from the very-interesting dept.
A few days ago, Jamie Heinemeier Hansson went public with the observation that Apple Card gives better interest rates to husbands than to wives. Several sites have since picked up the story and now it has caught the attention of the US Senate.
I care about transparency and fairness. It's why I was deeply annoyed to be told by AppleCard representatives, "It's just the algorithm," and "It's just your credit score." I have had credit in the US far longer than David. I have never had a single late payment. I do not have any debts. David and I share all financial accounts, and my very good credit score is higher than David's. I had a career and was successful prior to meeting David, and while I am now a mother of three children — a "homemaker" is what I am forced to call myself on tax returns — I am still a millionaire who contributes greatly to my household and pays off credit in full each month. But AppleCard representatives did not want to hear any of this. I was given no explanation. No way to make my case.
Wyden has lately taken up the bailiwick in fighting algorithmic bias. In April, he and Senator Corey Booker introduced the Algorithmic Accountability Act, which would obligate companies to assess their decision-making systems and training data "for impacts on accuracy, fairness, bias, discrimination, privacy and security." The bill has yet to move forward.
Earlier on SN:
Maybe Don't Keep Your Apple Card in a Leather Wallet, Apple Warns (2019)
Apple Unveils... a Titanium Credit Card (2019)
At Apple's "show time" services event today, it announced a new Apple Card credit card, promising to improve things about the credit card experience with simpler applications, no fees, lower interest rates, and better rewards.
To get an Apple Card, users will be able to sign up on their iPhone in the Apple Wallet app and get a digital card that they can use anywhere Apple Pay is accepted "within minutes." Customers will also be able to track purchases, check balances, and see when their bill is due right from the app. There will be a physical titanium card, too, but there's no credit card number, CVV, expiration date, or signature. All of that authorization information is stored directly in the Apple Wallet app.
Apple also says that it'll use machine learning and Apple Maps to label stores that you use in the app, and use that data to track purchases across categories like "food and drink" or "shopping." [...] Like many of Apple's products, privacy is a big push here. "Apple doesn't know what you bought, where you bought it, and how much you paid for it," said Jennifer Bailey, VP of Apple Pay. All of the spending tracking and other information is stored directly on the device, not Apple's servers. The company also promises that "Goldman Sachs will never sell your data to third parties for marketing and advertising."
Other companies have offered 3-4% cash back for certain purchases.
Also at Ars Technica.
See also: Apple's 2%-cash-back credit-card rewards are interesting, but I'm convinced people are overlooking the best part
Apple's new credit card holds a lot of promise, but read the fine print before signing up
Tim Cook says Apple Card is a game changer. Experts are not so sure
Apple's move into banking raises the bar for fintech, traditional credit cards
"Some fabrics, like leather and denim, might cause permanent discoloration that will not wash off," Apple warns card owners.
[...] The BBC rounded up a number of Tweets from early adopters confirming that the physical card might look nice when you get it, but probably not for long after. "I can say from two months of having the card in my leather wallet, it no longer looks pretty," one owner wrote.
The damage is cosmetic only; the card will still work at a point of sale if you dare to keep it in your wallet. If you would like to keep it looking new, however, Apple recommends wiping it gently with isopropyl (rubbing) alcohol using a soft microfiber cloth.