I’d be really surprised if this made it to the EU, never mind the UK. I think the reason that we don’t get the credit card offers that we do in the States is because the interbank charge is capped.
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Yes, but I am very sure I read something on here about embossing being discontinued last year as a requirement because card imprinting wasn’t allowed any more?
Even without the cashback it’s still a decent contender with existing challenger banks. Not to mention legacy banks OR that it would probably be easier for Apple to switch a huge amount of population to a digital bank than any of the existing challenger banks can. I mean the reporting feature of how much you spend and immediate notifications of where you spent is useful to everyone and sadly most of the population don’t have this crucial benefit yet.
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And they will track the living daylights out of you when they do
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As I live in one of the most surveilled nations on the planet, I’m not sure being tracked by Apple will be such an inconvenience…
Point was about Google
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Ooops, sorry, missed that bit, but again, applies equally. In effect, just doesn’t bother me personally.
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Well the big Visa failure last June they were in used.
The UK Card Association state:
When Merchants Must Fallback
When merchants cannot accept a card transaction using its standard method, they can fallback to the next available method. This may occur when the merchants’ terminals or PIN pads have malfunctioned or there has been a power or telephone network failure and they have to fallback to using a manual imprinter. In this case, a merchant is said to have had to fallback to using a paper voucher. The card schemes require different fallback actions to be taken depending on the type of card being processed.
Where a terminal has not accepted a chip & PIN card because the chip cannot be read, a merchant can fallback to the card’s magnetic stripe and attempt to process the transaction on this basis by swiping the card.
Acquirers will provide details on what merchants should do when they have to fallback including details on which cards cannot be accepted on paper vouchers.
http://www.theukcardsassociation.org.uk/cards-transactions/transactional-processing.asp#content_1351
I’d be intrigued to see who their issuing bank will be in Europe, and if they can replicate the cash back %'s in the EU - I’m doubtful, especially on Mastercard.
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Of course. To the very fullest of the then prevailing banking regulations. Or alternatively, an offshore but online operation…
Now where’s that taxman pot graphic when I need it?
Someone needs to tell NatWest this. 
As much like Starling their new cards are not embossed.
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It would be even more interesting if the UK does actually manage to leave the EU, if the card is introduced here, whether the UK will get a different deal to the European Union…or perhaps we should have a vote on it and if that doesn’t work, another, and another and another…
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Yep absolutely, depends what do to regulate interchange fees post withdrawal.
The ‘no fees’ is quite crafty, at the bottom of their site it says:
Late or missed payments will result in additional interest accumulating toward your balance.
Seems like it is going to catch a lot of people out
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Could anyone tell me if this is rolled out in UK someday, is it a positive or a negative thing to Monzo?
Only Apple themselves will be able to confirm that. Whether or not it impacts Monzo or any other banking institution, no one knows until it/if it happens.
Interesting announcement from Apple.
- Zero fees
- Titanium card
- 3% cashback
- In-app management
What are people’s thoughts on this? It’s a credit rather than current account obviously but would be interesting to see what impact it’ll have.
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There is no way there’s going to be 3% cashback on UK cards, that rate is maybe for American.
I’d guess 0.5%
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The rewards/cashback feature pay directly into your Apple Pay Cash card. If we ever get that, perhaps it could be interesting/exciting.
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I presume it is US only.
I don’t think it would be quite so ground-breaking here. Sure the app will be better and more polished than Tandem’s, but other than that, it will have basically the same features.
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