Yep. Too many charge offs. Too many approved with lower scores. Then there’s the no fees or nickel or diming of these sub prime. And finally slow to collect.
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Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over
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Yep. Too many charge offs. Too many approved with lower scores. Then there’s the no fees or nickel or diming of these sub prime. And finally slow to collect.
Why do people call these things products instead of services. This is a service, not a product. They don’t create any products, they offer services, like loans and savings accounts.
True. But I’d say it’s more that they’re just not well run. You have to make partnering with the worlds most valuable brand work. It’s on them.
I mentioned it’s hard to get the full picture because the article is paywalled, and you link-bombed in respones with 4 articles…which are paywalled lolA few Wall Street Journal articles to look at about this.
From the WSJ Article that the Cult of Mac linked to:
These articles were linked in the original WSJ article that Cult of Mac referenced.
In regards to the $3B loss see these two articles (excerpts quoted below, purple highlights were added)
WSJ News Exclusive | Goldman Sachs Steps Back From Bidding for New Credit Card Programs
The bank recently pulled out of advanced discussions to launch a T-Mobile US credit card and stopped courting Hawaiian Airlines.www.wsj.com
https://www.wsj.com/articles/goldman-sachs-lost-3-billion-on-consumer-lending-push-11673616202
The Apple Buy Now Pay Later is financed by Apple not Goldman. But they have a strange contract it seems...
At any rate, I never denied that Apple Card, etc are losing Goldman Sachs money. It’s just that I’ve often read that that was expected, so all the hype suggesting Apple Card was a failure seems to be unfair.
Just wait until their Commercial Holdings come up for refinancing. 😏
GS just wants to sell the products that maximizes profit from consumer
AMEX will be alright, then I can say I have two heh. I only use the Apple Card for buying my new Mac's anyways, and seeing as how I just bought two of the M2 Minis last month, don't think I'll be using it for a awhile as it is..
Hopefully nothing happens to it though. For whatever reason Apple gave me a ridiculous credit limit (like 4x what my own banks VISA is) out of nowhere and that is really helping keep my credit score up haha.
Hopefully nothing happens to it though. For whatever reason Apple gave me a ridiculous credit limit (like 4x what my own banks VISA is) out of nowhere and that is really helping keep my credit score up haha.
Had Costco American Express. Nothing but a pain to use and manage. Hopefully Apple will assert what leverage they have. I try to never say never. Change to American Express, highly unlikely.
How so?
Goldman has lost their shirt on their push into consumer finance and it is far more than their card deal with Apple. They are in a push to get completely out of the consumer business. It has been common knowledge on "Wall Street" for some time. This is no surprise to anyone who has paid attention to Goldman's quarterly report and the earnings discussion with investors and analysts that follow each quarterly report. AMEX may or may not end up with the card business, but Goldman wanting out is fact.
I've been on the Amex platform for a few years, and I've always felt their customer service was very good. I personally wouldn't mind the switch to Amex for the Apple Card. I know there will be differing opinions on this . So, it'll be interesting to see what happens going forward.
Trial by Fire for GS, just keep at it and do better, don’t just give up & throw in the towel!
I was just thinking this. They are masters of managing the kinds of customers GS is claiming to be losing the most money on. They are not kind to responsible borrowers, though, and are so unpredictable.
Well I Guess ill just frame my Apple Card as a momento of what once was.
That really depends on the profitability of the AMEX customers who shop at a store. If they are more profitable than Visa/MC customers the higher fee is not unreasonable.
Article’s pretty clear, either Amex will take over or it won’t. Apple’s already secured an extended contract with Goldman already for a long term, so Apple’s got the final say whether this transfer would be allowed. Otherwise you’ll have Goldman for a good bit there.
Who? 😝 Kidding, but I think it’s only the upper class banks that Apple’s interested in, not the entire country’s mass. Neither of those banks say class to me, sorry.
Not if there is an annual fee or that stupid points/rewards system from AMEX. Not to mention a lot of merchants don't take AMEX. That is why I left them.
Should have closed the thread after this.
Services, namely specific offerings, are banks’ products.