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Apple Card Will Move From Goldman Sachs to JPMorgan Chase

Hmmm. Will be interesting to see how this changes the Apple Card and Apple Savings. Chase doesn’t (currently) offer an HYSA. Additionally, will they fold this in with their current rewards like the Chase Freedom/Flex, Freedom Unlimited, and Prime card? All those points can be combined so would be quite intriguing.
 
dmr727 said:
Amex savings is down to 3.3% - I hope they don't end up that low.
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Realize that as the Fed continues to lower the rate at which it is willing to lend money to banks, the rate that all banks are willing to offer with HYSAs will also drop. There's a direct relationship between those savings rates and the Fed rate: Banks don't need to pay customers higher rates for cash if they can get cheap money from the federal government.
 
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donawalt said:
I hope they decide to turn on download capability to Quicken instead of just supporting a bunch of small-time apps like Goldman Sachs does. I would use my Apple Card a LOT more if I had auto-download daily of my transactions, like every other credit card does.
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Almost certain to happen & the most exciting news for me of this whole thing. Quicken is supported on every other one of my Chase accounts. They would have to specifically opt this one out, which doesn't really make much sense.
 
I can see why Goldman Sachs wanted to get rid of it of people aren't paying their bills. It's hard to explain that to shareholders that's a lot of debt and that's a huge discount but they probably made that up in interest fees. Oh well here comes another credit card.
 
cateye said:
I also wouldn't necessarily judge the interest rate on a Chase-supplied "Apple Savings account" based on their regular savings products. Any bank can offer whatever interest rate they want. There's nothing preventing Chase from spinning up a competitive HYSA. The question is, do they need to? HYSA's are a way for banks to increase cash holdings as a hedge against debt. Chase has zero need for that. But they may still want to do it as an olive branch toward Apple if it's something Apple really wants. (shrug) we'll see.
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Agree, I could see that as something they were able to give, to take over the business. As you & others have pointed out, there will be a lot of changes and this would be a somewhat easy bone for them to throw Apple Card users.
 
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cateye said:
Realize that as the Fed continues to lower the rate at which it is willing to lend money to banks, the rate that all banks are willing to offer with HYSAs will also drop.
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Well of course, but the differential between the banks tends to remain the same. Amex, for example, is always a few tenths of a point lower than many others (Betterment, etc).
 
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kasei said:
So it is a best guess that we will receive a completely new card because of the switch from Mastercard to Visa.
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I don't think any change to VISA has been reported. Chase offers both VISA & MasterCard Accounts (I have an IHG credit card with them & it's a Mastercard). Since Apple had some deal (IIRC) with Mastercard through 2030, I could see this staying a MasterCard.
 
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I just don't want the transfer of cards to affect my credit score. If they close this account and open a new one on my behalf it'll drive down my average credit age significantly and impact my credit score.
 
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Apple Card is still my favorite card. I like the app interface and I have a lot of Apple Pay purchases so while not the best cash back, it’s better than other cards with limited places.

As for savings account, I had already moved to SoFi.
 
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gomichaelgo said:
I just don't want the transfer of cards to affect my credit score. If they close this account and open a new one on my behalf it'll drive down my average credit age significantly and impact my credit score.
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usually doesn’t work that way. The account moves from one bank to another, but stays intact. You will be issued a new card with a new account number. For the purpose of your credit report, however, the age of the account stays the same.
 
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Wonder if cardholders will take a hit on their FICO score by being switched from a card with a length of credit history to a new card.
 
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klasma said:
Apple Card seems to be kind of a hot potato.
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Not really. Goldman Sacks sucks.

Discover gives students with very new credit record DiscoverCards. Which means subprime credit cards still very profitable, but Goldman Sacks sucks in operation. And, Discover cards have 5% categories every quarter. Goldman sucks just gives standard 1-2-3 structure. Bank of America does similar rewards, and BofA gives to students with new credit record too.

Based on Marcus and current Apple Card support by Goldman Sacks, it also sucks. Waiting time is hundreds of years away. I don’t understand why just having a scheduled call back system. There is one time, they cancel the transfer of my Apple Savings while they actually want to cancel my Marcus’s. Holy…. They usually confused why I have two “Marcus” high yield savings many times.

Let alone when I preordered iPhone, there is one time they block my transaction but notified me a half day after. There is another time their checkout line crashed, so I had to resubmit my iPhone preorder and got my iPhone with a later slot.
 
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