Apple Card Customer Service Woes Responsible for Goldman Sachs Regulatory Probe

[brgjoe]

I guess it's a YMMV thing.

I had a fraudulent charge on my Apple Card from some gas station in Georgia. The chat was useful and within a couple of days, the charge was wiped from my statement. I was very impressed with them.

Of course, that was a year or so ago. Haven't dealt with the folks at GS since then.

 

[svish]

Don't think any damage will be done by the investigation.

 

[Solomani]

So Apple broke the bank? 😂

Apple Card must be more poopular than I thought. Oh well... if Goldman cannot get its act together, Apple needs to threaten to switch to another bank. The threat alone is sure to force Goldman Sachs to get its **** together.

 

[_Spinn_]

Love my Apple Card but I’m also not super happy that Apple went with GS. I suspect they were the only bank willing to play by Apple’s rules.

Maybe these kind of issues are why there have been rumors that Apple is looking to take over some banking stuff themselves?

 

[kelemor88]

Only problem I have is I can’t pay off things from apple in the order that I want. For example I have extra 30 bucks and it could pay off the MagSafe charger I got for my kid. If I try to put the 30 against it……..the product that has be the been “financed” the longest gets the credit. That’s just silly

 

[jamcgahey]

My experience with Apple Card has been positive for the most part. Always friendly cust service and fast responses. I'd rank the following cards I have in order I find them to be the best. (I am military, so I don't pay annual fees)

1. Amex Gold
2. Amazon Credit Card
3. Apple Card
4. Amex Platinum

Honestly depends on where you spend your money though. You travel a lot more then Plat probably is #1. I buy a lot of groceries/things on amazon so that is why those are my top 2. Being in Latvia tentatively, I use Apple Card exclusively because of cashback and its MasterCard and excepted everywhere.

 

[dreamsayer]

Apple Card cust service is really pretty terrible.

I disagree. I've always received excellent service when contacting them for any issues.

 

[jumpcutking]

I recently had a chargeback on my card because of a transaction that I didn’t recognize. It appeared on my account while I was at home.

I can’t speak to how the process was before than but the process was very streamlined and very effective. Chatted with a representative who seemed to ask the same question twice, but within 10/15 minutes filed the case. Apple Card showed a credit while the chargeback was in dispute. Several hours later the chargeback was issued in my favor.

A new titanium card was shipped with in 8 days. Apple Pay worked during the process and I was pleasantly surprised by the process.

When I had to ask for a chargeback on a different credit card the process was a bit more complicated but they tend to always resolve in your favor. I felt like this process was better than that one.

Chargebacks can feel daunting from both consumer and the business. The trusty consumer found a transaction they don’t recognize. It feels like theft. Sometimes it’s a double charge, accidental over charge, or actual identity theft.

However, for business… it can be a nightmare. Unfortunately credit and debit card companies that offer zero liability just mean that they make the business pay for the refund. Truth be told, a lot of chargebacks from the business side result from a poor performing product, shipping problems, and the majority still are down right fraud. Person X bought Y but tells bank their card was stolen. Bank asks company Y for proof of the transaction. If it’s a digital card only transaction - 9/10 times the bank says that’s not enough and issues a chargeback against company Y’s bank.

In person, if the company remembers where your signed receipt is, they can dispute the charge. However, in most cases (due to chargeback frequency) company Y doesn’t have time to facilitate a proper dispute and Person X gets his money back. Company Y has to record the loss.

Usually a chargeback includes a fine from the requesting bank, the business bank, and or the payment processor. It sucks. A high percentage of business transactions (especially online ones) are charged back. Higher than most small business are prepared for.

That’s been my research and understanding of the matter.

 

[msackey]

Had a Amex gold and plat cards. Switched to Apple Card for simplicity.

I worry though because on Reddit the r/applecard site is filled with tons and tons of issues reported by customers. Some in thousands of dollars that they are being screwed out of.

It certainly has me on my toes.

yikes! I hope I don't have this "luck". So far my AppleCard works fine. Then again, we are not big spenders and don't have much unusual expenses.

 

[AppleGuyonsite]

The popularity of the Apple Card caused Apple partner Goldman Sachs to struggle to deal with customer service issues, according to a new report from CNBC. The problems have in part led to a Goldman Sachs investigation by the U.S. Consumer Financial Protection Bureau (CFPB).

Goldman Sachs was subject to more disputed transactions than it had anticipated, with customers seeking chargebacks for products and services. When a customer asks for a chargeback, Goldman Sachs must follow regulations to reach a resolution within an acceptable timeline, and apparently failed at doing that. A source that spoke to CNBC said that customers were provided with conflicting information or were subject to long wait times.

Apple Card business created long queues that needed to be cleared out, and Goldman Sachs was unprepared. There was no streamlined process in place for resolving customer complaints.

The CFPB is now examining how Goldman Sachs handled customer refunds, billing error resolution, refunds, reporting to credit bureaus, and more. Regulators are looking into customer complaints from the past several years, many related to attempted chargebacks. Goldman Sachs has now devoted more resources to automating additional parts of the chargeback process, and it is cooperating with the CFPB inquiry.

Article Link: Apple Card Customer Service Woes Responsible for Goldman Sachs Regulatory Probe

WE NEED A CLASS ACTION SUIT!
Just got another letter yesterday from Goldman Sachs (NOT DATED) stating again that they did find in our favor with the charges from an Insurance company who has been charging us this year for ancillary insurance (Dental & Vision). I have a recording from Jan. 8, 2021, when we called them to tell them that we did not want this insurance because no one would take it in our area in the previous year. Many, many, calls and many hours to Apple, Apple Card-Goldman Sachs (GS), the insurance company and the NC States Employees benefits group did not make a difference. Finally we contacted the parent company of the insurance company, who finally said they would refund all funds charged to the Apple Card(GS). However I still don’t know if we will prevail since the letter came after our resolution, BUT IT WAS NOT DATED.There is no way to get Goldman Sachs to resolve this when it is clearly the insurance company’s error. I even sent Goldman Sachs a thumb drive with the recording to the insurance company on January 8th. Yet they continue to rule in the insurance company favor besides my documentations sent via Certified Mail. The problem is we are just small cogs in this never ending circular gear maze and they favor the companies that provide them with more income. WE NEED A CLASS ACTION SUIT!!
I will investigate on how to file my complaint with the U.S. Consumer Financial Protection Bureau, if not fully resolved before the end of the month.

 

[compwiz1202]

I agree AMEX is great, but for the vast majority of credit card users it makes much more sense to chase sign up bonuses than plan to keep a card long term.

Getting a huge bonus for spending $500-$6,000 in a few months is much more lucrative than playing the long game at 1x-5x cash/points back.

I stopped opening and closing cards a few years ago, but I’ve probably opened every major credit card available and earned thousands of dollars and a few million points during that time and there’s no way that would have been possible sticking with the same card forever.

I’m even a high spender on cards at around $10,000/mo which are the only people who might consider using one card forever but even then it doesn’t make the most sense since you can obtain bonuses so easily and quickly.

Heck there's some SubReddit called CreditCardChurn or such where all they do is sign up for the best bonuses, and then just pay them off, and either cancel or let them sit inactive, possibly depending on if there is an annual fee or not.

 

[steevn]

Heck there's some SubReddit called CreditCardChurn or such where all they do is sign up for the best bonuses, and then just pay them off, and either cancel or let them sit inactive, possibly depending on if there is an annual fee or not.

I was actively in that subreddit for a long time lol. I used to open 10-15 cards per year for a good 7-8 years.

Now I only have about 15 open, mainly using 2-3 of them regularly and the rest either have some airline/hotel benefits or are really old. 5-6 still have annual fees though.

 

[vista101]

I can't even begin the horror stories I have had with Apple card customer service. It's like going to my internet provider who plays dumb and begin to make me feel like a moron for having the card. For three days my card was blocked despite having paid in full for a dispute.

 

[Expos of 1969]

I can't even begin the horror stories I have had with Apple card customer service. It's like going to my internet provider who plays dumb and begin to make me feel like a moron for having the card. For three days my card was blocked despite having paid in full for a dispute.

I assume you have cancelled the card?

 

[cutlerf]

The popularity of the Apple Card caused Apple partner Goldman Sachs to struggle to deal with customer service issues, according to a new report from CNBC. The problems have in part led to a Goldman Sachs investigation by the U.S. Consumer Financial Protection Bureau (CFPB).

Goldman Sachs was subject to more disputed transactions than it had anticipated, with customers seeking chargebacks for products and services. When a customer asks for a chargeback, Goldman Sachs must follow regulations to reach a resolution within an acceptable timeline, and apparently failed at doing that. A source that spoke to CNBC said that customers were provided with conflicting information or were subject to long wait times.

Apple Card business created long queues that needed to be cleared out, and Goldman Sachs was unprepared. There was no streamlined process in place for resolving customer complaints.

The CFPB is now examining how Goldman Sachs handled customer refunds, billing error resolution, refunds, reporting to credit bureaus, and more. Regulators are looking into customer complaints from the past several years, many related to attempted chargebacks. Goldman Sachs has now devoted more resources to automating additional parts of the chargeback process, and it is cooperating with the CFPB inquiry.

Article Link: Apple Card Customer Service Woes Responsible for Goldman Sachs Regulatory Probe

I agree. It’s been a nightmare of ineptness with GS. Worst experience in my life. I hope Apple takes heed because it’s their reputation as well. They would be wise to take their business elsewhere. For the sake of their good name and all their good customers

 

[lc96]

I agree. It’s been a nightmare of ineptness with GS. Worst experience in my life. I hope Apple takes heed because it’s their reputation as well. They would be wise to take their business elsewhere. For the sake of their good name and all their good customers

Wow. You must have led a charmed life? Hyperbolic much?

 

[cutlerf]

????

 

[HDFan]

Worst experience in my life.

Wow. You must have led a charmed life? Hyperbolic much?

Just fact. Worst credit card I have ever used. No automatic quicken support, refuse to increase credit limit which is 1/4 the value of my other cards, customer service representatives are sub par, etc.

 

[mikethemartian]

I’ve never understood the mass appeal of credit cards. I have one because my bank claimed that I am better protected against fraud than I would be with a debit card but really have no desire to be in debt even if it is just for a few weeks at a time. Obviously I can understand the need to borrow for large purchases like a home but just for day to day purchases I just don’t get the appeal.

 

[lxngtnguy]

While I’ve not had any problems with my AppleCard I have with my GM rewards card which is also handled by GoldmanSachs it’s been a nightmare…I’ve literally had executives at GM on the phone with them. I’m not sure it’s just Apple that’s caused GS to get in hot water.

 

[millerj123]

I’ve never understood the mass appeal of credit cards. I have one because my bank claimed that I am better protected against fraud than I would be with a debit card but really have no desire to be in debt even if it is just for a few weeks at a time. Obviously I can understand the need to borrow for large purchases like a home but just for day to day purchases I just don’t get the appeal.

For me, it’s that the credit card is a loan on my behalf that I pay off each month. A debit card comes directly out of my checking account, so I will only use debit as a last resort.

 

[HDFan]

I’ve never understood the mass appeal of credit cards.

Tons of reasons.

1. Easy way to track spending. All your purchases can be downloaded into a program such as Quicken so you know where your money is going. Easy to see where you money went over specific time periods. Very helpful right now as it is time to cut back expenses. You can see if your changes made any difference by comparing with past time periods.

2. Easy tax filing. If you have a lot of deductible expenses, if you have done (1) above then you have all of your line items for tax filing.

3. Convenience. Nothing more annoying that waiting for someone to dig out the correct change for a cash purchase. Takes just seconds to make a purchase.

4. Security. Rather than having to carry around hundreds of dollars for the grocery store visit you just have a credit card. Even better if you have your card in an iPhone or Apple Watch wallet - purchase takes even less time (just seconds) and is more convenient and secure than inserting a credit card in a reader.

The disadvantage is, of course that the credit card companies are getting their fees. Since most prices include the fees, the fact is that you are paying the credit card fee but not getting any benefit. Unfortunately this is a regressive tax so that those in lower incomes who have to pay cash are subsidizing those who don't.

 

[ackmondual]

Tons of reasons.

1. Easy way to track spending. All your purchases can be downloaded into a program such as Quicken so you know where your money is going. Easy to see where you money went over specific time periods. Very helpful right now as it is time to cut back expenses. You can see if your changes made any difference by comparing with past time periods.

2. Easy tax filing. If you have a lot of deductible expenses, if you have done (1) above then you have all of your line items for tax filing.

3. Convenience. Nothing more annoying that waiting for someone to dig out the correct change for a cash purchase. Takes just seconds to make a purchase.

4. Security. Rather than having to carry around hundreds of dollars for the grocery store visit you just have a credit card. Even better if you have your card in an iPhone or Apple Watch wallet - purchase takes even less time (just seconds) and is more convenient and secure than inserting a credit card in a reader.

The disadvantage is, of course that the credit card companies are getting their fees. Since most prices include the fees, the fact is that you are paying the credit card fee but not getting any benefit. Unfortunately this is a regressive tax so that those in lower incomes who have to pay cash are subsidizing those who don't.

As a consumer, you are also getting cashback. Some places only take credit card (despite the fees that go to credit card companies, cash isn't free... you need to count it, it's a more vulnerable avenue to theft)

However, vendors too have woes against credit cards. I still run into places are cash only.

 

[sunman42]

Just fact. Worst credit card I have ever used. No automatic quicken support, refuse to increase credit limit which is 1/4 the value of my other cards, customer service representatives are sub par, etc.

For what it's worth, they increased my limit by ~ 2.5 times what I asked them to after I had had the card for six months. Maybe you asked too early?