Apple Will Reportedly Launch a Credit Card This Year

Megalith

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Apple will be giving iPhone users the courage to spend money they may not have with a new credit card developed in partnership with Goldman Sachs. Slated for release later this year, “the Apple Pay card will integrate with Apple's Wallet app bringing with it extra features including money, debt, and rewards management tools.” The joint card will use Mastercard’s payment network and offer a cash back of about 2 percent on most purchases.

[Goldman is] reportedly splashing $200 million on the card's back end infrastructure, from customer-support call centers to an internal system to handle payments. Cardholder perks will apparently include cash back of about 2 percent on most purchases and possibly even more on Apple's devices and services, which the tech giant is set to expand courtesy of an incoming news subscription service and a video streaming platform. The card will use Mastercard's payment network, which is second only to Visa in the US, according to WSJ.
 

Oldmodder

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As i understand it they are already behaving like a bank when it come to the money they make,,,,,, that be make sure they keep as much of them to them self, and share as little as possible with "the man"

I am glad i will be dead before the last cash transaction,,,,, at least i hope so otherwise i will be joined to another object,by an incline plane,wrapped helically around and axis
 

Uvaman2

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If they let Apple be a bank... Walmart will be pissed. ( Yes i know even a corner store can have a credit card)
 

notarat

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Clerk: Sir. That'll be $38.50
Bob: Swipes Apple Credit Card
(Card Declined)
Bob: Swipes Apple Credit Card
(Card Declined)
Bob: Swipes Apple Credit Card
(Card Declined)
Bob: Swipes Apple Credit Card
(Card Declined)
Bob: Siri, Call Apple Credit
Bob: presses 1 for english
Bob: presses 1 to Confirm
Bob: presses 3 for CardHolder Services
Bob: presses 1 to Confirm
Bob: enters 16 account number
Bob: presses 1 to Confirm
Bob: presses 4 to talk to agent
Bob: presses 1 to Confirm
Bob: My card seems to be getting declined even though I know I have credit available
Agent: You're holding it wrong. Now piss off.
Click
 

AceGoober

Live! Laug[H]! Overclock!
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Get an Apple Credit Card then buy components to build a PC with it. :ROFLMAO: :D
 

Sycraft

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If Apple wants to keep making money, nothing could be more lucrative than creating a financial arm of the company. Apple Bank.
Eh, depends. Financial services are not always a great money maker. Target ran their own bank for a good bit and for a time it made a lot of money but then things started sliding in relation to costs and they sold it off.
 
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Credit cards are rectangular with rounded corners. How soon before Apple takes Visa/MC/Amex etc. to court for patent infringement?
 
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LBJM

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For the iIdiot out there this would be perfect. People are talking about this while they ignore apple trying to push the eSIM.
 

BB Gun

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Apple: You're storing it wrong.

https://www.engadget.com/2019/08/21/apple-card-titanium-discolors-in-leather/

The titanium Apple Card looks slick (with the sound to match), but you may need to treat it gingerly if you expect it to look as pristine as the day you got it. Apple has posted a cleaning guide for the physical credit card that warns against storing it against leather and denim, lest they cause discoloration that "will not wash off." Yes, that's right -- you could end up with a nasty-looking card simply by putting it in your usual wallet or pants pocket.
 

aokman

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For the iIdiot out there this would be perfect. People are talking about this while they ignore apple trying to push the eSIM.
ESIM should have taken over ages ago, its a no brainer these days
 

RanceJustice

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As far as the physical card issue is concerned, that's crazy - you can't store it normally (contact with the most likely materials known to touch credit cards) else you're "storing it wrong", so you need to take special care and/or buy something special to protect the status-symbol Titanium card or else it won't look pristine enough to show how much better it is than everyone else's!. That's so Apple it hurts!

Regarding the service itself, partnering with Goldman Sachs doesn't exactly give me confidence in the "lack of evil" , no matter how things are spun. The implementation shows that the physical card is merely a secondary symbol, as the whole thing really "lives" on an iPhone and is heavily integrated both with the iPhone and Apple's overall setup as well. It hashes a card ID stored on iPhone's cryptographic storage and requires a one-time-pass for every transaction, generated by FaceID or TouchID, so if you're not comfortable with using biometrics everytime you want to pay, sucks for you! The physical card's lack of numbers seems to be equally the security feature they note it to be and a testament to Apple aesthetic.

I'll be fair and say that some of the features at least seem ostensibly reasonable, from the supposed lack of additional fees, fiscal literacy elements and easy tracking of spending (ie the app shows how much interest you'd pay given when/how much you make a payment), the security features/one-time-card IDs (with possible asterisks here ) etc. Cash back is spun as some major feature but it seems to come across as 3% for "Apple-owned and super premiere partners like Uber" transactions, 2% for anything purchased using Apple Pay, and 1% for anything using a standard Mastercard-linked credit card purchasing protocol ; the latter I expect is probably the majority of transactions, NOT the 2% Apple Pay . The "potentially decent" features seem to share another "The Apple Way" commonality - they've been done by others, before, with less fanfare. This doesn't mean they don't get credit, but I can't consider it a huge step forward if my bank offers many of the features lauded here (ie like breaking down my purchases into varying categories, few fees if any, or cash back etc).

Regardless of all the shiny distraction, reading the fine print shows Apple Card's variable APR to be between 13% - 24% which to me is obscene. Now granted, I know the comparison is a little unfair because I'm lucky enough to have access to USAA as well as other public credit unions that are not open to everyone, but my standard personal use Visa Signature through USAA is around 8% and has many of the same core features (ie 1% on everything cashback + more for certain categories, easy tracking of spending, online payments etc) of the Apple Card's account. I would have been more impressed if Apple used their resources, nebulous fiscal status plus partner banks/issuers, to offer a card with a lower interest rate than most others out there; something to actually justify the superiority with which they present their solution. They could certainly afford to do it and would probably make a huge ROI given "Heavily integrated Apple user spending patterns" regardless, but the fact they present what I am to understand today is an unfortunately standard-level-of-predatory interest rate is disappointing. All the shiny and situational bonuses don't make up for having to pay more!

Financial and investment institutions seem to only become more exploitative bit by bit and watching the situation since the bailout coagulate into greater centralized power in the banking/investing world is frustrating to say the least. Instead of seeking out what seems to be an "Airline miles except Apple and shiny" credit card, I'd encourage people to look at credit unions and support the creation of more public banking opportunities, as well as restoring and adding new protections and regulations on the entire banking industry.
 

westrock2000

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I have an Amazon metal card that fell apart sitting in my wallet. The leather caused total failure of the card. The chip stopped working after about 3 months (and maybe a dozen uses). I ordered another card, but left the broken one in my wallet. I store the new Amazon card behind the broken one and that one has been fine. However the broken Amazon card touching the leather has continued to fall apart and has de-laminated. This is the only metal card I have had and the only card to do this.

My good 'ol fashioned Earth wrecking plastic card have been very robust, lasting years with daily use. Not impressed with metal cards.
 

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Nolan7689

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RanceJustice Yeah, if the interest rate was actually low I’d be almost interested in having this card. As is, I can just stick with my bank card (not credit union but local to the county).

westrock2000 The best part of your photo is the background being Apple.

Gotta say I don’t think I have any metal cards which is good because even my plastic ones are pretty rough looking after just a few months. Hurray for glass insulation destroying everything.
 

Retronym

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I have 2 metal cards that have been in leather for years without problems.

It’s probably poor quality leather dye that’s the issue.

Probably a dumb idea making the card white.
 

Sycraft

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My good 'ol fashioned Earth wrecking plastic card have been very robust, lasting years with daily use. Not impressed with metal cards.
They are also thicker and heavier. Not a ton, but it is noticeable if you have a real thin, light wallet.
 

kamxam

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And every year you can buy a new generation of Apple credit cards. (Which of course can only be used on Apple products unless you pay a monthly service fee to use it elsewhere) :ROFLMAO:
2nd gen will have a better background and improve the APR by .002%...…. .004% if you join the exclusive Apple Card club.
Also I figure they'll sell a select line of wallets and holders that WON'T hurt the card. For the benefit of the customers of course.
 
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Lakados

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I wonder if they will encrypt the transactions done on their cards the same way they do with cards added to Apple Pay?
 

Krazy925

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I’ve had a metric shit ton of metal credit cards. Never had a problem.

Even my clear AMEX didn’t have discoloration issues. Shame shame apple.

No surprise though
 
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