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Apple Card by Goldman Sachs Thoughts?

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Valued Member

Re: Apple Card by Goldman Sachs Thoughts?

So here is my take as someone who had credit issues in the very near past and is also an Apple fan (big time, seriously, I am surrounded right now by my iPad Pro, iPhone, and Apple Watch, typing this on my Macbook Pro)

 

It will be interesting to see what the creditworthiness of this card is going to end up being. As I see it, there will be no chance for someone like me, recovering from BK, rebuilding and even in a few years being in a great credit place, to get this card. 

 

Will their target market of, obviously, Millenials, be able to get this card? Most of the people I know who fit this demographic seem to either not care about credit cards or don't have great credit. Someone said in an earlier post they thought the card looks "superprime" and I have to agree. If the card is going to be tough to get, there are much better rewards cards out there for that credit profile. Nobody who games the credit card rewards system is going to want this card and the people who would probably benefit the most from this type of rewards card are probably not going to be able to qualify. 

 

It's interesting for sure and I would obviously love it over say QuicksilverOne, which would be the rewards card that I will most likely qualify for, and maybe even over Discover IT which eventually I will qualify for, but if I could get in with Chase and the likes, I wouldn't even consider this card unless they add additional benefits like 0% financing on Apple products or even AppleCare included. 

 

I use Apple Pay everywhere I can, and I can do that with my current Cap1 Plat and my debit card. When I can get the QS1, that will go in my Wallet and later when I qualify for Discover IT, that will be my go to for Apple Pay as well, so as someone who probably is not going to qualify for this card, I won't miss it too much and by the time I could qualify for it, I will probably be onto much better rewards, all from Apple Pay.

Message 61 of 921
Regular Contributor

Re: Apple Card by Goldman Sachs Thoughts?

It will be just another status symbol.  I am heavily invested in the Apple ecosystem, but since Steve Jobs died, I’ve seen the quality slowly erode.  It will be interesting to see if this gets a decent foothold.

Message 62 of 921
Super Contributor

Re: Apple Card by Goldman Sachs Thoughts?

I have been thinking about what about this card that interests me. 3% at Apple stores I rarely shop at Apple store I think they are really over priced maybe will get an iPad or MacBook air but that is maybe once every four years ? So not really worth it for me . 2% with Apple pay is interesting it's not as wide spread as I would like so it would basically be 1% card for a lot of my purchases not really optimal. Also you have to have an iPhone while I have an iPhone now who knows about the future . Am pretty sure my next phone will probably not be an iPhone .

So looks like this card is probably not meant for me


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Message 63 of 921
Community Leader
Valued Contributor

Re: Apple Card by Goldman Sachs Thoughts?

I definitely plan on getting it if I can. I wonder though, do you have to use Apple Pay to get the 3% at Apple/apple.com? I don’t use Apple Pay. 

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Message 64 of 921
Community Leader
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?

Pretty sure you *do* have to use Apple Pay to get the 3% with the virtual card..

 

Message 65 of 921
Frequent Contributor

Re: Apple Card by Goldman Sachs Thoughts?

I’m an older millennial and I am absolutely going for this card. It’s not even about status, it’s all about accessibility, phone integration, and instant gratification. And yes, a lot of cards have far better rewards but these things are not nearly as appealing (to me) as the simplification of managing credit cards.

 

I use Apple Pay wherever I go and my final battle ground here in the US is sit-down restaurants that still bring out a paper tab, outdated vending machines, and the cash-only snack bar at work.


Message 66 of 921
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@Adalen wrote:

I’m an older millennial and I am absolutely going for this card. It’s not even about status, it’s all about accessibility, phone integration, and instant gratification. And yes, a lot of cards have far better rewards but these things are not nearly as appealing (to me) as the simplification of managing credit cards.

 

I use Apple Pay wherever I go and my final battle ground here in the US is sit-down restaurants that still bring out a paper tab, outdated vending machines, and the cash-only snack bar at work.


And with your scores, you either won’t get the card or you’ll get a low limit and high APR. 

 

That’s the biggest issue with this card is that the target audience doesn’t have the best credit and its launching at a time when there are indicators of another recession brewing. When all of the other banks are pulling back on lending, I highly doubt that Goldman is going to go the opposite way. 

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Message 67 of 921
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@pinkandgrey wrote:

I definitely plan on getting it if I can. I wonder though, do you have to use Apple Pay to get the 3% at Apple/apple.com? I don’t use Apple Pay. 


Why would you be interested in a card that’s Apple Pay-centric (you can’t even apply for it outside of the Wallet app) if you don’t use Apple Pay unless it actually had worthwhile rewards? Other than iPhones, you can get every Apple product from Amazon cheaper than from Apple and with 5% back on either of the Amazon card offerings and iPhones can be purchased through a carrier and paid off the bill at 3-5% return on other cards. 

 

The only real draw is just saying you have the card, everything else is disappointing or fluff, including the titanium card. 

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Message 68 of 921
Frequent Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@Saeren wrote:

@Adalen wrote:

I’m an older millennial and I am absolutely going for this card. It’s not even about status, it’s all about accessibility, phone integration, and instant gratification. And yes, a lot of cards have far better rewards but these things are not nearly as appealing (to me) as the simplification of managing credit cards.

 

I use Apple Pay wherever I go and my final battle ground here in the US is sit-down restaurants that still bring out a paper tab, outdated vending machines, and the cash-only snack bar at work.


And with your scores, you either won’t get the card or you’ll get a low limit and high APR. 

 

That’s the biggest issue with this card is that the target audience doesn’t have the best credit and its launching at a time when there are indicators of another recession brewing. When all of the other banks are pulling back on lending, I highly doubt that Goldman is going to go the opposite way. 


Let’s be real - you don’t even know what it would take to qualify for this card, so going around telling folks what they can and cannot be approved for and at what rate is pretty bold. This won’t stop me or any other Gen Yer/Zer from applying and I think we all know, this far into THIS forum, that APR is only an issue if you make it one.


Message 69 of 921
Valued Member

Re: Apple Card by Goldman Sachs Thoughts?


@Adalen wrote:

I’m an older millennial and I am absolutely going for this card. It’s not even about status, it’s all about accessibility, phone integration, and instant gratification. And yes, a lot of cards have far better rewards but these things are not nearly as appealing (to me) as the simplification of managing credit cards.

 

I use Apple Pay wherever I go and my final battle ground here in the US is sit-down restaurants that still bring out a paper tab, outdated vending machines, and the cash-only snack bar at work.


I will be honest, I really am interested to see if scores like what you have listed and the profiles of the Millenial generation will be able to snag this card. I am a young Gen X right on the boarder of Millenial, and you are right, I love the accessability of Apple Pay, I literally use it everywhere I can. I love it when people look at me strange when I put my iWatch to the machine and pay. I just feel like, they aren't offering anything other than a brand name because, let's face it, I can do that right now with my current cards. I pay my card with the tap of an app. The text messaging for support is cool but everything else I literally can do with just a couple more clicks of the apps.

 

Maybe it's the fact that the name Goldman Sachs brings up the picture of needing to be well off and perfect credit to play. If they make this card out of reach for it's target market, it's gonna backfire on them.

 

Message 70 of 921
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