would be sort of weird to make it support contactless payment.
I use and love Apple Pay, but it's not ideal for every situation. The biggest flaw is that it requires waving your expensive phone in the vicinity of the reader.
Apple Pay is more risky than contactless cards. There is a risk of dropping your phone or it being stolen out of your hand. I only use it in controlled indoor environments, like at a retail store, where I have enough personal space to feel comfortable getting out my phone. If I want to pay at e.g. a stall in a crowded market, I'm using my card.
EDIT: hmm, actually the screenshots on Apple.com show a card with a chip, so how come contactless doesn’t work? Deliberately disabled?
—-
Wearing my ecology hat, you could argue if barely any of their customers will use it for contactless, then it’s a waste of resources manufacturing a chip.
(Of course there are plenty of other areas of Apple’s business where they thoroughly undermine this - persuading people to buy wireless in-ear headphones, iPads that have so much glue inside when you ‘replace’ the battery they just give you a new device because it’s too much hassle etc.)
Or… maybe insisting on using Titanium means it’s an PITA adding a chip as well, versus plastic? (At least one of my UK cards claims “made from 100% recycled plastic” now).
The real problem is that the physical card pays only 1% cashback, so the only thing one can demonstrate when paying with the titanium card is financial illiteracy.
It is very hard to get any proper use of apple card without an iphone, so it's clearly designed for people buying into i-system wholesale. The titanium thing is more backup (for those dinosaurs still not accepting applepay) and a gimmick than anything else. You're not supposed to use it as the primary means of payment.
It's strange but I've been to many places where the iPhone's contactless payment doesn't work but normal cards do. Most common are parking lot machines and automated car washes.
It’s much lighter than most other metal cards while being much sturdier too! A real shame it’s completely useless (bad cashback, no printed number making it useless for e.g. hotel or airline card number confirmations at checkin).
I've left Chase twice. Once because they sucked. Once because my bank, First Republic, had a run that put them out of busines. Chase took them over, 10x-ed the prices and 1/10th the level of service.
Maybe Apple's influence will help but certainly worrisome for ne.
I wonder what the terms of this new deal are. Goldman Sachs had accepted absolutely ridiculous terms like forgoing fees because they were apparently desperate for consumer business. Chase has an existing consumer business so I can't imagine they would accept the same terms but I wonder what this would mean for the card benefits.
I had thousands of dollars of charges I didn’t make (but billed electronically via Apple as if my card was attached to someone else’s iCloud account) appear, exceeding my limit and locking my entire family out of the shared Apple subscriptions (e.g. no music on their devices but strangely music on mine). GS could remotely lock your Apple account at will it seemed.
Called, charges reversed, 1 month later they were all reinstated, no reason. Called, charges reversed again, 1 month later they were all reinstated and my Apple Card was cancelled by GS. Since I still had it linked as my payment method w Apple this again locked my whole family out of subscriptions. GS gave no explanation for why the account was closed, but it was after they reversed the charges a second time. Balance was $0, account closed, no recourse. Then 1 month later all the reversed charges were reinstated and on the now locked account and I had no recourse but to pay GS’s ransom because it was a closed account that would be reported if I didn’t pay.
I have CCs from a number of banks and it was by far the most ridiculous consumer experience. No wonder GS wants to exit the consumer market because they are terrible at it. Chase is better, but it’s no AmEx. Sad that it’s not AmEx.
Now I’m wondering if I can get a new account under Chase because I’m definitely never calling GS again.
You clearly never experienced chases anti-fraud division. Who will, without warning, close all of your chase accounts because you used a credit card at the wrong store at the wrong time and you set off whatever fraud score. And csr will not help you as the anti fraud system is treated as god.
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.
Settling on the same day is quite a choice. PDF creation cluster scaling alone must have been something else, let alone the obvious problems they had knocking over CS and getting fined by the CFPB.
I doubt that PDF generation makes any dent given all the other things they have to process at statement closing. They also don’t mail out statements by default and I don’t think everyone looks at the PDFs on the first day, so they can do it just in time.
> 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.
I would guess putting a cap of 660 credit score and adding some fees back like late fee, over limit fee, and return payment fee. I don't see JPM doing a card with rewards/cash back in the sub prime market, slate doesn't have any rewards.
Apple card with GS was amazing deal for people who didn't have prime credit.
Some of the perks were great even for prime if you're already bought into the Apple ecosystem. 3% cash back plus 0% APR installment on Apple product purchases is a nice double dip that most cards can't touch unless you're really trying hard.
Not sure which way this tips the scales, but Chase has a retail banking presence in the UK, GS doesn't. If Apple wants to expand Apple Card internationally, and want to keep the number of partners to a minimum, Chase would be a better fit. Inversely, Chase's market in the UK is still small, and an Apple Card partnership would be a big draw to pull customers in.
Absolutely. I'd imagine not being able to use the card at Costco alone would be enough to have them entertaining surprising concessions. It was the first thing I thought of, with Chase CC's being Visa instead of Mastercard.
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.
credit utilization is a factor in credit scores, which are important for things like mortgages and auto loans. higher credit limit, ceteris paribus, is lower utilization
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?
14 replies →
This is not even a particularly competitive cashback card in the UK. But perhaps you don't consider that a "more regulated country."
8 replies →
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.
3 replies →
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.
1 reply →
Also cash advance fees:
https://online1.elancard.com/pdap/terms?locationCode=24193&o...
There are still several 2% cards that don’t require Apple Pay, although I don’t know of any with no foreign exchange fee other than maybe the Fidelity one.
For everything where Apple Pay works, it’s a great deal; for everything else, it’s below average (as there are many 1.5% on everything cards).
> it's essentially free money. Am I missing a catch here?
In the end, all you’re doing is recouping a bit more of your own money than with some other cards. You pay those 2% and more as part of the price of everything you buy.
Bank of America Travel Rewards is effectively 2.625% on everything if you put >$100k in a Merrill account and redeem the rewards against "travel" (including restaurants in any location) expenses charged to the card. There's no foreign transaction fee.
The biggest downside is all the dark patterns at Merrill trying to sell you advisory services. That seems to be only upon account opening, though.
3 replies →
> There are still several 2% cards that don’t require Apple Pay, although I don’t know of any with no foreign exchange fee other than maybe the Fidelity one.
The Bread American Express is a 2% card and no FTF. Fidelity is still the best overall card, but sometimes the AmEx can be nice.
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.
Incidentally that's when I got the double cash card because in those days that was the top. Fidelity and some other company had 2%, but that was it (not considering what Amex Elite might have had) for all purchase.
For prime plus you can get better cards, for people sub 660 credit score, it is the best card on the market. Chase's subprime card which is the slate offers no rewards.
Apple had a promotion at the start of 2025 with 5% cash back on everything up to $50k. I paid my taxes with that card that year :)
4 replies →
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).
5 replies →
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.
Fidelity has had a great 2% cash back/no forex fee/free global entry card for a long time too.
Apple's credit card has always been unremarkable.
Has none of the usual expected perks like rental car insurance or damage/theft protection on purchases. Guess purchase protection would be a threat to applecare revenue.
I have only seen cards that cost hundreds of dollars per year have decent rental car/travel/theft insurance.
1 reply →
One can do better.
As just a one card catchall, Robinhood does 3% on everything.
I'm one of those crazy maximizers with a drawer full of cards, and most purchases earn 5% or 6%.
The 3% is good, but you have to pay $5 a month, so equivalent $60 annual fee.
They have late fees and cash advance fees.
> most purchases earn 5% or 6%
I assume thats using the high end cards with fairly hefty annual fees, or category cashback.
9 replies →
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.
what's the hard part outside of the Apple ecosystem? They give you a physical card and a normal ccard number. What else is there?
4 replies →
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.
What privacy from vendors?
4 replies →
If you care about earning cash back and points it's only a good card for buying Apple products.
I have one and it exist for presents and upgrades. It is great for that but only that.
You need to buy an apple device
The fees go to the vendors. The vendors are allowed to accept cash for less money than the card+fees price, so there is still a fee.
No I’ve been using them since 2020 and it’s fantastic
They even got me back a ton of money from a venue that burned down and I had a deposit down for an event there.
> 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.
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.
“ Cash-back benefits are primarily funded through interest on carried balances (not interchange fees).” citation needed. My understanding is that this is false.
No fees except the hundreds of dollars it costs to buy an iPhone or iPad which is required.
An iPhone is required. You can pay for things with Apple Pay, but there’s no Wallet interface on iPadOS.
Given that I have an Apple Card, this is a chief annoyance. GS/Apple extended an insane credit limit to my household but we’ve never used more than about 6% of that and the benefits aren’t any better than any of our other cards.
My spouse’s reaction to the news of the move to Chase was basically “so I guess we do know when we’ll finally close that account.”
A nice feature of the Apple Card is the very fast processing of transactions. I can pay for something and have it show up as pending and clear within a day. Whereas my bank credit card will leave transactions pending for an average of five days. The fast clearing is not a huge deal, but it's nice as it pairs well with a daily YNAB routine.
The actual rewards are pretty average, but that's okay. I don't really get the elitism I'm seeing in the comments from people who act like you're an idiot for not juggling a half-dozen cards with varying annual fees and rotating bonus points categories. For people who don't travel, rent cars, dine out, etc. the Apple card is a fine everyday card given the number of places that qualify for 2%. In the end, for people making the average US salary, +/-1% in limited categories is not worth the administrative overhead and credit impact of managing a bunch of cards.
I personally enjoy some of the min-maxing involved in managing cards/finances, but I wouldn't go as far as to call somebody 'financially illiterate', as one commenter did, for using the physical apple card and receiving 1% back on the rare occasion contactless payment doesn't work somewhere.
For people living in the states there are better deals to be had:
Multiple 2% cashback cards
Amazon prime - 5% off Amazon and Whole Foods purchases, but you have to be a prime subscriber
Robinhood gold -3% off anything for $60/year
Amex blue cash rewards - 6% off groceries(and gift cards bought at supermarkets) for $75 per year
Re the Amazon card, it used to be offered through Synchrony Bank (I think I got the name right). I had a lot of weird issues with them and their customer service was very difficult to get ahold of and were terrible once you did. I ended up canceling the card.
That’s the Amazon Store Card, which (at least used to) only works on Amazon.com.
The Prime credit card is issued by Chase. I closed mine and stopped patronizing Amazon.com around the time Bezos started meddling with the Washington Post, so I may be out of the loop on how things work now.
The Prime credit card is Chase.
1 reply →
I think Amex one is $95/year
Oh youre right. Its a pain to find the annual fee on their site
https://www.americanexpress.com/us/credit-cards/card/blue-ca...
Hilarious. Paying $2.2b for credit losses on a $20b portfolio is insane. That existing portfolio is toxic waste
Please elaborate.
The hilarious thing is the Apple card is a chunk of titanium and doesn’t have contactless payment capabilities in the year 2025.
(Obviously their angle is you’ll use your phone or watch, which isn’t a huge stretch)
The physical card is explicitly just a backup option for when contactless payment isn't available. It would be sort of weird to make it support contactless payment.
I use and love Apple Pay, but it's not ideal for every situation. The biggest flaw is that it requires waving your expensive phone in the vicinity of the reader.
Apple Pay is more risky than contactless cards. There is a risk of dropping your phone or it being stolen out of your hand. I only use it in controlled indoor environments, like at a retail store, where I have enough personal space to feel comfortable getting out my phone. If I want to pay at e.g. a stall in a crowded market, I'm using my card.
2 replies →
EDIT: hmm, actually the screenshots on Apple.com show a card with a chip, so how come contactless doesn’t work? Deliberately disabled?
—-
Wearing my ecology hat, you could argue if barely any of their customers will use it for contactless, then it’s a waste of resources manufacturing a chip.
(Of course there are plenty of other areas of Apple’s business where they thoroughly undermine this - persuading people to buy wireless in-ear headphones, iPads that have so much glue inside when you ‘replace’ the battery they just give you a new device because it’s too much hassle etc.)
Or… maybe insisting on using Titanium means it’s an PITA adding a chip as well, versus plastic? (At least one of my UK cards claims “made from 100% recycled plastic” now).
1 reply →
The real problem is that the physical card pays only 1% cashback, so the only thing one can demonstrate when paying with the titanium card is financial illiteracy.
It is very hard to get any proper use of apple card without an iphone, so it's clearly designed for people buying into i-system wholesale. The titanium thing is more backup (for those dinosaurs still not accepting applepay) and a gimmick than anything else. You're not supposed to use it as the primary means of payment.
It's strange but I've been to many places where the iPhone's contactless payment doesn't work but normal cards do. Most common are parking lot machines and automated car washes.
I've never used the card. too heavy.
It’s much lighter than most other metal cards while being much sturdier too! A real shame it’s completely useless (bad cashback, no printed number making it useless for e.g. hotel or airline card number confirmations at checkin).
1 reply →
Which is actually more secure across the board, which is why I prefer it
> Which is actually more secure across the board
Than mobile payments? Absolutely not
1 reply →
I've left Chase twice. Once because they sucked. Once because my bank, First Republic, had a run that put them out of busines. Chase took them over, 10x-ed the prices and 1/10th the level of service.
Maybe Apple's influence will help but certainly worrisome for ne.
I wonder what the terms of this new deal are. Goldman Sachs had accepted absolutely ridiculous terms like forgoing fees because they were apparently desperate for consumer business. Chase has an existing consumer business so I can't imagine they would accept the same terms but I wonder what this would mean for the card benefits.
Didn't a HN reader/poster get locked out of his Apple accounts because of late payments or some other type of issue with an Apple Card credit card?
If this can happen, I don't plan on ever getting one.
I had thousands of dollars of charges I didn’t make (but billed electronically via Apple as if my card was attached to someone else’s iCloud account) appear, exceeding my limit and locking my entire family out of the shared Apple subscriptions (e.g. no music on their devices but strangely music on mine). GS could remotely lock your Apple account at will it seemed.
Called, charges reversed, 1 month later they were all reinstated, no reason. Called, charges reversed again, 1 month later they were all reinstated and my Apple Card was cancelled by GS. Since I still had it linked as my payment method w Apple this again locked my whole family out of subscriptions. GS gave no explanation for why the account was closed, but it was after they reversed the charges a second time. Balance was $0, account closed, no recourse. Then 1 month later all the reversed charges were reinstated and on the now locked account and I had no recourse but to pay GS’s ransom because it was a closed account that would be reported if I didn’t pay.
I have CCs from a number of banks and it was by far the most ridiculous consumer experience. No wonder GS wants to exit the consumer market because they are terrible at it. Chase is better, but it’s no AmEx. Sad that it’s not AmEx.
Now I’m wondering if I can get a new account under Chase because I’m definitely never calling GS again.
You clearly never experienced chases anti-fraud division. Who will, without warning, close all of your chase accounts because you used a credit card at the wrong store at the wrong time and you set off whatever fraud score. And csr will not help you as the anti fraud system is treated as god.
2 replies →
This?
https://news.ycombinator.com/item?id=26310817
But:
"Allegedly unrelated to the apple card, your appleid just gets locked if you don't fulfill a trade-in."
Apple Store gift card (redeemable for apps music etc purchased in Apple ecosystem ) iirc
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.
Settling on the same day is quite a choice. PDF creation cluster scaling alone must have been something else, let alone the obvious problems they had knocking over CS and getting fined by the CFPB.
I doubt that PDF generation makes any dent given all the other things they have to process at statement closing. They also don’t mail out statements by default and I don’t think everyone looks at the PDFs on the first day, so they can do it just in time.
This guy manages 35ms per pdf https://www.ersteiger.com/posts/rendering-one-million-pdfs/#...
> 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.
They also kept transaction data more private than other cards. Hopefully they’ve kept that
I would guess putting a cap of 660 credit score and adding some fees back like late fee, over limit fee, and return payment fee. I don't see JPM doing a card with rewards/cash back in the sub prime market, slate doesn't have any rewards.
Apple card with GS was amazing deal for people who didn't have prime credit.
Some of the perks were great even for prime if you're already bought into the Apple ecosystem. 3% cash back plus 0% APR installment on Apple product purchases is a nice double dip that most cards can't touch unless you're really trying hard.
1 reply →
Searching online, another difference is no late fees for missed payments, only interest, while Chase's late fee is $40. Will that change?
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
7 replies →
Not sure which way this tips the scales, but Chase has a retail banking presence in the UK, GS doesn't. If Apple wants to expand Apple Card internationally, and want to keep the number of partners to a minimum, Chase would be a better fit. Inversely, Chase's market in the UK is still small, and an Apple Card partnership would be a big draw to pull customers in.
1 reply →
Absolutely. I'd imagine not being able to use the card at Costco alone would be enough to have them entertaining surprising concessions. It was the first thing I thought of, with Chase CC's being Visa instead of Mastercard.
1 reply →
Why would a bank chose to lose billions of dollars?
dupe: https://news.ycombinator.com/item?id=46534673
Gen 1 Apple Card did a bait-and-switch about using it to buy iPhones with 0% interest. Super frustrating.
Bought many things from Apple at 0 interest.
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.
1 reply →
[dupe] https://news.ycombinator.com/item?id=46534673
Does anyone know why they moved away from GS?
Frankly I liked that they had GS as the bank cause they come with a pretty amazing customer support system
Did GS not want to be involved anymore? I suspect the liability was one of the issues.
GS lost a whole bunch of money on the deal and wants to get out of it.
It's part of a larger move by GS to exit consumer banking.
Makes sense
I wonder what these means for my credit limit.
I have a chase card with 60XXX CL and an AC with 50XXX.
Why would you want such a high credit limit? Are you dying to spend money you don’t have?
credit utilization is a factor in credit scores, which are important for things like mortgages and auto loans. higher credit limit, ceteris paribus, is lower utilization
3 replies →
Why would you assume they don't have $11xxxx?
I didn’t "want" it. Chase just gave my auto increases over the years of having this card. Spending habits have yet to change.
Also in US, credit utilization is a factor in credit scoring. Higher total credit means a lower utilization.
Hate the game, not the player. High credit limits = lower utilization ratio = better credit score.
1 reply →
So you can tell other people about it.
Shame your credibility score is in the negative.
The whiplash is hilarious, they've been through 3 banks now over the years
It’s only GS then JPM though?
Who was the second bank?
Green Dot Corporation, presumably.. although that’s Apple Cash, not Apple Card.