Yeah, I have a feeling that is why they haven't tried yet. They certainly have the bucks to try it.
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Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over
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GS doesn't want to deal with consumers at all. They have always dealt with commercial financial products.
Unless you've read the terms of their agreement and can prove it, you're just spreading false information.
And yet it was Apple who wanted Goldman to approve sub-prime borrows for an Apple Card (i..e. the entire country's mass) 🤣
Goldman Sachs may accept 'subprime' Apple Card applications | AppleInsider
Apple Card is apparently being offered to more than just people with great credit scores, with Goldman Sachs allegedly approving applicants for the co-branded credit card with poor credit scores, in what could be a move to acquire as many customers as quickly as possible.
According to report sources, Goldman is aware it is providing the card in subprime cases. It is claimed Apple wanted the partner institution to approve as many of the over 100 million U.S. iPhone users as it can, while still staying within regulations and lending in a responsible manner.
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An Amex card holder is more valuable than non-Amex card holder as they tend to be more affluent and spend more per transaction and over time.
Why More Retailers Than Ever Are Accepting Amex - The Points Guy
It used to be that Amex cards were accepted at far fewer locations than Visa and Mastercard. However, that's no longer the case.
According to a Nilson report, Amex customers spend on average 3.1x a year more than non-Amex customers. Similarly, the average transaction size of an Amex customer is 1.8x larger than a non-card member's. The same report also showed that Amex customers spend an average of $14,000 a year on their cards. In short, Amex customers can be more valuable to merchants because they tend to spend more and make larger purchases.
I think they were thinking to start in subprime with younger people, and keep them as commercial customers as they entered their prime earning years, but didn't have the patience to build the business into profitability.
Also, they are a poorly run institution when it comes to doing normal non-hyper-predatory banking.
Unless you've read the terms of their agreement and can prove it, you're just spreading false information.
And yet it was Apple who wanted Goldman to approve sub-prime borrows for an Apple Card (i..e. the entire country's mass) 🤣
Goldman Sachs may accept 'subprime' Apple Card applications | AppleInsider
Apple Card is apparently being offered to more than just people with great credit scores, with Goldman Sachs allegedly approving applicants for the co-branded credit card with poor credit scores, in what could be a move to acquire as many customers as quickly as possible.appleinsider.com
According to report sources, Goldman is aware it is providing the card in subprime cases. It is claimed Apple wanted the partner institution to approve as many of the over 100 million U.S. iPhone users as it can, while still staying within regulations and lending in a responsible manner.
Agreed. I'm sure Goldman has a corporate firewall, perhaps a separate LLC, to handle this business, and if they really want to exit it, and are unable to off load that LLC, they could let the LLC go bankrupt. The big think that would stop them would be the threat of a lawsuit from the world's most valuable company.
But…. What about a Midnight card? 😉
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Guess an Amex Apple Card will never be introduced in Germany. Maybe Chase would be a better partner for Apple.
If we ever get an Apple car, space gray will probably be a color option, but the color will be a different shade each year of course.
No one like AMEX : in many places they don't want it. It's the only one disliked
I never saw any other institution refused by merchants
Normal business: let's work to be more efficient so we can be more profitable! Banking: We are completely failing to pull a profit over expenses in this division, but here is your 37% bonus! Congrats!
The only thing I use my Apple card for is buying Apple products, so it doesn't matter to me who issues it. As long as Apple accepts it 
The Car Pro always has the boring colors. I’d wait for the Air model with better colors. 😊
(note: I actually meant to type “card”, not “car”)
Truer words were never written. And the banks think that this is normal and the way things should be - being able to charge usury rates for loans and credit while offering less than a dollar a month interest on accounts totaling $50K or more. It's like putting one's money under a mattress.
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damn it’s barely been two months since I moved my money from Marcus to Apple! talk about salty. 😂
this partnership is for sure ending. PEACE GOLDEN SACKS.
this partnership is for sure ending. PEACE GOLDEN SACKS.
lol damn. did you move 100%? I left like $100. So far its still open.
Pretty common for banks to close off accounts with 0 dollars in them, isn't it?
I gave the passages that are applicable to the Apple Card discussion. So yes I posted links since that is the proper way to cite an article- but if you look the passages (just as what MacRumors and 9To5Mac do) to give you the information and context. I will not just copy and paste the entire article that is piracy and plagiarism. Proper citation is always the best way to share information.
The articles that I mentioned do not show that Apple Card is the reason they are losing money. The articles show that the bank is setting aside money for POTENTIAL losses. "Goldman on Friday disclosed that its Platform Solutions unit lost $1.2 billion on a pretax basis in the nine months that ended in September 2022. It lost slightly more than $1 billion in 2021 and $783 million in 2020, after accounting for operating expenses and money set aside to cover possible losses on loans. ... Net revenue for Platform Solutions’ consumer platforms segment, which reflects credit cards and GreenSky, totaled $743 million during the first nine months of 2022, up 75% from all of 2021 and up 295% from 2020." (Andriotis A., Grant C., "Wall Street Firm's Push Into Main Street Businesses Has Proven Costly", Wall Street Journal, 2023 January 13, https://www.wsj.com/articles/goldman-sachs-lost-3-billion-on-consumer-lending-push-11673616202)
Also... "Goldman recently disclosed that its unit called Platform Solutions, which includes its card partnerships with Apple and GM, had lost $3.8 billion on a pretax basis since the beginning of 2020. Much of that is tied to the bank setting money aside to cover for potential loan losses." (Androids A, "Goldman Sachs Steps Back From Bidding for New Credit Card Programs", Wall Street Journal, 2023 February 16, https://www.wsj.com/articles/goldma...bidding-for-new-credit-card-programs-26908c70)
The thing I’m learning about perks like cashback programs is that customers ultimately pay for them. It’s not a great game to get into. Cashback programs are funded from merchant fees which then means merchants just charge customers higher. Who ultimately wins?
Capitalism is a b***h or d**k.
I wonder if we pooled all of our titanium apple cards together, if we'd have enough for an airplane
Of course, but the reality is that not everyone has a cash back card, and those who have them pay the same prices as those who do not, so having one is better.
The people who have them. Again, if everyone had one, it would not matter, but since everyone does not, merchants average the fees and those who have the better cash back cards win. There have been several studies but they mostly show the same thing - transfers to those who understand and play the game from those who do not.