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Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over
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I think it will be offered in same colors as M1 iMacs.
I visited a pizza restaurant in Manhattan last week and they had a sign telling customers that they will add an extra fee to the bill, if somebody pays with AMEX. That makes every pizza many cents more expensive.
Is Diners still around. I had one back in the 70s.
Fixed it for you…..
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.
They aren't dropping them, but you won't get your discount if you don't switch. Verizon did the same thing to me a couple years ago.
If they transfer it to American Express, I really hope Apple lets Amex handle all support. The Apple approach of “secrecy above all else,” that has the first two tiers reading pre-written scripts just isn’t acceptable in banking.
I will be very happy if Amex takes over. Anyone else, not much. I'm looking to get a second CC, Apple Card being my first, and Amex is a top contender right now. Bilt being the other one as it let's me earn points on rent.
This is a still a crazy read however and unless we hear more concrete rumors soon, I'd take this with a very big grain of salt.
This is a still a crazy read however and unless we hear more concrete rumors soon, I'd take this with a very big grain of salt.
Man wtf, I have a credit card set to autopay on my Xfinity and Tmobile and now both of them are discontinuing allowing credit cards and to receive a discount. Yeah I'm not linking my debit card to those. Screw that noise.
A friend left GS after MANY yrs due to all the mismanagement recently. He had major disagreements with his boss over policy and direction, and since his boss was the CEO himself, he had nowhere to look but the exit.
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
Yep, the tradeline on reports usually just gets swapped out, so it doesn't appear that you closed and then opened a new card and the account number will change. A number of cards have changed hands and I'd say at least 2/3 of the time it's a smooth process (Capital One took over Walmart's cards from Synchrony, Citi took over Costco's cards from Amex, Goldman Sachs took over the GM cards from Capital One, etc. etc.)
Yep, I think all telcos and cablecos are going to move this way because they can claim the processing fees are the problem, but it's a way to charge a lot of people more—since T-Mobile does it by line, that's $20 for a family of four that would be left on the table going credit vs. debit/ACH. Let's say the bill is $155 (current Go5G plan) - it doesn't cost $20 to run a credit card. It also means that you'd have to choose between a discount or a credit card that has phone insurance included or they'll happily sell you a per-line insurance plan.
T-Mobile has also been especially bad about communicating this change consistently. There have been some notices buried and "on some accounts starting in May" rather than a hard deadline for everyone. For now, you can add a debit card as an autopay card and then use a credit card to manually make a payment and keep the discount, but Verizon closed that loophole shortly after they did the same changes.
Diners is weird in that is split - the domestic side ended up being passed around and the last cards were Mastercards issued by BMO. Internationally, Discover owns it and you can run a Discover on that network in other parts of the world (hence the Diners Club International logo on the back of every Discover card).
Yes thats because of the credit card companies increasing their transaction fees recently. Just look at the current transaction or interchange fees. Note how American Express would be a worse choice for a business to utilize.
Visa = 3.7%
MasterCard = 3.8%
Discover = 3.9%
American Express = 4.93%
Credit Card Processing Fees: The Ultimate Guide
For merchants, it can be almost impossible to run a business without taking credit cards. However, the fees from these transactions can eat into profits, making it hard for some merchants with a small spread to stay afloat. The average credit card processing fee ranges between 1.5% and 3.5%. Just wh
www.forbes.com
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We left AE recently! We used AE for business for over 30 years. We had business and I had personal Platinum cards from 1993 forward. I was even offered some crazy black card at one point like it was a status symbol or something. Why did we sever our business relationship with AE. From a business perspective they're unreliable. We had AE and two banks for all our business needs to include cash-flow management. Here's the deal. AE will drop a card or program with NO real prior notice. We got tired of them creating some product for cash-flow management and then several years later receiving a physical letter at the office on Monday that the program had been terminated the prior Friday. We never had even one issue on our end and kept all of our accounts current. I simply DO NOT TRUST American Express.
In my experience, American Express has the absolute best customer service out there. Goldman Sachs has been awful in the few times I've needed them. Amex does it right and I'd be all for this partnership.
GS is so stingy with their credit limit for me. Won’t give more than $2,000. All my other credit cards are at least $10,000. Maybe Amex will be better.
For the sake of Apple's PR optics, good. GS is at least as reviled as they are useful. I can understand the cynical gamble they made on Apple brand loyalty and uncritical demand, but if it had to end, I'm glad they lost a billion dollars on it.
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Recently cancelled my Apple Card account after three years. Long story short, for security reasons, I needed to delete my current Apple ID account entirely and create a new Apple ID. Apple Card is tied to one Apple ID and that cannot be changed. So, Apple Card account had to be closed. Isn’t it nuts that Apple/GS don’t have a solution to this? I find it laughable that they weren’t able to just implement some system that allows for a new Apple ID to replace the old.
Ultimately, I wasn’t happy with the card anyways. When you really think about it, the only thing Apple Card is good for is paying off a limited selection of Apple Products over a fixed time for free. Thats it. But I didn’t get it for that. I was expecting so much more from the card in terms of deals, discounts, and partnerships. None of that materialized. There were some great promos in the beginning, like the 6% cash back, but it all faded away. Got to the point to where I wasn’t really using the card anymore. I earn great cash-back and better rates from my other regular credit cards and banks.
I have had an Amex card for over 25 years. Excellent customer support. Amex has been good to me over the years. Its my fav card actually.
Ultimately, I wasn’t happy with the card anyways. When you really think about it, the only thing Apple Card is good for is paying off a limited selection of Apple Products over a fixed time for free. Thats it. But I didn’t get it for that. I was expecting so much more from the card in terms of deals, discounts, and partnerships. None of that materialized. There were some great promos in the beginning, like the 6% cash back, but it all faded away. Got to the point to where I wasn’t really using the card anymore. I earn great cash-back and better rates from my other regular credit cards and banks.
I have had an Amex card for over 25 years. Excellent customer support. Amex has been good to me over the years. Its my fav card actually.
Awesome; I love AMEX. I am confident when using it because they have ALWAYS had my back on every transaction; and dispute. Their customer service is fantastic.
Where did u hear about Xfinity? I've had them on autopay for years with a credit card.
Wouldn’t this really mess up any automatic payment that is on the Apple Card? Like if I had my Apple Card set to pay a bill with the Internet company and the Internet company happens to only accept Visa MasterCard and not American Express, would that mean that there will be some weird things happening? Also, in general, just the fact that you have to switch the actual credit card company Even if the number were exactly the same that means that anything where you enter the Apple card for an automatic or stored payment, which is simply not work.
I really doubt Apple wants to get in that deep. The requirements and such would be a lot for them.
Xfinity sent me emails and texts warning me that if I want to continue receiving a discount I must use Debit Card. I have yet to get any notice from Tmobile though. Fingers crossed. I looked up the Tmobile article and some comments stated that long time customers might not be impacted. But I have no idea if that's true or not. I kind of doubt it.
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There's a reason they're usually referred to as Goldman Sucks.