Apple to Introduce “Apple Pay” Credit Card in Early 2019

Megalith

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Apple is teaming up with Goldman Sachs for a new Apple Pay branded credit card. Aside from the change in creditor, the card should function similarly to the fruit company’s current Barclaycard Visa, which offers reward points and special financing for purchases.

An Apple Pay branded credit card will presumably be marketed as part of Apple’s mobile payment service with the same name. Practically speaking, the shift is essentially a change in banking partners and an updated branding for Apple’s joint credit card.
 

Smoeki

Gawd
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Aug 31, 2013
Messages
904
Let me guess, Apple credit card interest rate is only 48%.....
To be fair, if you're responsible with your money interest rates mean nothing. I earn around $850 to $900 back in free money every year with cashback rewards, tax free at that. However i would like to thank those who live beyond their means for that bonus

It seems a bit odd they want to make a credit card that competes with the nfc phone. Google had a similar deal back on the day before android pay. I wouldn't mind seeing it again so didnt have to fuss with the constant attack on using a rooted devices to get deals through android pay.
 

Nukester

[H]ard|Gawd
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Mar 21, 2016
Messages
1,428
If and only if you are responsible, you can do well with reward cards. But it takes careful planning and paying off the entire balance each month. Credit card companies rely on you carrying a balance. They also make a good bit off the top by charging the store a percentage of each transaction. More than you will earn with your reward points.
 

wizdum

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To be fair, if you're responsible with your money interest rates mean nothing. I earn around $850 to $900 back in free money every year with cashback rewards, tax free at that. However i would like to thank those who live beyond their means for that bonus

It seems a bit odd they want to make a credit card that competes with the nfc phone. Google had a similar deal back on the day before android pay. I wouldn't mind seeing it again so didnt have to fuss with the constant attack on using a rooted devices to get deals through android pay.
You're supposed to pay taxes on cash back rewards.
 

toast0

Gawd
Joined
Jan 26, 2010
Messages
934
Our accountant told us to for our LLC. Maybe it's different for personal?
I've seen several articles that claim the cash back is a discount, and not taxable income, but not an IRS publication. For businesses it gets a little bit trickier though, if you pay $100 for a business expense, but get a $2 discount, you can only claim $98 as an expense. It might be easier to be consistent if you treat that as a $100 business expense, and a $2 income though. Additionally, some credit card companies may classify it as income, and then you have to fight uphill. Also, account opening bonuses are more likely to be income.
 

steakman1971

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Nov 22, 2005
Messages
2,433
I needed to purchase a new Apple computer (for my job) last summer and thought I'd take advantage of the Barclay's store credit (they had more bonus offers available.) Barclay's is embarrassing. Not bragging, but I have a great credit history and have a good job. I could not get access to $2000.
Their web site is a joke. I ended up calling (how quaint) someone - they were going to mail me forms to fill out and it was going to take 2-3 weeks to process. WTF??
I ended up using another one of my cards, still got rewards (although a little less that I would have from Barclay), and didn't have to wait at all. I was dumbfounded about how backwards it actually was.
 

Dudhunter

n00b
Joined
Oct 10, 2017
Messages
61
I needed to purchase a new Apple computer (for my job) last summer and thought I'd take advantage of the Barclay's store credit (they had more bonus offers available.) Barclay's is embarrassing. Not bragging, but I have a great credit history and have a good job. I could not get access to $2000.
Their web site is a joke. I ended up calling (how quaint) someone - they were going to mail me forms to fill out and it was going to take 2-3 weeks to process. WTF??
I ended up using another one of my cards, still got rewards (although a little less that I would have from Barclay), and didn't have to wait at all. I was dumbfounded about how backwards it actually was.
Barclays phone system for customer service is terrible too. I call Chase and have a live human from the US in about a minute.
 

Uvaman2

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Joined
Jan 4, 2016
Messages
3,143
I needed to purchase a new Apple computer (for my job) last summer and thought I'd take advantage of the Barclay's store credit (they had more bonus offers available.) Barclay's is embarrassing. Not bragging, but I have a great credit history and have a good job. I could not get access to $2000.
Their web site is a joke. I ended up calling (how quaint) someone - they were going to mail me forms to fill out and it was going to take 2-3 weeks to process. WTF??
I ended up using another one of my cards, still got rewards (although a little less that I would have from Barclay), and didn't have to wait at all. I was dumbfounded about how backwards it actually was.
Barclays phone system for customer service is terrible too. I call Chase and have a live human from the US in about a minute.
You are using the card wrong.
 
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