Apple Card

[Anonymous]

I am pre-approved for Apple card but confused if I should accept the offer. APR is 21.99%. Does Apple reduce APR?

[FinStar]

There's only been a handful of reports where it has happened. But, it's not the norm where folks can reach out to GS and have it reduced like NFCU, Discover or Citi, for example.  

That said, if you PIF, the APR is a non-event. Even at their lowest APR, you definitely wouldn't want to carry a balance over time.

[Anonymous]

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@FinStar wrote:

There's only been a handful of reports where it has happened. But, it's not the norm where folks can reach out to GS and have it reduced like NFCU, Discover or Citi, for example.  

That said, if you PIF, the APR is a non-event. Even at their lowest APR, you definitely wouldn't want to carry a balance over time.

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I usually don't carry any balance. I do pay in full. Thanks for your answer. 

[FalconSteve]

I've never seen them reduce APR, only increase CL, but why are you planning to pay APR? Is this just precautionary? 

[Anonymous]

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@FalconSteve wrote:

I've never seen them reduce APR, only increase CL, but why are you planning to pay APR? Is this just precautionary? 

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Yes just incase, if I do have to carry a balance which I highly doubt. 

[mtsaz]

I hate the apple card.  WHY?  Because I ran it up to about 4500- then paid the balance.  They put a hold on the funds/credit for 21 days.  They say that is their "policy".  They said "it might only happen once- or it might happen everytime- we don't know".  So no one was helpful- and basically I stopped using it and use my trusty old discover which credits payments immediately.  I even tried to tell apple (GS) that the check had cleared 2 days after the payment- and I could prove it- but they wouldn't budge.

On the surface its a good card- but it has these oddball quirks that make it unuseable.  I would expect that kind of treatment from some crappy secured card but not from a card that gave me a 6000 limit and I have never been late or never had a problem- ever.  Its very strange but also very frustrating especially if its your go to card for traveling or work or whatever---not releasing the credit could be a real problem.  Thanks.  

[Loquat]

@mtsaz I know holding funds can be inconvenient but this isn't something that's unique to Apple.  There are many lenders who will hold payments...even more so if the payments being made are outside of the norm for the account.  With most lenders, this behavior of holding payments tends to stop after a period of time and once account history and payments have been established. 

I'm a member of PenFed and there was a time when they'd hold payments for a lot longer than 21 days.  It wasn''t ideal and I just learned to live with it until their internal time of holding payments had expired.  

If you find the car useful and it benefits you, I'd try to stick with it.  I'd guess that once you establish history of making large payments, hopefully such holdings will come to an end.

But know, the act of holding payments isn't unique to Goldman Sachs...may lenders often do the same thing. 

[Anonymous]

PenFed and Capital One have been known to hold payments for new accounts. Usually its a set timeframe till the account becomes unrestricted in this regard.

@mtsazYou mentioned a check "clearing" after you made a payment to the credit card. Sounds like there may have been some extenuating circumstances that triggered the extended hold on the account. Hopefully it resolves itself quickly.

[mtsaz]

it wasnt a "check" per se- because you pay the apple card thru the apple wallet- and its tied into your bank.  The payment (ach) cleared 2 days after I initiated the payment- yet the funds were not available for 21 days. 

My citibank American airlines card doesn't do that- even when new, and I had travelled out of the country and ran that thing up over 15K- and paid it off- poof- credit released within a week.  Discover is also very good---

Well I am not sure I feel better knowing penfed and others do it- I have just never had it happen to me before.  Thank you all for reading and replying---it means a lot to me and I hope I can provide some answers to some of you someday.  

Thanks

[Jordan23ww]

Congratulations on your pre-approval!  The only times I heard about Goldman Sachs reducing someone's Apple Card APR are for those with ties to the military.  Everyone else I've read about asking for a lower APR was denied and told they only do it for military personnel.