Apple and Goldman Sachs Expected to Launch Credit Card Later This Year With Unique Features in Wallet App

[macfacts]

So apple is selling all you private buying data to Goldman Sachs.

 

[upnorth85]

Goldman Sachs has the morals of an alley cat. They bet against their own customer as soon as the customer turns his/her back. Not sure why Apple had to get into bed with a company that claims to do God's own work. Chase would have been better. I already get 2% cash back with no annual fee through my fidelity visa credit card. Costco Citi Bank credit card also has good cash back. Schwab used to have a 2% on all purchases but during the last recession they sold off their credit card business to Bank of America. That said a smart move by Apple. The cash back could go towards the next iphone! Goldman would not mind the lower profit, because they would be picking the address list of customers who buy iphones. They could also go international using Apple's world wide customer base.

 

[ryanwarsaw]

Usury. Apple are rich enough already. The people who make money for credit card operators are generally those who are least able to afford credit.

The poorest people can not afford to not have credit. This is how they cover their emergencies. The most misguided card I have seen lately is 4% cash back on entertainment and dining. Forget which company offers it but those are two things you absolutely do not need and should avoid putting on credit.

That being said I am off to Dollar Tree to get a payday loan, getting an Uber on credit to Rent-A-Center to go "buy" my home entertainment system.

 

[pmau]

Apple is shattering into a service company ...
Hundred new inventions with loads of customer support.
This is not going to fly.

 

[Koodauw]

Goldman Sachs? Of all the companies to partner with. Goldman Sachs.

/walks away slowly shaking head in disappointment

Goldman Sachs is a literal hot garbage organization.

Yup, well run companies wouldn't be willing to pay Apple's asking price.

 

[Imdougurnot]

In other words, like every other credit card in my actual wallet. Spending goals, tracking rewards, and managing balances are already done in every credit card app on my iPhone.

So innovative.​

Thank you for saving me from having to post this exact thing.

 

[matc]

Am I the only one wondering why it says "Paypal" under latest transactions in that screenshot?

 

[cmaier]

Give me 15% discounts at the apple store with the card and I might consider switching. Otherwise I’ll stick to my current card, thanks.

 

[timber]

These businesses don't really have high margins, I wonder how Apple expects to have higher margins and offer an attractive business proposition.

And Goldman Sachs is not really an expert partner. They are an investment bank not a retail bank (and shouldn't ever be allowed to be both but that is another issue...).

 

[ryanwarsaw]

Apple is shattering into a service company ...
Hundred new inventions with loads of customer support.
This is not going to fly.

This is easy money for Apple. It doesn't impact anything else they do. These are the kinds of things that make investors have faith in Apple.

 

[dewalt]

So apple is selling all you private buying data to Goldman Sachs.

This right here.

Probably very similar reasons why Citi allowed Costco to pay very little transaction fees.

 

[msama]

Like any other credit card out there, if it adds benefit to my current setup I'll give it a go. FWIW, currently the Fidelity offering is my daily use card, and dropped my amazon prime card.

 

[Sasparilla]

So apple is selling all you private buying data to Goldman Sachs.

Well whomever is the bank for your credit card has your purchase data, that's just how the credit card bank works and always have - but Goldman Sachs as a bank are looked at as scumbags for their actions leading to the worldwide financial crisis of the last decade, that choice is on Apple leadership.

 

[cmaier]

So apple is selling all you private buying data to Goldman Sachs.

It’s unlikely Goldman Sachs will have any idea who any cardholder actually is.

 

[racerhomie]

Good Job Apple. The rings have made me more active. If that can be applied in more areas ,I see nothing wrong with it.

 

[newyorksole]

Ughhhh. I’m assuming it’ll be a nice metal card, but Goldman Sachs? Really?

Was hoping for Capital One, Chase, AMEX or even just sticking with Barclays.

 

[Marcus PM]

I think closing my "spending" rings would bring a sense of dread as opposed to the feeling of accomplishment I get from closing the exercise ones.

 

[BootsWalking]

It's a long way to get from doing a commercial like 1984 to partnering with the Great Vampire Squid.

 

[Porco]

I don’t care at all about the Goldman Sachs thing, but it looks like they’re making it harder to switch between cards in the newer software...? Why? *sigh*.

 

[WatchFromAfar]

So apple is selling all you private buying data to Goldman Sachs.

No, no,no... you've got it all wrong; since you "agreed" to the terms of the credit card you've willingly agreed to "share" all the information Apple has on you with "carefully selected partners" like Goldman Sachs to "improve" your overall "experience".

/S.

 

[Baymowe335]

You're right, they should have partnered up with Bank of America or Wells Fargo instead.

Yeah, Wells Fargo is such an upstanding bank.

 

[peterh988]

How about expanding Pay Cash to countries other than the US?

That was my first thought. Launched with a fanfare, America only, then forgotten about like Apple pay cash.

 

[apolloa]

Oh God please no.. please don’t make a flipping credit card Apple, it’s so not your line of business..

 

[TheShadowKnows!]

So much for privacy, Mr. Cook? Not sanctimonious enough?

Nothing like sharing your daily spending habits using a proxy like Goldman Sachs.

I do see the Apple double-play:
Remain virtuous and proclaim (very-sincerely) that it does not collect deeply-personal financial data.
But no such constraints on the proxy.
/s

 

[Robert.Walter]

Not happy with GS linkage...

Hard to believe Apple can’t do the finance on their own.