No idea, feel free to argue with Apple’s terms and conditions. LOL. Victor
From: Sieghard Weitzel Sent: Friday, March 29, 2019 10:12 PM To: [email protected] Subject: RE: Apple Card tidbits: No support for shared accounts, security details, penalty interest rates, more - 9to5Mac Then what does it have to do with? There must be some criteria why you may get 13% and somebody else gets 24% interest rate. From: [email protected] <[email protected]> On Behalf Of Victor Gouveia Sent: Friday, March 29, 2019 2:06 PM To: [email protected] Subject: Re: Apple Card tidbits: No support for shared accounts, security details, penalty interest rates, more - 9to5Mac Hi Joney, This is not true, according to Apple’s terms for this new card, the introductory interest rate has nothing to do with your credit score. This stated directly in their terms and conditions for the card. Victor From: Joney Sent: Friday, March 29, 2019 9:21 AM To: [email protected] Subject: Re: Apple Card tidbits: No support for shared accounts, security details, penalty interest rates, more - 9to5Mac Your credit score will determine where do you get 13 or 24% interest. The higher your credit score, the lower your interest rate. Joney [email protected] "If God can bring you to it, He will lead you through it." On Mar 28, 2019, at 11:53 PM, Sieghard Weitzel <[email protected]> wrote: I wonder what determines whether your Apple card gets 13% interest or 24% and also what exactly they mean by “no penalty”. If I don’t pay my statement balance in full by the due date I don’t get a penalty either, but I am being charged interest and as we all know, interest on credit cards are high whether they are 13%, 19% or 24% Especially if you consider how low interest rates still are, I pay less than 3% on my mortgage and a line of credit here in Canada is typically anywhere between 6% and 8% depending on your situation and ability to back the line of credit with equity in your home. What was written about being able to basically generate new card numbers is interesting and a constantly changing CVV would also make fraud difficult. new card numbers being genew depending on From: [email protected] <[email protected]> On Behalf Of KliphnShari Miller Sent: Thursday, March 28, 2019 4:40 PM To: [email protected] Subject: Apple Card tidbits: No support for shared accounts, security details, penalty interest rates, more - 9to5Mac Chance Miller One of the most interesting announcements from Apple’s event on Monday was the Apple Card. While a number of details about the card were revealed on Monday, TechCrunch is out today with a closer look at Apple Card and how it works. TechCrunch’s Matthew Panzarino explains that the version of Apple Card shown on Monday is Apple’s “version 1.” This means that, much like other Apple products, the company will be “iterating on the contest with new features and benefits.” One of the things about Apple Card that Apple touts is that it will offer “interest rates that are among the lowest in the industry.” The fine print here says that rates will vary between 13 percent and 24 percent, which is rather standard in the credit card industry. Panzarino notes of two things Apple will be doing to set itself apart here. For one, there is no “penalty interest rate” on Apple Card. Apple touted on stage on Monday that there would be no fees for late payments, which led some to speculate that Apple would increase your interest rate if you were late. That isn’t the case. Penalty rates are an increase of your interest rate if you fail to pay on time. That is not true. Apple Card has no late fees and no penalty rates. You will continue to pay your agreed upon interest rate on your outstanding balance, but that rate will not go up. It will impact your credit score, as Apple does do standard reporting. Further, Apple will attempt to “place Apple Card users at the low end of their interest rate tier.” This means the company will try to “shift you to the bottom of a tier when you qualify” as opposed to having you pay the interest rate that correlates exactly to your credit score. Other details of note include that Apple Card does not require a signature, as well as the fact that the physical card has a “fixed number on the mag stripe, but you don’t know what it is.” The only thing you see are the last four digits. There is also no support for multiple users or shared cards, while replacement cards are free. You’ll also have to have two-factor authentication setup. In terms of security, Apple Card will allow you to generate a new credit card number at any time through the Wallet app. Furthermore, your CVV will refresh at every transaction. You can hit a button to regenerate the PAN (primary account number), providing you with a new credit card number at any time. This is great for situations where you are forced to tell someone your credit card number but do not necessarily completely trust the recipient Each purchase requires a confirmation code (CVV) that will refresh every transaction. Last but not least, Panzarino offers some color on why Apple decided to base the Apple Card rewards system on cash back instead of points or miles. Essentially, Apple wanted “the simplest, most universal benefit structure,” which is cash. Read TechCrunch’s full report on Apple Card here, which offers up more detail on Apple Pay Transit and more. 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