Goldman Sachs absolutely can get out of the deal. Apple initialed a proposal last November that would allow Goldman Sachs to end the contract in 12 to 15 months which would put a potential termination between November 2024 and February 2025.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Apple Talking With JPMorgan Chase About Potential Apple Card Partnership
- Thread starter MacRumors
- Start date
- Sort by reaction score
Goldman Sachs absolutely can get out of the deal. Apple initialed a proposal last November that would allow Goldman Sachs to end the contract in 12 to 15 months which would put a potential termination between November 2024 and February 2025.
Any of those main banks are fine with me. Apple will still dictate the way it "works" from the customer perspective, so it should be mostly seamless. There may be some concessions, like the synchronized billing, but other than that, I doubt WE'LL see much difference. It's just like the iPhone when it first came out, and even now... The carrier (in this case bank) is going to want to make the phone (card) like their own, but to get Apple's business, it will need to be done Apple's way.
Right now "getting Apple's business" isn't super tempting, which is why some concessions are needed to make it more desirable to the big banks.
I definitely predict the synchronized billing is the first thing Apple is willing to give up. After that, possibly a fee here or there, but I suspect it'd still be less fee-y than the average card. But as for customer-facing differences (other than fees) I predict it will still work the same way it currently does.
I still wish Apple had just decided to expand their existing Financial Services division to be able to service it directly. I know people talk about what a big hurdle it is to be a big bank, but come on, if APPLE doesn't have the resources to do it, how did all these other vastly less endowed companies manage? They certainly could if they thought it was best, but must have just decided it wasn't worth the trouble.
Right now "getting Apple's business" isn't super tempting, which is why some concessions are needed to make it more desirable to the big banks.
I definitely predict the synchronized billing is the first thing Apple is willing to give up. After that, possibly a fee here or there, but I suspect it'd still be less fee-y than the average card. But as for customer-facing differences (other than fees) I predict it will still work the same way it currently does.
I still wish Apple had just decided to expand their existing Financial Services division to be able to service it directly. I know people talk about what a big hurdle it is to be a big bank, but come on, if APPLE doesn't have the resources to do it, how did all these other vastly less endowed companies manage? They certainly could if they thought it was best, but must have just decided it wasn't worth the trouble.
They will issue new cards. Typically there is a few months grace period where the old card will still work. When the customer activates the new card, the old card deactivates. After the grace period, the old card will be deactivated, whether or not you have activated the new card
The new card will have a new number. For Visa, Mastercard and Discover the first 4 digits are used to denote the bank and the type of card.
Last edited:
Banker here,
If all of the statements drop at the same time then it overwhelms the call center staff with at the first of the month with statement questions as well as other processes that are being done all at the same day.
if it is staggered them it is MUCH more efficient for the staff.
That might be true. That would be a problem with GS credit approval process. I suspect it was lax due to it was a new card.
That doesn’t change the fact that the card has some unique and awesome features.
This makes me think they would not reissue titanium cards due to the massive expense of replacing every card. Of course Apple will make it out to be because of some environmental thing 😂
True. But an annoying feature is that the card is tied to an Apple ID and cannot be moved to another ID. I'm no longer using the Apple Card's Apple ID as my primary ID on my phone or iPad which means
Last edited:
Or reserve titanium for “premium” accounts and something more pedestrian for the masses
Gotcha. I hadn’t heard reports that this had been an issue, but perhaps it didn’t rise to news-worthy levels.
Apple is no dummy when it comes to business negotiations, but the GS partnership was their first of that kind. The old Barclay card was not comparable to the arrangement with GS. It was no different than any other "branded" credit card like Lowe's or Southwest or whatever. So GS was the first time they were THAT involved.
I think with the GS experience they now have, they will understand more clearly what is and isn't important in their partnership with the other bank.
Not completely. Apple wanted everyone approved and grouped together irrespective of the risk. Sachs should never made this deal.
I agree it is popular.
Apple would almost certainly have all of the power with whomever the new banking partner is. AMEX all ready had that kind of partnership with Costco. Remember Costco called AMEX just another ketchup vendor and broke up with them. I'm guessing Amex learned its lesson.
With the issues Apple is having in the US finding another partner, I think the chances of that happening anytime soon are lower now.
Perhaps it was apples decision but either way I don’t think that makes it less of a card.
I wasn’t referring to the popularity. There are a lot of credit cards out there more popular than Apple Card. I was referring to the features like how easy it is to make payments and manage your balance. It’s weird because there are way better cards out there in the sense of rewards but none in the sense of how easy it is to use.
Europe (and many other places) don't allow the high interchange fees we have in the US and unlikely there is enough fat for Apple to take any lucrative cut. The US and Canada have some of the highest interchange fees in the world. All those various interchange fees subsidize all the perks US customers like. Interchange fees in Europe are capped at 0.3% for consumer cards. Pretty tough for Apple to take 0.15% of that.
Okay starter card? I have many completely paid off credit cards. The Apple card is my favorite. Can change the number right from the app if needed without getting a new card. Number isn’t on the card physically. The perks are direct and easy. Savings is easy. Everything is managed by phone.
It is fantastic and focused on transparency. Nothing starter about it.
Data shows otherwise.
Gen Z and Millennials Are Opening High-Fee Credit Cards. What That Says About Their Spending Habits
American Express's rise in shares has been partially driven by a boost in Gen Z and Millennial card acquisition--a telling sign that the younger generation's increasing role in the economy is just getting started.
Baby boomers’ favorite credit card Amex is now the ‘lifestyle’ card of choice for Gen Zers
Gen Z can’t resist a good deal—even if it’ll cost them.
How Amex became a Gen Z status symbol | Bankrate
Gen-Z and millennials consider an Amex card to be a status symbol. How did this happen?
www.bankrate.com
Gen Z's hot new status symbol: an AmEx card
American Express is getting its platinum and gold cards into the hands of Gen Z and millennials by gearing rewards toward young people.
www.businessinsider.com
AMEX Credit Cards: A Preferred Choice for Millennials and Gen Z in Travel and Shopping | Breaking AC
The American Express (AMEX) credit card has long been a preferred choice for many consumers, especially when it comes to premium spending categories like travel, shopping, and even iGaming. Known for its strong rewards program, excellent customer service, and extensive travel benefits, AMEX has...
breakingac.com
Millennials and Gen Z are almost twice as likely as Gen X and Boomers to use their AMEX cards for various activities. This is particularly true for online shopping, where the convenience of digital payments aligns perfectly with the lifestyle of younger consumers.
It doesn’t really matter what type of card it is. AMEX just isn’t accepted everywhere like the other two and that sucks.Data shows otherwise.
Gen Z and Millennials Are Opening High-Fee Credit Cards. What That Says About Their Spending Habits
American Express's rise in shares has been partially driven by a boost in Gen Z and Millennial card acquisition--a telling sign that the younger generation's increasing role in the economy is just getting started.www.inc.com
Baby boomers’ favorite credit card Amex is now the ‘lifestyle’ card of choice for Gen Zers
Gen Z can’t resist a good deal—even if it’ll cost them.fortune.com
How Amex became a Gen Z status symbol | Bankrate
Gen-Z and millennials consider an Amex card to be a status symbol. How did this happen?www.bankrate.com
Gen Z's hot new status symbol: an AmEx card
American Express is getting its platinum and gold cards into the hands of Gen Z and millennials by gearing rewards toward young people.
AMEX Credit Cards: A Preferred Choice for Millennials and Gen Z in Travel and Shopping | Breaking AC
The American Express (AMEX) credit card has long been a preferred choice for many consumers, especially when it comes to premium spending categories like travel, shopping, and even iGaming. Known for its strong rewards program, excellent customer service, and extensive travel benefits, AMEX has...
Millennials and Gen Z are almost twice as likely as Gen X and Boomers to use their AMEX cards for various activities. This is particularly true for online shopping, where the convenience of digital payments aligns perfectly with the lifestyle of younger consumers.
$17 billion in outstanding balances. Sooooo most Apple Card users are in credit card debt as well, who would have thunk /s