I completely understand what you're saying but, to be fair, it is an Apple-centric website so naturally their headline will have an apple-centric spin on it.
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Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over
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You can get a Titanium Card from American Express. (Platinum Card)
It's another level of flex, durable, and ultra-premium.
American Express Cards
American Express offers world-class Charge and Credit Cards, Gift Cards, Rewards, Travel, Personal Savings, Business Services, Insurance and more.
Citi wanted nothing to do with Apple Card once they did the math.
A Goldman Sachs rival pulled out of the Apple Card deal on fears it will be a money loser
Within the card industry, Goldman's deal with Apple is widely perceived as one that's risky for a bank card issuer to take on.
Within the industry, the deal is widely perceived as one that’s risky for a bank to take on. Citigroup was in advanced negotiations with Apple for the card but pulled out amid doubts that it could earn an acceptable profit on the partnership, according to people with knowledge of the talks. Other banks, including J.P. Morgan Chase, Barclays and Synchrony, also bid on the business.
Goldman's heart was never really in it.
Amex are the Albion's shirt sponsor, so it's fine by me.
Goldman Sachs does not want to continue its partnership with Apple, according to a new report from The Wall Street Journal. Apple has teamed up with Goldman Sachs for the Apple Card credit card in the United States, Apple Pay Later, and the Apple Savings account that Apple Card users can opt for.
The banking company wants to cut back on its consumer business, and is now in talks with American Express (or Amex) about a potential takeover. A deal would see Goldman Sachs offloading its credit card partnerships to another company, which would include the Apple Card and other credit cards like one it offers for General Motors.
American Express has not yet established an agreement with Goldman Sachs, and a deal is not "imminent or assured," according to people who spoke to The Wall Street Journal.
Goldman Sachs recently extended its partnership with Apple through the end of the decade. Apple would have to agree to a transfer, and is aware of the talks that Goldman Sachs has been having with Amex.
Article Link: Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over
So what happens if they decide to shutter both Apple Card and Apple Savings? So they said they'll support Apple till 2029 so I guess we have 6 years or so to move our money out if needed. lol.
Apple-centric doesn't mean they have to be sensational... That's just poor journalism.
This has been my experience as well. Had to use their services for chargebacks and consumer protection more than once, always had a positive outcome. I know this definitely isn't the case for everyone, but I wouldn't object to this transition if it does come to pass.
Well, you can't have an Apple Savings account without an Apple Card, so I'd say it's both.
And offer a lower APY on the savings account. Amex is currently at 4.0% while Goldman/Apple is at 4.15%
I wouldn’t be happy with this change because Mastercard is accepted everywhere, and I know I will run into Amex acceptance issues, especially with small mom and pop places like Chinese restaurants.
I love the Apple Card, and the Apple Savings that collects my Apple Card benefits. However Goldman Sachs never impressed me since the time I had an issue with my Apple Card and I called the support number. I got a stuck-up Goldman employee who said “We do not represent Apple” even though I called the Applecard support number. If their employees felt they were above a consumer product like Applecard that must have reflected a corporate attitude. Bring on Amex, my favourite card anyway.
Citi got burned on the Costco card so I imagine they would be extra cautious with a partner like Apple who demand stringent terms and conditions.
-- As for Amex, I would personally like that. Amex is very good about credit limit increases
In Germany many businesses reject Amex cards, because of the 3.5% fees compared to 1.5% that others charge.
Amex traditionally has far more stringent credit worthiness for acceptance, too. As was mentioned up-thread, part of the trouble GS got into was it took on a lot of customers for the Apple card that had no business being issued a credit card in the first place. That's one aspect Amex could and probably would clean up in a hurry. Apple needs to shed the persistent image that Apple Card has become a subprime business. Not really befitting their squeaky-clean premium brand pretense.
As a business-oriented card, Amex is second to none although it's been a while since I've been in a position to have a corporate issued card. I just remembered their CS was just miles above everyone else.
As a business-oriented card, Amex is second to none although it's been a while since I've been in a position to have a corporate issued card. I just remembered their CS was just miles above everyone else.
Whoever takes over from GS will surely worsen Apple Card terms for customers. It already started happening in Canada. Would not be surprised if they decide to discontinue it, although that would certainly a big blow for Apple PR wise.
Customer service 101, it is extremely rare to talk to a live stateside agent nowadays.
Wow, I think it would suck big time if Apple Card moves to AmEx. American Express is not accepted by as many vendors and not as global as MasterCard is. UGH.
I would want Apple Card to remain as MasterCard or move to VISA. No AmEx, no Discover, no Diners Club.
I would want Apple Card to remain as MasterCard or move to VISA. No AmEx, no Discover, no Diners Club.
Not surprised at all. If half the people rushing to open Apple Card Savings Accounts with GS did their “Due Diligence” in looking at GS’s relationships with other poorly run financial institutions they would have had second thoughts.
Couldn’t have paid me to open an Apple Card Savings with GS.
Couldn’t have paid me to open an Apple Card Savings with GS.
The big GS guns got out while GS was top of the hill
At what point is it a bait and switch? The GS name was heavily used to promote these new Apple services and reassure customers that they were leaving their financial affairs in the hands of a trustworthy company
AMEX definitely better be out. I made my decision for Apple Card based on it being a Mastercard that wouldn’t give me issues being accepted anywhere.
While we’re at it, my Apple Savings account APR better not go down either!!
AMEX definitely better be out. I made my decision for Apple Card based on it being a Mastercard that wouldn’t give me issues being accepted anywhere.
While we’re at it, my Apple Savings account APR better not go down either!!
It's in their best interests to make it geared towards an apple-centric forum, given their target audience. It may be sensational, but if it drives clicks then that's a job well done - whether we like it or not.
I use Apple Card as my main credit card. AMEX is just not accepted by as many vendors (I believe because AMEX charges vendors more) and certainly is not as global as MasterCard or Visa. If Apple Card switches to AMEX, I may have to go back to using my VISA which is by Chase. UGH.
I would imagine that Apple Savings went too far for credit card rewards compared to the various reward rates that the competition offered. Those are usually user specified categories rather than all transactions offering a higher rate. A bank would need a lot more transaction fees to even compensate for that loss of income. Most banks also make up for some credit card losses by offering poor saving interest rates. But there is nothing like that with what Apple was running.
Totally agree!!
If Apple Card moves to a Visa network, for example, that would be a 1:1 trade, but not if it's to AmEx, and especially not if it's to Discover, and even more not so if to Diners! LOL. Sigh. Sucks!