Like I said, very likely Apple made the decision to allow payment and interest deferrals. They’re also probably subsidizing those costs, if not covering them completely."Very likely Apple made the decision to allow payment and interest deferrals." Of course they did. They decided that Goldman Sachs can get by with less profits and made a decision for them. I am sure that in this partnership Apple is the one setting the policies and interest rates (even though as a non-bank entity they do not have any right to do it). And now let's look how non-Apple centric media reports the same news. For example, Reuters:
Goldman Sachs lets customers delay March payments on loans, credit cards
NEW YORK (Reuters) - Goldman Sachs Group Inc (GS.N) told customers of its online bank, Marcus, and its Apple credit card on Monday that they can take an extra month to make payments, with no penalty or additional interest, if they are financially stretched due to the coronavirus.
Goldman's announcement followed similar moves by lenders like Citigroup (C.N), which rolled out hardship assistance to customers last week, and automakers, which offered customers the chance to reschedule car loan payments.
Marcus customers who defer payments will not be charged additional interest and the terms of their loans will be extended one month.
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It's just your opinion and assumptions. They are absolutely baseless and non-sensical. I just posted a Reuters article that clearly explains that the decision was made by Goldman Sachs. Stop with your Apple fantasies. I understand that AAPL was hit hard today once again but that is not a good reason to post BS.
And yes, Apple sets many of the policies for its Apple Card. That’s why they chose GS to be the issuing bank in the first place: because Goldman had never had a credit card operation before, and they were willing to accept Apple’s terms.
Big card operations like Citibank had no interest at all in going along with what Apple wanted. Like no late fees. No over limit fees. No annual fees. No international fees. No fees at all. All while having interest rates at the low end of industry rates.
Apple wanted instant approval, and instant issue. Apple wanted end-of-month statements and support through iMessages. Interest-free installment loans for certain purchases like iPhone.
Goldman gave them all of that, and more. Apple set the privacy policy. They don’t know what you bought or where you bought it. Neither Apple or Goldman shares or sells your data to third parties for marketing or advertising. Try getting that from any other issuer—not gonna happen. That’s how other issuers make a lot of their money, telling your insurance company where you eat and shop.
And yes, Apple has every right to negotiate for (and get) the policies they want for their card. As the issuing bank, Goldman is responsible for the credit underwriting and running the actual card operation. Basically the mechanics, the nuts and bolts of making everything work. That’s nothing Apple’s interested in doing themselves.