I wouldn't mind tbh... I have a capital one venture card and its pretty solid. Their Customer service and branches have been pretty good, i've had no issues with them.
Why do you or I care who gets the merchant fees? Is it any different that any other branded card?
Exactly. Some of the problems they cite are irrelevant to an established credit card company. Too many calls around the end of the month because of the universal due date? If you had other cards with other due dates, this wouldn't be an issue at all.
They won't as Tim Cook is allergic to spending money, innovation or releasing ANY product outside the US!
yes it's different than all other branded cards... With other cards the bank and the brand split the fee..... Of course we don't care who gets it, but it's something that's being discussed here so...
Source? How do they normally split the fee?
Sure. But you said "in this particular situation Apple is looking like the greed monger". From a consumer point of view, it's the exact opposite in that they insisted on no consumer fees.
It’s less a money thing and more of a financial regulatory thing (FDID insurance for savings, credit card infrastructure, Know Your Customer, and a lot of other financial regulations). When it comes to any of these fintech products, you’ll notice that they all have some bank they partner with, or at least they have a card issuer they partner with. It’s really the only way to make it work.
Well, it seems like Goldman Sacs wanted to get into consumer finance (they introduced their own AI assistant Marcus around the same time), they probably saw it as the ticket to market expansion. But, especially with interest rates being what they are now and the potential for recession, they seem to have gotten cold feet in a big way about being exposed to retail banking.
To be honest, I really feel like it could very well be the opposite... That it isn't a regulatory thing, it is a money thing. In other words, if it makes financial sense for them to do it, they will. All the regulatory stuff? I just don't feel like that is anything that would even remotely faze a company as large and with as many resources as Apple. Whatever hoops they have to jump through, they would just... do it.
Think maybe this and that are the same thing?
Tim has been in charge of Apple since 2009, and head of operations before then (e.g. still controlled which products were feasible/profitable to be manufactured for market)
America. It’s quite common for places to not accept it.
Apple is ending its credit card partnership with Goldman Sachs, according to The Wall Street Journal. Apple plans to stop working with Goldman Sachs in the next 12 to 15 months, and it is not yet clear if Apple has established a new partnership for the Apple Card.
Apple and Goldman Sachs will dissolve their entire consumer partnership, including the Apple Card and the Apple Savings account. Apple in a statement that was provided to CNBC said that it will continue to provide "the best tools and services" for Apple Card customers.Rumors earlier this year suggested that Goldman Sachs wanted to get out of its relationship with Apple as part of a plan to cut back on its consumer business. Goldman Sachs at the time was said to be speaking with American Express about a possible takeover, but the Apple Card needs to run on the Mastercard network until 2026 due to a deal established between Apple and Goldman Sachs. Amex also had concerns about aspects of the program such as loan loss rates due to Apple's push to have customers approved, so the status of the talks is not known.
Synchrony Financial, known as the largest issuer of store credit cards, has considered taking over the Apple Card, according to The Wall Street Journal.
Goldman Sachs and Apple have worked together on the Apple Card since it launched in 2019, and have also teamed up for the high-yield Apple Savings account and the Apple Pay Later feature. The partnership has not gone smoothly, with Goldman Sachs running into customer service issues due to long wait times for disputed Apple Card transactions and issues with the Apple Savings account.
The U.S. Consumer Financial Protection Bureau launched an investigation into Goldman Sachs due to the customer complaints, leading to tension with Apple. Apple is unhappy with the customer service reputation of its Apple Card and Apple Savings products, while some Goldman Sachs executives blame Apple for the regulatory scrutiny.
Goldman Sachs was new to consumer banking when the Apple Card launched, and to establish a deal with Apple, it is not collecting fees that many credit card issuers receive. The bank does not get a cut of the fee that merchants pay to Apple to accept the Apple Card, nor is it able to collect annual fees, late fees, or foreign transaction fees. Goldman Sachs does earn money from loans issued to cardholders who split Apple purchases into installments, but it is not known if Apple will be able to establish a similar deal with another issuer because of the limited revenue the Apple Card provides.
Article Link: Apple Ending Apple Card Partnership With Goldman Sachs
I'm not that enamored over the Apple Card. However, I hope that Apple Pay continues. It is so much easier (and less subject to thefts) than having to use a card in a swiper.
Apple is ending its credit card partnership with Goldman Sachs, according to The Wall Street Journal. Apple plans to stop working with Goldman Sachs in the next 12 to 15 months, and it is not yet clear if Apple has established a new partnership for the Apple Card.
Apple and Goldman Sachs will dissolve their entire consumer partnership, including the Apple Card and the Apple Savings account. Apple in a statement that was provided to CNBC said that it will continue to provide "the best tools and services" for Apple Card customers.Rumors earlier this year suggested that Goldman Sachs wanted to get out of its relationship with Apple as part of a plan to cut back on its consumer business. Goldman Sachs at the time was said to be speaking with American Express about a possible takeover, but the Apple Card needs to run on the Mastercard network until 2026 due to a deal established between Apple and Goldman Sachs. Amex also had concerns about aspects of the program such as loan loss rates due to Apple's push to have customers approved, so the status of the talks is not known.
Synchrony Financial, known as the largest issuer of store credit cards, has considered taking over the Apple Card, according to The Wall Street Journal.
Goldman Sachs and Apple have worked together on the Apple Card since it launched in 2019, and have also teamed up for the high-yield Apple Savings account and the Apple Pay Later feature. The partnership has not gone smoothly, with Goldman Sachs running into customer service issues due to long wait times for disputed Apple Card transactions and issues with the Apple Savings account.
The U.S. Consumer Financial Protection Bureau launched an investigation into Goldman Sachs due to the customer complaints, leading to tension with Apple. Apple is unhappy with the customer service reputation of its Apple Card and Apple Savings products, while some Goldman Sachs executives blame Apple for the regulatory scrutiny.
Goldman Sachs was new to consumer banking when the Apple Card launched, and to establish a deal with Apple, it is not collecting fees that many credit card issuers receive. The bank does not get a cut of the fee that merchants pay to Apple to accept the Apple Card, nor is it able to collect annual fees, late fees, or foreign transaction fees. Goldman Sachs does earn money from loans issued to cardholders who split Apple purchases into installments, but it is not known if Apple will be able to establish a similar deal with another issuer because of the limited revenue the Apple Card provides.
Article Link: Apple Ending Apple Card Partnership With Goldman Sachs
Any company can release their own branded rewards card. How many though, have done it the way Apple did and put their own unique spin on things? I honestly can't think of a single one.
