And a lot of that 1% are small businesses that can't afford the higher AMEX fees.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Apple Ending Apple Card Partnership With Goldman Sachs
- Thread starter MacRumors
- Start date
- Sort by reaction score
Dont be so sure about that. A lot of small businesses seem to completely gone over to Square. It is more about the merchant account they go with.
as recently as last year some of the major retail vendors like Kroger, Home Depot, and Lowe’s did not take Apple Pay or any NFC. All of our local Kroger brands finally updated their POSs and now can do NFC/Apple Pay. Even Lowe’s and Home Depot finally got with the program. That mainly leaves Walmart as the major retailer that doesn’t play nice.
In general if Tap to Pay (NFC) is enabled, so it Apple Pay. It uses the same mechanism. I think it is possible for a retailer to selectively enable one or the other but they have to choose that and it doesn’t really make a lot of sense to not take both. One of our local grocery chains was taking Apple Pay but not other NFC for about a year but they finally opened up to any tapper, too.
Subscriptions are everywhere. One of the costliest is cellular service. Shopping for new iPhones and service the past few days. Talk about a sick feeling. It’s time for a reality check when it comes to total cost
Held on to CS6 for as long as I could, jumping ship rather then getting sucked into their subscription service.
Adobe is bad but there are worse. One that comes to mind is iMazing.
Dark time are here and they are going to get darker.
Own a car? Not for much longer thanks to the push for subscription based vehicles, will be worse then leasing.
And many states are pushing for pay-per-mile taxing utilizing services such as ezpass, cellular and Starlink.
The Great Reset is in full swing and as they said “In the future you will own nothing and be happy.”
Inflation only hurts the working class and is being used as a tool to destroy private ownership.
I just got my interest payment for the month and started the withdrawal process on the Apple Savings Account. Once the money is back in my main bank I'm gonna message customer support to close the account.
Goodbye Apple Savings. You were too good for this world. I just pray if someone else takes over the Apple Card itself that the benefits won't change too much, because there's no way the daily cash is gonna stay the way it is. It's just not sustainable
You know Apple Card really could've benefitted from having a checking account. Have payroll go into the Apple Checking, and then that checking account could be used to pay Apple Card bills.
Goodbye Apple Savings. You were too good for this world. I just pray if someone else takes over the Apple Card itself that the benefits won't change too much, because there's no way the daily cash is gonna stay the way it is. It's just not sustainable
You know Apple Card really could've benefitted from having a checking account. Have payroll go into the Apple Checking, and then that checking account could be used to pay Apple Card bills.
And a lot of the 99% of U.S. merchants that do accept American Express are small businesses.
Unlike 10, 20, 30+ years ago, there is now little difference in the U.S. merchant acceptance rates of American Express versus Mastercard and Visa.
It’s funny that you bring this up. I just got an email from Epson wanting me to subscribe to subscribe to their ReadyPrint program. I can subscribe for as low as $14.99 plus tax. That gets me a printer and ink. And I only have to agree to a two year contract.
I already have one of their printers. That’s how they have my fake email address to begin with.
Yes - greed and capitalism are inextricably intertwined.
Small profits and losses are emphatically NOT the same thing - not in any field, not in any lexicon.
Most things I've seen indicate Home Depot and Lowe's still don't accept Apple Pay in stores, although Lowe's accepts it online. I hope Home Depot will start accepting Apple Pay sometime. They just built one close to my house.
Please no Synchrony ( too many store cards with them ) or Amex ( which is not accepted in many places )
WRONG! Get your facts right. Apple Card is a HUGE money loser.
Back in January, we learned that Apple Card has been responsible for more than a billion dollars in losses for Goldman Sachs in recent years. Now amid rumors that Apple is looking to leave Goldman for Amex, the former has reported its Q2 earnings and the results aren’t pretty.
The exact amount of losses Goldman Sachs has seen with its Apple partnership isn’t quite clear, but since 2020 it’s somewhere in the ballpark of $1-3 billion.
Earlier this year we learned those consumer banking losses have come mostly from Apple Card.
As for why Goldman is seeing such a tough time with its nascent consumer banking offerings, the company says the primary cause is loan-loss provisions which are when a bank has to compensate for greater than expected unpaid credit card balances and loans.
Visa and Mastercard aren't banks. They are processing companies. Who is the Gap's bank?
Ever hear of Google? There are MILLIONS of hits about how awful Synchrony is. How it destroys people's credit ratings and gouges you out in interest and fees. FFS, open up your eyes.
Really, the obsession with AMEX is laughable. Apple Card should be taken over by Diner's Club.
It takes me 2-3 days to get my money out of Apple Savings. Same as any other online bank. Hardly a long time.
Sounds like just about any credit company. You could type in any credit card company and get millions of hits about destroying credit and gouging on fees. CC companies have been preying on consumers for decades.
Then again, I pay off my credit card balances every month and bank the rewards — so they can’t screw with me anyway. The Synchrony account is the first one that I’ve opened and carry a large balance with due to the favorable interest terms.
I have several cards I let languish 99% of the year. I make 2-3 charges at most, pay them off so no interest is charged to me. The cards never get canceled and I have over $60,000 in available credit not used. Result? My credit score is 840.
Last edited:
I switched to Ace Hardware. Not only do they accept Apple Pay, the reward is 3% cash back!
