Apple is creating their own credit card oh so okay some interesting things
about it the card is gonna have no numbers on it no numbers yeah
and so from a privacy standpoint I'm like that's kind of cool. It is okay.
but what if you're phoning in to do something and they read out the numbers
from your card there's no numbers to read how would that work I don't know
that's interesting to find out unless they have like names or letters maybe I don't know yeah
like they showed in the announcement a mock-up of the Apple card and it didn't
seem to have identifier of any kind so that's kind of interesting and
apparently it requires an iPhone okay so you need a okay so that is Apple
all over that's Apple all over so Android users do not apply
yeah Android users do not apply this is this is an Apple exclusive this is strictly for apple thing you might
have a MacBook but if you don't have the iPhone you're SOL as I understand it so that's
kinda interesting they're really narrowing but I mean that's kind of
Apple they're they're often about like exclusivity and stuff like that so
Yea they want to be on their own right so yeah yeah and it's kind of funny because they're like
the in the announcement and this is where it gets really funny if you ask me
they say you know we're not gonna have access to your private information
because that in the modern era that is a concern like who has access if you know
if if Apple has my credit card are they gonna know what I'm purchasing combine
that with everything I do on my phone and my tablet and my and my computer
like that's a whole lot of information that yeah that gets worrying and so they
tried to address that they said don't worry you don't have to trust us we
can't access your information don't trust us trust goldman sachs mmm because
they're operating the card Goldman Sachs are you kidding me after the crash of
2007? I was just going to say did they not have a major crash earlier? And yea. And like you know with the with the subprime mortgage
crisis and the default swaps and all this stuff all the dodgy stuff that
Goldman Sachs was doing the number of times that they've been fined by the
federal government how secure are their servers yeah well and that's
that's an interesting question too but for Apple to say don't trust us trust
Goldman Sachs I would trust Apple and I don't like Apple I would trust Apple
before Goldman Sachs. Absolutely. Personally. Yea. So that is an interesting ploy that they're
making there so some interesting things and as this sort of relates to travel is
if you're looking for a travel credit card one of the things you're gonna need
to look for is currency conversion fees so generally speaking almost all credit
cards in Canada. Yea. They'll charge you an additional 2.9 percent on top of the
currency conversion for charges in foreign currencies and they're not super
transparent about it you will often have it in a supplementary agreement to a
supplementary agreement to your cardholder agreement and that as a
business practice I don't like I don't I don't think that's okay there are some
alternatives out there the home trust visa is what I use for travel and costs
in foreign dollars because there is I've checked there is absolutely no
foreign currency conversion fee and you get 1% cash back on everything so it's
actually really good it's just when when this was all happening that that
card was coming up there's also something called brim which is a master
card that Sam has tried out that he likes that has no currency conversion
fee and there are other ones out there that they give you so much cashback it
kind of counteracts it but I don't like playing that game because again it's
like oh we give you four percent cash back it's like yeah but if you're taking
2.9 percent it's not really four percent I don't like that kind of deceptive
marketing so I like Home Trust, Sam likes brim works well for us but because that this
was kind of being made known around the same time that there was a huge run on
applications for both programs and so people were waiting like six months I
got my home trust Visa in like a month but other people waited like six months. Wow.
I don't know how long the wait period is now but those are sort of the two
options that we have tested out and we recommend to people who travel because
if you're just gonna use your Scotiabank your Royal Bank or whatever card you're
actually going to be paying yeah 3% more on everything that's not in Canadian
dollars so why do it so this Apple card allegedly has no fees
I went digging as deep as I could in the announcement and I couldn't find
currency conversion fee but sometimes those fees aren't really identified as
fees they're kind of built into the currency conversion amount but near as I
can tell Apple says no fees and they're saying 2% cash back on everything so it
might be an option for you if you have an iPhone and you're a traveler you might
want to consider it because 2% cash back from Apple is better than 1% on home
trust visa yeah but check those agreements and every supplementary
agreement that they linked to carefully for that foreign currency conversion fee
if you decide to go the apple card or any credit card if you're looking at