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Bad idea Apple. The only reason many of us use credit cards is to collect points. Without the incentive of earning points to spend on flights and merchandise, w

by jbob2000 8y ago

Bad idea Apple. The only reason many of us use credit cards is to collect points. Without the incentive of earning points to spend on flights and merchandise, why would I use your card?

parthdesai 8y ago
If you are in Canada, you absolutely need to use 1 credit card to have a decent credit history. Not having a credit history or having a bad credit history means you won't be able to get a mortgage, won't be able rent, won't be able to finance/lease a car. I'm pretty sure it works the same in US as well.
- closeparen 8y ago
  Yes, but you may as well choose the credit card with the most advantageous reward scheme. The fact that you need a credit card to establish history doesn’t make reasonable to choose a card with suboptimal rewards.
  - parthdesai 8y ago
    But the parent clearly says "The only reason many of us use credit cards is to collect points". Unless, of course only reason means something else.
- Consultant32452 8y ago
  Here's my anecdotal experience in the US. You can still find banks that will do manual underwriting for big loans like a mortgage. 15-ish years ago when I had no credit history I was able to rent an apartment, but I had to leave a bigger deposit, 3 months instead of the standard 2. I bought a car with no credit, but I bought it at a small buy here pay here lot whose customers often have bad credit. I didn't try a big dealership for a new car.
skellera 8y ago
It's obvious there will be some sort of incentive. Apple Pay currently gets bonus discounts for various online retailers. Like Amazon gives 5% back on Amazon/Whole Foods purchases, expect Apple to do something as well.
onion2k 8y ago
The only reason many of us use credit cards is to collect points. People who use their card for the benefits are the least profitable customers for a credit card company. Apple won't want you to have their card. Apple will want people who'll buy an Apple product (or five Apple products...) that they can't easily afford. They won't be people who'll default or declare bankruptcy because that's not Apple's market. These people will get the card for the small-but-useful discount (low single digit percent) in the Apple store, and they'll pay their debt off over a couple of years before doing the same thing all over again. These people are the perfect credit card customers. It will be insanely profitable for Apple.
scarface74 8y ago
This is yet another "Do people still watch TV? I don't even own a TV" type of disconnect. https://www.creditcards.com/credit-card-news/average-credit-card-debt.php https://www.creditcards.com/credit-card-news/average-credit-...

Bad idea Apple. The only reason many of us use credit cards is to collect points. Without the incentive of earning points to spend on flights and merchandise, why would I use your card?

parthdesai 8y ago

If you are in Canada, you absolutely need to use 1 credit card to have a decent credit history. Not having a credit history or having a bad credit history means you won't be able to get a mortgage, won't be able rent, won't be able to finance/lease a car. I'm pretty sure it works the same in US as well.

closeparen 8y ago
Yes, but you may as well choose the credit card with the most advantageous reward scheme. The fact that you need a credit card to establish history doesn’t make reasonable to choose a card with suboptimal rewards.
- parthdesai 8y ago
  But the parent clearly says "The only reason many of us use credit cards is to collect points". Unless, of course only reason means something else.
Consultant32452 8y ago
Here's my anecdotal experience in the US. You can still find banks that will do manual underwriting for big loans like a mortgage. 15-ish years ago when I had no credit history I was able to rent an apartment, but I had to leave a bigger deposit, 3 months instead of the standard 2. I bought a car with no credit, but I bought it at a small buy here pay here lot whose customers often have bad credit. I didn't try a big dealership for a new car.

skellera 8y ago

It's obvious there will be some sort of incentive. Apple Pay currently gets bonus discounts for various online retailers. Like Amazon gives 5% back on Amazon/Whole Foods purchases, expect Apple to do something as well.

onion2k 8y ago

The only reason many of us use credit cards is to collect points. People who use their card for the benefits are the least profitable customers for a credit card company. Apple won't want you to have their card. Apple will want people who'll buy an Apple product (or five Apple products...) that they can't easily afford. They won't be people who'll default or declare bankruptcy because that's not Apple's market. These people will get the card for the small-but-useful discount (low single digit percent) in the Apple store, and they'll pay their debt off over a couple of years before doing the same thing all over again. These people are the perfect credit card customers. It will be insanely profitable for Apple.

scarface74 8y ago

This is yet another "Do people still watch TV? I don't even own a TV" type of disconnect. https://www.creditcards.com/credit-card-news/average-credit-card-debt.php https://www.creditcards.com/credit-card-news/average-credit-...