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Apple Ending Apple Card Partnership With Goldman Sachs
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I wonder if a new partner will require interest on purchases. If Apple card does away with 0% interest, it will loose all incentive for me. Luckily I was planning to purchase at the begining of next year, before their current partnership ends.
I have a feeling Apple will find another deal and keep everything similar. Or at least I can hope.
I have a feeling Apple will find another deal and keep everything similar. Or at least I can hope.
Welp time for a bank run. Once I get my interest payment tomorrow I'm closing the savings account. It was fun while it lasted.
It has gotten worse though. It initially lagged behind the leaders by 25 basis points; now it’s more like 85. It even lags GS’s own Marcus by 25 points.
Hope it is not American Express! I will walk if it is. Love my Apple Card and the discounts plus the interest on my savings account. Will be hard to replace them but I know Apple will do something to keep the system going. It likely will not be a good as what we have now but then the 3% went away months ago!
Chase Platinum is a good alternative. I'm most likely gonna go with them if it's AMEX or Synchrony. I'm already planning on closing the savings account once my interest this month is paid, as I do not trust Apple at all to handle this transition.
Is Chase accepted everywhere like MasterCard is? I hear some merchants do not take Chase.
I do not think you have anything to worry about in the "transition" as Apple would not ruin it's reputation pulling anything shady and the regulators will be watching!
Yeah because Apple handled so many things well like the butterfly keyboard didn't they?
Yeah no I'm taking my money out. I'm not leaving it to chance, not in this economy.
I’ve been a Chase customer for over a decade, never had an issue with a merchant accepting any of my cards.
Amex HYS accounts pay 4.3%.
The reality is I doubt Amex would want to touch this. Unlike other card companies, Amex will walk away from a bad deal. Look what happened to the Costco deal. Costco wanted a bigger chunk of the fees and Amex said no thanks and sold the card memberships to Capitol One for $2 billion.
Chase uses the Visa network, so they're accepted anywhere Visa is accepted.
Merchants may not like Chase's card swipe fees, but they have to accept the card under the agreement to accept Visa.
Amex HYS accounts pay 4.3%.
The reality is I doubt Amex would want to touch this. Unlike other card companies, Amex will walk away from a bad deal. Look what happened to the Costco deal. Costco wanted a bigger chunk of the fees and Amex said no thanks and sold the card memberships to Capitol One for $2 billion.
I do not think anyone would lose money, only services in the Apple transition. The FTC would not allow it and Apple knows it.
Amex HYS seems like a great alternative to Apple savings, especially if Apple tanks the card and/or the savings account. I'll give this a look after we find out more info about what Apple plans to do. Thanks for the tipAmex HYS accounts pay 4.3%.
The reality is I doubt Amex would want to touch this. Unlike other card companies, Amex will walk away from a bad deal. Look what happened to the Costco deal. Costco wanted a bigger chunk of the fees and Amex said no thanks and sold the card memberships to Capitol One for $2 billion.
Apple will find a banking partner. There's money to be made in the consumer sector. Goldman Sachs has long abandoned the consumer market to focus on large corporate customers. I have no idea why they got into this deal with Apple. They're not equipped to handle the volume or the margins or government oversight in this market.
Synchrony is more logical, but there are plenty of SMB and consumer banks who would love to tap into this enormous and growing market. It will be a pain to have to get a new card, and probably a new ApplePay account, but I'll do it, and I'm pretty sure most users will, too.
Synchrony is more logical, but there are plenty of SMB and consumer banks who would love to tap into this enormous and growing market. It will be a pain to have to get a new card, and probably a new ApplePay account, but I'll do it, and I'm pretty sure most users will, too.
It’s Citigroup not Capital One.Amex HYS accounts pay 4.3%.
The reality is I doubt Amex would want to touch this. Unlike other card companies, Amex will walk away from a bad deal. Look what happened to the Costco deal. Costco wanted a bigger chunk of the fees and Amex said no thanks and sold the card memberships to Capitol One for $2 billion.
The Costco Visa is supported by Citi(bank).
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“Chase primarily uses Visa as a network, but also offers a couple of Mastercard credit cards. Not all merchants accept credit cards from all networks.”
The Amazon Visa card is supported by JPMorgan Chase Bank.
Apple won't let the Apple Card fail. Pretty sure they are making buku money from it, and it's too widely used to quietly kill. I'd bet they'll open their own bank if they don't find a partner.
They can't partner with Amex because they have a contract with mastercard for now... And I'm sure mastercard will make it very expensive to break that (although apple has a lot of money so maybe they will do it)
As far as Chase, Capital One and the other heavy hitters in the consumer space they will not agree to Apple's ridiculous terms like Goldman did.... Because quite frankly they don't need Apple as they're already established...... So for this to happen Apple would have to concede and get in line.
I knew it was one of those.
I just know how much Amex sold the card membership list for.
Yep, Costco owned the accounts, American Express just serviced the accounts. So when Costco/AMEX broke up, Costco just took the accounts over to Citibank. It was about 17%, roughly, of all of AMEX's cards in the US. A significant percentage of all of AMEX's cards. But Amex didn't see anyway to make money in the deal that Costco wanted, so AMEX just walked away.
The interesting play here is what happens when the agreement ends. I dont know how many Apple Card Savings account holders there are, but I'm guessing it's not insignificant. And I'm guessing that the average account size is not insignificant (given the 4.15% APR). It may not be "THE BEST" out there, but its damned good, and a lot of people have jumped on board.
That being said... Goldman Sachs is going to have to have a LOT of cash on hand to handle all of those mass withdrawals. Yes I know that they are a massive financial institution, but they will have to appropriately prepare for the mass withdrawal of... millions? tens of millions?... of dollars over a very short period of time.
Mass withdrawals like this are what brought down other banks like Silicon Valley Bank. At least Goldman Sachs will have the luxury of preparing for the run.
That being said... Goldman Sachs is going to have to have a LOT of cash on hand to handle all of those mass withdrawals. Yes I know that they are a massive financial institution, but they will have to appropriately prepare for the mass withdrawal of... millions? tens of millions?... of dollars over a very short period of time.
Mass withdrawals like this are what brought down other banks like Silicon Valley Bank. At least Goldman Sachs will have the luxury of preparing for the run.
The amount of withdrawals from Apple savings accounts is a tiny drop in the bucket for Goldman. Won't even make a ripple.
Nintendo used to do taxi services and love hotels before they settled on toys in the 70s, and then video games in the 80s. And now Nintendo is expanding into amusement parks and movies.
Just wait until you learn about the stuff Samsung makes.
(Yes, Samsung makes military equipment for the South Korean Army. That howitzer in the meme is the K9 Thunder, built in conjunction with Kia)