I blame this more on Goldman. I remember when the Card first came out, Goldman was eager to get into consumer lending and was accepting everyone. If you were a risk, they’d just give you a higher interest rate and lower credit limit.
But since Apple wouldn’t let them charge late fees (a policy I don’t really understand), those delinquents had little to fear and there were too many of them. I think Goldman later tightened their policies, but they basically shot themselves in the foot and are now paying for it.
What I am really curious to see is what Apple Card terms will change with the deal with Chase. I bet some features – like no late fees – might be gone.
I also seem to remember the Apple Card received negative press and social media attention early on due to denial and low credit limit decisions. So Apple, as TBT people know is often quick to react to bad news stories, might have pressured Marcus to loosen its lending standards for Apple Card. GS’ aspirations for Marcus helped make the move an apparent win-win for both parties.
Just wondering if you go to a local post office to mail your credit card payment checks. There’s been a lot of theft of mail with checks in them around here, apparently because the “arrow” keys used by USPS employees to access mailboxes (including those in apartment buildings and condos, as well as the outdoor “cluster” [well, those are the first two syllables] mailboxes in almost any housing built since the mid-’80s) are getting stolen at gunpoint from mail carriers.
I guess I have a hard time seeing any downside in using Apple Pay to pay partial or complete card balances with Apple Card. It’s certainly nice to get a confirmation of payment in under a minute from making the payment.
My area was built in 2000 but every house has its own separate mail box in front of it. Previously I lived on 10 acres in a rural area with a mailbox out by the street. Only problem I had there was when someone hit it and broke the 4x4 post. I replaced it with a 6” diameter iron pipe! Otherwise no mail theft problems locally at either residence in the last 36 years. Now mail disappearing in USPS hubs is another matter!
I consider the Apple Card’s interface on the iPhone to be nothing short of amazing. No other credit card I have has anything like it. On my iPhone I can access every transaction and every statement on my account going back years to when I opened the account. I can pay my bill without typing a single number. My current balance and recent transactions are all up front and updated in near real time. And there’s a link to the savings account where all my daily cash back goes, also with detailed records going back to the beginning of the account. I would give Apple an A+ for the Apple Card’s iPhone interface.
I agree with that. The interface is substantially better than anything any of my other CC websites (or apps, which are usually fairly underhwelming) offer.
The one thing I truly miss with Apple Card though is that there’s no filter for pending charges. There’s filters for pretty much every other category, but I cannot get it to show me only pending charges. Particularly when AC use is heavy, it’s easy to lose track of things (especially hotel holds that take two weeks to disappear or finalize /smh) as they get buried below lots of other ongoing charges.
I agree with Duane and Simon here. IMO, the Apple Card UI on iPhone totally caters to my data junkie ways. I get more info on each transaction than any other credit card, and I can see all those details going back to August 2019, when I first got the card.
I also really like how most of my purchases go from pending to posted status a full day or two more quickly than with any other card. This particular nicety may or may not continue once Chase takes over and does the backend processing.