Credit rating, just like all the other card companies. If you have a good credit rating, you will get a lower interest-rate. You will not pay a late fee, and he will not pay increased interest if you are late. You will still pay interest, but unlike some cards, according to what I read, they will not hike the interest-rate.
Sent from my iPhone > On Mar 29, 2019, at 7:12 PM, Sieghard Weitzel <siegh...@live.ca> wrote: > > 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: viphone@googlegroups.com <viphone@googlegroups.com> On Behalf Of Victor > Gouveia > Sent: Friday, March 29, 2019 2:06 PM > To: viphone@googlegroups.com > 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: viphone@googlegroups.com > 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 > talk2o...@gmail.com > "If God can bring you to it, > He will lead you through it." > > On Mar 28, 2019, at 11:53 PM, Sieghard Weitzel <siegh...@live.ca> 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: viphone@googlegroups.com <viphone@googlegroups.com> On Behalf Of > KliphnShari Miller > Sent: Thursday, March 28, 2019 4:40 PM > To: viphone@googlegroups.com > 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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