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Are You Getting An Apple Card?

Discussion in 'Apple' started by Ronald Epstein, Jul 23, 2019.

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  1. Ronald Epstein

    Ronald Epstein Founder
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    workfeatured-apple-card-3.


    When Apple recently announced plans for its own credit card, I think my jaw opened just as wide as everyone else as our eyes focused on its beautifully clean slate and accompanying money management tools.

    The card should have been announced by now -- especially with this week's release of iOS 12.4 which supports the card -- but sadly no launch date has yet to be revealed.

    While I initially salivated over owning this card, I think that with the long passage of time since its announcement, I am thinking with a clearer head about actually signing up for it.

    First, I worry about the drop in my credit score. I work hard to maintain a high score and applying for this new card is going to put a hit on it, although temporarily.

    Secondly, I really question the perks that come with this card. Outside of buying Apple products with it you only get 1% cash back on other purchases, that is unless you use Apple Pay (if available) which garners 2%.

    I suppose that puts the Apple Card at the level of most other reward cards, but I really question how much I am going to use it.


    Would like to know your thoughts and if you plan on signing up for the card once its available.
     
  2. Sam Posten

    Sam Posten Moderator
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    I plan to, 100% if they have balance transfers.
     
  3. Ronald Epstein

    Ronald Epstein Founder
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    Can you give an example of how you would use those balance transfers?
     
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  4. imperialto

    imperialto Agent

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    its a gimick like all the other CC. When you talk about innovation and sustainability, you ask if other companies can integrate the same aspects of what Apple offers and the answer is yes, I can pinpoint where you used CC on this date, yes i can calculate interest based on a $$ payment and color code it.

    BUT, Apple does make it attractive to Iphone users, simplicity, organized, first to market?, titanium card (umm yes). Daily cash back looks cool, but like all CC makes u spend more $$$$$$. NO LATE FEES?!?!?! but they then rape you on interest charge. It will be good to those that dont want to juggle the points game and perks of other CC, but I think Apple will up their game as they gain foothold into this new stream of $$$

    Like Iphones initial popularity, everyone will 'want' one, but I foresee alot of going broke stories to come. Another sign of social status.....i do have an iphone and may eventually get it, rofl, for the titanium card
     
  5. Sam Posten

    Sam Posten Moderator
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    Transfer funds from old card to new. Cancel old card. Use apple tools to pay down balance faster. Cut old school bank out of the loop is bonus.
     
  6. Ronald Epstein

    Ronald Epstein Founder
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    Thanks, Sam. Was not trying to be nosey (don't think you thought I was), but I never used balance transfers on a credit card before and had no idea how they worked.
     
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  7. Message #7 of 155 Jul 23, 2019
    Last edited: Jul 23, 2019
    Scott Merryfield

    Scott Merryfield Executive Producer

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    Other the films on iTunes, I really don't buy Apple products, so this isn't for me. I currently have two credit cards -- an Amazon Prime VISA through Chase, and an American Express Delta Sky Miles card. I use the Amazon card for almost everything -- we get 5% back on Amazon purchases, 2% at gas stations and restaurants, and 1% everywhere else (these are Amazon reward points that can only be used at their site, but we shop there enough to make it worthwhile).

    The AmEx card will probably get cancelled after our trip to Iceland -- we got a bunch of bonus miles for signing up, plus get free checked luggage. I cannot justify the $100 annual fee, though. We do not fly as much as we used to -- we are driving to our South Carolina condo instead of flying since I retired, and did driving trips to Maine/Quebec and northern Minnesota the past two summers. We've only flown twice in the past two years -- winter trips to the Florida Keys.
     
  8. JohnRice

    JohnRice Executive Producer

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    Nah. I don't carry any balances to make use of transfers. I get better rewards on the cards I have now, both personal and business. Finally, as Ron spelled out, I kind of like to keep my credit score as high as possible. I have a long history with my current CCs and messing around with that will take a hit. I'd rather know that if I decide to buy a new car I'll get the lowest possible rate on it, which will amount to more than anything this card will do for me.
     
  9. Josh Steinberg

    Josh Steinberg Executive Producer
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    I don't purchase enough Apple products to make a card that paid out rewards in Apple products/points/discounts to be worthwhile to my lifestyle.

    My primary card is an Amazon-backed Visa. Since they're the merchant I use for the majority of my internet purchases, the perks they offer are most useful to me out of what all other card providers offer.
     
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  10. DaveF

    DaveF Moderator
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  11. DaveF

    DaveF Moderator
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    If you’re not planning to take out a loan it doesn’t matter, even if a new credit card does temporarily drop your credit score into the next tier.


    “If you know you will be making a major purchase in the next three to six months you may want to hold off on opening any new accounts until after you have completed that transaction.”

    https://www.experian.com/blogs/ask-experian/does-opening-credit-card-hurt-score/
     
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  12. John Dirk

    John Dirk Cinematographer
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    I'm surprised it took Apple this long as this is definitely low hanging fruit for them. Personally, I have no interest in this or anything else from Apple. I have an iPhone only because my job requires me to.

    Credit score are a funny thing. I'll admit, I like a high score too but I am no longer able to maintain one because I refuse to carry dept, which is, ironically, a basic requirement.
     
  13. DaveF

    DaveF Moderator
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    You have to use credit to have a good credit score. You don't have to carry debt and pay interest charges.
    https://www.experian.com/blogs/ask-experian/scores-hurt-by-lack-of-revolving-accounts/

    https://www.experian.com/blogs/ask-experian/better-pay-off-credit-card-full-every-month-or-maintain-balance/
     
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  14. DaveF

    DaveF Moderator
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    There are so many myths and confusions and subsequent bad advice on basic personal finance out there. I recently saw a really bad one on iMore.com from the iMore Managing Editor, claiming that you have to not pay your credit card bill every month to have good credit. That's completely wrong, a financially harmfully finance myth perhaps stemming from a basic misunderstanding of how credit scores are (partly) based on credit utilization.

    (sigh)
     
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  15. Cranston37

    Cranston37 Screenwriter

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    This is absolutely right. Having credit cards but not charging on them is one of the best things you can do to help your credit score. It keeps your credit utilization at zero.

    But I will not be getting an Apple Card, no.

    First, I kicked my for profit bank with a bad reputation (Wells Fargo) to the curb and went with a credit union, which I have been immensely happy with. Going with Goldman Sachs would reverse that.

    Second, because I like to only use cash, I just don't have a use for its features. I don't do the whole points/rewards game. And I honestly don't use apps for my banking other than payday to see what was deposited.
     
  16. DaveF

    DaveF Moderator
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    I do credit card points. Which is why I'm not getting an Apple Card. It's rewards aren't enticing. I have Amazon Prime for 2% on food and gas, and 5% on Amazon. I have a Visa Rewards for everything else (1% cash back). Apple's 1% and 2% cash back aren't any better than what I've got, so no help there.

    The software is irrelevant. A bill comes in and payment goes out. Don't need a fancy app to tell me to pay my bill. And Quicken categorizes everything holistically in the household budget. Apple's software is an incomplete solution which means it's no solution (for me).

    I will consider the Apple Card this Fall if I do do a big upgrade: two iPhones and an iPad. Getting 3% vs 1% cash back on a $3000 outlay is $60, which is not nothing. But it's not that much, so I don't know that I'll really want a new credit card to sit in a desk drawer until I need every two or three years. <shrug>
     
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  17. John Dirk

    John Dirk Cinematographer
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    Why would Apple [or any other Mega Company] offer it's "own" credit card? Easy money of course. Although Apple possibly could, they're not interested in actually carrying the debt. No. Like others before them, they'll leave that to the Alpha Predators of this industry like Capital One and collect a percentage for delivering their customers to the collective.
     
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  18. Ronald Epstein

    Ronald Epstein Founder
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  19. imperialto

    imperialto Agent

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    just in time for back to school
     
  20. Sam Posten

    Sam Posten Moderator
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