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posted by martyb on Wednesday March 27 2019, @12:28AM   Printer-friendly
from the what's-the-catch? dept.

Apple announces Apple Card credit card

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


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  • (Score: 5, Insightful) by Anonymous Coward on Wednesday March 27 2019, @12:55AM (9 children)

    by Anonymous Coward on Wednesday March 27 2019, @12:55AM (#820429)

    Apple doesn't know what you bought, where you bought it, and how much you paid for it

    This is obviously a complete lie. The entire payment service is administered by Apple, and there's no way to do it without knowing who to transfer money from, and who to transfer money to.

    If you called up Apple Pay's tech support, and told them you believed there was a fraudulent transaction on your account, you can be certain that they'd pull up the transaction history, which would show the date, amount, and merchant of every transaction you made in the last month. (Because if they didn't, they would be in violation of credit card consumer protection laws.)

    Citation that verifies this: https://sensorstechforum.com/new-apple-pay-privacy-method/ [sensorstechforum.com]

    The purchase amount, the time and the place of the financial operation are still known to Apple

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  • (Score: 1) by fustakrakich on Wednesday March 27 2019, @02:25AM (1 child)

    by fustakrakich (6150) on Wednesday March 27 2019, @02:25AM (#820458) Journal

    This is obviously a complete lie.

    Well, they have to lie. I mean, look at it from their point of view. They have a business to run. /s

    --
    La politica e i criminali sono la stessa cosa..
    • (Score: 2) by DannyB on Wednesday March 27 2019, @02:06PM

      by DannyB (5839) Subscriber Badge on Wednesday March 27 2019, @02:06PM (#820638) Journal

      It can't be a lie. Apple said it. Thus it MUST be true.

      Have you not made your annual pilgrimage to Apple's WWDC to hear the messiah um, I mean his successor Tim Cook speak the holy words? Tell you what products to buy? How to Think Different?

      --
      I get constant rejection even though the compiler is supposed to accept constants.
  • (Score: 4, Interesting) by Mykl on Wednesday March 27 2019, @02:40AM (3 children)

    by Mykl (1112) on Wednesday March 27 2019, @02:40AM (#820467)

    This bears further scrutiny, but I note that your citation is an article about the original Apple Pay from 2014. Now they may still be using the same tech, but I will allow for the possibility of a change in their back-end processes. It does seem a strange thing to directly lie about, after all.

    Your point re: protection laws etc remains valid.

    Perhaps the spokesperson was saying that "Apple" doesn't see your transaction details, but perhaps "Apple Payment Administration Corp" does? If so, that's pretty weasely words. More information required.

    In any case, I do believe (based on their track record for privacy to date) that Apple will keep this data private and not sell it to the highest bidder.

    • (Score: 0) by Anonymous Coward on Wednesday March 27 2019, @07:18AM (2 children)

      by Anonymous Coward on Wednesday March 27 2019, @07:18AM (#820530)

      This These bears further scrutiny

      FTFY. Love those bears, yeah.

      • (Score: 2) by DannyB on Wednesday March 27 2019, @02:08PM (1 child)

        by DannyB (5839) Subscriber Badge on Wednesday March 27 2019, @02:08PM (#820642) Journal

        The best way to invite further scrutiny is to bare.

        --
        I get constant rejection even though the compiler is supposed to accept constants.
        • (Score: 2) by bob_super on Wednesday March 27 2019, @06:18PM

          by bob_super (1357) on Wednesday March 27 2019, @06:18PM (#820837)

          Does not apply if you're a guy over 300 pounds.
          Noticed and pointed at, but surely not scrutinized by anyone not wearing a uniform.

  • (Score: 5, Interesting) by Whoever on Wednesday March 27 2019, @03:20AM (1 child)

    by Whoever (4524) on Wednesday March 27 2019, @03:20AM (#820477) Journal

    This is obviously a complete lie. The entire payment service is administered by Apple, and there's no way to do it without knowing who to transfer money from, and who to transfer money to.

    Yes, it's hard to reconcile that claim with another claim in the article:
    '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.” '

    They can track your use without knowing anything about your use! Some deep magic there! Perhaps this is the start of Tim Cook's attempt to develop a reality distortion field?

    • (Score: 3, Insightful) by c0lo on Wednesday March 27 2019, @07:22AM

      by c0lo (156) on Wednesday March 27 2019, @07:22AM (#820534) Journal

      Perhaps this is the start of Tim Cook's attempt to develop a reality distortion field?

      Let's be frugal in our expectations, lest he disappoints.
      Let say "a distortion field" for now and let the "reality" for later.

      --
      https://www.youtube.com/watch?v=aoFiw2jMy-0
  • (Score: 2) by edIII on Wednesday March 27 2019, @07:38PM

    by edIII (791) on Wednesday March 27 2019, @07:38PM (#820898)

    That's not even the best part...

    The company also promises that "Goldman Sachs will never sell your data to third parties for marketing and advertising."

    Translation: "Darth Vader has personally promised that the Empire will leave Bespin alone, and not place a garrison there."

    --
    Technically, lunchtime is at any moment. It's just a wave function.