well, that writing was on the wall ... just hope they'll stick to either MC or Visa, Amex has too low acceptance at POS
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Apple Ending Apple Card Partnership With Goldman Sachs
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Sounds like GS had no real incentive to provide good customer service due to the cost of operations. But they must have known what they getting into. Sounds like the areas they expected to make money weren't what they expected.
And I can imagine Apple being very pushy and demanding.
And I can imagine Apple being very pushy and demanding.
If Tmobile can offer a bank account, I'm sure Apple could as well.
With the described terms, no bank or institution on the planet should agree to such a one-sided deal. Servicing credit card customers costs money.
I wish Apple would be allowed to just become a bank and do it themselves, but I know that as soon as they even mention that they are considering such a venture, a flurry of anti-trust lawsuits would come in.
The government really, really, REALLY doesn't want Apple to become a Bank so either Apple needs to find a legal loophole or find some other partner that can handle the 'Apple Experience'.
I LOVE my Apple Card and it expires in 2027 so I should in theory be fine until I have to get a new one. Apple Card is in the Top 3 of cards used for me other than my Amex cards.
The government really, really, REALLY doesn't want Apple to become a Bank so either Apple needs to find a legal loophole or find some other partner that can handle the 'Apple Experience'.
I LOVE my Apple Card and it expires in 2027 so I should in theory be fine until I have to get a new one. Apple Card is in the Top 3 of cards used for me other than my Amex cards.
This never would’ve gotten off the ground in the first place if Apple had to risk its own capital.
Sitting idle? Best to earn interest lending it out, just like banks do.
Synchrony is pure 💩 customer Service is so unprofessional and unreliable. not sure how this is going to work out
Everyone ask for a credit limit increase (CLI) and see what happens!
Synchrony is the big backer of most store cards, but Apple's card is quite different. Synchrony has a track record of poor service and consumer complaints, so I don't see Apple going this route. A BIG mistake if so.
Many years ago, stores ran their own financial service divisions (think Sears, JCPenney, etc.). it was only recently that these operations were outsourced. Apple running their own financial arm is not unprecedented.
Besides, IF an Apple Car is coming, Apple will need a financial offshoot anyway, like most auto manufacturers. GM Financial is the best example -- they fund many GM vehicle sales, but also have their own Mastercard and Visa -branded credit cards.
Many years ago, stores ran their own financial service divisions (think Sears, JCPenney, etc.). it was only recently that these operations were outsourced. Apple running their own financial arm is not unprecedented.
Besides, IF an Apple Car is coming, Apple will need a financial offshoot anyway, like most auto manufacturers. GM Financial is the best example -- they fund many GM vehicle sales, but also have their own Mastercard and Visa -branded credit cards.
Given the reward and other costs in its current form, Amex may be the only major credit card issuer with high enough merchant fees to afford it.
Goldman had almost no experience with consumer lending and were willing to agree to Apple’s terms to get in. But interchange fees are a big source of revenue for a card issuer. No wonder they were losing money. They weren’t making any money on people like me who pay off every month.
Probably not a bad match, they also offer high yield savings accounts and have some experience with credit cards tied to retail companies (e.g.; REI)
At least I have a lovely titanium card keepsake that I can use as a bookmark. 😁
That’s how “zero interest” loans work. The sponsor pays the bank a fee in lieu of interest. So if you buy a $2400 MacBook Pro on a 12-month plan, Apple gets, say, $2,200 upfront (probably less to account for bad loans) and the bank gets the 12 payments of $200.
My husband and I use it too. Would be a bit of a blow to lose it. I hope they can come up with some seamless transition. I’m hoping not to Amex as some places I shop at are Visa and Mastercard only.
In the mean time, I suppose we should look into switching our joint credit card to something different.
What a coincidence, I’m also planning to end my relationship with Apple Card within the next 12 months!
The only reason I got one was 0% financing on the iPhone. Since they don’t do that anymore, no point.
The only reason I got one was 0% financing on the iPhone. Since they don’t do that anymore, no point.
"Connected Cards" that is being introduced in the UK. Which would allow "Apple Card like" features with every card.
Synchrony, please no.
It would be nice if Apple expanded the Apple Card interface to other card issuers (not using their specific app and having multiple apps), directly in the Wallet interface similar to how Apple Card shows.
It would be nice if Apple expanded the Apple Card interface to other card issuers (not using their specific app and having multiple apps), directly in the Wallet interface similar to how Apple Card shows.
I am not sure I understand all the consternation here over Sychrony taking over the Apple Card. I also have an Amazon Store Card and have had no issues at all with them. Their app works fine and they integrate cleanly with financial apps like Mint and Monarch.
It seems they are working on that with the "Connected Cards" feature in the UK, and supposedly with Discover in the US.
Surprised that there is not more finger pointing at Goldman Sachs. Goldman Sachs is far from being an innocent naïve company. Goldman Sachs has more than once been involved in a fair share of scandalous and ethically challenge business practices.
It is just hard to believe that the primary issue is Apple negotiating, too good of a deal, and Goldman Sachs just being too naïve. That’s just doesn’t pass the sniff test.
It is just hard to believe that the primary issue is Apple negotiating, too good of a deal, and Goldman Sachs just being too naïve. That’s just doesn’t pass the sniff test.