A bank that can’t rip off customers with useless fees and late charges? Well, we can’t have that now.
Goldman Sachs can stick it…
Goldman Sachs can stick it…
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Apple Ending Apple Card Partnership With Goldman Sachs
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Yes when it works. Too many “we do not use Apple Pay”. Apple Pay reminds me of Discover Card and American Express early on. With Apple Card at least a reward (extra 1%) for the pain. Going back to tapping or inserting the card. Works every time. Reducing the number of cards. If Apple Card goes away just cancel it.
That's presumably because Bank of America has been a longtime partner/supporter of "(RED)" and the Global Fund.
Hope everyone lets Apple know they don’t want Synchrony they are really awful!!
When asked “How much is enough?” Golden replied “More!”
They live by the motto “Greed is good.” that is until some else gets the upper-hand.
AMEX is widely not accepted throughout the UK and the EU. European Law does not allow them to charge the margins they need to give AMEX rewards. Since that law the rewards available on Visa and MasterCard credit cards have reduced very significantly. It is another "well meaning" EU law that has simply reduced consumer choice and annoyed people who enjoyed collecting airmiles etc on their spending. AMEX also charge merchants too much so only the largest companies in the UK and EU accept it.
Try that in the UK or Europe and you'll need many more hands and fingers. So if Apple go with AMEX, Apple Card will basically become US only.
Funny because in this particular situation Apple is looking like the greed monger
Add to that plan for Apple to discontinue hardware sales and convert to a hardware subscription model. Subscriptions will run 2 to 3 years before EOL, depending on device, at which time the hardware will be disabled and replaced with a new more expensive subscription device.
PS how long before there is AppleCoin?
Color me partially envious. I ended up getting a really good deal for upgrading our 2 iPhones from the 11 Pro and 11PM to two 15PMs at ATT (EDU discount, Physician/medical practitioner discount, LEO discount, all stackable, plus ATT Fiber user) but they required the sales tax to be paid by physical card. So Apple Titanium Card to the rescue, right?
One would think.
Since there are no PCI identifiable numbers on it (16 digit, CVV, or otherwise), while it could be inserted or swiped, their systems required the CVV, and the Titanium card's 16-digit and CVV numbers are different than the virtual number for the card in the Wallet. So the card couldn't be used, which kinda sucked, as I would have also got the 3% cash back from the purchase.
BL.
How do you figure? Seems like they insisted a bunch of consumer friendly policies.
Like I said it is a meh card. It is not bad but as you already have there are better cards for other categories better. Just takes more work.
For example my largest spend category is Grocery and my Amex gold is by far my best card and the number 2-3 areas dont take apple pay so yet again my defaults cards do better. As you go down things my 3 main cards match or beat apple for at least 2/3 of my spending.
For Apple it is great card. Biggest thing hold me back is some of the other requirements to use it and pay it. It just not as nice in that department.
Where do you live? Inside the United states I would say 90% of the places take AMEX. in those few places that don't that is what my Amazon Visa card is for.
Amex provides the best customer service but, according to the article, it seems that this card needs to rely on Mastercard until 2026 so this option might not viable. Also, if Apple plans to expand the card Amex is not so accepted internationally.
Syncrony does not seem what we need. Bad service, bad reputation.
Maybe Apple buying a financial technology company or neobank and roll it out on their own? They might. I'm not sure about the legal caveats about this move, but financially muscle wide Apple might be able to do it.
I think Apple foresaw this scenario, so those 12/15 months are on top of whatever preventive work they did on the subject. ...I don't honestly feel Apple Card is going anywhere.
Syncrony does not seem what we need. Bad service, bad reputation.
Maybe Apple buying a financial technology company or neobank and roll it out on their own? They might. I'm not sure about the legal caveats about this move, but financially muscle wide Apple might be able to do it.
I think Apple foresaw this scenario, so those 12/15 months are on top of whatever preventive work they did on the subject. ...I don't honestly feel Apple Card is going anywhere.
Dont be so sure that the well meaning consumer law hurt consumers. Over all it more than likely HELP consumers as often time retailers raise their over all prices to cover the transaction fees. Lower transaction fees general mean for most people save money. The only one who really make out with the higher transaction fee is the credit card company and people who know how to game the rewards system. The rest of us get hurt.
I was thinking this as well.. However, the issue we have isn't the change of CC processors (MC to Visa), but the banks handling the transactions worldwide. Goldman Sachs is a globally known company, similar to Barclays which may have institutions outside the US. Banks like Amex, BOFA, and Chase aren't as well known outside the US, which would make integration for users outside the US harder; similar to how we in the US wouldn't know what to do with, say, ANZ Bank, MacQuarie bank, or Challenge Bank in Australia.
While Apple could try to do this on their own, not only would they come under heavier regulation (FDIC; they couldn't do NCUA as they are not a credit union).......
... Riddle me this, everyone. If Apple launched a company (subsidiary or of some sort) that is not run or controlled by shareholders (read: not-for-profit) and ran things themselves, they could form their own credit union, and have the profits earned each month/quarter distributed back to the members. All they would need would be to partner with a CC company and payment processor (TSYS, Chase, FIS, etc.) to process the CC transactions.
That could be an option, n'est-ce pas?
BL.
Who is the partner bank now, for all the old Barclays/Apple cards? Did GS absorb those when their deal began, or is it someone else?Back in 2014, I bought a MacBook Pro directly from Apple getting 12 month interest free with by signing up for a Barclays Visa Apple Rewards Card. Again, the application was filled out through the Apple Store website. By 2020 Barclays Bank ended their partnership with Apple and it became a MasterCard. Still have it today. I wonder if Apple is going back to Barclays Bank?
Apple Ends Barclays Rewards Card to Focus on Apple Card
Apple has canceled the Barclays Rewards card so that it can focus on Apple Card and make that the premier way for people to purchase Apple products.www.macobserver.com
I don’t think Apple really wants the BANK to get any attention going forward. They want to be the only brand on the card (even if there is a partner).
I don’t like Synchrony, but they don’t seem to mind being totally behind the scenes.
Bigger banks would want some recognition most likely.
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Report: Apple and Goldman Sachs are breaking up over money-losing Apple Card — Ars Technica
Goldman Sachs has lost billions of dollars on its consumer-focused businesses.
So, a little confused. Was reading this article and it seems the issue was people not paying on their bills. Ah, how does that work - pretty sure that would kill your credit, among other things.
For me, I think the bigger issue is, to many people probably paid their bills in full each month and didn’t have any interest build up… at least that’s what I did. Apple Card made it so much easier to pay my bill.
Well, it also got a lot more expensive for Apple to offer 0% financing since real interest rates went up 5 percentage points.