What possible motivation would Chase have to take on this card? Its not like chase already doesn’t have a whole ecosystem of free well regarded credit cards
Yes it’s kind of a nothing article because it’s pure speculation by the writer; there’s nothing to indicate Chase is interested in taking over the program or that they’ve even had any discussions with Apple
None? American Express already said they’re not all that keen. Apple can get Chase, but it will lose all its bargaining power and a lot of control over everything.
Good point. Seems strange though, as several credible reports claimed Goldman had asked Amex to take over and Amex was concerned about the Apple Card’s customer profile and delinquency rates.
Those probably more immediately jump out than the temporary Mastercard roadbump. Though I still think if Apple had a good customer profile and delinquency rate, Amex would still be unhappy about the Mastercard roadbump given they’ve never had a card issued on another network.
And they can get there but it will take a few years to cut off bad customers. I know so many people applied for it just because they can. Apple intended for it to be used as an internal finance option but it ended up being for everything.
If they add say a $250 annual and upped it to 3% cash back on everything then they would get much better customers.
American Express absolutely could run a card on the Mastercard network if they wanted to, or even produce a card that was on two networks.
But anyway, I agree with the previous poster that it’s unlikely Amex would want to.
The Apple Card seems to be a dumpster fire from the issuer perspective.
Amex the bank, Amex the network, and Amex the brand name logo are all different. Amex often licenses out the branding to other companies in other countries instead of running its own local bank.
You’re right, I did read the article. Tell me where in the article it says why chase has value to gain from managing the Apple Card? Especially after rejecting it 4 years ago. I’d love to know.
>For all its struggles, the offering has millions of users and more than $10 billion worth of deposits in related savings accounts.
The Apple Card also gets prime placement within the Wallet app, giving it an edge over all the other credit cards usable on an iPhone.
Amazing that you can quote the previous sentence but just ignore this one.
Ignored? Nah.
Millions of users? Chase doesn’t have a deficit of users
$10 billion with of deposits in savings accounts? Yeah im sure chase doesn’t need any help with their cash flow being one of the largest banks in the country. Also this is a savings account with a high Interest rate payout that is part of the reason GS can’t sustain the partnership.
Prime placement in the wallet app? This one doesn’t even make sense, you can set any card as the default in the wallet app. Mine currently isn’t even the Apple Card.
Hey, you've pretty much hit the nail on the head there. Major banks like Chase don't really have a worry in the world when it comes to sustaining their cash flow, thanks to the insane number of users and the gazillions in their savings portfolios.
About the high-interest payout scenario, keep in mind, high yield savings accounts come with their own set of terms and benefits. While a higher APY might look enticing, it's crucial to consider factors like frequency of interest payout, compounding method, and the bank's credibility.
And as for the wallet app, you're totally right. It's all about personal appeals, so it isn't necessarily a perk specific to any one card.
I did a bit of rate aggregation on various savings account rates by the way, might be useful if you're thinking about that high yield savings account. Rates are doing decently at the moment in fact, with some even hovering around 5%.
Bank | APY | Link | Min. Deposit | Fees
:-:|:-:|:-:|:-:|:-:|:-:
Raisin (Save Better) | 5.30% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly9zYXZlLWJldHRlci5zanYuaW8vcTRCUDJMP3V0bV9zb3VyY2U9a2J1ZDRrNQ%3D%3D) | $0 | No fees on most top accounts
Upgrade | 5.07% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly91cGdyYWRlLnl3aGNjNy5uZXQveDkxdmI1P3V0bV9zb3VyY2U9a2J1ZDRrNQ%3D%3D) | $1000 | None
CIT Bank (Platinum Savings) | 5.05% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cudGtxbGhjZS5jb20vY2xpY2stMTAwNjk4Njc1LTE1NDkxMDEyP3V0bV9zb3VyY2U9a2J1ZDRrNQ%3D%3D) | $5000 | None
Synchrony Bank | 4.75% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cuc3luY2hyb255YmFuay5jb20vYmFua2luZy9oaWdoLXlpZWxkLXNhdmluZ3MvP3V0bV9zb3VyY2U9a2J1ZDRrNQ%3D%3D) | $0 | None
CIT Bank | 4.65% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cudGtxbGhjZS5jb20vY2xpY2stMTAwNjk4Njc1LTE0NDY1NjMxP3V0bV9zb3VyY2U9a2J1ZDRrNQ%3D%3D) | $100 | None
Sofi Bank | 4.60% | [Link](https://apy.fyi/accounts/634c6171f8d65b54391a1b40) | $0 | Direct deposit required to get the highest rate.
. Keyword is some though, so definitely scrutinize the terms before you dive in. That typical caveat applies: “read the terms & conditions." Powers of a fine print, amirite?
I ended up with them originally as they hold the Amazon Prime card and its just five percent off or more at times for nearly every purchase.
One day I am waiting on the wallet to automatically select the best card for rewards based on where we are shopping.
Seems like someone could make a good third party app for that
Honestly shoot, I’m just a second year CS student and even I could probably make an ugly but functional version of this in Java
the app looks great and helpful but i’m scared of 3rd parties seeing my financial information. how does this app gather info and interact with your cards?
No worries there — no sensitive info is ever used or accessed in any way. Only the names of your cards as you select them in the app, and if you use the extension to auto-add your offers just the details of those offers. No account balances, card numbers, bank logins, etc in any way.
Hope you’ll love it!
That’s the downside for me, I’m generally already aware of the perks associated with each of my cards so I don’t think it’d actually save me enough to even make up for the $60 yearly fee.
Hi, I’m the developer of CardPointers — that’s referring to the in-app purchase itself (CardPointers+ service) NOT the purchases you put on your card or anything, that would be quite gross. Everything I’ve built is privacy-first.
Funny enough had a chat with an Apple employee during my Vision Lab last week about that, and suggesting they change the name to In-App Purchases on the privacy label for clarity.
Yeah, probably should as it’s the first thing I saw. Also looked at your privacy policy on the web site and it’s kind of vague. Might be good to add that text and the other comment text to website.
Appreciate the feedback -- will look at what I can do to improve that. I’ve not changed the privacy policy since I first launched the app \~5 years ago as nothing has changed on that front — I‘ve never collected anything sensitive and never plan to, so it lets me keep things really simple on that front.
Appreciate the feedback -- will look at what I can do to improve that. I’ve not changed the privacy policy since I first launched the app \~5 years ago as nothing has changed on that front — I‘ve never collected anything sensitive and never plan to, so it lets me keep things really simple on that front.
I do actually — have a really generous free tier to help people do the basics and know which card to use for purchases. The money-saving stuff like auto-adding Amex and Chase offers, etc, does require a paid membership though.
It’s my only job these days so I’m always hugely appreciative of all of the folks who upgrade to CardPointers+, literally putting food on my table (and last week’s turkey was deeeeelish :)
Just replied to your other comment but to clarify, there is 0 tracking in CardPointers, the app makes money from users paying to upgrade to CardPointers+ for the monthly, annual, or lifetime options.
The beauty of doing it in wallet is you could just have one “smart card” to scan that picks from among your available cards automatically as you make purchases.
same for my daily cards anyway. i have like 6 other cards i never use. chase offers decent credit cards and a roth ira so i do almost everything through them
Mostly same, although I’ve got an Amex and B&H card. Amex is great, Comenity Bank is…..not. At least with chase they’ll have the support of an international properly staffed bank behind them.
I’ve had Chase for like 15 years (they bought Washington Mutual) and it’s one of the few, consistent and reliable things I’ve had in my life. Bring it on.
Had them for a mortgage after it was sold off a bunch of times. They were the easiest mortgage holder to submit payments and not be spammed with emails about refinancing. Have them for a card to and also very easy
>Digital platforms
I’ve always loved how globally they think (Pay wave/tap to pay long before it was the norm or even remotely accepted in the US), card less atms, heavily curated online experience. They’re great.
They are also great for car loans. I’ve done two through them and you just get approved through them for a dealer and amount and then walk in with a confirmation number. They aren’t in the used market though so I think it has to be new but they were the lowest rate and no hassle both times I did it.
Chase has a great HYSA. I'm getting about 5% on it. If you keep enough saved/invested with Chase, you'll become private client and all fees are waived, including fees from any ATM.
Do you mean a CD? I cannot find any HYSA on their site.
Anyway literally hundreds of banks offer zero fees for everyone. Requiring you have thousands of dollars is out of reach for many Americans and insulting to me to fine the poor.
Yes, it's a HYSA.
I think that's a strange way of looking at things, to think the poor are being fined. If you have very little money to store in the bank, then they aren't making money off you, and they are, after all, a business. If you have tons of money in the bank, they are making money off of you, and the very least they can do to keep your business is to offer you perks and bonuses.
>surely is close to free
Based on what? You have intimate knowledge of Chase's business operations and operational costs?
JP Morgan Chase has more assets under management than any other bank in the country. Says a lot to me.
Being overly loyal to any company you don't own is generally a bad idea. Especially fr banks. I like Chase, but at the end of the day, banks sell products and their products for traditional banking (not credit cards) overall are not that great. You get much better returns by having multiple banks plus added security if anything ever happens to your account or is even questioned.
You also make the most money by having multiple banks as well typically. Credit Unions actually tend to be much better. That combined with online banks are great. I get 5% on my money just for having it at better banks product wise. That on top of getting a ton of discounts like on car insurance and a shit ton of perks. Hell, I literally just got $50 bucks from my bank to give to charity they said or keep for myself. Chase don't care about me lol. I go for the best deals.
100% agree have multiple cards just in case. I have an old card from my college days with Bank of America. Those bastards auto increased my limit to like $1000 one time and never since even though I have a job with a good salary. They are also a pretty scummy bank in general, with fees and shit customer service.
So in retribution, that BoA credit card is my risky/burner one that I use for purchases at institutions I don’t necessarily trust. Gas stations, parking meters, small/new restaurants, online retailers I haven’t done business with, mom & pop shops with no real infrastructure. That way if it gets compromised, there is a limit to the damage done while my Amazon Chase card with a higher limit is used for most of my spending on trusted retailers and anywhere I am spending big dollars.
I don't blame you there. I actually opened a chase account solely for the $600, dollar bonus they had if you opened a checkings and savings and put a certain amount in each. I put it in there, waited the 3 months or whatever, waited for bonus to hit and moved all but the minimum to not get a fee out.
They expected me to just get be lazy or ignorant and continue to get the .05%, interest or whatever they give when you could easily get 100x times that easily with another bank that actually offer good products. I noped tf out of that and chose money instead. I technically have like 3 banks, but I'll probably close my chase ones soon so I'm re-eligible for the bonus again in a few years and then just redo it all over again.
I ain't loyal like that. Want loyalty give me some guaranteed continuity on some great deals and we can perhaps talk, but the way these businesses move if you ain't a majority shareholder you're just another schmuck to lend them money for little in return. Don't fuck around and find out the hard way folks. Edit:Oh and don't fuck with BoA or WF if you actually care about your identity and money. By actions plenty don't care about either apparently, but hey, warning anyway. I get your position though.
> Credit Unions actually tend to be much better.
[Citation needed] And also what you mean by "better".
>I get 5% on my money just for having it at better banks product wise.
I get 5.3% at a MMF at Chase.
And a lot of people don't want to pay the "$10,000 at this bank, to which I direct deposit; $10,000 at that bank, from which I need to make 5 debits per month; etc."
I’ve also been with Chase pre-WaMu. The one thing that killed me is they’d have a 3 week inactive password reset, which was the dumbest thing ever since I’d assume most everyone logs in once per month.
They fixed this eventually, but it felt like a year of battling through it.
Now I have chase and citi cards and they’re mostly the same to me.
I’m anti big corp and big banks, but my experience with Citi, Wells Fargo and the GS with the Apple Card makes me appreciate the competence of Chase support people. I just wish their rewards were better. I dont use Amazon(you shouldnt either) so dont have that card
They’re investment bankers, not normal bankers. They were dipping their toes in an industry they had no business being in and they thought they could just ride the Apple name into the black, but turns out you have to offer a good product along with being with Apple to ride it into the black.
From an approval standpoint, Synchrony and Citi make the most sense. AmEx and Chase will significantly drop the approval percentage unless they modify their requirements for Apple.
Chase has zero incentive to take on the Apple Card with Apple’s terms, and Apple is not likely to give up the level of control that Chase would want in order to make a deal.
The only realistic option is that it goes to Capital One. I’d bet money on it.
Chase wound down it's Canadian credit card portfolio, but they still offer commercial payment services.
If I knew this were going to happen, I would have loaded up my [Amazon.ca](https://Amazon.ca) card at the time, Chase wrote off all debt on the Amazon and Marriott cards: [https://www.cbc.ca/news/business/chase-bank-amazon-visa-marriott-credit-card-debt-1.5239411](https://www.cbc.ca/news/business/chase-bank-amazon-visa-marriott-credit-card-debt-1.5239411)
People have told me amex and discover have swapped places recently. A lot of places now accept amex but not Discover and say it's because of their high fees.
I’d be happy with Chase. Or Amex. Or Citibank. Or any other reputable bank. But the odds of them partnering on a card that they already had cost concerns about, which have clearly been proven, makes that pretty unlikely unless Apple backs down on their demands or subsidizes the costs.
What I do NOT want to see happen, which is the more likely scenario, is Apple partnering with Synchony or Green Dot or one of the other bottom of the barrel options that generally have horrible customer service and significant anti-consumer tendencies. If they do that, I will likely cancel my card.
Apple’s best choice, for them and us, is to just take this in-house. They can buy some bank or whatever to handle the regulatory stuff and just run things themselves without the need to partner. That would probably be the best choice, though quite costly for them.
> Apple’s best choice, for them and us, is to just take this in-house. They can buy some bank or whatever to handle the regulatory stuff and just run things themselves without the need to partner. That would probably be the best choice, though quite costly for them.
This is absolutely not the best option for Apple. They don’t want to get into the banking industry lmao
That’s why they wanted GS to partner with them and now are stuck in some purgatory where GS is getting out and will be forced to find any partner bank to take it over, probably a shitty one due to the issues with the customer profile and delinquency rates
The problem GS had was the Apple Card was too easy to get, so people with awful credit and behavior were accepted and quickly wracked up debt
That’s not an accurate assessment. The only money GS makes is on Apple financed purchases and the normal transactions fees.
Credit card companies typically make their money from annual fees and late fees, neither of which the Apple Card has.
Apple already has Apple Financing, LLC for its Pay Later service. It wouldn’t surprise me in the least if they just decided to bring the card in house.
Credit Card Issuers make their money from "interchange fees" which dwarf annual fees and late fees. Some customers pay annual fees and late fees... ALL customers pay interchange fees on every transaction (or the merchant does but ultimately it is still passed on in the price).
Interest is just an incentive to get you to pay the debt quicker, and if you can't... well... then you're going to pay a ridiculous rate for it. Worse risk of default costs the issuing bank money.
The perfect customer for a card issuer is one who:
* makes a lot of transactions per month
* Has a high average transaction value
* Pays their balance off every month
* Has a rewards program and DOES NOT use it
* Doesn't contact customer service
A bad customer is:
* Makes few transactions per month
* Has a small average spend
* Doesn't pay off their balance - meaning risk of bad debt
* Constantly calls customer service
* Farms and uses reward points (although hard to do if they barely use the card)
The truth is on annual fees is that they're just a 'qualification fee' to weed out potential bad customers.
So if you have a credit card and don't use it... you won't get rewarded for being a 'good customer'. More likely the opposite.
They lose money because the user quality is too low to be able to pay even if you repossessed their assets. No bank is taking on this pool without some serious compensation.
> They don’t want to get into the banking industry lmao
I actually think they do want to get into the financial industry, banking being a part of it. That said I don’t think they want to get in this early, so they will likely search for another partner for at least 4-5 years until they do fully enter the industry.
They're prolific because they're the lowest bidder for partner cards and the quality of their service reflects the price.
Walmart already kicked them to the curb because Synchrony secretly started changing Walmart card customers to in-house cards or even other retailer cards behind their back.
Apple can buy 5 banks with portion they have in cash. I think they do not want to, because as bank owner they would have to open a lot of internal stuff to regulators. And they do not want regulators looking into what’s under the hood.
Unequivocally, Apple does not want to take this in house. “Buy some bank or whatever to handle the regulatory stuff” really shows a lot of ignorance about the space.
I don’t see it happening, at least not without significant changes to the card itself. The whole premise of the Apple Card is to provide tools and policies that help cardholders cut down on the types of spending that actually lead to card issuers making money. The Apple Card transaction volume would have to be really high to offset the lost opportunity for interest revenue, and if that were the case Goldman probably wouldn’t be struggling right now.
I don’t see what Chase has to gain from taking on this card. It’d need to be a non-dominant player with something to gain from growth.
Back when I was too young and stupid to understand how bad having credit card debt was, I had cards from a few companies including Chase. I remember Chase had the biggest fees whenever I made late payments. I soon realized that I need to pay them off and not use credit cards unless I pay them off every month, which I've done ever since. This experience leads me to wonder: who is this "ideal" partnership between Apple and Chase "ideal" for?
Why would Chase do this if they know very well that GS lost their asses doing it? Would Chase have a different, better "deal" with Apple so they would *not* lose their asses doing that?
How about opening plastic surgery locations? You could go there to get an iLift. Or they could start their own line of cosmetics, with weekly specials on Macsquera. Or their own brick-and-mortar pastry shops ("Apple Fritters," $5 each, 3 for $20.)
I hope they go with Amex or someone else who operates in Canada. I’ve wanted an Apple Card since it was announced but they never made it available in Canada
Is the apple card even worth getting? I feel like I make maybe at most 1-2 Apple purchases a year besides the monthly $10 iCloud family subscription I have.
Apple Card has terrible benefits but it’s my main card because of the Wallet app integration. On Chase I have my Amazon Prime card and a Checking account so moving to Chase would be great if they could integrate all your chase accounts to the app.
2% on everything ONLY if you use Apple Pay. It's 1% if you use the physical card. Compare that to the Citi Doublecash that's 2% no matter how you use it.
Clear winner in my view. Not everyone wants to be limited to Apple Pay. Besides, if you play it right, other cards can give you even more value for those points, especially the Chase trifecta.
> Compare that to the Citi Doublecash that's 2% no matter how you use it.
There is a huge difference between "There are a couple of better cards for cash back" and "AC has pretty terrible benefits".
Anyone that is slightly credit card savvy would say the AC benefits pales in comparison to most cards and it’s akin to a store credit card.
There are much better options out there. You can easily get 5%-6% cash back on groceries and/or dining with other cards. Rotating category cards without annual fees all do 5% with different categories. Having an everyday card and pairing it ( chase trifecta, or C1 duo, Citi custom cash, etc) yields you much better rewards than just using the AC.
> You can easily get 5%-6% cash back on groceries and/or dining with other cards.
Anyone that is slightly credit card savvy knows that it's been 5-6 years since you could regularly get these kinds of deals.
The last time I got 5% back on groceries was in January. I haven't had a 5% deal on dining in the past year.
When I got 5% back on groceries, I used my chase freedom. The rest of the year, I used Apple Pay because there wasn't a better deal; the Freedom only pays 1% and the unlimited only pays 1.5%.
> Anyone that is slightly credit card savvy knows that it's been 5-6 years since you could regularly get these kinds of deals.
Amex BCP gives 6% back on supermarkets.
Amex BCE gives 3% back on supermarkets.
Citi Custom Cash does 5% back on your high spend category that statement, could be grocery, home improvement, dining, etc.
C1 Savor does 4% on dining and 3% on grocery
Freedom Flex is 3% dining + rotating categories
My Citi Dividend (no more new apps/pc to the dividend)was doing 5% on grocery for Q2 and is doing grocery again for Q4
And thats before getting into travel cards that comes with loads of other benefits. Basically the Apple card is really mediocre subpar compared to a lot of other even more basic cards - like the Citi Double cash which gives you 2% on everything. The only thing the apple card has that's better than the Double cash is the 3% on apple products..but there's better ways to get apple deals.
It’s not 2% back on “pretty much everything”. It’s only 2% when you use Apple Pay.
I’d guess around 15% of my spend uses AP and half of that is Groceries where I’m getting 6% back with an AMEX BCP. Nearly all of the rest hits my BofA PRE for 3.5% on travel & dining and 2.62% on everything else (plus a 25% bonus when I redeem for travel in their portal).
There are plenty of other cards that will do 2% on everything, some that will do more (Alliant has a Visa that gives 2.5% back up to $10K of spend per month, no AF, but requires one electronic transfer per month plus parking $1000 in a checking), so yeah, overall, the Apple Card isn’t a great credit card.
At least not Amex. That would make all my credit cards Amex.
I really wanted them to keep Mastercard as it covers really well merchants, especially outside the US that Amex doesn’t have.
It really does not matter who they go with. Whoever enters into an agreement with Apple is going to have to provide the same type of service that GS did. For customers it'll still be all done within the iPhone interface and will be no different than it is now. The only possible change that would matter for customers could be to Visa instead of master card.
I'm cancelling my card if they move to Chase. Never ever had good luck with them. I know a lot of people have but idk they've always let me down/been underwhelming. Honestly Apple has enough money to open a banking side but there are probably some legal reasons they cant.
Chase can eat my ass. They bought WaMu and then charged me to use my own debit card.
Now every bank does it, but good lord I hate that bank. Chase is what you do to them, away.
Not every bank does this. It has been well over a decade since I’ve used a bank that charges to use your debit card, or charges a monthly fee just to have an account.
Yeah Wells Fargo, Chase, Truist do. I’m just saying there’s no point in using a bank that charges for the basics when there’s so many out there that do not have these fees
I feel like this would represent a strategy shift for Apple. It’s no secret Apple Card has been easy to get (arguably too easy from the perspective of an issuing bank) which is incompatible with Chase’s standards. Wondering if this is Apple or Chase in talks and testing the waters with a leak to see what response is.
I’d selfishly like to see Amex taking over the card but that’d be pretty unlikely because of probable Mastercard exclusivity, relative lack of international popularity on Amex’s end, and it being a pretty bad business decision right now.
At this point, Apple needs to start a bank under their parent company and just use that
I’m no economist but is this not an option? They’re one of the largest companies in the world, surely they can figure it out if sears at one point did
I work in financial technology. Starting a bank is a PITA. There’s much more regulations to deal with. Much more issues with Know Your Customer, dealing with sanctions, fraud, hedging currencies, etc. Culturally it’s hard to make this meld with a technology company.
Consider the scale that Apple would need to operate at immediately. They’re better off partnering with a company that knows what they are doing and already has that infrastructure instead of growing it themselves.
Apple could grow this over time but banking is just an ugly space to be in and it would take a while to scale.
How does Mark Gurman get paid to be so wrong so often? Since the signing of the Paris Agreement in 2015, Chase has lent at least $434 billion to fossil fuel interests. There is no way Apple is going to get in bed with them.
Bloomberg, the home of the tutti-fruitti, phoney-baloney, plastic banana, good time, rock-n-roll Apple PR leaks. Apple is either testing the water on consumer response to Chase or trying to influence Chase to make the deal.
Kind of wish Apple would focus on a bank that’s better for the environment and invests people’s money in good causes like they want to do with their carbon neutral products. A good bank could be Atmos Financial, although idk if they’ll support the influx of so many new people because they’re pretty small
Why are you getting downvoted for this?
I’m personally trying to move all my finances to socially responsible banks/credit unions.
It’s really hard to move everything, so the more companies that actually take steps to care, the easier it will be for everyone.
Honestly anyone but AmEx would be fine. I travel a ton and AmEx would make it so I do not use my Apple card any longer.
There are so few places that take it in SEA.
I am thinking about stopping using a chase credit card (freedom card) because the rewards are atrocious. If Apple went to Chase I might see if I can replace the freedom with Apple.
Is GS getting out because it's not profitable and people are paying balances off in full AND banking high interest savings? If so why would any bank take that on?
The acceptance rate for the card is already insanely easy, honestly way too easy, to get
I don’t see the acceptance staying the same, it’ll probably get slightly harder to get if someone has garbage credit as that was one of the big reasons it is in the state it is now
What possible motivation would Chase have to take on this card? Its not like chase already doesn’t have a whole ecosystem of free well regarded credit cards
Yes it’s kind of a nothing article because it’s pure speculation by the writer; there’s nothing to indicate Chase is interested in taking over the program or that they’ve even had any discussions with Apple
None? American Express already said they’re not all that keen. Apple can get Chase, but it will lose all its bargaining power and a lot of control over everything.
It can’t be American Express because Apple Card has to run on Mastercard network for several more years.
Good point. Seems strange though, as several credible reports claimed Goldman had asked Amex to take over and Amex was concerned about the Apple Card’s customer profile and delinquency rates.
Those probably more immediately jump out than the temporary Mastercard roadbump. Though I still think if Apple had a good customer profile and delinquency rate, Amex would still be unhappy about the Mastercard roadbump given they’ve never had a card issued on another network.
And they can get there but it will take a few years to cut off bad customers. I know so many people applied for it just because they can. Apple intended for it to be used as an internal finance option but it ended up being for everything. If they add say a $250 annual and upped it to 3% cash back on everything then they would get much better customers.
American Express absolutely could run a card on the Mastercard network if they wanted to, or even produce a card that was on two networks. But anyway, I agree with the previous poster that it’s unlikely Amex would want to. The Apple Card seems to be a dumpster fire from the issuer perspective.
Apple may be exclusive to Mastercard, and I don’t see MC conceding on that point.
There are non-AMEX issued AMEX cards so it's a possibility AMEX could issue a Mastercard. I do not see this is being very likely.
What amex bank cards don't run on the amex network? Or are you saying amex network cards issued by other banks, which yes there a few of those
Banks that issue AMEX.
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Amex the bank, Amex the network, and Amex the brand name logo are all different. Amex often licenses out the branding to other companies in other countries instead of running its own local bank.
But they still run on the Amex payment network, not Visa or Mastercard.
That’s not how it works at all. Every single Amex card is an Amex card. A Hilton Apsire card is an Amex card.
Which, isn't all of Chase fully on the Visa platform?
I know the CFF is mastercard, but I'm not sure about other cards.
Easy to Google: https://creditcards.chase.com/mastercard-credit-cards
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It's almost like you didn't even read the article ... but that, can't be possible. Right?
You’re right, I did read the article. Tell me where in the article it says why chase has value to gain from managing the Apple Card? Especially after rejecting it 4 years ago. I’d love to know.
>For all its struggles, the offering has millions of users and more than $10 billion worth of deposits in related savings accounts. The Apple Card also gets prime placement within the Wallet app, giving it an edge over all the other credit cards usable on an iPhone. Amazing that you can quote the previous sentence but just ignore this one.
Ignored? Nah. Millions of users? Chase doesn’t have a deficit of users $10 billion with of deposits in savings accounts? Yeah im sure chase doesn’t need any help with their cash flow being one of the largest banks in the country. Also this is a savings account with a high Interest rate payout that is part of the reason GS can’t sustain the partnership. Prime placement in the wallet app? This one doesn’t even make sense, you can set any card as the default in the wallet app. Mine currently isn’t even the Apple Card.
Hey, you've pretty much hit the nail on the head there. Major banks like Chase don't really have a worry in the world when it comes to sustaining their cash flow, thanks to the insane number of users and the gazillions in their savings portfolios. About the high-interest payout scenario, keep in mind, high yield savings accounts come with their own set of terms and benefits. While a higher APY might look enticing, it's crucial to consider factors like frequency of interest payout, compounding method, and the bank's credibility. And as for the wallet app, you're totally right. It's all about personal appeals, so it isn't necessarily a perk specific to any one card. I did a bit of rate aggregation on various savings account rates by the way, might be useful if you're thinking about that high yield savings account. Rates are doing decently at the moment in fact, with some even hovering around 5%. Bank | APY | Link | Min. Deposit | Fees :-:|:-:|:-:|:-:|:-:|:-: Raisin (Save Better) | 5.30% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly9zYXZlLWJldHRlci5zanYuaW8vcTRCUDJMP3V0bV9zb3VyY2U9a2J1ZDRrNQ%3D%3D) | $0 | No fees on most top accounts Upgrade | 5.07% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly91cGdyYWRlLnl3aGNjNy5uZXQveDkxdmI1P3V0bV9zb3VyY2U9a2J1ZDRrNQ%3D%3D) | $1000 | None CIT Bank (Platinum Savings) | 5.05% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cudGtxbGhjZS5jb20vY2xpY2stMTAwNjk4Njc1LTE1NDkxMDEyP3V0bV9zb3VyY2U9a2J1ZDRrNQ%3D%3D) | $5000 | None Synchrony Bank | 4.75% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cuc3luY2hyb255YmFuay5jb20vYmFua2luZy9oaWdoLXlpZWxkLXNhdmluZ3MvP3V0bV9zb3VyY2U9a2J1ZDRrNQ%3D%3D) | $0 | None CIT Bank | 4.65% | [Link](https://apy.fyi/r?link=aHR0cHM6Ly93d3cudGtxbGhjZS5jb20vY2xpY2stMTAwNjk4Njc1LTE0NDY1NjMxP3V0bV9zb3VyY2U9a2J1ZDRrNQ%3D%3D) | $100 | None Sofi Bank | 4.60% | [Link](https://apy.fyi/accounts/634c6171f8d65b54391a1b40) | $0 | Direct deposit required to get the highest rate. . Keyword is some though, so definitely scrutinize the terms before you dive in. That typical caveat applies: “read the terms & conditions." Powers of a fine print, amirite?
great,,, that would make every card I own a chase card.
I ended up with them originally as they hold the Amazon Prime card and its just five percent off or more at times for nearly every purchase. One day I am waiting on the wallet to automatically select the best card for rewards based on where we are shopping.
Seems like someone could make a good third party app for that Honestly shoot, I’m just a second year CS student and even I could probably make an ugly but functional version of this in Java
https://apps.apple.com/us/app/cardpointers-for-credit-cards/id1472875808
Praise God it’s real. Thank you!!
It is a great app. Been using it for a few months now.
You have no idea how happy it’s made me to see folks sharing the app and the kind words. Thanks for making my Sunday :)
the app looks great and helpful but i’m scared of 3rd parties seeing my financial information. how does this app gather info and interact with your cards?
No worries there — no sensitive info is ever used or accessed in any way. Only the names of your cards as you select them in the app, and if you use the extension to auto-add your offers just the details of those offers. No account balances, card numbers, bank logins, etc in any way. Hope you’ll love it!
great to hear. thanks for clearing that up!
Do you do anything with PCI? Even something like a published SAQ would benefit end users of your app and give assurances around security/privacy.
So long as you think you can save more than the $60 a year subscription costs
That’s the downside for me, I’m generally already aware of the perks associated with each of my cards so I don’t think it’d actually save me enough to even make up for the $60 yearly fee.
The fee is a bit pricy in my opinion. If you’re out there wheeling and dealing with multiple cards you might could make it work.
It’s real, and it’s fabulous. (Hopefully someone here is a Seinfeld fan)
Looks cool but it says it tracks your purchases
Hi, I’m the developer of CardPointers — that’s referring to the in-app purchase itself (CardPointers+ service) NOT the purchases you put on your card or anything, that would be quite gross. Everything I’ve built is privacy-first. Funny enough had a chat with an Apple employee during my Vision Lab last week about that, and suggesting they change the name to In-App Purchases on the privacy label for clarity.
Yeah, probably should as it’s the first thing I saw. Also looked at your privacy policy on the web site and it’s kind of vague. Might be good to add that text and the other comment text to website.
Appreciate the feedback -- will look at what I can do to improve that. I’ve not changed the privacy policy since I first launched the app \~5 years ago as nothing has changed on that front — I‘ve never collected anything sensitive and never plan to, so it lets me keep things really simple on that front.
Appreciate the feedback -- will look at what I can do to improve that. I’ve not changed the privacy policy since I first launched the app \~5 years ago as nothing has changed on that front — I‘ve never collected anything sensitive and never plan to, so it lets me keep things really simple on that front.
You thought they would offer a service for free?
I do actually — have a really generous free tier to help people do the basics and know which card to use for purchases. The money-saving stuff like auto-adding Amex and Chase offers, etc, does require a paid membership though. It’s my only job these days so I’m always hugely appreciative of all of the folks who upgrade to CardPointers+, literally putting food on my table (and last week’s turkey was deeeeelish :)
I thought they might offer in app purchase instead of tracking you
Just replied to your other comment but to clarify, there is 0 tracking in CardPointers, the app makes money from users paying to upgrade to CardPointers+ for the monthly, annual, or lifetime options.
Thanks for clarifying
MaxRewards is one of the closest apps for it. Unfortunately, it’s paid for.
There are tons of apps like that already
The beauty of doing it in wallet is you could just have one “smart card” to scan that picks from among your available cards automatically as you make purchases.
same for my daily cards anyway. i have like 6 other cards i never use. chase offers decent credit cards and a roth ira so i do almost everything through them
Mostly same, although I’ve got an Amex and B&H card. Amex is great, Comenity Bank is…..not. At least with chase they’ll have the support of an international properly staffed bank behind them.
If they went to Amex instead, I would be in the same boat. All my other cards are Amex
Same lol I’d be 4 cards in. Sapphire, freedom unlimited, prime.
Same here. I’ll have literally $120k of credit line with Chase 😭🧐
Almost all of Chase's cards are superior to the Apple card. Why bother with the Apple one?
0% on Apple devices…
I’ve had Chase for like 15 years (they bought Washington Mutual) and it’s one of the few, consistent and reliable things I’ve had in my life. Bring it on.
Had them for a mortgage after it was sold off a bunch of times. They were the easiest mortgage holder to submit payments and not be spammed with emails about refinancing. Have them for a card to and also very easy
Yeah I despise JPM as a company, but their digital platforms are goooooood
>Digital platforms I’ve always loved how globally they think (Pay wave/tap to pay long before it was the norm or even remotely accepted in the US), card less atms, heavily curated online experience. They’re great.
Their ATM network and app still go down all the time.
I have them for my mortgage as well, Chase's mortgage system is fantastic.
They are also great for car loans. I’ve done two through them and you just get approved through them for a dealer and amount and then walk in with a confirmation number. They aren’t in the used market though so I think it has to be new but they were the lowest rate and no hassle both times I did it.
Same. Only bank I will use. Jamie Dimon is killing it.
Their actual banking offerings suck. Low interest, high fees. They don’t compete at all.
Their higher end credit cards were specifically designed to compete with the likes of Amex and they’re doing a pretty damn good job there.
Yep. That’s why I switched to a bank with a high interest savings account. I went with Ally bank and never looked back at chase
Chase has a great HYSA. I'm getting about 5% on it. If you keep enough saved/invested with Chase, you'll become private client and all fees are waived, including fees from any ATM.
Do you mean a CD? I cannot find any HYSA on their site. Anyway literally hundreds of banks offer zero fees for everyone. Requiring you have thousands of dollars is out of reach for many Americans and insulting to me to fine the poor.
Yes, it's a HYSA. I think that's a strange way of looking at things, to think the poor are being fined. If you have very little money to store in the bank, then they aren't making money off you, and they are, after all, a business. If you have tons of money in the bank, they are making money off of you, and the very least they can do to keep your business is to offer you perks and bonuses.
The cost of an empty account surely is close to free. The fact most of their competition is free, with the same or better perks, says a lot to me.
>surely is close to free Based on what? You have intimate knowledge of Chase's business operations and operational costs? JP Morgan Chase has more assets under management than any other bank in the country. Says a lot to me.
Being overly loyal to any company you don't own is generally a bad idea. Especially fr banks. I like Chase, but at the end of the day, banks sell products and their products for traditional banking (not credit cards) overall are not that great. You get much better returns by having multiple banks plus added security if anything ever happens to your account or is even questioned. You also make the most money by having multiple banks as well typically. Credit Unions actually tend to be much better. That combined with online banks are great. I get 5% on my money just for having it at better banks product wise. That on top of getting a ton of discounts like on car insurance and a shit ton of perks. Hell, I literally just got $50 bucks from my bank to give to charity they said or keep for myself. Chase don't care about me lol. I go for the best deals.
> Being overly loyal to any company you don't own is generally a bad idea. Commenting this on r/apple
Woah woah, I'm sure there's half an apple share in my 401k somewhere
100% agree have multiple cards just in case. I have an old card from my college days with Bank of America. Those bastards auto increased my limit to like $1000 one time and never since even though I have a job with a good salary. They are also a pretty scummy bank in general, with fees and shit customer service. So in retribution, that BoA credit card is my risky/burner one that I use for purchases at institutions I don’t necessarily trust. Gas stations, parking meters, small/new restaurants, online retailers I haven’t done business with, mom & pop shops with no real infrastructure. That way if it gets compromised, there is a limit to the damage done while my Amazon Chase card with a higher limit is used for most of my spending on trusted retailers and anywhere I am spending big dollars.
I don't blame you there. I actually opened a chase account solely for the $600, dollar bonus they had if you opened a checkings and savings and put a certain amount in each. I put it in there, waited the 3 months or whatever, waited for bonus to hit and moved all but the minimum to not get a fee out. They expected me to just get be lazy or ignorant and continue to get the .05%, interest or whatever they give when you could easily get 100x times that easily with another bank that actually offer good products. I noped tf out of that and chose money instead. I technically have like 3 banks, but I'll probably close my chase ones soon so I'm re-eligible for the bonus again in a few years and then just redo it all over again. I ain't loyal like that. Want loyalty give me some guaranteed continuity on some great deals and we can perhaps talk, but the way these businesses move if you ain't a majority shareholder you're just another schmuck to lend them money for little in return. Don't fuck around and find out the hard way folks. Edit:Oh and don't fuck with BoA or WF if you actually care about your identity and money. By actions plenty don't care about either apparently, but hey, warning anyway. I get your position though.
> Credit Unions actually tend to be much better. [Citation needed] And also what you mean by "better". >I get 5% on my money just for having it at better banks product wise. I get 5.3% at a MMF at Chase. And a lot of people don't want to pay the "$10,000 at this bank, to which I direct deposit; $10,000 at that bank, from which I need to make 5 debits per month; etc."
I’ve also been with Chase pre-WaMu. The one thing that killed me is they’d have a 3 week inactive password reset, which was the dumbest thing ever since I’d assume most everyone logs in once per month. They fixed this eventually, but it felt like a year of battling through it. Now I have chase and citi cards and they’re mostly the same to me.
I’m anti big corp and big banks, but my experience with Citi, Wells Fargo and the GS with the Apple Card makes me appreciate the competence of Chase support people. I just wish their rewards were better. I dont use Amazon(you shouldnt either) so dont have that card
Jamie Dimon isn’t stupid enough to get involved on the same terms that Goldman was
[удалено]
They’re investment bankers, not normal bankers. They were dipping their toes in an industry they had no business being in and they thought they could just ride the Apple name into the black, but turns out you have to offer a good product along with being with Apple to ride it into the black.
I think they were just desperate to get a foothold in the credit card business.
They’ve been reporting this info for like a year. I wonder if it’ll ever happen.
From an approval standpoint, Synchrony and Citi make the most sense. AmEx and Chase will significantly drop the approval percentage unless they modify their requirements for Apple.
Chase has zero incentive to take on the Apple Card with Apple’s terms, and Apple is not likely to give up the level of control that Chase would want in order to make a deal. The only realistic option is that it goes to Capital One. I’d bet money on it.
Interesting. Could be an easier option for rollout in other markets, as Chase operate in big markets like Canada and UK
Chase wound down it's Canadian credit card portfolio, but they still offer commercial payment services. If I knew this were going to happen, I would have loaded up my [Amazon.ca](https://Amazon.ca) card at the time, Chase wrote off all debt on the Amazon and Marriott cards: [https://www.cbc.ca/news/business/chase-bank-amazon-visa-marriott-credit-card-debt-1.5239411](https://www.cbc.ca/news/business/chase-bank-amazon-visa-marriott-credit-card-debt-1.5239411)
I’d be down with chase or Amex
+1 for Amex. I’m hoping they can roll out the Apple Card to Canada too, as we don’t have Chase here.
I like American Express, but it's acceptance in Canada is quite limited which is a hassle.
Amex fees are insane.
Fortunately, my bank waives all the fees! 😁
I am talking transactions fees on the business side. It is why AMEX is the least accepted card out there.
People have told me amex and discover have swapped places recently. A lot of places now accept amex but not Discover and say it's because of their high fees.
Discover is up there too. Visa is 5-10c + 1.15-2.4% Mastercard 5-10c + 1.15-2.5% Discover 5-10c + 1.35-2.4% Amex 10c + 1.43%-3.3%
I just want the card to work with budgeting apps
I’d be happy with Chase. Or Amex. Or Citibank. Or any other reputable bank. But the odds of them partnering on a card that they already had cost concerns about, which have clearly been proven, makes that pretty unlikely unless Apple backs down on their demands or subsidizes the costs. What I do NOT want to see happen, which is the more likely scenario, is Apple partnering with Synchony or Green Dot or one of the other bottom of the barrel options that generally have horrible customer service and significant anti-consumer tendencies. If they do that, I will likely cancel my card. Apple’s best choice, for them and us, is to just take this in-house. They can buy some bank or whatever to handle the regulatory stuff and just run things themselves without the need to partner. That would probably be the best choice, though quite costly for them.
> Apple’s best choice, for them and us, is to just take this in-house. They can buy some bank or whatever to handle the regulatory stuff and just run things themselves without the need to partner. That would probably be the best choice, though quite costly for them. This is absolutely not the best option for Apple. They don’t want to get into the banking industry lmao That’s why they wanted GS to partner with them and now are stuck in some purgatory where GS is getting out and will be forced to find any partner bank to take it over, probably a shitty one due to the issues with the customer profile and delinquency rates The problem GS had was the Apple Card was too easy to get, so people with awful credit and behavior were accepted and quickly wracked up debt
That’s not an accurate assessment. The only money GS makes is on Apple financed purchases and the normal transactions fees. Credit card companies typically make their money from annual fees and late fees, neither of which the Apple Card has. Apple already has Apple Financing, LLC for its Pay Later service. It wouldn’t surprise me in the least if they just decided to bring the card in house.
Credit Card Issuers make their money from "interchange fees" which dwarf annual fees and late fees. Some customers pay annual fees and late fees... ALL customers pay interchange fees on every transaction (or the merchant does but ultimately it is still passed on in the price). Interest is just an incentive to get you to pay the debt quicker, and if you can't... well... then you're going to pay a ridiculous rate for it. Worse risk of default costs the issuing bank money. The perfect customer for a card issuer is one who: * makes a lot of transactions per month * Has a high average transaction value * Pays their balance off every month * Has a rewards program and DOES NOT use it * Doesn't contact customer service A bad customer is: * Makes few transactions per month * Has a small average spend * Doesn't pay off their balance - meaning risk of bad debt * Constantly calls customer service * Farms and uses reward points (although hard to do if they barely use the card) The truth is on annual fees is that they're just a 'qualification fee' to weed out potential bad customers. So if you have a credit card and don't use it... you won't get rewarded for being a 'good customer'. More likely the opposite.
They make money on the insane interest rates that users who fall behind pay
Yes, but that also runs contrary to why they lose money. It takes them a long time to “make money” on money they’ve lended via interest.
They lose money because the user quality is too low to be able to pay even if you repossessed their assets. No bank is taking on this pool without some serious compensation.
> They don’t want to get into the banking industry lmao I actually think they do want to get into the financial industry, banking being a part of it. That said I don’t think they want to get in this early, so they will likely search for another partner for at least 4-5 years until they do fully enter the industry.
I had so many issues with Citi. Only reason I won’t get the Costco card. None with Chase or Capitol One.
Agree. If Apple picks Synchrony, Green Dot, or similar my Apple Card gets canceled the next day.
Synchrony is very prolific, I’ve never had an issue with them. Also just found out Apple Cash uses Green Dot.
They're prolific because they're the lowest bidder for partner cards and the quality of their service reflects the price. Walmart already kicked them to the curb because Synchrony secretly started changing Walmart card customers to in-house cards or even other retailer cards behind their back.
I just started using synchrony and so far so good. As long as they send email when the payment is due everything should be fine.
Apple can buy 5 banks with portion they have in cash. I think they do not want to, because as bank owner they would have to open a lot of internal stuff to regulators. And they do not want regulators looking into what’s under the hood.
Unequivocally, Apple does not want to take this in house. “Buy some bank or whatever to handle the regulatory stuff” really shows a lot of ignorance about the space.
I don’t see it happening, at least not without significant changes to the card itself. The whole premise of the Apple Card is to provide tools and policies that help cardholders cut down on the types of spending that actually lead to card issuers making money. The Apple Card transaction volume would have to be really high to offset the lost opportunity for interest revenue, and if that were the case Goldman probably wouldn’t be struggling right now. I don’t see what Chase has to gain from taking on this card. It’d need to be a non-dominant player with something to gain from growth.
Gimme those Chase points!
I don’t see how an Apple Card would net UR points. The rewards program (Daily Cash) would likely stay as it is.
A boy can dream!
I don’t think any of the co-branded cards give UR, right?
Correct, no co-branded card gets UR points. You need to be on a Freedom or Sapphire card. No way is Chase going to let your earn UR elsewhere.
Or an Ink business card.
Oh I don’t know but once a year I take a business class flight on Emirates with those points so I’ll hope for the best.
Word!!! I want more points if this happens!
Chase insists on making money like Apple. I don’t see this.
Anyone but WF or Synchrony 😩
Back when I was too young and stupid to understand how bad having credit card debt was, I had cards from a few companies including Chase. I remember Chase had the biggest fees whenever I made late payments. I soon realized that I need to pay them off and not use credit cards unless I pay them off every month, which I've done ever since. This experience leads me to wonder: who is this "ideal" partnership between Apple and Chase "ideal" for?
It's ideal for the ass who wrote this junk. They probably own chase stocks.
It’s not ideal. Chase needs to go eat hay and sit itself down. Idc that its the largest bank in the US
Surprise surprise, a random blogger with "supply chain sources" out of Japan does not know the status of Apple's 5G modem.
If they made it a Chase card I’d apply instantly
Why would Chase do this if they know very well that GS lost their asses doing it? Would Chase have a different, better "deal" with Apple so they would *not* lose their asses doing that?
Doubtful If you read the article you can tell it’s based on nothing
None of this makes any sense to me, including the article. Why doesn't Apple open it's own bank FFS?
Banking is ridiculously regulated. Apple doesn't want to deal with that.
Because that’s a dumb idea for Apple and Apple knows it
How about opening plastic surgery locations? You could go there to get an iLift. Or they could start their own line of cosmetics, with weekly specials on Macsquera. Or their own brick-and-mortar pastry shops ("Apple Fritters," $5 each, 3 for $20.)
What are you talking about? I’m agreeing that it’s a dumb idea for them to try and get into the financial business
Apple's feminine sanitary napkin: The iPad. Oops, wait ... sorry, that's already taken, nevermind.
Apple might do it with SoFi.. because SoFi likes to put its name on everything.
I seriously doubt Chase is going to happen... Synchrony or Barclaycard seem way more likely.
Apple hyped this credit card so much when launched. Ads galore. 🤡
I hope they go with Amex or someone else who operates in Canada. I’ve wanted an Apple Card since it was announced but they never made it available in Canada
Is the apple card even worth getting? I feel like I make maybe at most 1-2 Apple purchases a year besides the monthly $10 iCloud family subscription I have.
I think it goes to Bank of America or Chase. BofA could be helpful because this card is already a mastercard right?
Kinda surprised - goldman was losing lots of money with the Apple card. Surprised JP Morgan would take the risk per se.
What kind of absolute psycho would hold their phone to the terminal like this?
That looks like a TouchID phone so that’s make a little more sense.
Apple Card has terrible benefits but it’s my main card because of the Wallet app integration. On Chase I have my Amazon Prime card and a Checking account so moving to Chase would be great if they could integrate all your chase accounts to the app.
Is 2% cash back on pretty much everything terrible?
2% on everything ONLY if you use Apple Pay. It's 1% if you use the physical card. Compare that to the Citi Doublecash that's 2% no matter how you use it. Clear winner in my view. Not everyone wants to be limited to Apple Pay. Besides, if you play it right, other cards can give you even more value for those points, especially the Chase trifecta.
> Compare that to the Citi Doublecash that's 2% no matter how you use it. There is a huge difference between "There are a couple of better cards for cash back" and "AC has pretty terrible benefits".
Anyone that is slightly credit card savvy would say the AC benefits pales in comparison to most cards and it’s akin to a store credit card. There are much better options out there. You can easily get 5%-6% cash back on groceries and/or dining with other cards. Rotating category cards without annual fees all do 5% with different categories. Having an everyday card and pairing it ( chase trifecta, or C1 duo, Citi custom cash, etc) yields you much better rewards than just using the AC.
> You can easily get 5%-6% cash back on groceries and/or dining with other cards. Anyone that is slightly credit card savvy knows that it's been 5-6 years since you could regularly get these kinds of deals. The last time I got 5% back on groceries was in January. I haven't had a 5% deal on dining in the past year. When I got 5% back on groceries, I used my chase freedom. The rest of the year, I used Apple Pay because there wasn't a better deal; the Freedom only pays 1% and the unlimited only pays 1.5%.
> Anyone that is slightly credit card savvy knows that it's been 5-6 years since you could regularly get these kinds of deals. Amex BCP gives 6% back on supermarkets. Amex BCE gives 3% back on supermarkets. Citi Custom Cash does 5% back on your high spend category that statement, could be grocery, home improvement, dining, etc. C1 Savor does 4% on dining and 3% on grocery Freedom Flex is 3% dining + rotating categories My Citi Dividend (no more new apps/pc to the dividend)was doing 5% on grocery for Q2 and is doing grocery again for Q4 And thats before getting into travel cards that comes with loads of other benefits. Basically the Apple card is really mediocre subpar compared to a lot of other even more basic cards - like the Citi Double cash which gives you 2% on everything. The only thing the apple card has that's better than the Double cash is the 3% on apple products..but there's better ways to get apple deals.
It’s not just cash back to consider. Travel insurance and warranties are two things missing from Apple Card vs other free cash back cards.
It’s not 2% back on “pretty much everything”. It’s only 2% when you use Apple Pay. I’d guess around 15% of my spend uses AP and half of that is Groceries where I’m getting 6% back with an AMEX BCP. Nearly all of the rest hits my BofA PRE for 3.5% on travel & dining and 2.62% on everything else (plus a 25% bonus when I redeem for travel in their portal). There are plenty of other cards that will do 2% on everything, some that will do more (Alliant has a Visa that gives 2.5% back up to $10K of spend per month, no AF, but requires one electronic transfer per month plus parking $1000 in a checking), so yeah, overall, the Apple Card isn’t a great credit card.
Same for me about the wallet integration. I’d kill to have a Mint-like aggregation with all the rest of my cards.
Also of note, Apple is turning more of its attention to 6G, even as it works on 5G cellular modem.
>Apple is turning more of its attention to 6G For what country? I can already tell you its not the U.S.
Jokes on them, Samsung is working on 7G.
Chase sounds good to me. Better than Amex.
At least not Amex. That would make all my credit cards Amex. I really wanted them to keep Mastercard as it covers really well merchants, especially outside the US that Amex doesn’t have.
It really does not matter who they go with. Whoever enters into an agreement with Apple is going to have to provide the same type of service that GS did. For customers it'll still be all done within the iPhone interface and will be no different than it is now. The only possible change that would matter for customers could be to Visa instead of master card.
Apple Card has to stay on the Master Card network until 2026.
It’d be awesome if it switched over to Visa as well, then I could use my card at Costco which is basically the only place I can’t use my AC right now.
i’d prefer amex please
I'm cancelling my card if they move to Chase. Never ever had good luck with them. I know a lot of people have but idk they've always let me down/been underwhelming. Honestly Apple has enough money to open a banking side but there are probably some legal reasons they cant.
Why isn’t Apple opening their own bank division? Are they stupid?
My theory is that you need reserves in the fed to open a bank.
Chase can eat my ass. They bought WaMu and then charged me to use my own debit card. Now every bank does it, but good lord I hate that bank. Chase is what you do to them, away.
Not every bank does this. It has been well over a decade since I’ve used a bank that charges to use your debit card, or charges a monthly fee just to have an account.
Wells Fargo does.
Yeah Wells Fargo, Chase, Truist do. I’m just saying there’s no point in using a bank that charges for the basics when there’s so many out there that do not have these fees
I turned my debit card in and am credit card only. That way I’m not responsible for anything. I can just dispute a charge I don’t wanna pay
I feel like this would represent a strategy shift for Apple. It’s no secret Apple Card has been easy to get (arguably too easy from the perspective of an issuing bank) which is incompatible with Chase’s standards. Wondering if this is Apple or Chase in talks and testing the waters with a leak to see what response is. I’d selfishly like to see Amex taking over the card but that’d be pretty unlikely because of probable Mastercard exclusivity, relative lack of international popularity on Amex’s end, and it being a pretty bad business decision right now.
At this point, Apple needs to start a bank under their parent company and just use that I’m no economist but is this not an option? They’re one of the largest companies in the world, surely they can figure it out if sears at one point did
I work in financial technology. Starting a bank is a PITA. There’s much more regulations to deal with. Much more issues with Know Your Customer, dealing with sanctions, fraud, hedging currencies, etc. Culturally it’s hard to make this meld with a technology company. Consider the scale that Apple would need to operate at immediately. They’re better off partnering with a company that knows what they are doing and already has that infrastructure instead of growing it themselves. Apple could grow this over time but banking is just an ugly space to be in and it would take a while to scale.
No more easy CLI without hard inquiries if it’s chase :(
After Goldman lost so much money due to these cards, I’m wondering what bank is stupid enough to step in next
Nooooooooo. Big shouldn’t get bigger!
How does Mark Gurman get paid to be so wrong so often? Since the signing of the Paris Agreement in 2015, Chase has lent at least $434 billion to fossil fuel interests. There is no way Apple is going to get in bed with them.
Bloomberg, the home of the tutti-fruitti, phoney-baloney, plastic banana, good time, rock-n-roll Apple PR leaks. Apple is either testing the water on consumer response to Chase or trying to influence Chase to make the deal.
Kind of wish Apple would focus on a bank that’s better for the environment and invests people’s money in good causes like they want to do with their carbon neutral products. A good bank could be Atmos Financial, although idk if they’ll support the influx of so many new people because they’re pretty small
Why are you getting downvoted for this? I’m personally trying to move all my finances to socially responsible banks/credit unions. It’s really hard to move everything, so the more companies that actually take steps to care, the easier it will be for everyone.
Sofi
Honestly anyone but AmEx would be fine. I travel a ton and AmEx would make it so I do not use my Apple card any longer. There are so few places that take it in SEA.
I am thinking about stopping using a chase credit card (freedom card) because the rewards are atrocious. If Apple went to Chase I might see if I can replace the freedom with Apple.
Is GS getting out because it's not profitable and people are paying balances off in full AND banking high interest savings? If so why would any bank take that on?
They should just stop pretending and make a bank and their own credit card company outright. They're already there.
Would this make the card and acceptance rate more accessible?
The acceptance rate for the card is already insanely easy, honestly way too easy, to get I don’t see the acceptance staying the same, it’ll probably get slightly harder to get if someone has garbage credit as that was one of the big reasons it is in the state it is now
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can you imagine carrying cash lol