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.
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.
