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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: 3, Insightful) by MindEscapes on Wednesday March 27 2019, @05:53PM (1 child)

    by MindEscapes (6751) on Wednesday March 27 2019, @05:53PM (#820815) Homepage

    While I do this as well, it really is another way we rob the poor to pay the rich.

    All of those people unable to get reliable credit that have to use cash and cash card equivalents are paying more so that you, who are financially stable enough to get reasonable credit, can get a discount.

    Need a break? may be for you!
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  • (Score: 3, Insightful) by DannyB on Wednesday March 27 2019, @06:53PM

    by DannyB (5839) Subscriber Badge on Wednesday March 27 2019, @06:53PM (#820862) Journal

    it really is another way we rob the poor to pay the rich.

    Yes, it absolutely is. That is why I point it out every chance it is on topic.

    The system is rigged. I'm taking advantage of how it works.

    I use CC's like crazy. I never borrow money on them. I immediately pay them off every few days. I don't buy anything that I wouldn't write a check for. I'm only buying things I ordinarily would buy. Food. Fuel. Utilities. A new USB-C cable. Etc. I never have late fees. I never pay interest. I have no annual fee.

    I'm also telling other people how it works. BUT . . . if you're going to pay this game, you better have the discipline to NOT buy things you cannot afford. If you are ever borrowing a single cent on a credit card -- YOU'RE DOING IT WRONG !!!

    All of those people unable to get reliable credit that have to use cash and cash card equivalents are paying more

    A couple decades ago, I was one of those people.

    Can't large language models be put in charge of resolving ethical issues related to the use of AI?