Are You Getting An Apple Card? (1 Viewer)

[TonyD]

So you have to have an Apple Card first?

I looked at the app and don’t see anything to open up one of these accounts.

 

[Ronald Epstein]

So you have to have an Apple Card first?

I looked at the app and don’t see anything to open up one of these accounts.

Yes, you need a card since it's through Goldman Sachs

 

[TonyD]

Okay have to sign up for the Apple credit card first. Get that then sign up for this Apple “bank account”.

 

[Ronald Epstein]

Okay have to sign up for the Apple credit card first. Get that then sign up for this Apple “bank account”.

Unfortunately, yes, that's the process.

Of course, a hard credit check is going to be made, which I don't care for as it temporarily kills your credit score.

The card itself is beautiful.

There is another web service that I saw mentioned in one of the setup YouTube videos that offer nearly the same rate without having to apply for a card. I'll see if I can find the name of it.

 

[TonyD]

My credit rating is pretty decent these days.

I get emails from Apple every week saying applying for the card doesn’t impact my credit score but I don’t need a new cc so never went through with it.

 

[Ronald Epstein]

My credit rating is pretty decent these days.

I get emails from Apple every week saying applying for the card doesn’t impact my credit score but I don’t need a new cc so never went through with it.

Not true. I just Googled that to make sure.

If you apply and are accepted, a hard inquiry is made which will affect your credit score.

However, this is only a temporary hit. It will eventually bounce back.

 

[TonyD]

Yes, it is a tad misleading. applying doesn’t create a hit but being accepted does.

 

[ManW_TheUncool]

IF you haven't applied for any new credit in the last couple years, the hit (for 1st app during that 2-year window) should be quite small... probably something like a few pts (at least from past experience). The hits probably do get progressively worse, especially beyond the initial 2 during each 2-year window.

One thing. They might not hit you again if you already recently applied-and-received credit from the same bank, ie. Goldman in this case. I think that happened for me once w/ Synchrony when I applied for B&H's Payboo and Amazon's own (non-Visa) card a few months apart -- I only got hit just the once.

_Man_

 

[ManW_TheUncool]

The card itself is beautiful.

Do you have to do anything specific to get the physical card? Probably, but I forget now.

I never bothered to get one and only use mine thru Apple Pay or my linked Apple account.

_Man_

 

[Ronald Epstein]

IF you haven't applied for any new credit in the last couple years, the hit (for 1st app during that 2-year window) should be quite small... probably something like a few pts (at least from past experience). The hits probably do get progressively worse, especially beyond the initial 2 during each 2-year window.

One thing. They might not hit you again if you already recently applied-and-received credit from the same bank, ie. Goldman in this case. I think that happened for me once w/ Synchrony when I applied for B&H's Payboo and Amazon's own (non-Visa) card a few months apart -- I only got hit just the once.

_Man_

Payboo was a horrible experience for me.

Just a few months ago I was making a big Mac Studio purchase from B&H and I applied for Payboo to save on the tax. Now mind you, they make it sound like you would immediately be approved and save tax on that purchase. I was very confident as my credit score is about as good as it gets.

Nope. They didn't instantly approve me. I wasn't going to wait weeks for the approval and made the B&H purchase. When it came time for the bank to finally call me as part of the approval process, I told them off.

I never got the card.

Payboo and its supporting bank have really bad reviews. I am not surprised the approval process went the way it did. However, for those that have the card, I am sure it has worked out well in saving tax on large purchases.

 

[Ronald Epstein]

Do you have to do anything specific to get the physical card? Probably, but I forget now.

I never bothered to get one and only use mine thru Apple Pay or my linked Apple account.

_Man_

Just apply

Apple Card

Apple Card offers up to 3% Daily Cash back on purchases with no fees. Apply with no impact to your credit score to see if you’re approved. Terms apply.

www.apple.com

I don't use the card, honestly. First, I have a Chase rewards card that I use towards United Travel.

As you noted, all you need to do is link your primary card to Apple Pay and use it for purchases.

I can't even keep this card with my others. It's gorgeous and scratches easily.

You'll laugh, but I got it because I'm an Apple guy and I wanted the card.

It has some nice perks. I could give up my primary rewards card for Apple, but I am more interested in collecting flight miles at the moment.

And, sadly, it seems the only way to get into the Apple savings account is to get the card.

BTW, SOFI was the website I was trying to remember the name of. There are a lot of other venues that can give you an equal or better APY than Apple without getting the card.

Best High-Yield Savings Accounts of March 2024 (Up to 5.27%) - NerdWallet

To find the best high-yield savings account for you, review NerdWallet’s list of the best overall, federally insured high-rate accounts.

www.nerdwallet.com

 

[ManW_TheUncool]

^Sorry to hear (about your Payboo experience), Ron.

I haven't actually (re)applied for Payboo so far after they switched banks away from Synchrony -- my original application (when they were using Synchrony) went thru smoothly/immediately as these usually tend to be. I'm just waiting for another eventual, substantial purchase from B&H before (re)applying. But thanks for the heads-up though for what might happen...

RE: the Apple Card, maybe I wasn't clear. I actually already have it, but just not the physical card -- forget why I didn't get the physical card. But I probably have no use for the physical card anyway... and I'm probably better off not having another physical card to store or lose, etc. I just always/only use it thru Apple Pay (to earn 2-3%) or directly w/ Apple as it's really not worth using the traditional way as you and others noted.

_Man_

 

[ManW_TheUncool]

You'll laugh, but I got it because I'm an Apple guy and I wanted the card.

It has some nice perks. I could give up my primary rewards card for Apple, but I am more interested in collecting flight miles at the moment.

Haha... the Apple Card really only matters to Apple fans and probably a small-ish market of folks who gravitate toward using digital wallet (ie. Apple Pay) regularly.

I used to completely avoid stuff like digital wallet, except PayPal (out of necessity since the early eBay days), which I guess might be considered the grandfather of that industry. And was very reluctant to use Apple Pay, but finally decided to give in and apply for the card to use w/ it when I upgraded a few of my family to the iPhone 13 series.

Yeah, we want to keep our privacy, etc and not be tracked (as much as feasible), but there's just no more avoiding that (at least not completely)... and Apple seems good enough about that kinda stuff (at least for foreseeable future), if any Big Corporate (NVM Big Govt) is, LOL... so yeah, I even finally switched to just mainly using my phone w/ Apple Pay for NYC MTA use instead of my Metrocard -- I still keep a spare Metrocard in my wallet for now...

And, sadly, it seems the only way to get into the Apple savings account is to get the card.

BTW, SOFI was the website I was trying to remember the name of. There are a lot of other venues that can give you an equal or better APY than Apple without getting the card.

Best High-Yield Savings Accounts of March 2024 (Up to 5.27%) - NerdWallet

To find the best high-yield savings account for you, review NerdWallet’s list of the best overall, federally insured high-rate accounts.

www.nerdwallet.com

I didn't care for the inconvenience of most/all such online savings accounts as I'd probably still need to keep a regular checking account somewhere else for checking and ATM access -- and there's always a couple days wait for transfers.

But maybe this new Apple Savings adds just enough convenience into the equation for me to bother as an existing Apple Card user. I probably wouldn't be parking particularly large sums into such an account (like you might) though... at least not at this point anyway. Will have to see...

Hmmm... didn't realize Citizens actually offers their own such online savings. Maybe I should try that since I'm already a customer w/ their more traditional banking, especially if that makes transfers same day (or even instantaneous!) instead.

_Man_

 

[Clinton McClure]

Yes!!! Interest paid! Cha-Ching!!! $9.04 now!!!

 

[Scott Merryfield]

Payboo was a horrible experience for me.

Just a few months ago I was making a big Mac Studio purchase from B&H and I applied for Payboo to save on the tax. Now mind you, they make it sound like you would immediately be approved and save tax on that purchase. I was very confident as my credit score is about as good as it gets.

Nope. They didn't instantly approve me. I wasn't going to wait weeks for the approval and made the B&H purchase. When it came time for the bank to finally call me as part of the approval process, I told them off.

I never got the card.

Payboo and its supporting bank have really bad reviews. I am not surprised the approval process went the way it did. However, for those that have the card, I am sure it has worked out well in saving tax on large purchases.

My Payboo experience was mixed when I applied last year. I was approved quickly, but didn't receive the card for several months. Fortunately, I didn't need the card then (I was just applying to replace the one they had from a previous bank and for some planned camera purchases down the road). The card finally arrived soon after receiving an email apologizing for the delay. I used the card soon afterwards to purchase a camera lens, and B&H then sent me a $50 gift card as an apology for the delay in receiving the card. I have since used the card once more for a camera purchase.

Had I needed the card immediately, like you Ron, I wouldn't have been happy, either. I think their transition from one bank to another must have encountered some problems on their end.

 

[Ronald Epstein]

My Payboo experience was mixed when I applied last year. I was approved quickly, but didn't receive the card for several months. Fortunately, I didn't need the card then (I was just applying to replace the one they had from a previous bank and for some planned camera purchases down the road). The card finally arrived soon after receiving an email apologizing for the delay. I used the card soon afterwards to purchase a camera lens, and B&H sent me a $50 gift card as an apology for the delay in receiving the card. I have since used the card once more for a camera purchase.

Had I needed the card immediately, like you Ron, I wouldn't have been happy, either. I think their transition from one bank to another must have encountered some problems on their end.

In my case, the bank transition had already been done. Anyone with a great credit score should have been given instant approval.

You did make out, though, with the Gift Card, which was very nice of B&H

 

[dpippel]

Sorry to hear that you had such a negative experience, Ron. I recently applied for Payboo to purchase a spotting scope from B&H, an expensive item that would have cost me a good chunk of money in sales tax. No problems at all. I was approved within minutes of applying and was able to use my account to pay for the purchase right away, without the card, which came in the mail about 3 weeks later.

 

[Ronald Epstein]

Sorry to hear that you had such a negative experience, Ron. I recently applied for Payboo to purchase a spotting scope from B&H, an expensive item that would have cost me a good chunk of money in sales tax. No problems at all. I was approved within minutes of applying and was able to use my account to pay for the purchase right away, without the card, which came in the mail about 3 weeks later.

That's good news. Perhaps they have improved the application process over the past few months

 

[TonyD]

I just applied for the card and was immediately approved.
It said the card should arrive in about 2 weeks.

Now I need to figure out the savings account thing.

 

[Ronald Epstein]

I just applied for the card and was immediately approved.
It said the card should arrive in about 2 weeks.

Now I need to figure out the savings account thing.

It's all done through Apple Wallet.

I suppose you have to wait for the card to arrive. At that point, you just go in and add it to your wallet

Set up Apple Pay in Wallet on iPhone

Add your debit, credit, or prepaid cards to Wallet on iPhone, then use Apple Pay to make secure payments in stores, for transit, in apps, and on websites.

support.apple.com

And once you do that, you go into your card information in wallet, click on the three dots, and then you can set up your Apple Savings.