It's problematic in the same way that a 9 to 5 work schedule causes mass traffic. Most credit cards have varying periods based on when the card was issued and that helps not just with customer service but data processing load.
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Apple Talking With JPMorgan Chase About Potential Apple Card Partnership
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The problem created by a one-day-for-all billing period isn't a problem one can just throw more money at. While I agree with you JP Morgan paying their staff more, I also want a better working conditions for staff and prevent burnout. I want staff that's consistent and reliable, and you don't get that with burnout turnover. That's how we get better customer service and support labor.
I use my Apple Card online at Costco.com with Apple Pay when I shop… Not possible in stores, so I hear you. I tend to keep away from that zoo, though, so mostly shop online at Costco.
The issue is doing all of the billing at the same time, it is easier for the bank if they can spread out billing and collections over the entire month. So they are not swamped with payments over a few days. That way their accounts payable and receivable departments have a more constant work load.
If end of the month billing cycle is important most of the major banks (Capital One, Chase, Citi, AmEx, Discover) will let you change your billing date, free of charge, at your request. You Just have to call them up and ask. Most people don’t bother. Each of the banks have a different policy on how they handle a partial month when you change and they all have some sort of rule about how often you can change it (They don’t want you changing it every 2 to 3 months).
I feel that. Shopping at Costco actually gives me anxiety, lol. The prices are cheaper in warehouse though.
I know absolutely nothing about banking, but I like this idea! lol.
I'm surprised it's only $19 billion – Apple could cover that on their own in liquid cash like 10 times over haha. And they would set the terms/features/etc.
My concern is that any bank who takes over the Apple Card is going to want access to the user base address list for marketing purposes. I don’t need a ton more of junk mail and spam.
I am of the thought AMEX disagrees.
Keep in mind the Apple Card customer base is second rate. Sach’s charge off rate for the Apple Card is nearly double the industry standard. Putting lipstick on a pig isn’t good business.
I really don’t care too much who it ends up being. I imagine Apple will eventually bring it in house some day down the line. What I really need right now is a joint Apple Savings account. I assume this situation is holding up many new features, and I pray that is one of them.
Not being able to share a joint account with my wife really degrades the joint credit card experience and hinders financial tracking. I would absolutely love for both of our paychecks to direct deposit into Apple Savings and pay the credit card from that account. Currently the experience is 2 separate Savings Accounts 1 shared Apple Card and 1 Savings pays off the card (or third party joint bank account).
With that just add an after-tax brokerage account, HSA, ROTH, and 401k account and I will happily let you take all of that data Apple in exchange for a unified financial planning UX
Not being able to share a joint account with my wife really degrades the joint credit card experience and hinders financial tracking. I would absolutely love for both of our paychecks to direct deposit into Apple Savings and pay the credit card from that account. Currently the experience is 2 separate Savings Accounts 1 shared Apple Card and 1 Savings pays off the card (or third party joint bank account).
With that just add an after-tax brokerage account, HSA, ROTH, and 401k account and I will happily let you take all of that data Apple in exchange for a unified financial planning UX
You can purchase Costco gift cards online and then use them to shop in store. Best of both worlds. I used to do that when Discover would have 5% back on warehouse stores. I think Costco dropped Discover even for online now though.
There is significant subprime exposure with the Apple card for which JPM is seeking a major discount. That's what is tying up the negotiations according to the WSJ. It was previously reported that GS has been writing off 4-5% of its outstanding balances, about twice as much as most other big issuers.
That’s funny. In Canada Costco is only MasterCard and I have the opposite problem.
Honestly just stay with Goldman sachs. It’s not like they can get out of the deal. Apple just needs to keep pretending to find new partners, all the meanwhile we’re collectively tanking GS. This is the true occupy wallstreet
The Apple Card was marketed as premium ("it's titanium! oooo! ooooooooo!"), but its exposure to people with trash credit was well beyond a lot of other cards because Apple was driving broad adoption, and passing that risk onto GS, who was also trying to grow its consumer obligations and figured that it would all eventually balance out. But it didn't. Other issuers avoid this by segregating audiences into different classes of cards based on credit worthiness. This is also probably why AmEx wanted nothing to do with it.
This is the only plausible reason why Chase would want a discount on holdings. That's very unusual when one card issuer takes over the customers of another, and is usually a sign that the percentage of bad debt is out of whack.
Of course they can. Either Apple can move their deal proactively, which it is trying to do, or GS can sell the assets on its own, even if at a broad loss. Apple retains control of its trademarks, obviously—GS could sell it and Apple could say "we won't let you use the 'Apple' name!" and the buyer would just fold those users into its own card products, leaving Apple without a branded card and no relationship with a credit issuer. Back to square one.
The Apple card system sucks. The only way to see detail is on iOS. Can't look at transaction detail on your computer. Can't connect to Banktivity to download transactions like every other card on the planet can do.
I would have thought Apple would make a better actual system. Nope. Hate it. Never use it.
I would have thought Apple would make a better actual system. Nope. Hate it. Never use it.
I’m surprised there isn’t a black Apple card for less risky/HNW customers to be honest.
Apple Card is my worse card. I don't even use it. The perks are not there compared to other cards.
Everyone with a billing issue reaching out to customer support at the same time.
Oh hell no with Synchrony. They are the worst!
I'm happy that they want to move on with Chase. Love Chase cards.
I'm happy that they want to move on with Chase. Love Chase cards.
