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Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over
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I want to know when Apple will, if ever, release the credit card and Apple Pay Cash outside the US as it seems that Tim Cook is obsessed with only releasing products and services in the US only.
Someone should show him a map and remind him the rest of the world exists as well
Someone should show him a map and remind him the rest of the world exists as well
Yeah, I am in the same boat. I dont want to deal with them and be limited to where I can use my Apple Card!
Apple to keep the Apple Card relevant needs to make sure it remains on either VISA or MC network. Apple Cash was useless initially as it started on the Discover Network. Many places dont take Discover and that rendered the Apple Cash for my kids useless in many situation. I was super happy when they switched Apple Cash to VISA. The Apple Card must remain on Visa or MC as Amex is as terrible as Discover when it comes to acceptance.
Also from the end user perspective, try to explain everyone that when your Apple Card is not accepted and merchant finds out that you use Apple Card and they tell you 'oh BTW we don't take AMEX" . You can only imagine people's confusion.
Also from the end user perspective, try to explain everyone that when your Apple Card is not accepted and merchant finds out that you use Apple Card and they tell you 'oh BTW we don't take AMEX" . You can only imagine people's confusion.
They would have to deal with the regulatory schemes in each territory. Since these are Financial Products they will also need to find partners who would work with them on these. Apple cannot just launch something across the world at once. Just like they had to roll out Apple Pay - and it is still rolling out across the world slowly.
Think about it in this way, especially in the EU, there are so many regulations that it could be hindering apple from doing what they want to do. If Apple wants to provide the same experience world wide, it would be a lot more work to make sure that this happens within the law.
Once GS are gone, I wonder if Apple have any Global Consumer Card planned, Seems Not.
Amex won a case at the Supreme Court:
With this ruling, businesses will no longer be allowed to persuade cardholders verbally or through discounts to use a less expensive credit card in place of American Express.
I'm not sure if an upcharge could be considered discounting other cards; but I would not be surprised if AMEX' actual merchant agreement addresses that.
Merchants want people who have an AMEX to shop there, so they take it and include the costs in pricing; and that's the rub. If they don't take AMEX people will shop elsewhere, so they do and hope you don't use it.
As for lower fee cards, they still include the costs into the price of goods. Unless they offer a discount for cash isn't that unfair to people who pay cash?
AMEX is accepted at 99% of retailers in the U.S. (Yes, it is less so abroad)
99% of merchants in the U.S. who accept credit cards now take American Express
The most recent Nilson Report found that 10.6 million U.S. merchant locations accepted American Express at the end of 2019.
In 2160, Apple Card will be made from Gold-Pressed Latinum.
There’s a reason they ended up getting probed by the CFPB, due to chargeback problems…
Doesn't matter. The GS Apple Card was mostly for the American customers anyways. So any bank that replaces it, may be just as US-centric... because it catered mostly to US residents to begin with.
Global consumer card? No. Apple can only plan credit cards on a country by country or region by region basis. Just like their Apple devices.... IF they make one small misstep... it immediately results in 8 thousand EU lawsuits and regulatory fines.
In addition, local national banks (e.g. Australian banks) will instantly become HOSTILE to Apple once Apple comes in with financial services like credit cards. This is exactly what happened when ApplePay was trying to enter Australia... the local Aus banks wanted to destroy Apple's entry. Do you realize that in this year 2023, the Australian Central Bank.... YES... the central bank.... is still trying to resist and still trying to oppose ApplePay and other digital wallets? It's idiotic of the Central Bank to do so, but it's true. It's almost like the national central bank want people to remain in the Jurassic Age.
Australian Reserve Bank sounds alarm on digital wallets such as Apple Pay
Apple has to be careful and consider all local laws and consequences before doing any such thing. Opening up finance services in other countries is like walking into a minefield. It's ugly and painful. Apple knows this. Apple employs dozens of lawyers and they all know this.
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Don't knock having a second AmEx card. You can double up on things like Shop Small and other cardmember offers, and often you get offers on the second card which don't show on your first card. And if you have have an additional cardholder on each...
I feel so bad for these billion dollar corporations not making enough money to funnel to their greedy, never-satisfied shareholders.
Here in the UK there are very few places I shop which don't accept AmEx. I just use a backup Visa/Mastercard for those but it's pretty rare.
As I understand it credit card merchant fees are much lower in the UK/EU than in the US. Most of the fintechs offering small business card machines seem to charge a flat rate (c.1.75%) whether it's a MC, Visa or AmEx card payment being taken. On the flipside we get worse perks from card companies. My 1% cashback on AmEx spend and 0.5% cashback on Visa spend are about the best you can find for credit cards (some banks offer 1% or more on certain debit card spend, although with even lower merchant fees I suspect that is probably a loss-leader).
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True, but you really only benefit using the Apple Card with Apple Pay, which makes this point mute.
No suprise here:
https://www.cnbc.com/2022/09/12/gol...siness-has-a-surprising-subprime-problem.html
Goldman’s Apple Card business has a surprising subprime problem
https://www.cnbc.com/2022/09/12/gol...siness-has-a-surprising-subprime-problem.html
Yup. Good read for those who laughed at my previous comment early in the thread. It’s amazing how many simply jump at offers without doing their “Due Diligence.” GS is a poorly run institution.
Not really - if somewhere doesn't accept AmEx cards you can't use AmEx via Apple Pay either (which just tokenises the transaction instead of using the physical card).
PS it's "moot" not "mute"
That depends on how expensive the handling of cash is. That is not free either. You have to insure the cash and each day an armoured vehicle will collect the cash and bring it to the bank. So some fees for credit cards are okay, as shops no longer have costs for cash handling. The 3.5% of AMEX are too much though.
Yes, the merchant can offer a discount for paying in cash or even charge a fee for accepting cards. The issue with your example is that amex doesn’t allow merchants to discriminate against a particular issuer. That is, if they charge a fee for accepting an American Express card, they must charge a fee for accepting any credit card.
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This is not a high interest-rate economy; this is a historically normal interest rate economy. The rates were artificially low for too long.
That said, I think GS just doesn't want to be in consumer finance.
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Why would it matter that it is only used with Apple Pay? How does this make the point moot (the word I am guessing you meant to use)? Apple Pay does not make a non-accepted card accepted, it just changes how an accepted card is processed. I still cannot use an Apple Card at CostCo as an example.