Why Card Never Went Anywhere
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- Опубліковано 1 лют 2023
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Intro chime by: / randyvazquez - Наука та технологія
It lost Goldman 1 billion dollars so it seems like a success to me
Bingo!
That’s a win in my book
Yeah, I wonder how that affected people on the lower end of Goldman's employment positions, though.
I'm sure Apple did cover those loses
Um actually it’s VERY common for CC to lose Money for the company. Most big bank (so Amex don’t count, Chase does) do in fact lose Money. It’s not about the cash they get it’s about the people they hook. The same thing happens with Costco and their chicken, hand out more Cards
, then more people use the Cards obviously and eventually it will pay off.
I still love my Apple Card. I didn’t want to gamify the system or do anything complicated.
This card is perfect for me to maintain good spending habits and understand exactly how it all works. I really hope they don’t get rid of it, I’d hate having to deal with monthly activated % back or shit like that.
I love it too!
I feel the same way!
Same. I love it.
I feel similarly. The card’s quick app that’s lets me see what I’ve bought IMMEDIATELY is what sells me on it
If it ever did come to Apple ending the card, there are other cashback cards that work pretty similarly to how the Apple Card does. What Apple Card does isn't really unique or new, they just have better packaging with Apple Pay tie in and a nicer app.
I’m glad to have been a part of that. Also, I don’t think Apple is losing anything. In fact, I’d wager they’re gaining. Because of the Apple Card, I’m much more willing to purchase Apple products and pay over time. As such, I ended up buying more stuff than I usually would, and wouldn’t mind doing some more of that either.
I love my Apple Card! It's a super easy way to purchase Apple products and I've almost switched off my debt card and use it instead and just pay it off every month. I've also used it to help my sons establish credit as well, I see what they spend from my phone, get alerts etc...
Totally agree! It's great! Just not very profitable
Apple Card is the only card I have ever recommended to Apple users. It’s so simple and so good.
I love the interface and features of it as my daily card. I put everything on it, then use the cash back to cover the cost of my phone bill. Works for me.
Same here. Love it. Bought lots of apple products with it interest free. And 3% cash back.
📝 oh wow that’s incredible
I think a big part of why Apple came out with this card was also wanting to incentivize Apple Pay adoption, and I don't think they've failed there.
Similar to google fiber, google only created a ISP company to force the old guys to upgrade their old hardware to fiber because faster internet speeds helped speed internet adoption and made less friction for people using services like google. Google didn’t really intend on going nationwide but they presented themselves as a threat that may go nationwide so the big guys had to upgrade before google could even get a footing. Google has actually pulled out of some locations and has basically stopped expansion because their goal was reached and the investment money is better spent elsewhere.
I wish they would release the Apple Card in more markets, I’ll bet there’s a lot of people like myself who would want to get one but can’t because they’re outside of the US. It was understandable at launch but it’s been years.
The banking system is so much different around the world that it’s hard for any company to expand financial services outside their native country unless they’re a mega player. The only bank I can think of that actively exists for consumers in multiple countries is HSBC. Also you’d not get the same Daily Cash options in other countries because they have merchant fee limits of usually 0.2-0.3% compared to the US’s ehh free market see how high you can go however you would get the nice interface so that alone might be worth it.
I absolutely love my Apple Card I’d definitely want to see apple expand on it. When Apple Pay later comes out whenever that will be, maybe that will incentivize more people to get the Apple Card maybe they can tie it into being an Apple Card exclusive service
I absolutely love my Apple Card, I really hope they don't get rid of it... I use the card almost exclusively and have built up a $55K credit limit on it.
I think their biggest issue is that they are so picky and deny too many people. It took me 7 applications and I had a 760 credit score at the time and it has only gotten higher. As well, people do not wanna be locked into Apple. They make it so difficult to manage the card outside of the iPhone and yes it is easy to access and work with, but if you get rid of your iPhone it is a useless card at 1%
Idk much about credit card issuers and the system behind it. All that i care about is that it was my first credit card and i had fair/poor credit and i was approved (was also a semi early adopter since at the time the card was only out for like 2-3 months).
I attribute my low credit limit to my overall credit score at the time and not of the card/issuer. But i think whats semi lacking in the cards strength is that the installments with apple program is sorta gimped because apple’s products are so freakin expensive.
Like yeah its reckless to allow customers to finance a product greater than their credit capacity, but as you pointed out-isnt that the point? To drive customers into interest payments. Having an option to finance a mac or higher tiered ipad/iphone that totals more than a users credit limit but pay in small payments would totally give apple those interest payments they look for and gaining money.
If i couldve done that, i wouldnt have needed to apply for a different credit card with higher credit limits and thus not use the apple card. I wouldve just stayed with the apple card and payed interest cause i cant outright buy a macbook pro.
Hope the skits come back when cava over thx for posting on holiday
The simplicity and convenience makes it so nice. Some say credit cards makes them spend more but to me seeing those graphs make me feel guilty which results in me holding back my spending.
They made a consumer friendly card that encourages people to not pay interest with a bonus of cash back. Of course it lost money. It would be great if they rolled out the high yield savings for the Apple Cash like they published a few months ago and are probably hoping we all forgot about.
“Over priced mac and cheese” killed me 😂
I use Applecard for my car’s extended warranty.
I also use it if and when I can’t use my Capital One Venture for travel rewards.
I DEFINITELY USE IT to buy Apple products for the small discount
I just hope that savings account they talked about comes out soon.
I am not from US but i really like to watch your videos! Well done mate!😊
I think apple didn't necessarily want to make money directly from the card, they probably see it as just another ecosystem hook, and they make money from you staying in the ecosystem rather than directly from the card
2:48 they should add a feature (probably paid) to help you target a certain credit score. That would be worth so much to people
The clouds in the background though
It also incentivizes people with Apple Card to buy Apple products and sign up for Apple services. They make way more money on that than they loose on credit card interest.
I think Apple is being severely hamstrung by Goldman Sachs’s poor “consumer” division turnout. Why Apple chose to partner with a bank that had zero consumer experience is a bit beyond me, but it obviously hasn’t turned out too well on GS’s end.
Because many of the other major banks turned them down. They calculated the risk was too great and Apple wanted to much control of the financing portion that banks usually handle. Turns out they were right.
Yay! A new Tailosive Tech video
I have an Apple Card and I really like it. I also have an Amazon card and wished that it had the level of integration (app) that the Apple Card has. But Amazon is slow, so I'm not holding my breath.
I kind of assumed the card was profitable because they still collect a fee every time the card is used, physically or with Apple Pay, and I figured that it would offset the interest they lose.
Apple had a $365bn revenue in 2021 alone. If the Apple Card only use is bringing/keeping people in the apple ecosystem I think is very well worth $1bn for them.
I love my Apple Card. It works great. I use it almost everyday.
Great video. I have the Apple Card but really disappointed with the lack of improvements. The Apple Card has turned out to be just a glorified store card. I agree with the idea of starting a membership similar to Amazon Prime and including a 5% discount on purchases of Apple products and services (instead of just 3%) and Apple TV.
I think they should make it available in other countries.
Having said that, in the UK, the difference between Apple and other card providers wouldn't be as large as it is in the US.
I like the Windows XP wallpaper behind him.
I'm surprised to have learned that Apple Pay isn't wildly available in the USA, where as in Australia it is every where. I have a credit card and a debit card linked to the Apple Wallet and pay for everything via Applepay in physical stores. I probably could use applepay online as well if I did online shopping via my iphone or ipad, but I use my laptop for that. If Apple Card was availabe is Australia, don't know if I would consider it seeing that I don't pay interest or annual fees on my Mastercard.
Apple Pay is available in tons of places people just don’t realize it. Any place that has touch less payment. Problem is people think it has to have the Apple Pay logo on it to work. It doesn’t. I have to say though I use my Apple Card sometimes but i use my Apple Pay with a diff CC all the time. If AC had better perks like my other CC i would use that.
I do enjoy my Apple Card ngl I do have my Amex as the top for me but it’s still nice to use the Apple Card in certain places where I can’t use my Amex for the points/cash back
It’s been 4 years but still don’t have it in the Netherlands
Apple isn’t losing money. Goldman Sachs is. Apple just deals with the UI and marketing but the financial product is backed by Goldman Sachs.
I refuse to pay those prices for the products they sell so while I chose to purchase the mini iPad but there are very few items I find that I just have to have.
I make 6 figures and only have a $500 limit, they refuse to raise it, and I have no idea why.
I miss the opening skits
they’ll be back when I return home next week
I wonder, does apple really care if they don’t profit from Apple Card? It keeps people in the apple ecosystem, so they do benefit from it. Goldman Sachs probably doesn’t like that approach tho
Here's hoping they come to Canada.
The Apple Card actually wasn't the first forray for Apple with a credit card.. sort of. Before 2019, Apple offered the Barclays card, which allowed you (and still allows you) to finance devices throughout the store without having to go with a carrier promotion.
I very much like the Apple Card for the no BS approach. I'm sure the card itself makes little money, but I don't think that's the point either. It allows users to finance and otherwise pay for devices they might have not been financially able or interested in doing in the first place. That's gotta be worth something
A big bank is losing money and the average consumer is helping with that and getting cash back…. Sounds like a win to me
I think Apple Cards work for Apple because it expands their customer base for iPhones, and maybe takes share away from the carriers for installment pricing. Offering the best percentage cash back on Apple Store purchases makes it seem like a great deal, and I'm sure their profit margin is better than even 6%. Like most Apple products it also locks people into the walled garden more, but you could easily keep a cheap iPad around to manage the card and still use Android for everything else. I do think it would make sense for them to follow the more premium cards and offer an option with annual fees and fancier perks, but I personally like the card as it is.
Edit: Also they really need to bring it to more countries. There are tons more people in the rest of the world than there are in just America, and plenty of them like Apple products too!
Yes the wallet and the paying of the CC is great.
Keep it the way it is just bump it to 5% cash back for digital and 3% for physical card purchases 😆
What camera is drew using for this video?
iPhone 13 Pro
Surely it’s about data collection in the end. US data collection monetary laws rather than the rest of the world’s laws etc.
I also think part of Apple Card is keeping folks in the ecosystem. I know it’s another tether keeping me in it.
I would call it a loss leader. It encourages people to join the apple ecosystem, with something free and easy to use. It ultimately makes more people buy other apple products.
I like the Apple Card. I’ve been using it since it was first released
Who side is this guy on?He making good selling points to charge the customer interest so they can make a profit if not what’s the point in offering a card if their not making fees like the big Banks?
I feel like Apple's smart and didn't make a mistake with this card. It seems way too obvious that what they decided would lead to this. I'm thinking Apple came out with this card for the indirect benefits for them like securing more loyalty and brand intimacy, encouraging purchases at Apple, trapping people more into the ecosystem, using Apple Pay more. Things like this, and I'm sure there's more.
Does anyone else receive emails from Apple trying to convince you to sign up for an Apple Card?
I mean… I still use mine occasionally but in Apple Pay, not the physical card
3 years ago when I applied I qualified fir $2500 credit limit then out of nowhere my credit limit was bumped up to 5000
Maybe Card+ for that suggestion Drew. Like another tier or something
Was initially interested because of zero foreign transaction fees but the credit limit was only 1K and it’s a Mastercard. Applied instead for a Chase Sapphire and got a 25K limit so…
Im sure a normal person doesnt need 25k
Certainly in the UK, I don't know about the US, using more than 1/3 of your limit would harm your credit score. So that would basically mean you have $333 per month which might cover some regular expenses, but not any big purchases.
I for example use my credit card for big purchases, then pay it off at the end of the month with the money I saved up to buy the thing.
The Chase Sapphire is sooo much better and it’s a Visa.
Need it in UK
I spent about 50k on this card yearly
Question: I tried helping my 19 yr old responsible Son apply for an Apple Card to buy AirPods and start building his non existing credit. He was denied because no credit obviously.
Is there a way to do it?
I love Apple credits Card, super great UI, and 2% cash back on Apple Pay.
If they wanted to make money with it, they would lower their approval standards. People who can’t afford it will load it up and pay interest.
The apple card doesn’t even have good rewards for people buying a lot of Apple products, there are numerous credit cards that offer 5% and more where you can buy gift cards and get 5% back
Who says it never went anywhere? It’s one of the easiest, safe, and convenient credit cards on the planet. Thanks for an idea for a new video
I think the point for apple was never to make money off the card but the Apple products people buy that they wouldn’t have otherwise if not for the apple cards 0% interest payment plans
Also for me it’s the lowest arp credit card I have. I’ve used it to buy many apple products and apple care plus
Totally agree with you there!
My problem with Apple Card has been it didn’t work with Mint until recently
Thank you for your explanation 👍🏾
I'd really like an Apple card, but it's not available in Canada :(
Please do a skit on how you misjudged the success of the iPads? 😝
Sales +30% compared to -8% for the Watches and AirPods in the results the company announced today.
I’m not surprised that sales and revenue are down, with a profit margin of roughly 44% people outside the US do not cope with price increases between 20-25% while inflation is there, but not to such an extend.
Where’s the Apple savings account?
it should give apple store points. they could be used for devices or subscriptions. like their gift cards for anything apple.
The apple card web payments is pretty bad. Since the iPhone is a secondary device for me the Mac is my primary device and I can't make payments easily. I use pixel for work so I hardly ever have my iPhone on me.
I want one… that’s my issue.
There’s nothing wrong with it though, it’s just not as widely used as anything else. Why try qualifying for it instead of trading in your Apple products is probably the mindset of most people
What do you mean not gone anywhere? It’s my daily CC
I think there is a hide purpose in the card
I hope they bring Apple Card to the UK
It’s an easier internal finance program to help increase Apple sales. Not to generate interest revenue.
I used my apple card rewards to buy an apple watch ultra. So they keep my money in the system, but at the cost of an Ultra.
biggest elephant in the room, Goldman Sachs can't handle it
Bah!…i live in P.R. which is a U.S. territory and we still cannot use Apple Pay…it’s not available with any of the local banks, embarrassing really
The Apple Card is the best credit card I’ve ever used. My credit limit is very high as well.
It’s the most transparent honest card out on the market. ☺️
The Apple card doesn't appear to make a ton of sense compared to its competitors but I love the tight integration with Apple pay.
New background?? Did you move?
Wondering where I am? Checkout ua-cam.com/video/rSZY-wh0wQg/v-deo.html
I’m really sad that the apple card is not available in my region
In my opinion is relatively easy: make it available outside US and it will work ;)
Wait. This is tech and there’s no skit?!? I feel cheated hahaha
Also, nice flex with the $15k credit limit!
Well, considering the fact that it requires an unrealistically high credit score to qualify for it, nobody has it 😂😂😂
Where i can apply for that in Mexico ???
Don’t be silly ….
I love my Apple Card. 2% cash back on everything because I use the apple pay feature (I never ever owned or touched the titanium card).
mentioning people not switching to android - just curious - did anyone try to add apple card into google wallet? would it work? 🙂
I tried to embrace this card but they have a terrible dispute department. I wouldn’t use it for anything important it’s not worth the headache.
I think the card on itself does not make money. But the cash back on Apple products probably helps to influence people to not leave the ecosystem
His hands are wet and sticky I don’t know what that’s about.
The lack of rewards means I only use it to finance apple purchases at 0%. If they make it more interesting that would be awesome.
Nice place
I would love if I could get an Apple Card but with a 700 credit score minimum no chance. They could make so much Interest off me and I would be so willing to pay an annual fee for a black one
It’s a credit card… what features did you expect, Touch ID on the card?