There is a Mastercard logo on the AppleCard. Since American Express is both the bank and network it would have the Amex logo on it.
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Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over
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I hope they can but someone is going to scream anti-trust!
The back of the Apple Card has Goldman Sachs written on it.
This is incorrect. I am looking at the back of my apple card right now and it has pretty big Goldman and Mastercard logos on the back.
They better finish processing my negative balance refund first. What a cluster*** over there. EVERY other card I've had, it was simple to get a negative balance refund check. With GS/Apple, they are having a manager review it. Just give me my money. Now I have to wait a few days which is no big deal, if they actually do it. Just annoying that there is even a holdup here.
I have a neg balance cause I returned something after paying it off.
And to top it off, I have an Apple Savings Account so it should be a simple process.
I doubt I'll use my Apple Card much going forward after this experience.
I have a neg balance cause I returned something after paying it off.
And to top it off, I have an Apple Savings Account so it should be a simple process.
I doubt I'll use my Apple Card much going forward after this experience.
Agreed! And yes, I really enjoy the podcast. Hartley and Dan are pretty dang cool.
But I can't not take it to heart...
Letting it slide is the very exact reason WHY information on the web has developed into such a mess. So when I see it, I'll pick that scab and, just maybe, someone will decide they DO actually want to hold themselves to a higher journalistic standard. (I hope when I die I'm still an optimist...)
I wonder if my approval odds are any better/worse should they switch to AmEx...
related
So if this was a good partnership, how come Goldman Sachs lost 3.03 billion in about 3 years with Apple Card?
Goldman Sachs wants out of Apple Card after massive losses
Apple Card might be a sweet deal for consumers, but Goldman Sachs is losing billions. And it reportedly wants out.
www.cultofmac.com
So if this was a good partnership, how come Goldman Sachs lost 3.03 billion in about 3 years with Apple Card?
But their cards aren't accepted many places in the United States and essentially useless outside the country.
Some food for thought as I read the discussion—one thing I’ll throw out there having cards across a few banks and networks—for most recent merchant agreements, Amex isn’t always the most expensive to process (at least in the US, which is at least the concern since the Apple Card is a US product and I’d guess most transactions happen here.)
As Visa and Mastercard have “honor all cards” agreements, that means a merchant has to accept all Visa cards or all Mastercards, regardless of tier. The plain versions are often cheaper to process than Amex, but when you start getting into tiers like Visa Signature, Visa Infinite, World Mastercard, or World Elite Mastercard, costs can be more than Amex (so basically a wider range) https://www.fool.com/the-ascent/research/average-credit-card-processing-fees-costs-america/. This is why so many banks are “upgrading” people to higher tiers (Visa Signature used to require at least a $5k limit, now some banks are issuing them <$1000). In fact, Apple Cards seem to be World Elite Mastercards behind the scenes, even if we don’t get all the WEMC benefits: https://www.macobserver.com/link/apple-card-mastercard-elite/
I saw a story on another forum about someone who typically uses an Amex, but if any shops push back in a crappy way, he pulls out a Chase Sapphire Reserve (a Visa Infinite) to be petty. I don’t necessarily agree with the tactic, but Visa and Mastercard have kind of stealthily changed their game over the years.
Amex’s OptBlue program also helps small businesses get a better rate: https://www.americanexpress.com/us/merchant/optblue.html
Nonetheless, like many, I totally get the gripes about a network switch to something smaller (even Discover is bigger in the US, almost on par with Visa/MC), not to mention that would remove my go-to “works everywhere” card. Outside of the US, it will be a major downgrade.
As Visa and Mastercard have “honor all cards” agreements, that means a merchant has to accept all Visa cards or all Mastercards, regardless of tier. The plain versions are often cheaper to process than Amex, but when you start getting into tiers like Visa Signature, Visa Infinite, World Mastercard, or World Elite Mastercard, costs can be more than Amex (so basically a wider range) https://www.fool.com/the-ascent/research/average-credit-card-processing-fees-costs-america/. This is why so many banks are “upgrading” people to higher tiers (Visa Signature used to require at least a $5k limit, now some banks are issuing them <$1000). In fact, Apple Cards seem to be World Elite Mastercards behind the scenes, even if we don’t get all the WEMC benefits: https://www.macobserver.com/link/apple-card-mastercard-elite/
I saw a story on another forum about someone who typically uses an Amex, but if any shops push back in a crappy way, he pulls out a Chase Sapphire Reserve (a Visa Infinite) to be petty. I don’t necessarily agree with the tactic, but Visa and Mastercard have kind of stealthily changed their game over the years.
Amex’s OptBlue program also helps small businesses get a better rate: https://www.americanexpress.com/us/merchant/optblue.html
Nonetheless, like many, I totally get the gripes about a network switch to something smaller (even Discover is bigger in the US, almost on par with Visa/MC), not to mention that would remove my go-to “works everywhere” card. Outside of the US, it will be a major downgrade.
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Maybe Silicon Valley Bank should take over the Apple Card? 🤣
They could certainly buy GS's consumer credit card division (aka, the Apple Card) and spin it off as a separate business entity that they manage. Now, whether they would actually want to do that or not is something else entirely.
Whether there are banking laws that prevent this, however, is something I don't know.
I don’t have an Apple Card, but I do have an Amex Gold card. I’ve been with Amex for 20 years and when I make a large purchase, I do it with my Amex. Their customer service can’t be beat. I’ve never worked with a financial services company that was more “in my corner” than Amex. Any time I had to dispute a charge, it wasn’t an issue.
My CU issues a Mastercard as their debit card, and I do use it frequently for regular purchases through Apple Pay. However, if I want to make a purchase and “shield” my CU checking account from potential fraud, I use my Amex. Then I get online the next day and pay AMEX for the amount. Places like restaurants where I hand the server my card, or pay at the pump gas stations without Apple Pay are primary examples.
Amex’s extended warranty service is really top notch and I couldn’t be happier.
As the old saying goes, I don’t leave home without it.
My CU issues a Mastercard as their debit card, and I do use it frequently for regular purchases through Apple Pay. However, if I want to make a purchase and “shield” my CU checking account from potential fraud, I use my Amex. Then I get online the next day and pay AMEX for the amount. Places like restaurants where I hand the server my card, or pay at the pump gas stations without Apple Pay are primary examples.
Amex’s extended warranty service is really top notch and I couldn’t be happier.
As the old saying goes, I don’t leave home without it.
Goldman Sachs said their Apple Card partnership has resulted in over $1 billion in losses since 2020.
Apple Card responsible for more than $1 billion in losses - 9to5Mac
Goldman Sachs submitted a regulatory filing today for its “Platform Solutions” group of businesses that includes Apple Card. The collection...
9to5mac.com
Goldman Sachs submitted a regulatory filing today for its “Platform Solutions” group of businesses that includes Apple Card. The collection of consumer offerings from Goldman is on track for a loss of $4 billion since 2020 with Apple Card making up more than $1 billion of that.
Reported by Bloomberg, the new performance details from Goldman’s Platform Solutions division paint a grim picture. In just the first nine months of 2022, the businesses including Apple Card saw a pretax loss of over $1.2 billion.
Looking back to 2020 through the end of September 2022, those losses amounted to $3 billion. But when Q4 results of 2022 are included soon, the number is expected to be close to $4 billion.
is this the fabled "black card" that has no limit?
I don't know anyone who has an American Express card (in Canada). I don't think most places here accept it, but I could be wrong.
bruh this is INSANE to read (the article, not your post lol).
I’m in disbelief.
Thi would actually be an improvement for apple customers. Goldman Sacks has very little experience with retail customers. The Apple Card was their first credit card. Everyone knows what Am Ex has done.
I read earlier this week that T-MOBILE was droppoing all credit cards from its autopay system. Customers must either use a DEBIT card or attach a checking/savings account to their T-MOBILE account as method of autopay.
Probably, but your account number would change. I have affiliate cards that have changed issuers several times, and I've never had to re-apply.