topic Re: Thinking about Apple Card - questions for you guys: in Credit Card Applications

Thinking about Apple Card - questions for you guys:

Anonymous — Sat, 26 Mar 2022 12:20:53 GMT

Koo Hi!

i really like the Apple Card for a variety of reasons but primarily, I use Apple Pay so much that it will by far reap the "most rewardsl comparable to my capital one/discover/chase cards. I also like that there is even potential for a 12.99 apr considering all of my current cards are absurdly high interest and anything close to that would be better than what I have now. I am on the apple upgrade program and with rumors they're planning to expand that to other devices, my interest is even more piqued. which brings me to my first/shorter question: do they do balance transfers?

second: how do people feel about the card overall? generally/personally?

my last question is cliche. based on my general credit stuff which I'll post below, what do people envision for potential offers? if I apply but ultimately decide to decline, do I reapply with hope for a better offer later on?

i have a target red card ($0 balance), 2 capital one cards and a discover card ($4-5k limits, 40% used) and a chase freedom card (15% used). All are 20%+ APR and YEARS old. I haven't closed them and tried to replace because of "oldest credit card history" factor (started close to 10 years ago).

My Chase freedom card is the most absurd and due to my own laziness -- $1k limit, never have gotten/requested a CLI and a 22.9% apr. I got it when the freedom card first came out and when my credit was infinitely worse. Chase is my primary bank for checking. It was advised by some rep. I spoke to awhile ago that I pay off and close the current freedom account and apply for a new chase card (I'm preapproved for sapphire/sapphire reserved but no thanks to the yearly fee and offer's APR). I've been paying it off monthly.

I have no late/missed payments.my fico is between a 715-730 and my credit card usage ratio is technically ~16-18% because I'm an authorized user on dad's Amex (with a 20k limit, $0 used)....even though i have those other card balances. But then, I have a sh*t ton of student loans (which are deferred for now) and a car loan which I pay monthly.

if I forgot anything ^ please let me know? I'm sorry this is so long but I know people here (so many of you are absurdly smart/knowledgeable) are most helpful when they have detailed info to work with. any advice appreciated. Thank you!

Re: Thinking about Apple Card - questions for you guys:

DJRobbieD — Sat, 26 Mar 2022 13:44:20 GMT

It's only a SP when you apply. They'll offer you a SL and APR that you can accept or decline. If you accept, then it'll HP your TU report. If you decline, no HP. It's a no risk application.

Re: Thinking about Apple Card - questions for you guys:

coldfusion — Sat, 26 Mar 2022 14:09:06 GMT

@Anonymous wrote:
which brings me to my first/shorter question: do they do balance transfers?

No, they do not. They are not keen on their balances being transferred to other cards either as per pages 11-12 on the T&C.

https://www.goldmansachs.com/terms-and-conditions/Apple-Card-Customer-Agreement.pdf

Re: Thinking about Apple Card - questions for you guys:

Anonymous — Sat, 26 Mar 2022 15:03:32 GMT

Ya, I knew that re: SP... most cards are like that these days... but what credit burough counts as a HP is less of a concern than the data apple collects and will use later on. Like if I decline and fix things to reapply, will they "like" that more or less...give me a better or worse offer than it might if I am up to their standard ahead of time.

@DJRobbieD wrote:
It's only a SP when you apply. They'll offer you a SL and APR that you can accept or decline. If you accept, then it'll HP your TU report. If you decline, no HP. It's a no risk application.

Re: Thinking about Apple Card - questions for you guys:

Anonymous — Sat, 26 Mar 2022 17:14:01 GMT

@coldfusion wrote:
@Anonymous wrote:
which brings me to my first/shorter question: do they do balance transfers?
No, they do not. They are not keen on their balances being transferred to other cards either as per pages 11-12 on the T&C.

https://www.goldmansachs.com/terms-and-conditions/Apple-Card-Customer-Agreement.pdf

Booooo....

Re: Thinking about Apple Card - questions for you guys:

OmarGB9 — Sat, 26 Mar 2022 22:35:57 GMT

@coldfusion wrote:
@Anonymous wrote:
which brings me to my first/shorter question: do they do balance transfers?
No, they do not. They are not keen on their balances being transferred to other cards either as per pages 11-12 on the T&C.

https://www.goldmansachs.com/terms-and-conditions/Apple-Card-Customer-Agreement.pdf

I don't see anything about BTs not being allowed?

Re: Thinking about Apple Card - questions for you guys:

Aim_High — Sat, 26 Mar 2022 23:51:40 GMT

@OmarGB9 wrote:
@coldfusion wrote:
@Anonymous wrote:
which brings me to my first/shorter question: do they do balance transfers?
No, they do not. They are not keen on their balances being transferred to other cards either as per pages 11-12 on the T&C.
https://www.goldmansachs.com/terms-and-conditions/Apple-Card-Customer-Agreement.pdf
I don't see anything about BTs not being allowed?

Balance Transfers with Apple card *ARE* possible transferring *OUT* but they do not accept them coming in. It's a tricky subject, When I tried to inquire via the app, the artificial intelligence feature told me that they don't do BTs even though that's not the complete answer. When I called and spoke to a representative, at first they also told me that they "don't do balance transfers" and had trouble understanding my question of whether it was incoming or outgoing. Eventually, I found that you can do it and successfully processed one to another card.

The process is like this. To the bank where you are transferring the balance, treat it like a merchant whom they don't recognize electronically that requires a physical mailing address. In the fine print of your monthly statement (and on page 2 of the linked Customer Agreement), there is a mailing address (Lockbox 6112, P.O. Box 7247, Philadelphia, PA 19170-6112.) You can supply your account number from within the Apple wallet since it's secured access and not on the physical card. That's what I was told to do when I finally spoke to a knowledgable representative and it worked for me.

They do not allow INCOMING Balance Transfers at all, at least at this time.

Re: Thinking about Apple Card - questions for you guys:

Anonymous — Sun, 27 Mar 2022 10:45:34 GMT

thank you for clarifying... very good to know! unfortunately, the reverse is what I'd be interested in due to inflated interest rates on other accounts.

it's kinda bizarre they wouldn't want incoming transfers though? and that they're actively trying to avoid telling users their policy by that omission.

@Aim_High wrote:
@OmarGB9 wrote:
@coldfusion wrote:
@Anonymous wrote:
which brings me to my first/shorter question: do they do balance transfers?
No, they do not. They are not keen on their balances being transferred to other cards either as per pages 11-12 on the T&C.
https://www.goldmansachs.com/terms-and-conditions/Apple-Card-Customer-Agreement.pdf
I don't see anything about BTs not being allowed?
Balance Transfers with Apple card *ARE* possible transferring *OUT* but they do not accept them coming in. It's a tricky subject, When I tried to inquire via the app, the artificial intelligence feature told me that they don't do BTs even though that's not the complete answer. When I called and spoke to a representative, at first they also told me that they "don't do balance transfers" and had trouble understanding my question of whether it was incoming or outgoing. Eventually, I found that you can do it and successfully processed one to another card.

The process is like this. To the bank where you are transferring the balance, treat it like a merchant whom they don't recognize electronically that requires a physical mailing address. In the fine print of your monthly statement (and on page 2 of the linked Customer Agreement), there is a mailing address (Lockbox 6112, P.O. Box 7247, Philadelphia, PA 19170-6112.) You can supply your account number from within the Apple wallet since it's secured access and not on the physical card. That's what I was told to do when I finally spoke to a knowledgable representative and it worked for me.

They do not allow INCOMING Balance Transfers at all, at least at this time.

Re: Thinking about Apple Card - questions for you guys:

ThomasJNewton — Sun, 27 Mar 2022 15:11:32 GMT

I am

@coldfusion wrote:

No, they do not. They are not keen on their balances being transferred to other cards either as per pages 11-12 on the T&C.

https://www.goldmansachs.com/terms-and-conditions/Apple-Card-Customer-Agreement.pdf

I do not see anything on those pages that indicates they do not want their balance transferred. Would you either quote the relevant part or include an item number/heading? Thanks. I do not have any AppleCard at the moment, and probably do not qualify yet, but it is of interest to me, so I am curious. :-)

Re: Thinking about Apple Card - questions for you guys:

ThomasJNewton — Sun, 27 Mar 2022 15:17:13 GMT

I can tell you that if you do not get approved you might get a "Path to AppleCard" response, with instructions as to what to do to qualify. My understanding is that if you complete their steps, they will grant you a card. :-) Good luck.

Re: Thinking about Apple Card - questions for you guys:

Aim_High — Sun, 27 Mar 2022 17:27:27 GMT

@Anonymous wrote:
it's kinda bizarre they wouldn't want incoming transfers though? and that they're actively trying to avoid telling users their policy by that omission.

Some background information might help explain this policy, but this is mainly my own subjecture.

While Goldman Sachs is a huge investment bank, Apple Card was their first foray into credit cards.
Goldman didn't just issue a generic Mastercard, which they could have done instead. They partnered with Apple and there is a strong focus with the card on strengthening Apple's products. Getting consumers more acclimated to using and demanding Apple Pay, and allowing consumers to purchase more Apple products with special financing are two examples. Goldman appears to be much more interested in the partner relationship with Apple (or with GM with their newer second offering) than with offering traditional credit card products.
Apple card likes to advertise that they have "NO FEES!" as a selling point. While that includes the obvious annual fee or late fee or Foreign Transaction Fee, it also includes balance transfer fees and cash advance fees. (Apple card doesn't process cash advances either.)
The "NO FEES" policy may have been dictated by Apple as a part of their ad campaign. I notice that the new GM card from Goldman Sachs *DOES* have a quoted Balance Transfer APR, a Cash Advance APR, and a late fee of up to $40.
The interesting thing about the "omission" of balance transfer information is that I don't think they were trying to "hide" the lack of a policy as much as it just doesn't apply to their card. It's not in the agreement, so it's superfluous from a legal standpoint.

Re: Thinking about Apple Card - questions for you guys:

KLEXH25 — Sun, 27 Mar 2022 20:25:34 GMT

@Anonymous wrote:
Ya, I knew that re: SP... most cards are like that these days... but what credit burough counts as a HP is less of a concern than the data apple collects and will use later on. Like if I decline and fix things to reapply, will they "like" that more or less...give me a better or worse offer than it might if I am up to their standard ahead of time.

@DJRobbieD wrote:
It's only a SP when you apply. They'll offer you a SL and APR that you can accept or decline. If you accept, then it'll HP your TU report. If you decline, no HP. It's a no risk application.

Yes, you can decline now in hopes that you'll get a better offer down the line, after making improvements. I have done their SP approvals a few times, mostly out of curiosity, and their SL offer has ranged from $5k - $6.5k. APR probably also improved but I don't recall in detail. I haven't checked in a long time, but given that it's only a SP and it's of interest to you, it's worth a shot to see where you stand now. They do seem to give conservative SL, but it sounds like there is room to grow (unlike some other lenders).

Re: Thinking about Apple Card - questions for you guys:

bigseegar — Mon, 28 Mar 2022 13:47:19 GMT

I wouldn't expect their best APR of 12.99% with your DP's.

Re: Thinking about Apple Card - questions for you guys:

joltdude — Mon, 28 Mar 2022 14:38:27 GMT

Currently 10.99% is still the Apple Cards "best rate"

(Unfortunately I do not have it, but my family member does)

-J

Re: Thinking about Apple Card - questions for you guys:

Wavester64 — Wed, 30 Mar 2022 18:25:02 GMT

@DJRobbieD wrote:
It's only a SP when you apply. They'll offer you a SL and APR that you can accept or decline. If you accept, then it'll HP your TU report. If you decline, no HP. It's a no risk application.

I wish more lenders were like this.

Re: Thinking about Apple Card - questions for you guys:

collics — Wed, 30 Mar 2022 20:14:42 GMT

I enjoy the card a lot. It's my "2% non category card" as long as Apple Pay is offered.

But I mainly like it for Apple Financing and 3% cash back.