Goldman Sachs CEO Calls Apple Card the ‘Most Successful Credit Card Launch Ever’

The Apple Card was "the most successful credit-card launch ever," according to Goldman Sachs CEO David Solomon (via CNBC). The quote came from a Goldman Sachs conference call held earlier today, in which Solomon discussed the bank's new initiatives with its investors.


Apple created the ‌Apple Card‌ in partnership with Goldman Sachs and Mastercard, launching the credit card in August. Solomon stated that since the August launch, the bank has seen a high level of consumer demand for the ‌Apple Card‌.
“In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched ‌Apple Card‌,” Solomon said, adding “which we believe is the most successful credit-card launch ever.”

“Since August, we’ve been pleased to see a high level of consumer demand for the product. From an operational and risk perspective, we’ve handled the inflows smoothly and without comprising our credit underwriting standards.”
iPhone owners can sign up for ‌Apple Card‌ right in the Wallet app on iOS, and once they're approved they can begin using the digital version of the card immediately. ‌Apple Card‌ also comes in a physical titanium credit card to be used at places that don't accept Apple Pay.


This article, "Goldman Sachs CEO Calls Apple Card the 'Most Successful Credit Card Launch Ever'" first appeared on MacRumors.com

Discuss this article in our forums

Apple Offers Disaster Relief Program for Apple Card Holders

The Apple Card comes with a Disaster Relief Program, according to a MacRumors reader who lives in Houston and recently experienced some flooding from tropical storm Imelda.

Apple sent MacRumors reader Frequeniquity an email suggesting that he apply for the card after Apple detected that he "may have been affected by a natural disaster."


Emails sent out by Apple, which were also received by another MacRumors reader, offer the following benefits:

  • No interest for two months, starting with the month you enroll. After two months, your standard purchase APR will apply.

  • You can skip the payment due in the month you enroll.

  • If your account is in good standing, you will remain current while enrolled.

  • If your account is past due, your account will not go further delinquent while enrolled. However, your account will remain paste due until you make all of your past due payments and your ability to make new purchases may continue to be restricted.


According to the email sent out to  Apple Card  users, those interested in applying for the Disaster Relief Program should contact an  Apple Card  Specialist after receiving an email.

Apple appears to be sending out these emails to customers who have addresses registered in areas where a natural disaster has occurred, and presumably this will be a benefit offered to all  Apple Card  users who are experiencing issues like floods, fires, earthquakes, and other issues.


This article, "Apple Offers Disaster Relief Program for Apple Card Holders" first appeared on MacRumors.com

Discuss this article in our forums

Apple Card Now Provides 3% Daily Cash When Shopping at T-Mobile

iPhone owners will now be able to use their Apple Card in T-Mobile stores and receive three percent Daily Cash as a reward. The news was announced today by T-Mobile, and is timed to coincide with the launch of the iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max tomorrow, September 20.


The carrier specifically said that shoppers will be able to use their Apple Card with Apple Pay and get three percent Daily Cash at any T-Mobile store. This makes T-Mobile the only current wireless provider to support three percent Daily Cash on the Apple Card.
“We’re all about giving customers the best value in wireless, and we’re doing it again by offering 3% Daily Cash on Apple Card,” said John Legere, CEO of T-Mobile. “More options. More value. And cash back, including on Apple’s newest products. It’s just the Un-carrier way.”
As of now, Apple Card supports three percent Daily Cash with Apple itself, Uber, Uber Eats, Walgreens, Duane Reade, and now T-Mobile. Apple announced in August, amid the Apple Card launch, that it would be expanding merchant support for three percent Daily Cash, and it has continued to do so over the past few weeks.

Apple Card offers three Daily Cash reward tiers: one percent for all purchases made with the physical Apple Card, two percent for Apple Card purchases via Apple Pay, and three percent for these select merchants. You can apply for Apple Card in the Wallet app on iPhone.

T-Mobile is also highlighting its current offer where you can trade up and get 50 percent off the iPhone 11 Pro. If you're interested in the iPhone 11, you can also get 50 percent off with a qualifying iPhone trade in. More information on these offers can be found on T-Mobile's website.


This article, "Apple Card Now Provides 3% Daily Cash When Shopping at T-Mobile" first appeared on MacRumors.com

Discuss this article in our forums

Apple Card Users Will Receive 3% Daily Cash at Walgreens and Duane Reade Pharmacies Starting Tomorrow

Walgreens today announced that, starting Friday, customers will receive 3% Daily Cash when they use the Apple Card with Apple Pay for all eligible health, beauty, personal care, household, and seasonal products they purchase at Walgreens or Duane Reade pharmacy locations, including medicines and prescriptions.


As noted by TechCrunch, the 3% Daily Cash also applies to purchases made in the Walgreens app and on Walgreens.com.

Last month, Apple announced that it would extend 3% Daily Cash to more merchants, and the list now includes Uber and Uber Eats, Walgreens, Duane Reade, and purchases made directly with Apple, including at Apple Stores, Apple.com, the App Store, iTunes, and for subscriptions like Apple Music and iCloud storage.

All other purchases made with the Apple Card via Apple Pay will continue to receive 2% Daily Cash, while purchases made with the physical, titanium Apple Card qualify for 1% Daily Cash anywhere but Apple Stores.

To apply for an Apple Card, simply open the Wallet app on an iPhone running iOS 12.4 or later, tap the plus button in the top-right corner, and follow the on-screen steps. The process takes just a few minutes, and if approved, your digital Apple Card will be ready for purchases immediately.

Daily Cash is unlimited and paid out daily to your Apple Cash account. For more details, make sure to check out our Apple Card guide.


This article, "Apple Card Users Will Receive 3% Daily Cash at Walgreens and Duane Reade Pharmacies Starting Tomorrow" first appeared on MacRumors.com

Discuss this article in our forums

Apple Card Found to Contain 90% Titanium and 10% Aluminum

Bloomberg Businessweek sent an Apple Card to University of California, Berkeley professor and mineralogist Hans-Rudolf Wenk to determine the card's atomic makeup. The answer: 90% titanium and 10% aluminum.


From the report:
But how much titanium? To find out, a Bloomberg Businessweek reporter sent his card to a mineralogist, University of California, Berkeley professor Hans-Rudolf Wenk. Professor Wenk used what's known as a scanning electron microscope, or SEM device, to determine the card's atomic makeup. He found that the answer is about 90%. The rest of the card is aluminum, according to the analysis.
Apple previously said the card's white finish is achieved through a "multi-layer coating process" that is added to the titanium base material. In a recent support document, Apple said if the card comes into contact with hard surfaces or materials, it is possible that the coating can be damaged.

Apple also said some fabrics, like leather and denim, might cause permanent discoloration on the card that will not wash off.


This article, "Apple Card Found to Contain 90% Titanium and 10% Aluminum" first appeared on MacRumors.com

Discuss this article in our forums

Apple Promotes Apple Card in New Ad

Apple this morning shared a new video ad on its YouTube channel, highlighting the Apple Card, which became available for all iPhone users in the United States last week.

In the spot, Apple goes over the features of the Apple Card, highlighting the Apple Card interface in the Wallet app. Apple Card is designed to offer up visual spend tracking, changing the color of the virtual card to match the categories that users are spending in.

Apple Card is here. It's a new kind of credit card, created by Apple, not a bank. With a better way to track where you spend. Daily Cash you get back every day. And a new level of privacy and security. Nice.
The ad shows off both the physical titanium card that can be used for in-store purchases and the Apple Card in the Wallet app, used for Apple Pay purchases.

Apple is likely to begin showing this ad on television, social media, and other locations in the near future in an effort to get additional users to sign up.

Apple Card is designed to simplify the credit card experience, offering up clear spend tracking and payment options to minimize the amount of interest spent. It offers cash back rewards that max out at 3 percent, and rewards are provided on a daily basis through Daily Cash.

For more on Apple Card, make sure to check out our full Apple Card guide.


This article, "Apple Promotes Apple Card in New Ad" first appeared on MacRumors.com

Discuss this article in our forums

How to Opt Out of Arbitration When Signing Up for Apple Card

Amid all the online chatter about Apple Card, you may have come across references to the "arbitration clause" in Apple's agreement, and how you should opt out of it if you intend to apply for the credit card. So what is arbitration, and why should you steer clear of it?


Basically, arbitration is a way to resolve legal disputes between two parties (in this case, between you and Goldman Sachs, which backs Apple Card) without going through the courts.

Arbitration is often touted as being a quicker and less expensive way to resolve disputes. The problem is that arbitration often favors the company over the consumer, because the arbitrator(s) is typically chosen by the company, handing them an unfair advantage.

When you agree to Apple Card's terms and conditions, you are agreeing to forced arbitration to resolve any potential disputes between you and Goldman Sachs. In other words, you're waiving the right to individually sue the bank or be part of a class action lawsuit against the company.

The key passage in the Apple Card terms and conditions is as follows:
By accepting this Agreement or using your Account, unless you reject arbitration as provided below, you acknowledge that you are giving up the right to litigate claims (as defined below) and the right to initiate or participate in a class action. You hereby knowingly and voluntarily waive the right to be heard in court or have a jury trial on all Claims subject to this Agreement.
The good news is that there are several ways you can request to opt out of arbitration. Customers in the U.S. can call Apple on 877-255-5923, or they can send a letter to Lockbox 6112, P.O. Box 7247, Philadelphia, PA 19170-6112. However, the easiest method is to use the Messages feature in the iOS Wallet app. The following steps show you how.
  1. Launch the Wallet app on your iPhone.

  2. Tap your Apple Card.

  3. Tap the black ellipsis button (the three encircled dots) in the top-right corner of the screen.

  4. Tap Message.

  5. Send a message stating that you'd like to opt out of Apple Card arbitration. You'll be connected to a Goldman Sachs assistant who will process your request within a few minutes.
At the time of writing, Apple doesn't seem to be providing confirmation when you opt out of arbitration via the Message route, so the best advice for now is to take screenshots of your conversation for safekeeping, just in case.


This article, "How to Opt Out of Arbitration When Signing Up for Apple Card" first appeared on MacRumors.com

Discuss this article in our forums

Apple Shares Details on Cleaning and Protecting Your Apple Card in New Support Document

Apple this morning shared a new Apple Card support document, which covers proper cleaning and storage methods to maintain the card's signature white finish.

If the Apple Card gets dirty, Apple recommends gently wiping it with a soft, damp microfiber cloth. A soft microfiber cloth moistened with isopropyl alcohol can also be used for stain removal.


Apple says that household cleaners, abrasives, solvents, ammonia, aerosol sprays and compressed air must be avoided, and warns that some fabrics, such as leather and denim, have the potential to cause permanent discoloration.

Due to the multi-layer coating process that gives the titanium card its white finish, Apple has detailed rules for proper storage.

The Apple Card should be stored in a wallet, pocket, or bag constructed from soft materials, and it should not touch another credit card because doing so could cause scratching.

Apple also warns against putting the Apple Card near magnets because doing so could cause the magnetic strip to become demagnetized, and Apple also says that the Apple Card should not be put in a pocket or bag that contains loose change, keys, or other potentially abrasive objects.

Apple's full list of instructions for the Apple Card can be found in the support document. Additional Apple Card details are located in our Apple Card guide.


This article, "Apple Shares Details on Cleaning and Protecting Your Apple Card in New Support Document" first appeared on MacRumors.com

Discuss this article in our forums

Apple Card Just Got an Official Twitter Account

Apple has just launched an account on Twitter dedicated to its new credit card, which went live for customers in the U.S on Tuesday.


The official account, which goes by the handle @AppleCard, has so far only posted one tweet that links to the company's Apple Card webpage.

It's not yet clear what purpose the account will serve beyond promoting the card and future offers on social media, but Apple is advising customers seeking support-related Apple Card questions to contact @AppleSupport.

Apple yesterday announced that customers will receive three percent Daily Cash when they use the Apple Card with Apple Pay for Uber and Uber Eats purchases. Apple says additional merchants and apps will begin to offer three percent Daily Cash in the coming months.

Apple offers a cash back rewards system for the Apple Card, providing Daily Cash up to 3 percent. You get 1 percent cash back for all of your purchases. On purchases made with Apple Pay, you get 2 percent cash back, and for purchases made from the Apple Store (physical or online) you'll get three percent back. This also includes purchases made from the App Store, iTunes Store, and Apple services.

To get an Apple Card, you need to be 18 years or older and be a U.S. citizen or a lawful U.S. resident with a U.S. residential address (no P.O. Box). An iPhone running iOS 12.4 or later is required to use the Apple Card, and it will not be available if you do not have an iPhone. Two-factor authentication must be turned on, and you must be signed in to iCloud on your iPhone with your Apple ID.

Check out our dedicated Apple Card guide for the full lowdown on Apple's new credit card.


This article, "Apple Card Just Got an Official Twitter Account" first appeared on MacRumors.com

Discuss this article in our forums

Apple Card Extending 3% Daily Cash to More Merchants, Starting With Uber and Uber Eats

Timed with the Apple Card launching widely in the United States today, Apple has announced that customers will now receive three percent Daily Cash when they use the Apple Card with Apple Pay for Uber and Uber Eats purchases.


Apple says additional merchants and apps will begin to offer three percent Daily Cash in the coming months.

The three percent reward was initially limited to purchases made directly with Apple, including at Apple Stores, Apple.com, the App Store, the iTunes Store, and for services like Apple Music and iCloud storage subscriptions.

All other purchases made with the Apple Card via Apple Pay will continue to receive two percent Daily Cash, while purchases made with the physical, titanium Apple Card qualify for one percent Daily Cash.

To apply for an Apple Card, simply open the Wallet app on an iPhone running iOS 12.4 or later, tap the plus button in the top-right corner, and follow the on-screen steps. The process takes just a few minutes, and if approved, your digital Apple Card will be ready for purchases immediately.

Daily Cash is unlimited and paid out daily to your Apple Cash account. For more details, make sure to check out our Apple Card guide.


This article, "Apple Card Extending 3% Daily Cash to More Merchants, Starting With Uber and Uber Eats" first appeared on MacRumors.com

Discuss this article in our forums