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What I found interesting: - No card number - "At Apple, we firmly believe in your right to privacy. That’s why we created a unique architecture for Apple Card
by adamredwoods 7y ago
What I found interesting:
- No card number
- "At Apple, we firmly believe in your right to privacy. That’s why we created a unique architecture for Apple Card that generates things like your transaction history and spending summaries right in the Wallet app on your iPhone.
Of course, Goldman Sachs will use your data to operate Apple Card. But they will never share or sell your data to third parties for marketing or advertising."
- "Apple will not charge a late fee or apply a new high-interest penalty rate for a missed payment. However, customers will continue to accrue interest on their balance at their regular interest rate. "
- The APRs are still relatively high, when compared to how low other borrowing rates are.
- ceejayoz 7y agoThere is a card number, it's just not printed on the card. You can access it via the Wallet app on the connected phone.
- danillonunes 7y agoIf this number is leaked somehow, you can block it and get a new one right from the wallet app. They don't say anything about having to request a new physical card after that, so I believe this number you see on the app is not the same of the internal-only, not printed number of the physical card.
- TazeTSchnitzel 7y agoThe card has a magnetic stripe, so they must have some solution to the magstripe number being stolen
- deleted 7y ago[deleted]
- oblio 7y agoWhy does it even have a magnetic stripe in this day and age, as a completely new tech product from Apple?
- mrweasel 7y agoBecause it's not a tech product, it's a credit card, and plenty of places, in the US at least, still require the use of a magnetic strip. As for how they deal with a changing card number, I have no idea.
- deleted 7y ago[deleted]
- mehrdadn 7y agoI don't know if this is a false memory but I seem to recall at least one time when I saw a vendor swipe a card because chip didn't work on that particular occasion for some reason. I don't know if magnet is actually more reliable, but it does seem to be that way to me.
- jxcl 7y agoI think that the number that they show you in the app is different from the number on the card. They show you a number that you can enter into websites etc but there is a section for "physical card" that only shows you the last 4 digits. If this is stolen by skimmers then I guess they have to send you a new card.
- creativityland 7y agoRegarding the APRs, interesting note at the bottom. It's possible this will lower over time. > Variable APRs range from 12.99 percent to 23.99 percent based on creditworthiness. Rates as of August 2, 2019.
- commoner 7y agoAs a banking term, "variable APR" means that the interest rate will change when the prime rate changes. https://en.wikipedia.org/wiki/Prime_rate https://en.wikipedia.org/wiki/Prime_rate When the prime rate decreases, your variable APR will decrease by the same amount. But when the prime rate increases, your variable APR will also increase by the same amount. The lending bank profits from the premium you pay over the prime rate. Generally, this premium doesn't decrease as long as you hold the card, although some banks will lower your interest rate if you have a long history with them, your account is in good standing, and you ask them nicely over the phone.
- Terretta 7y ago> APRs are still relatively high Not sure that’s true. Apple Card gave me an APR lower than every APR shown here: https://www.nerdwallet.com/low-interest-credit-cards https://www.nerdwallet.com/low-interest-credit-cards Once in a blue moon, Barclay’s Ring card offers an 8% APR, but it’s 14.4% now.