Am I the only one who doesn't understand apple card? Like really, it's just the worst pitch ever!

"Apple card. Made by apple. Not a bank" that's a REAL ad I saw today. Why would you trust APPLE more than an FDIC insured bank with decades or (in some select cases) CENTURIES of experience in finance?

"No more card numbers and CVV"
Cool. I get it. Card numbers get leaked and stolen. But that's why banks insure cards and reverse fradulant transactions. How an I'm supposed to use it on Amazon?! I'm sure they have an answer. Like maybe one time use generated cards. But they haven't advertised it yet, and that's a problem!

Why do they think people want this!? And even more so, because I've seen some people are excited: WHY DO PEOPLE WANT THIS?! why is apple trying to make everything?!

You trust Apple more after you have worked for a bank

They mentioned during the presentation that the card number and CVC will be accessible in the app in case you need them, but that they’re not printed on the card as a security measure.

People do not actually want this. It's Apple that's telling people what they want and shoving it down their throat. And the people keep swallowing, so Apple pushes even deeper. Repeat until fist comes out the other end.

Sadly this is the first attempt of a multinational trying to print money. Don't worry to get on that ship too early. It won't be the last.

It’s another ploy of keeping you stuck in the Apple ecosystem.

Mind you, it opens the world up to Apple pay (again another ecosystem thing), when major banks wont get onboard.

# Sent from my IPhone.

Followed by, "Apple identifies 50 bugs".

Ez Clap

If I've learned anything from devRant, it's that the internals of banks are pretty bad.

If I've learned anything from my recent forays into finance and trading, the banks are definitely not your friends, and actively encourage bad financial behavior and advice.

But looking at Apple's code lately... I still think I'd trust a bank for a debit card.

@Root I can agree with all this. I'm not a bank person. I mean obvious I have bank accounts. This world is unforgiving of those without direct deposit, but I'm not saying banks are the answer.

BUT! Apple is most certainly not an answer either. I'm just curious where their profit comes out of this. Is it interest? Or analytics from purchases? Maybe just "look at this cool new feature. Just another barely-reason to buy our over priced crap!" Or even just a 2 day hype to get the stocks up and short sell before people realize it's stupid.

I’m gonna weigh in and say this is actually an incredible move by them.

- Card number and security code are dynamic
- They’re only accessible via the phone
- Purchases are backed by biometrics
- Zero fees. Like. No kind of fee ever.
- Fantastic daily cashback
- Easy applications process
- Flexible repayments process
- Great UI / UX (from the looks of it)
- Purchases go via Apple Pay which means encrypted payloads that the device and payment processor negotiate - only the phone and the bank get to see what’s going on, not Apple

People are so used to these things having an angle that they immediately look for the bad, and for the way a company profiteers off our data.

Doesn’t seem to happen with this, or Apple Pay broadly.

Instead, I imagine they get a reciprocal kickback from GS for purchase interest / bulk payments per transaction count in aggregate.

With increasing Apple Pay adoption, and now a line of credit to drive demand, this is going to be huge.

@Brolls I hope it's that amazing, but I am ofc very leery.

@Brolls bitch please, of course there is an angle

Didn’t mean to come off as rude, but the phrase fits perfectly ;)

Apple Pay and Google Pay allows these companies to access an entirely different level of data which *will* be used in targeted advertising.

What information is more valuable than what who you are, what’s your job, where you live, what you buy, when you buy, where you buy, what’s your heart rate when buying x and most importantly, what’s the name of your best friend

Also less common knowledge is that Apple makes money from adverts, admittedly it’s less than their profits directly from iPhone, but the profit is in terms of billions!

Re "why is Apple trying to make everything": Because their milking Macs, iPhones and iPads comes to an end, thus they need to search for new sources of revenue.
Don't get me wrong, these devices still sell reasonably well. But their growth has declined, and raising prices/lowering manufacturing costs has limits.

The most clever thing to do is a streaming service. Back in the day *cough* customers bought music or movies on disc and consumed to their heart's content. With the advent of streaming, you got them to pay for the same content over and over again, covered as "monthly fee".
With that in mind, rewatch what Apple announced.

@rusty-hacker nope. Apple doesn’t have access to it.

You should read the Apple Pay security white paper about the infrastructure, it’s actually very interesting.

@rusty-hacker and they do make money from ads, but it uses a separate identifier so cross-network and cross-client tracking isn’t available.

🤷‍♂️

It comes down to whether you trust them when they say they don’t have access, but they do publish security white papers detailing their infrastructure and the crypto involved.

@Brolls I'm not the super apranoid type, so I'm not saying they would do this, and for now I'll trust that they don't (but then again I also trusted that a company the size of Facebook was smart enough to realize plaintext passwords is wrong).

But they make the phones. Which means at any time they could put out a security update that switches the crypto algorithm to one that is weaker. Or install a logging mechanism that sends everything back under the guise of "usage analytics"

Now from what I know of apple, they can't directly install it without your permission, but come on, don't tell me you read "Apple card: Security update available" and don't install it? Maybe you read the change log where it says "updated encryption algorithm" or "enables real time monitoring and fraud detection" but that's definitely good enough for most people.

I'm not saying they have access to anything. Just saying they could whenever they want.