topic Re: Apple Card - Best Feature in Credit Cards

Apple Card - Best Feature

Anonymous — Thu, 27 Feb 2020 15:13:33 GMT

I know Apple Card doesn't get a ton of love on these forums, but I've been using mine for about four months and I really like it. For me, the best feature is that the statement period always closes on the last calendar day of the month, and the due date is alwasys the last calendar day of the next month. This means a longer grace period than any of my other cards in most months.

This works really well for me, as I am paid monthly, and my direct deposit hits on the second to last business day of every month. Thus, I can PIF in the last day or two of the month using the paycheck I just received, and have Apple Card report a zero balance (although they only report to TU at the moment). If I can't PIF before the statement closes, I can PIF at the end of the next and still not pay any intrest.

Are there any other cards out there that have a similar statement/due date cycle? If so, I'd be very interested in them.

Re: Apple Card - Best Feature

Anonymous — Thu, 27 Feb 2020 16:13:25 GMT

I'm honestly surprised that they are getting away with having a due date that isn't concrete. I don't believe this is a beneficial feature for most of us that actually keep track of due dates. I had to put the 28th as the due date for mine just to keep myself from going insane with it changing but it's always in the back of my head that it's wrong.

I am aware of no other card that does this.

Re: Apple Card - Best Feature

Anonymous — Thu, 27 Feb 2020 17:14:41 GMT

As I do my rebuilding, I'm learning a lot. For example, I knew that CC due dates must be fixed by law: if your due date is the 15th, it's always the 15th. But I never knew that your statement cut date is the due date minus the grace period. Which is fine to calculate except when your terms say :

Grace Period is AT LEAST 25 days after the due date. How do you calculate on "at least??"

I can't for the life of me figure out how to get those dates down in a calendar so I can PIF before statement cut, unless I actually call the CC to have them manually give me the days that my bill will cut.

that's why I applaud Apple on this: knowing exactly when your statement cuts is key to credit success. Now if I can only get approved for their card.

Re: Apple Card - Best Feature

Anonymous — Thu, 27 Feb 2020 17:17:31 GMT

@Anonymous wrote:
I'm honestly surprised that they are getting away with having a due date that isn't concrete. I don't believe this is a beneficial feature for most of us that actually keep track of due dates. I had to put the 28th as the due date for mine just to keep myself from going insane with it changing but it's always in the back of my head that it's wrong.

I am aware of no other card that does this.

I also however agree with you: the due date has to be fixed by law. I guess if you say it's the last day of the month, the 29th 30th our 31st or 28th then all is ok, Apple is within the law...?

Re: Apple Card - Best Feature

FinStar — Thu, 27 Feb 2020 19:22:43 GMT

There are other CCs that do not have a fixed due date (i.e. variable cycle). This includes a couple of local CUs and BoA business cards, for instance.

If they weren't compliant, I'm sure they would've made those changes based on regulatory guidance.

Re: Apple Card - Best Feature

Anonymous — Thu, 27 Feb 2020 19:40:49 GMT

Sounds like a nice card! Thanks for sharing, OP!

Re: Apple Card - Best Feature

Anonymous — Thu, 27 Feb 2020 21:27:08 GMT

@FinStar wrote:
There are other CCs that do not have a fixed due date (i.e. variable cycle). This includes a couple of local CUs and BoA business cards, for instance.

If they weren't compliant, I'm sure they would've made those changes based on regulatory guidance.

Business cards aren't subject to the same regulations as personal cards but I have never heard of it happening until the Apple Card. Variable cycles just seem like a great way to trip someone up and make them miss a payment.

Re: Apple Card - Best Feature

Anonymous — Thu, 27 Feb 2020 22:53:42 GMT

@FinStar wrote:
There are other CCs that do not have a fixed due date (i.e. variable cycle). This includes a couple of local CUs and BoA business cards, for instance.

If they weren't compliant, I'm sure they would've made those changes based on regulatory guidance.

I found

Statements With Included Deadlines and Penalties

On credit accounts that charge a late fee, the billing statement must include the payment due date along with the amount of any late fee. If a late payment will result in an interest rate increase, that fact along with the amount of the interest rate must be listed on the billing statement. https://www.thebalance.com/credit-card-accountability-responsibility-disclosure-act-2009-4061197

The law says your due date must be on the same day every month. But timing matters. Credit card companies have different cutoff times for bill payments. This means your payment must be received by a certain hour on its due date, otherwise you’re late. Maybe the cutoff is 11 p.m. Eastern; maybe it’s 8 p.m Pacific time. It all depends on the card issuer. The CARD Act does, however, require issuers to set the time for 5 p.m. or later, in the time zone in which its payments are processed. https://www.creditcards.com/credit-card-news/video-credit-card-due-dates.php

it seems like the CARD Act specifies that if your credit card charges a late fee for a late payment, your due dates are fixed dates.

i don't think Apple charges late fees for late payments so they can do what they want I guess

Re: Apple Card - Best Feature

K-in-Boston — Thu, 27 Feb 2020 23:12:55 GMT

@Anonymous wrote:
I know Apple Card doesn't get a ton of love on these forums, but I've been using mine for about four months and I really like it...

It certainly gets some love from some people. If it's a card that fits your spending and works for you, then it's a great card. Period. Personally, I believe the card would be much more popular here if it gave a signup bonus. But GS/Apple are clearly not having any issues getting people to apply without one, so there's no real need to entice new customers.

Unless and until they fix the issue where you can't store the physical card in such "strange and unconventional places" like in a wallet or your pocket without damaging the card, it's still going to be the butt of jokes.

Re: Apple Card - Best Feature

FinStar — Thu, 27 Feb 2020 23:19:08 GMT

@Anonymous wrote:
@FinStar wrote:
There are other CCs that do not have a fixed due date (i.e. variable cycle). This includes a couple of local CUs and BoA business cards, for instance.

If they weren't compliant, I'm sure they would've made those changes based on regulatory guidance.
Business cards aren't subject to the same regulations as personal cards but I have never heard of it happening until the Apple Card. Variable cycles just seem like a great way to trip someone up and make them miss a payment.

Business cards may not be subject to some of the same regulations, but the upthread comments didn't specify which cards. I simply clarified. That said, variable cycles exist for a plethora of CCs. I'm not sure how someone "may be tripped" when there's plenty of notification options that can be set up, inclusive of those individuals who may prefer to receive paper statements. The due date is printed on them. It's not like CCs are trying to do a "gotcha". It's how they are set up and remain compliant.

Re: Apple Card - Best Feature

SBR249 — Thu, 27 Feb 2020 23:26:31 GMT

I don't think the Apple Card is strictly a "floating due date" card. Likely what happened is that they set their due date to be the 31st of every month. The same language in the CARD ACT that says if a due date falls on a holiday or weekend then payments received on the next business day is still considered on time likely also covers due dates in months that aren't 31 days long. So legally speaking, the Apple Card's due date is probably the 31st of every month, when that doesn't exist, then it's the closest business day or something like that.

Re: Apple Card - Best Feature

blindambition — Thu, 27 Feb 2020 23:28:19 GMT

Like Saeran, I prefer a dedicated date. Sets off my anxiety and OCD.
My bigger issue with card is trailing interest. I carried a balance for extra month, due to hospital stay. You can't overpay a few dollars. Support had to credit me and reset account on backend. Never have I seen that before.

Re: Apple Card - Best Feature

Kforce — Thu, 27 Feb 2020 23:37:28 GMT

@FinStar wrote:
There are other CCs that do not have a fixed due date (i.e. variable cycle). This includes a couple of local CUs and BoA business cards, for instance.
If they weren't compliant, I'm sure they would've made those changes based on regulatory guidance.

+ 100, I have two CU's that have end of month and even US-Bank has EOM reporting no mater what the due date falls on.

Re: Apple Card - Best Feature

Kforce — Thu, 27 Feb 2020 23:40:06 GMT

@Anonymous wrote:
@FinStar wrote:
There are other CCs that do not have a fixed due date (i.e. variable cycle). This includes a couple of local CUs and BoA business cards, for instance.

If they weren't compliant, I'm sure they would've made those changes based on regulatory guidance.
Business cards aren't subject to the same regulations as personal cards but I have never heard of it happening until the Apple Card. Variable cycles just seem like a great way to trip someone up and make them miss a payment.

If all went to end of month everyone would know when it was due.

I moved all of mine as close to it as issuer would allow

Re: Apple Card - Best Feature

Anonymous — Fri, 28 Feb 2020 00:07:27 GMT

@Anonymous wrote:
@FinStar wrote:
There are other CCs that do not have a fixed due date (i.e. variable cycle). This includes a couple of local CUs and BoA business cards, for instance.

If they weren't compliant, I'm sure they would've made those changes based on regulatory guidance.
I found

Statements With Included Deadlines and Penalties
On credit accounts that charge a late fee, the billing statement must include the payment due date along with the amount of any late fee. If a late payment will result in an interest rate increase, that fact along with the amount of the interest rate must be listed on the billing statement. https://www.thebalance.com/credit-card-accountability-responsibility-disclosure-act-2009-4061197

The law says your due date must be on the same day every month. But timing matters. Credit card companies have different cutoff times for bill payments. This means your payment must be received by a certain hour on its due date, otherwise you’re late. Maybe the cutoff is 11 p.m. Eastern; maybe it’s 8 p.m Pacific time. It all depends on the card issuer. The CARD Act does, however, require issuers to set the time for 5 p.m. or later, in the time zone in which its payments are processed. https://www.creditcards.com/credit-card-news/video-credit-card-due-dates.php

it seems like the CARD Act specifies that if your credit card charges a late fee for a late payment, your due dates are fixed dates.

i don't think Apple charges late fees for late payments so they can do what they want I guess

That would explain it. Thank you, that makes sense. I always forget this is a no fee card.

Re: Apple Card - Best Feature

CorporalAv — Fri, 28 Feb 2020 01:55:27 GMT

I like the Apple card, my only gripe is that payments don't post immediately after payment is made.

Re: Apple Card - Best Feature

Anonymous — Fri, 28 Feb 2020 02:07:15 GMT

@CorporalAv wrote:
I like the Apple card, my only gripe is that payments don't post immediately after payment is made.

Payments do post immediately for me (or if I split payment with Apple Cash sometimes an hour or two later). Have you tried making a deposit to Apple Cash with your debit card then paying with that?

Re: Apple Card - Best Feature

joltdude — Fri, 28 Feb 2020 03:30:22 GMT

As I recall Amex Charge cards were a bit odd in their dates... also used to be tolerant of what would be considered late.....

-J

Re: Apple Card - Best Feature

NoMoreE46 — Sat, 29 Feb 2020 12:15:13 GMT

Weird. Mine and my wife's payments are instantly reflected in each of our available CLs.

The payments are drawn out next business day.

Anyway, the card is fairly cool to me. DW thinks it is the best card 'eva' though.

Re: Apple Card - Best Feature

Anonymous — Fri, 28 Feb 2020 06:10:18 GMT

Yeah I was just going to say US Bank reports on the last business day of the month if that’s what you like.