@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.
@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).
I wouldn't expect their best APR of 12.99% with your DP's.
Currently 10.99% is still the Apple Cards "best rate"
(Unfortunately I do not have it, but my family member does)
-J
@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.
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.
