Yes, most companies are fine … until you run into a problem and need to contact them; that’s when you find out whether they’re good or bad.
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Apple Ending Apple Card Partnership With Goldman Sachs
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Yes, most companies are fine … until you run into a problem and need to contact them; that’s when you find out whether they’re good or bad.
Retail banking generaly treat their customers with disdain, although things have marginally improved these past few years.
Messy or not, if Apple feel they can disrupt the sector in a positive way, I'm all for it; they'll have learnt a bunch from the GS's affair.
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Any financial institution looking in to take over from Goldman Sachs needs to back away because it is a loss maker no matter how you look at it because a financial institution will want to rake in fee's of some kind and of course Apple will resist because any fee's would have to be recuperated meaning Apple would have to increase the fee's from their users. the financial institutions are going to look at how it worked between Goldman Sachs and Apple and notice Goldman Sachs was making a loss because they could not charge fee's like would normally have happened when it comes to credit cards and loans, something Apple probably asked to not happen.
This could spell the end of the Apple card because unless credit card fees and loan fee's can be recovered by the financial company covering their use, they are not going take it on because they will just be making a loss just like Goldman Sachs has done.
This could spell the end of the Apple card because unless credit card fees and loan fee's can be recovered by the financial company covering their use, they are not going take it on because they will just be making a loss just like Goldman Sachs has done.
Ok, I’m not understanding all the hate for Synchrony. I keep hearing “customer service bla bla bla” but no one is elaborating. What exactly is the problem?
I opened a Rooms to Go account (Synchrony) for a large furniture purchase since it was 0% financing for 24 months. I setup automated monthly payments via the website and downloaded the MySynchrony app to monitor the account. Easy peasy.
So how exactly are you guys getting “burned” by Synchrony?
I opened a Rooms to Go account (Synchrony) for a large furniture purchase since it was 0% financing for 24 months. I setup automated monthly payments via the website and downloaded the MySynchrony app to monitor the account. Easy peasy.
So how exactly are you guys getting “burned” by Synchrony?
I’ve never used my physical Apple Card and I’ve had one since it was first available. It’s still sitting in its protective case.
Every single transaction made with it has been through Apple Pay.
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Going into the financial sector was always a tall order. A completely different industry that is very competitive and very difficult to get a foothold for new comers. Next to impossible in fact.
I am kind with those who are hoping Apple would focusing on tech. But I also understand why Apple would want to venture into the highly coveted financial sector. Credit cards are one thing but the savings accounts are potentially where the huge money resides.
I am kind with those who are hoping Apple would focusing on tech. But I also understand why Apple would want to venture into the highly coveted financial sector. Credit cards are one thing but the savings accounts are potentially where the huge money resides.
Good advice if the goal is to absolutely tank your credit score and credit history.
Of course, they do..! And it is crazy Amazon and other big tech aren't into fintech in a big way like they have in China. The only space the Chinese lead well in is how they utilized big tech to move into fintech over time... It is something the tech companies need to expand into. I won't lay much praise on Chinese adventures in tech, beyond this, however. The tech companies around the world should take note.
I'd rather tech companies not expand into another market. They already have too much of a hand in the current economy, and I don't believe that any of them are more trustworthy or ethical than current finance companies.
I disagree since the way they do many things is too legacy in this day and age.. If they keep to the banking rules, I see no issues..
Goldman Sachs are a well established financial institution therefore for them to be making a loss over this partnership with Apple will have alarm bells ringing at other financial institutions because they will perceive it as if such a well established financial company such as Goldman Sachs is making a loss over this, what are the chances anyone taking on over the Apple card responsibility will make a loss also. Unless a financial institution is able to recover credit card fee's and loan fee's, Apple's card is dead in the water because other financial institutions will be looking at what went wrong at Goldman Sachs and will not make the same mistakes they did.
Therefore I can see Apple having two choices, they either relent on charges and allow a financial institution to recover card and loan fee's or Apple purchases a failing bank to enable it to take full control of it's Apple card and Apple loans.
Goldman Sachs deal with Apple was a disaster because it prevented them from recovering card and loan fee's and thus it was run at a loss. No other company is going to take this on under a similar deal because they know they will also make a loss.
Therefore I can see Apple having two choices, they either relent on charges and allow a financial institution to recover card and loan fee's or Apple purchases a failing bank to enable it to take full control of it's Apple card and Apple loans.
Goldman Sachs deal with Apple was a disaster because it prevented them from recovering card and loan fee's and thus it was run at a loss. No other company is going to take this on under a similar deal because they know they will also make a loss.
Um… They are doing pretty well in entertainment.
392 wins out of 1,629 award nominations
https://www.apple.com/uk/tv-pr/news/2023/11/apple-scores-a-record-27-childrens-family-emmy-award-nominations-across-15-titles-with-top-category-honors/#:~:text=To%20date%2C%20Apple%20Original%20films,Best%20Picture%20winner%20“CODA.”
I think that was the issuer of the old “Apple card” wasn’t it? That one gave you an Apple gift card as rewards points. I had one, but don’t remember who issued it.
I knew GS was rumored to end their relationship with the Apple Card -- just didn't know it would end so quickly. 12-15 months away isn't a whole heck of a lot of time to find another bank to take over.
And I wonder if those folks who have loans on the Apple Card for their Macs and other Apple devices will continue to get the 3% cash back and excellent financing terms if this agreement ends even sooner.
And I wonder if those folks who have loans on the Apple Card for their Macs and other Apple devices will continue to get the 3% cash back and excellent financing terms if this agreement ends even sooner.
Remember when Apple forced Cingular to not crap up the first iPhone with junk that carriers put on every other phone like custom messaging apps, carrier bill pay apps, wallpapers and ringtones, etc? That’s what Apple did to Goldman Sachs. It worked for the iPhone, but the Apple Card terms that Goldman Sachs adopted were too harsh and now they are pushing back because unlike iPhone, there’s no money in it for them. I get that people love Apple Card, but for most of those same reasons it’s why it is a bad investment for banks. So why would another bank want those same terms? Did Apple just loose their ability to bully banks like they bullied carriers?