More so than it's already been? It's been going downward for months, maybe even a year. I do not even recall the last time it went up instead of down.
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Chase Reportedly in Advanced Talks to Become New Apple Card Partner
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Citi is just a wannabe Goldman Sachs bank. Citi pretends to care about having products for the average Joe, but in reality, they're trying to become a bank exclusive to the wealthy. Unless you're Citigold tier or higher, you're dealing with 100% outsourced customer service, and an IT system that's probably the worst in the industry when it comes to "fraud."
The Apple card is profitable. GS is just a mismanaged institution ran by idiots that don't understand basic banking.
Transaction fee per dollar spent = Profit.
Interest on that money at 20% = Profit.
I'm sure GS could've charged a penalty interest rate of 30% if they wanted to.
That's all they need. Late fees aren't needed to make a profit.
way way way too much effort. I couldn’t imagine opening up 20 credit cards like some people do lmao I’ll make money in other ways.
Chase is highly successful as a credit card issuer, but one thing I would wonder is how much of the Apple Card's terms, conditions, and fee structure were dictated by Apple as features of the card vs Goldman Sach's mistakes.. For example one of the biggest issues Goldman had with the Apple Card is delinquencies and credit losses; Apple Card's delinquency rate is supposedly 25-33% higher than the average bank issued card. This is because of lax credit standards and people getting the card who shouldn't have been able to qualify. Was that Goldman's doing, or did Apple want to cast a wide net for potential customers?
I wonder if some of that is because Apple uses the credit card as the financing program for their products. It increases hardware sales which is their primary goal, even if it means taking higher losses on the financing side.
Well if there is any consolation, Chase has an albeit small, presence in the UK offering basic debit cards and online banking to UK customers.
And Chase Paymentech is in even more countries.
Still more than Goldman, in terms of running a CC program beyond US borders.
That’s not entirely true. It would be still an online only account and would have to stay competitive with those. Aka Amex , discover, capital one etc it wouldn’t become like their in house savings those are brick and mortar and are set at lower rates
Once again not the same thing. One is an online only account and another is brick and mortar. Online savings accounts have higher yields
Please, not Amex. It would be nice to be able to use it at Costco if they go with Visa, but Costco tends to change their issuer every few years too.
Frankly speaking. Still very small from a Global perspective. HSBC would have been much better for UK and EUR.
A number of years ago I also argued Apple could have worked with AMEX, via Warren Buffett's connection as they are the largest shareholder of AMEX, and increase the adoption rate of AMEX terminal. I guess the only bottleneck is that AMEX likes to think they are AMEX customers and wants all the data but Apple doesn't want any of that and thinks they are Apple's customers.
It goes with Apple Cash as well. Both were launched somewhat without any global perspective and US centric.