It's not the best APY anymore (or ever was) but that doesn't suddenly make it bad.
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Apple Ending Apple Card Partnership With Goldman Sachs
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When the time comes and they are officially out of the arrangement, they won't. The new partner will. They will now "own" all those accounts.
There will be payouts one way or the other or both at the end of the partnership to tie up loose financial ends. It is incredibly complex, but not uncommon. Both sides generally have or can access all the money they need to do what they need to do in these situations.
Goldman Sachs is not reporting when I pay off my credit on time to the credit bureaus and it's been affecting my credit score for a while now. I caught them in the act and uploaded it. Apple need to get out from under that atrocious institution in a heartbeat.
It’s an FDIC insured savings account. Unless you have more than $250,000, you will either be cashed out or [more typically] have the account transferred to another banking institution. The APR interest might drop to almost 0 (0.2%) and the new bank might try to charge you a low balance fee, but the have to offer you an opportunity to cash out prior to changing terms or charging fees, there are pretty strict FDIC rules about these things
Deposit Insurance At A Glance | FDIC.gov
Deposit Insurance At A Glance brochure provides basic information about the types of accounts that are insured, coverage limits, and how the FDIC insures your m
www.fdic.gov
Do customers generally speaking have massive debts on their Apple Card over extended periods?
Serious question, as in my country (Belgium, and others like Germany) people are debt-adverse for credit cards.
And is that considered a good or a bad thing for a potential new Apple Card partner?
Serious question, as in my country (Belgium, and others like Germany) people are debt-adverse for credit cards.
And is that considered a good or a bad thing for a potential new Apple Card partner?
Back in 2014, I bought a MacBook Pro directly from Apple getting 12 month interest free with by signing up for a Barclays Visa Apple Rewards Card. Again, the application was filled out through the Apple Store website. By 2020 Barclays Bank ended their partnership with Apple and it became a MasterCard. Still have it today. I wonder if Apple is going back to Barclays Bank?
Apple Ends Barclays Rewards Card to Focus on Apple Card
Apple has canceled the Barclays Rewards card so that it can focus on Apple Card and make that the premier way for people to purchase Apple products.
www.macobserver.com
Yes, I'm a victim of this garbage incident as well. The Apple Card is the second time I've been burned. I'm not getting any card from Apple ever again.Back in 2014, I bought a MacBook Pro directly from Apple getting 12 month interest free with by signing up for a Barclays Visa Apple Rewards Card. Again, the application was filled out through the Apple Store website. By 2020 Barclays Bank ended their partnership with Apple and it became a MasterCard. Still have it today. I wonder if Apple is going back to Barclays Bank?
Apple Ends Barclays Rewards Card to Focus on Apple Card
Apple has canceled the Barclays Rewards card so that it can focus on Apple Card and make that the premier way for people to purchase Apple products.www.macobserver.com
Yeah, the only good thing is the end of month billing period. GS uses some different algorithm internally, then reports to the credit bureaus. For example- Despite my wife and I having the same credit score of ~800 we both applied separately within weeks of each other and I got a $5K limit and she got an $8K limit.
Indeed. I’m surprised, but also not surprised that people are so willing to feel sorry for Goldman Sachs. They’re not a small player. They are one side of the negotiation (the other being Apple). Goldman is not that naive. And, multinational corporations don’t deserve pity.
With this news being made "public", you can be rest assured that Apple already knew about it long before any of us did (Q4 2022 to be exact) and already have a contingency plan in place.. probably several.* Much ado about nothing.* And in typical Apple fashion, we can expect a smooth transition to where the end-user won't even know the difference.. and they'll announce the change with additional features with a new partner, or their own in-house financial institution, as if it was the plan all along.* Apple wouldn't have invested what they have into the Apple Card and the entire platform and experience they created with it to just be completely dependent on Goldman Sachs. They absolutely have others lined up at the door to take the place of GS.. and if they must, they'll do their own in-house solution just because they can because they have that kind of financial power and influence.* Any current Apple Card customers will not be negatively affected by this at all.* Case closed, take it to the bank.
*I hope I'm right
*I hope I'm right
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Synchrony sucks, but honestly if the consumer-facing part of the Apple Card (app/card/rates) doesn't change who cares? The worst parts about Synchrony are their web interface and outrageous APRs. Those could be moot if they took over Apple. But don't get me wrong, I'd choose a different bank if it were up to me.
This is silly advice at best, and downright dangerous and irresponsible at worst. Don't pay your bill? Are you mental? There is nothing to worry about. These kind of relationships change all the time and obligations are required, and savings are safe.
Go on like nothing has changed unless told otherwise.
This is exactly why. This is extremely common practice for almost every card issuer.
Exactly. Most banks have theirs printed in the front. The Apple Card only has the Apple logo in the front. The bank logo is in there back. More often than not, we don’t even see the backside. I’m sure Apple negotiated it this.
Agreed. In another thread a while back, I pointed out how unusual it was that Apple Card only had the Apple logo on the front and no other. People started pointing out “but Goldman’s logo is there on the back”. They don’t seem to get that the backside of the card is hardly ever seen. Effectively, a glance at the Apple Card and you can’t quickly tell there’s a bank issuer that isn’t Apple.
Even the Mastercard logo isn’t prominently in the front like many other cards. It’s only featured on the back.
I’m surprised so many on this forum aren’t attuned to these design choices.
What amazes me is how the Apple Card has been out for 4 years and it still hasn't been made available outside of the United States. As for Goldman Sachs, if I was them I wouldn't touch retail banking unless you've got a decent business plan (or maybe buy out an existing small player which has expertise in that area) and if you're going to offer a credit card then it should be on the basis that you control the whole experience rather than a partnership where Apple is in the drivers seat and you're coming along for the ride.
I want one but it's not in Australia yet. Revolut will give you a metal card for $10 a month, has some perks iirc like cash back.
Apple could just buy GS, their market cap is only 100 billion. Tim Cook doesn't like big acquisitions though. And personally, I think they should leave the banking to the bankers and buy EA for 40 billion instead, preinstall The Sims on all Macs and iPhones.
Glad I didn't screw with their high-yield savings and picked betterment.
As for the card itself... well that's going to be interesting. I stopped caring as much about it after they took away the option to BNPL for unlocked iPhones with it. Not sure exactly what I'm going to do now... My AMEX does better than Apple Card for gas and groceries, but am used to getting that 2% back for everything else using Apple Pay.
As for the card itself... well that's going to be interesting. I stopped caring as much about it after they took away the option to BNPL for unlocked iPhones with it. Not sure exactly what I'm going to do now... My AMEX does better than Apple Card for gas and groceries, but am used to getting that 2% back for everything else using Apple Pay.
The AMEX network outside of North America leaves a lot to be desired.
I agree, here in Australia almost every shop expects contactless payments so cash is a rare sight, but still no Apple Card here. I expect the Apple Card has been a bit of an experiment for them.
Not if they’re not allowed to fleece customers with service charges and the like.