Goldman Sachs Issued $10 Billion in Credit Lines for Apple Card

[lcseds]

I have a Visa with a 9.25% interest rate. Best Apple/GS will do is over 17%. Pass.
When I can pay in full, I'll use a card that will double the warranty.
The cash back is a total waste if you ever carry a balance. Fools gold.
I fail to understand the appeal of this card.

 

[alexandr]

I had been on the fence about signing up since launch, but went through the application process yesterday - it was easy and efficient. Unfortunately, my approved interest rate was higher than I would have expected with my credit score/history, so I ended up declining the offer. Granted I almost never carry a balance so maybe I was just being petty...

I'll be interested to see how the financing works out for the iPhone. Citizens One was a pain to deal with after their "system upgrade" that somehow marked me delinquent when the payment clearly went through. Called them up and they say payment was made and it's fine - the next month they took a double payment anyway. On the plus side my phone was paid off a month early.

you were being petty) i also expected a lower interest rate, but i also pay everything off right away, so i couldn't care less. i do want to talk to them about increasing my credit limit at some point...)

 

[Braderunner]

I'll preface what I'm going to say, by saying that I always pay off any credit card balance, to avoid paying interest. However, I've noticed that the good ol' folks at Goldman Sachs have quietly increased my interest rate by .74%. That's dirty. I know that it doesn't add up to much...if I did carry a balance, and paid interest. But, that is not what I agreed to when I accepted the card.
And, yes...I'm sure that it is somewhere in the fine print that the interest rate can change...but, it's only been a couple/few months. Also...no, my credit score has not went down. I recently paid off my car loan.
Anyone else see this?

 

[anson42]

Agree with not buying things you could not buy with cash.

I view credit cards as a convenience. The CC means I don't have to carry cash, and the bank/Apple is loaning me money for a few weeks interest free. Every month I pay off my balance.

That is exactly how I view a credit card, too, just a convenient payment mechanism that sometimes has other benefits to using it, and benefits which vary by card (like 5% back on all Amazon purchases when you use the Amazon Chase card). Credit cards are a tool, and like any tool there are responsible and irresponsible ways to use it.

 

[DEMinSoCAL]

Or there can be folks who are taking that 3% and paying off their card every month.

How do you take 3% to pay off 100%? 3% is for Apple Store purchases of already over-priced hardware. In the end, nothing about the Apple Card is really a good deal compared to other options unless you are into status symbol cards. Lack of benefits is a real issue for me.

 

[macfacts]

I’m sure I cold get a better card based on benefits, but I care more about privacy and ease/integration. Mostly privacy.

So for me, Apple Card is perfect.

Goldman Sachs doesn't have a history of respecting privacy and they are a partner with apple. That means apple can share data with them, as the small print suggests.

 

[redman042]

I'd say it was a successful launch and I've been enjoying the benefits of using mine (security, convenience, daily cash, and info transparency). The look and feel of the card is nice too, but pretty low on my priority list.

Going forward, I'd very much like to see:

• Data export (Excel or csv, with category field)
• Link spouse accounts and combine purchase history

These are really important to me and I applied for this card hoping/expecting those features will come.

 

[djcerla]

Every time I see news about the “success” of the Apple Card I get a little bit sad.

I was, until just a few months ago, in quite a lot of debt. I worked damn hard to get myself out of it and it’s an amazing feeling to know I no longer owe any money to anybody. Everything I earn is my own now.

Ironically, Apple was in the same situation not long ago.

I clearly remember a proud Steve Jobs claiming Apple was a zero-debt company back in the 2000s.

 

[DEMinSoCAL]

That is exactly how I view a credit card, too, just a convenient payment mechanism that sometimes has other benefits to using it, and benefits which vary by card (like 5% back on all Amazon purchases when you use the Amazon Chase card). Credit cards are a tool, and like any tool there are responsible and irresponsible ways to use it.

How far do you take this? Everything has a cost. Is it irresponsible to buy a bottle of wine at a restaurant when they are charging 3x the price you could get it at the grocery store? If not, how is it irresponsible to pay a bit more over a year to make purchases you could not otherwise afford?

It bothers me when people make a point that those who borrow money by using a CC and paying interest is "irresponsible" but going out and buying things that are obviously price-inflated, but paying it off each month is "responsible"?

 

[coachgq]

How do you take 3% to pay off 100%? 3% is for Apple Store purchases of already over-priced hardware. In the end, nothing about the Apple Card is really a good deal compared to other options unless you are into status symbol cards. Lack of benefits is a real issue for me.

I’m going to pay my tmo bill with cash debit or credit. I might as well pay 97% of a bill instead of 100%. Is that more clear?

 

[31 Flavas]

Like many other companies, it concerns me how far reaching Apple’s presence has become and continues to be.

Eh, don't worry Samsung Card will be better. It’ll operate on every terminal not just NFC ones. And it wont discolor if you just put it in your leather wallet because, again, Samsung Pay works at every credit card machine. You don't need a Titanium status symbol to flex because you’re not a trendy, hippy, avocado toast loving, sheeple.

But it may cause your phone to spontaneously combust, even after recall. Or maybe subject to a pre-launch delay / recall because they forgot that reviewers will want to pay for things with it. And just using it normally will destroy your phone.

 

[centauratlas]

Hello friend, what is the best credit card with benefits; I am trying to get better with credit cards and could use help

For me, the Apple Card is best ***for Apple purchases*** with the 3%.
For everything else, the generally best card is the Bank of America Premium Rewards card - minimum of 2.625%, going up much higher for travel, food etc. The catch is you have to have some assets (e.g. ETFs, mutual funds, stocks, or just a savings account) to get the best deal.
The Citi Double Cash is pretty good at 2% on everything (1% when charged, 1% when paid) if you don't have the balance at B of A/Merrill etc.

Of course ALL of these make NO sense if you don't pay them off every month.

There are some other good deals out there but they require more work, e.g. rotating categories, limits etc from Discover and many others.

 

[Carnegie]

I'll preface what I'm going to say, by saying that I always pay off any credit card balance, to avoid paying interest. However, I've noticed that the good ol' folks at Goldman Sachs have quietly increased my interest rate by .74%. That's dirty. I know that it doesn't add up to much...if I did carry a balance, and paid interest. But, that is not what I agreed to when I accepted the card.
And, yes...I'm sure that it is somewhere in the fine print that the interest rate can change...but, it's only been a couple/few months. Also...no, my credit score has not went down. I recently paid off my car loan.
Anyone else see this?

Are you sure that your rate went up by .74% rather then going down by .25%? If so, then that's odd.

For the people I know with an Apple Card, their rates went down .25%. That's what we'd expect as the rate is variable based on the Prime Rate which went down .25% in September. It went down another .25% yesterday, so I'd expect that we'll see another .25% reduction our Apple Card rates soon - to .50% lower than whatever it was in early September.

 

[irq987]

I tried getting it three times via the Wallet app and every time they came back telling me they couldn't verify my identity even though I sent them a picture of my driver's license all three times. 😐

I’m also in the “verify identity” penalty box. Wish I knew what to do to get out, but Goldman Sachs customer service will NOT discuss what the issue is. They tell me I’ve applied too many times and to wait 30 days before trying again. Serving my second 30 day sentence now. Don’t know if I will try again or not. It’s not worth the trouble.

 

[Carnegie]

This seems like a pretty strong start for the Apple Card.

For perspective, Americans currently have a total credit card balance of around $1 trillion.

 

[AbSoluTc]

Apple Card is nice. Easy and convenient. Sure the rewards aren’t the “best” but there are other cards for that.

I have 13 other credit cards with rewards to use.

 

[MRrainer]

The size of the consumer-credit bubble in the US and elsewhere (including stuff like car-loans) is truly frightening at this point.
In any case, Apple will probably make GS hold the bag on this one, too, when the music stops playing.

 

[whoknows2597]

I have a Visa with a 9.25% interest rate. Best Apple/GS will do is over 17%. Pass.
When I can pay in full, I'll use a card that will double the warranty.
The cash back is a total waste if you ever carry a balance. Fools gold.
I fail to understand the appeal of this card.

Good for you?
While you sit and complain over nothing, I managed to get over $30 in cash back while paying back in full every month with multiple payments. I could easily purchase everything with my debit card, but I’d rather get cash back whenever possible

 

[konqerror]

The size of the consumer-credit bubble in the US and elsewhere (including stuff like car-loans) is truly frightening at this point.

You made that fact up out of thin air.

Household Debt Service Payments as a Percent of Disposable Personal Income

Graph and download economic data for Household Debt Service Payments as a Percent of Disposable Personal Income (TDSP) from Q1 1980 to Q1 2025 about disposable, payments, personal income, debt, percent, households, personal, income, services, and USA.

fred.stlouisfed.org

 

[now i see it]

If there's one thing Americans love, its credit cards

 

[31 Flavas]

As for the perks of buying on a credit card, I do now have an Amex charge card. There’s no credit limit, no interest and some great benefits but the balance has to be paid in full every month. The best of both worlds for me.

No interest? So what happens if you don't pay in full? Say only pay half?

 

[madrigal77]

Ok now bring it to Canada.

 

[acblue94]

Best looking credit card around.

It’s very nice. I love it. But my Amex platinum has the win in that category.

 

[PickUrPoison]

HOLY PATATA! That's a lot of unsecured debt!

I’m guessing a good portion of that $736 million was paid off before the due date a few weeks later.

 

[I7guy]

Goldman Sachs doesn't have a history of respecting privacy and they are a partner with apple. That means apple can share data with them, as the small print suggests.

That’s to be expected. How does in expect otherwise? How does one expect these two companies to do business with a firewall of data between them. Similar to the cell phone companies.