Apple Teaming Up With Goldman Sachs for Apple Pay-Branded Credit Card

[dontwalkhand]

Payments don't happen instantly, the settlement especially crossborder takes days and the costs are insane.
2 billion people in this world don't own a bank account.
Apple is partnering with Sachs due to Ripple, the blockchain company.
That will enable them to actually settle payments within 3 secs with very very low costs.
They are going to eat up marketshare from WU and Moneygram and banks and this step makes perfect sense.

It is instant. Try it for yourself. I send someone $20 they have the $20 to do what they wish.

 

[TimothyBe]

It is instant. Try it for yourself. I send someone $20 they have the $20 to do what they wish.

Thats what you see/experience as a client.
That is not what happens in the background.
It takes days (internationally) + high costs.

 

[Abazigal]

At this point, I don't know what type of company Apple is? Tech? Fashion? Credit card?

Apple is a design-led company who uses their control of both hardware and software to create differentiated user experiences which consumers are willing to pay a premium for.

 

[Dekema2]

Stopped reading at "Goldman Sachs."

 

[neutralguy]

Apple is a design-led company who uses their control of both hardware and software to create differentiated user experiences which consumers are willing to pay a premium for.

And where does credit card fit in? Design, hardware or software?
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Thats what you see/experience as a client.
That is not what happens in the background.
It takes days (internationally) + high costs.

I don't know which country or which technology you are talking about. But all my money transfesr to India are instant. By the way Ripple or block chain has nothing to do with it. Apple is doing this because of 29% interest rate.. free money to milk on.. why not!

 

[Williesleg]

I think you make too much of it. It's a credit card -- just like Apple has had since the mid 90s -- but probably will be better promoted and positioned than the current Barclays "Apple Rewards" card. The only real news here is that GS will be issuing it, which is the real news since GS is relatively new in the consumer/retail space.

Yeah, I remember the Dell credit card, the Gateway credit card, heck, even Radio Shack had something.
When you're out of ideas you just shuffle around credits.

 

[RobaxMan]

Branded credit cards are a dime a dozen in the already swamped marketplace -

 

[PinkyMacGodess]

Branded credit cards are a dime a dozen in the already swamped marketplace -

View attachment 761764

And so many of them are near the top of credit rates, top in fees, top in their horrible regulations.

I read an article stating that some cards have started charging more for people that pay off their balances early. YIKES! I thought that was illegal! Apparently nothing is ever really illegal, depending on the market...

I had a coupe of 'boutique' credit cards, and don't any longer. One, was cancelled. I always paid on time, never carried a balance, never came close to my maximum, never called them for any assistance. *BOOM*, I get a form letter saying that I was being dropped. The letter had a lot of gobbledygook, and thanked me for my carrying their card, but I was being dropped. Apparently they didn't make enough money off me, and others. I got better rates from other cards, so I didn't cry about being dropped. I was more concerned about my credit rating. Who knows what that did to my rating.

 

[DotCom2]

And so many of them are near the top of credit rates, top in fees, top in their horrible regulations.

I read an article stating that some cards have started charging more for people that pay off their balances early. YIKES! I thought that was illegal! Apparently nothing is ever really illegal, depending on the market...

I had a coupe of 'boutique' credit cards, and don't any longer. One, was cancelled. I always paid on time, never carried a balance, never came close to my maximum, never called them for any assistance. *BOOM*, I get a form letter saying that I was being dropped. The letter had a lot of gobbledygook, and thanked me for my carrying their card, but I was being dropped. Apparently they didn't make enough money off me, and others. I got better rates from other cards, so I didn't cry about being dropped. I was more concerned about my credit rating. Who knows what that did to my rating.

What do you mean by "they didn’t make enough money off me"?
Did you use the card at all?
They make money off of your purchases whether you pay in full each month or not.
Typically 2-3% is charged to the vendor.
Believe me, they still make money.

 

[PinkyMacGodess]

What do you mean by "they didn’t make enough money off me"?
Did you use the card at all?
They make money off of your purchases whether you pay in full each month or not.
Typically 2-3% is charged to the vendor.
Believe me, they still make money.

Read my post. I used them. I just didn't 'maximize their profit' by running balances, and such...

 

[Abazigal]

And where does credit card fit in? Design, hardware or software?

A bit of everything. I believe this is primarily to help drive overall Apple Pay adoption and usage, so it’s really about improving the end user experience.

 

[Chupa Chupa]

Yeah, I remember the Dell credit card, the Gateway credit card, heck, even Radio Shack had something.
When you're out of ideas you just shuffle around credits.

Nah. I think it's more like when trolls are out of ideas they latch on to any bit of non-news they can. If your logic were true then every single consumer company with a co-brand card would be zooming towards doom for decades. But seems companies, like Amazon are growing by leaps and bounds and reinventing how goods are sold while they do it. Pretty good magic trick, right.

Consumer credit has been a foundation of business for centuries. Apple has had a credit card for most if it's "life." It's hilarious people like you are upset that Apple is changing it's issuer from Barclays, which won it from Citibank, to GS. It's really a non-story blown up by desperate nay-sayer. Has zero to do with Apple's tech ideas. That's not to say there aren't areas where Apple needs vast improvement or doesn't come up with half-baked products. But this isn't a fricking credit card. If you are going to be critical do it on an area that deserves it.

 

[neutralguy]

A bit of everything. I believe this is primarily to help drive overall Apple Pay adoption and usage, so it’s really about improving the end user experience.

Ok. If and only if, the credit card is not physical and the credit card is only usable through apple pay only. Then your reasoning makes sense.

 

[Williesleg]

Nah. I think it's more like when trolls are out of ideas they latch on to any bit of non-news they can. If your logic were true then every single consumer company with a co-brand card would be zooming towards doom for decades. But seems companies, like Amazon are growing by leaps and bounds and reinventing how goods are sold while they do it. Pretty good magic trick, right.

Consumer credit has been a foundation of business for centuries. Apple has had a credit card for most if it's "life." It's hilarious people like you are upset that Apple is changing it's issuer from Barclays, which won it from Citibank, to GS. It's really a non-story blown up by desperate nay-sayer. Has zero to do with Apple's tech ideas. That's not to say there aren't areas where Apple needs vast improvement or doesn't come up with half-baked products. But this isn't a fricking credit card. If you are going to be critical do it on an area that deserves it.

Yeah, I guess you're right. I can see Steve Jobs himself wanting something like this instead of the iPod.