Goldman Sachs was doomed because they have no idea how to deal with regular consumers that might have credit ratings of 650 to 780. Normally they deal with consumers at 780 and above.
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Apple Ending Apple Card Partnership With Goldman Sachs
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And on any other credit card in the world, the issuing bank is on the front of the card. Even the Costco Citi card that I've seen mentioned on this thread, actually doesn't have Costco's name anywhere on the front but Citi's logo is on there.
Not a money loser at all, just not sufficiently profitable for them. Greed strikes again.
Same thing really. If it's not making enough money to justify keeping, it might as well be losing money.
No, they normally don't deal with consumers at all. They deal with businesses and corporations.
Some call it greed. Others call it capitalism. In this case, GS has better uses, and greater projected returns, for its capital.
My bank is Capital One. I’m moving my savings there. They have a performance savings account that currently has 4.3% interest.
This is good! TBH, Everyone should be super careful when dealing with such a company like Apple and their shady business practices. They exploit people and then try to skew the facts by saying "Hey.. It's designed here in California"
"Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them."
What an absolute piece of garbage PR fluff.
What an absolute piece of garbage PR fluff.
So basically put, because Goldman Sachs can't screw over the customer financially due to the consumer-first policies Apple established with GS when the partnership was struck – they want out of the deal.
As terrible as Apple might or might not be, they’re not even in the same league Goldman Sacks.
This is just not a good year for the credit cards I use. If I am using tap pay/Apple pay I'm using Apple Card. If I am at Costco or doing anything that requires a card on file, I am using my X1 card. Looks like both are up in the air next year.
I am honestly annoyed. There aren't great cards for what I want.
I needed a Visa for Costco. I also wanted virtual cards. Virtual cards suck for card companies but are great for end users. I have about 30 Virtual Cards with X1. My gym (each location), car wash, paypal, amazon, uber, lawn care, etc all have their own card. I can generate one time use cards for online stuff and I can easily in the app see how much I've spent with each vendor.
You only deal with fraud so much before you go this route. I got hit twice in one year with my bank card and each time it was a royal pain to change my card everywhere it needed to be changed. The second time around spent a week updating the card everywhere and then that weekend bam hit again. Bank suggested maybe a place where I had to give the number over the phone hit me. That was the end of using my bank card and getting a X1 Card. I tell each entity this is a virtual card just for this business. Funny how since then I haven't had a issue anywhere with fraud.
Everyone is always about the points and cash back and blah blah. Nah don't care I want to be able to spend my money in a secure fashion. I don't want to deal with updating my card all over the place when someone compromises it. I also like having a proper app that tracks everything with easy payments something most banks are incapable of accomplishing.
Every alternative I look at has virtual cards as a afterthought. You need to be at a computer to create one or the virtual card has a bunch of restrictions or one time use. Nope. Virtual Card and if my gym/delta/lawn guy screws around bam your card is cancelled and you're not inconveniencing me.
I am honestly annoyed. There aren't great cards for what I want.
I needed a Visa for Costco. I also wanted virtual cards. Virtual cards suck for card companies but are great for end users. I have about 30 Virtual Cards with X1. My gym (each location), car wash, paypal, amazon, uber, lawn care, etc all have their own card. I can generate one time use cards for online stuff and I can easily in the app see how much I've spent with each vendor.
You only deal with fraud so much before you go this route. I got hit twice in one year with my bank card and each time it was a royal pain to change my card everywhere it needed to be changed. The second time around spent a week updating the card everywhere and then that weekend bam hit again. Bank suggested maybe a place where I had to give the number over the phone hit me. That was the end of using my bank card and getting a X1 Card. I tell each entity this is a virtual card just for this business. Funny how since then I haven't had a issue anywhere with fraud.
Everyone is always about the points and cash back and blah blah. Nah don't care I want to be able to spend my money in a secure fashion. I don't want to deal with updating my card all over the place when someone compromises it. I also like having a proper app that tracks everything with easy payments something most banks are incapable of accomplishing.
Every alternative I look at has virtual cards as a afterthought. You need to be at a computer to create one or the virtual card has a bunch of restrictions or one time use. Nope. Virtual Card and if my gym/delta/lawn guy screws around bam your card is cancelled and you're not inconveniencing me.
I bet apple just does it themselves. they likely need to get into banking anyway if they wanna expand financing options
I have several credit cards not issued or associated with Apple that are in my wallet and can be used the same way for payments. If you mean how the Apple card shows transactions and allows payments, that is the kind of integration they would only get with their own card. Other issuers aren’t going to share that data.
Hmm…my 401K and employee stock purchase is with Fidelity. May have to check it out.
Some uk cards can be managed through the wallet app much like the Apple Card is.
Apple Promotes New Apple Pay UK Bank Account Balance Feature
Apple today highlighted the ability in iOS 17.1 for UK users to connect their credit and debit cards in Apple Wallet and easily access information...
www.macrumors.com
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Don’t you use it with other cards? I’ve got several non-Apple cards in my Wallet that I use regularly.
I think it had more to do with this:
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.
Based on the above, it looks more like Apple negotiated terms that were in the best interest of Apple.
