RIP to the iCard. Died the same day as Charlie Munger.
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Apple Ending Apple Card Partnership With Goldman Sachs
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The idea of unconditional 0% financing for computers, phones, laptops, etc is unprecedented, and it would surprise me it were repeated by a new issuer. But it seems to me that feature has helped Apple sales. I think this is probably (mildly) bad news for Apple sales going forward.
That is the most likely scenario... the Apple Card is a losing deal most likely it will be replaced with a standard Mastercard or Visa bank card with an Apple logo on it just like you'd get from Walmarts. (not titanium either) The Savings Account will be closed and you'll simply have to transfer the funds out.
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Apple Working to Bring More Financial Services In-House
Apple Inc. is developing its own payment processing technology and infrastructure for future financial products, part of an ambitious effort that would reduce its reliance on outside partners over time, according to people with knowledge of the matter.www.bloomberg.com
Looks like Apple is ready
From a regulatory perspective, they’re better off partnering than doing this all by themselves. Banking is messy.
Source: I work in banking.
I hope it's not the end for the Apple Card. Like you, I like the Wallet interface and small perks.
Apple just needs to buy the bullet and create (or purchase) their own financial entity. The glaring issue with the Apple Card / Savings is the lack of continuity between Apples core customer values and those of Goldman Sachs. Buddying up with another traditional bank isn’t likely to fix this. We need Apple employees running the show, and Apple tech / payment rails.
if Apple wants to maintain its world class status, I would hope they would stay away from synchrony. They are anything but. They may issue the Amazon store card, but not the Prime rewards Visa. That’s chase! I think it would make more sense for AMEX (a long shot) or a big bank like Chase. Hopefully Apple learned its lesson about lending to subprime. In the credit game, you can’t just lend to anyone!
Likely one of the big banks could or Apple could just step in given their cash reserves.
Apple can back the loans, and even pay the service fee. That isn't a huge issue for a lender.
Two titans of their respective industries collaborate to create a bigger disaster than each could’ve created on its own.
A primary reason for the failure is Apple’s attempt to affect arbitrary social engineering through the financial sector. Expanding approvals to include those who are creditworthy is a noble concept - until someone has to pay for it which, in this case, wasn’t Apple. And then reward cardholders handsomely for participating.
Goldman was similarly delusional by agreeing to fly in the face of perhaps the most established truth among creditors and ignoring operational realities like billing all customers at the beginning of each month rather than staggering them throughout to create a massive overload of customer inquiries they couldn’t possibly adequately staff to handle while leaving customer service associates virtually idle every three or four weeks.
This is ego run amok that convinced both firms that their past achievements ensured future success.
A primary reason for the failure is Apple’s attempt to affect arbitrary social engineering through the financial sector. Expanding approvals to include those who are creditworthy is a noble concept - until someone has to pay for it which, in this case, wasn’t Apple. And then reward cardholders handsomely for participating.
Goldman was similarly delusional by agreeing to fly in the face of perhaps the most established truth among creditors and ignoring operational realities like billing all customers at the beginning of each month rather than staggering them throughout to create a massive overload of customer inquiries they couldn’t possibly adequately staff to handle while leaving customer service associates virtually idle every three or four weeks.
This is ego run amok that convinced both firms that their past achievements ensured future success.
Jesus Christ, how did an investment bank who’s done trillions of dollars in financial deals, get bamboozled by a bunch of Silicon Valley nerds like this?
I love my Apple Card? what's wrong with Synchrony? I think that's what my B&H card is. I def would rather keep it Mastercard than go to amex considering its my main card
Then again, run poorly enough to become one of the biggest and longstanding at what they do.
Not sure why anyone would want to partner with Apple on these terms.
If you have to switch savings accounts Discover Savings is 4.35%
If you have to switch savings accounts Discover Savings is 4.35%
I really hope they fix it without closing the card and re-issuing it. Closed cards are bad for credit ratings. Love my apple card and how easy it makes it to buy apple products. Won't be buying as much without the 0% interest payment plans
Uh yeah, that's preposterous. You're really going to equate printing playing cards to being one of the world's foremost producers of video game hardware and software?
The most important thing about cash reserves is keeping them.
I'd love an AMEX Apple Card, especially if it also were available in Europe. Shouldn't be too hard, right? AMEX already has operations here. A man can dream right?
You think Apple, who dictates the terms and how they want the card ran, would allow the card's number one perk to be jettisoned? Me thinks not.
Would love it if Apple decided to go all in and do debit too & try to create a all in one wallet that mirrors what Simple Bank did.
I loved Simple Bank and their ability to make people save money so passively. First time I ever had a lot of money was thanks to Simple. Monzo is cool but they’re not as passive. You see everything that gets taken out of your account. 🤦🏽♂️
I loved Simple Bank and their ability to make people save money so passively. First time I ever had a lot of money was thanks to Simple. Monzo is cool but they’re not as passive. You see everything that gets taken out of your account. 🤦🏽♂️
Lol I have bad news for you. The plan is for Apple to eventually become a bank essentially and finance the card themselves
