Does the Apple Card Count as a Mastercard World Elite?

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Redditor u/mdhardeman did some digging into the Apple Card. After running a test transaction they found that the card was listed as a Mastercard World Elite.

The Mastercard World Elite consumer credit cards are significantly more expensive to accept than a plain Mastercard credit card or basic rewards card. In exchange, the theory goes, Mastercard ensures that those cards only make it into the hands of premium consumers who, on average, spend more on many purchases and have a larger amount of disposable income. In exchange, Mastercard demands the higher reimbursement for the card issuers to be able to fund a benefits package that will attract heavy spenders to their World Elite card products.

Apple Customers Get Weird Email About Apple Card

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Last night, Apple sent the next wave of invitations for Apple Card, but there seems to be a goof in the system. The email said that the early invitation is waiting, but the email address Apple has on file is wrong. You can click a link in the email to supply the correct one.

There are multiple reports on Reddit of people receiving the email who are 100 percent sure they signed up with the correct Apple ID email address…Several users have contacted Apple Support, who are apparently aware of the issue and it has been forwarded to the Apple Card engineering team. Still, it’s worth noting that some users may have also received the email for the right reason – because they didn’t use the email address associated with their Apple account.

I too got the email last night, but since it arrived at an address no longer associated with my Apple ID, my email was probably legitimate in that I didn’t sign up with the correct one.

Low Credit Score? No Problem, You Could Still Get an Apple Card

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Goldman Sachs is accepting “subprime” applicants for Apple Card, meaning people with a low credit score.

While there is no standard definition for who qualifies as subprime, most fall under a FICO score of 660, and their loans often sour before borrowers with higher credit scores. Ten years ago, big lenders got into trouble when irresponsible loans made to subprime mortgage borrowers defaulted, helping create the worst excesses of the financial crisis.

I think this is great. Apple Card revolves around helping you pay off your credit as soon as possible, and tells you the minimum payment you need for a zero-interest payment. You might still get a high APR, but as long as you don’t carry a balance that won’t affect you. As we head into another school year, Apple Card could be a good choice for college students who may have low credit.

Apple Card Doesn't Support Financial Apps

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Within Wallet, your Apple Card will display transaction categories, transaction history, total spending, and more. But you won’t be able to export that data to financial apps.

As financial apps like Mint and software like Quicken are popular with many people, it’s possible that Apple will add support for exporting data in the future. Right now, Apple Card data and transactions can be viewed and managed only on the iPhone and the iPad, with no web support available.

Mastercard Benefits for Apple Card Customers

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While Apple is busy rolling out its credit card to customers, Mastercard shared some benefits you’ll get with the card. Both companies clearly prefer Apple Card to be your default payment method, and maybe these extra features will entice you. Here is one:

Mastercard ID Theft Protection

A complimentary service that will alert you about possible identity theft by monitoring the surface, dark and deep web, searching for compromised credentials and potentially damaging use of your registered personal information.2 To enroll, visit applecard.idprotectiononline.com.

Apple Card Rolls Out to Select Users Today

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Apple Card preview is rolling out today to a select group of users who signed up to be notified of the release, although we don’t know if it’s all users who signed up or a small group.

Apple Card is getting its first group of public test users today. A limited amount of customers that signed up to be notified about the release of Apple Card are getting the ability to apply for the card in their Wallet app today — as well as the option to order their physical Apple Card. A full rollout of Apple Card will come later in August. It requires iOS 12.4 and up to operate.

Apple Previews Apple Card Sign Up Process

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Apple’s wallet.apple.com website gives people a video on how to apply for Apple Card, which consists of opening the Wallet app and tapping the plus (+) button on the upper right.

Before you start, there are a few things to check: You are a US citizen or lawful resident at least 18 years of age or older. Make sure you’re on the latest version of iOS. Learn here how to updateApplying for Apple Card requires an iPhone that can use Apple Pay. Check here to see if your device is compatible.

I can’t wait for the launch, and will be signing up.

 

DoNotPay Can Manage Your Free Trials

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A service called DoNotPay can manage your free trials. Sign up using its digital credit card number and you won’t be charged when the trial ends.

The Free Trial Card is a virtual credit card you can use to sign up for free trials of any service anonymously, instead of using your real credit card. When the free trial period ends, the card automatically declines to be charged, thus ending your free trial. You don’t have to remember to cancel anything. If you want, the app will also send an actual legal notice of cancellation to the service.

I’m interested to try this out. Currently I use a service called Privacy, which lets me generate virtual cards that I can lock to a certain merchant or money amount. The story by Wired is about free trials, but the app description sounds like it can do more, calling itself a “robot lawyer.”

Goldman Sachs Spent $1.3B on Consumer Transformation

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New York-based bank Goldman Sachs isn’t usually associated with average consumers. But it has spent US$1.3 billion to transform itself with initiatives like Apple Card (via CNBC). Goldman Transformation So far in 2019 Goldman Sachs has spent US$275 million on its new businesses like Apple Card and its consumer bank Marcus. In an earnings call…

New App Spend Stack Helps You Make Smarter Lists

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Available for pre-order and set to be released on July 18, Spend Stack is a list app that can keep a to-the-penny running total. It syncs to all of your devices and you can share and collaborate on them with anyone. Just add items to your list, and how much they cost (if you want!). Spend Stack will keep it all in sync in an easy to use interface. You can add images, notes and more to list items, share lists to collaborate, and more. I’ve been playing with it for the past several days on TestFlight and I think it’s a cool app. App Store: US$4.99

Apple 2019 Revenue Up 15% at $39 Billion From App Store

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Apple 2019 revenue for the first half of this year is up 15% from last year, topping US$39 billion from the App Store.

According to a new report from Sensor Tower, the iOS App Store and Google Play combined brought in $39.7 billion in worldwide app revenue in the first half of 2019 — that’s up 15.4% over the $34.4 billion seen during the first half of last year. However, at that time, the $34.4 billion was a 27.8% increase from 2017’s numbers, then a combined $26.9 billion across both stores.