I find I can use my AMEX most everywhere in Switzerland.
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Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over
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Get into the plan it works fine. If you have to withdraw, budget 5 days but expect 1-2 to get it. Go get that 4.15 APY.
I suspect GS‘s issue is that Apple‘s customers are higher quality (”premium”) users of CC’s and thus maintain lower balances (or do not carry balances) and pay their bills on-time. Were it the other way around GS would not be complaining. Maybe an Android card would work for them.
Imagine if Goldman were to lower the APY to reduce their costs. 🤣
Many banks have already caught up to and in some cases exceeded their 4.15% APY. They were only ahead for like 2 months.
I think too many Apple Card holders are sub-prime.
Discover should take over Apple Card in my opinion.
Discover should take over Apple Card in my opinion.
That couldn't be further from the truth. See what Realityck posted and what I posted. They have a lot of sub-prime card holders.
I have to wonder what would stop Apple from establishing what is needed to work directly with Mastercard and cut out GS in the first place. I’d prefer that over going with Amex
From what I understand they‘d need their own bank and some data interchange agreements.
Of course they wouldn’t want subprime cardholders so maybe it’s not worth the hassle just yet.
From what I understand they‘d need their own bank and some data interchange agreements.
Of course they wouldn’t want subprime cardholders so maybe it’s not worth the hassle just yet.
Mastercard (and Visa) are payment networks. They process payments; They do not issue cards. That's why Apple had to partner with a financial institution (Goldman Sachs) as they are the ones who issue cards and extend credit.
The exception is American Express and Discover who are both payment networks and card issuers.
If Apple wants to work directly with Mastercard instead of partnering with someone (Goldman), Apple would need to become a bank or buy one so they can perform banking services.
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Honestly, I think that's why I got it as well. I stopped using it about 6 months ago, and have my CapOne Visa set up for most Apple Pay transactions.
Also, I've never been an Amex fan. It's too limited in acceptance.
This may be what pushes me to Google. Have wanted to switch to android but things like the Apple Card keep me in Apple. I am not a fan of Amex. I use it for work because it is required in order to charge expenses and I run into places regularly that won’t accept it.
AMEX may be fine here in the US. But I had nothing but trouble when tried to use it overseas as the merchants simply refuse to take that.
I’ve not been to Ireland, but my experience elsewhere in the UK and in several countries on the European continent has been different. My Amex was accepted in most places.
I’ve also lived and traveled in many states in the US since I got my first card in the 80s, and non-acceptance has been very rare, particularly in recent years.
Amex’s customer service has been top notch, especially in instances of fraudulent use of my card. That’s one reason I stick with them.
YMMV, but I wouldn’t keep a card with a $650 annual fee just for emergency use. I do agree with you about paying off credit cards on time, which I’ve always done. Some people say it’s good practice to only pay cash or with direct debit, but I think credit cards make more sense if you avail yourself of the perks, such as disputing charges and rewards.
So now we won’t be able to use it in as many places? I know a lot of vendors who don’t accept Amex or discover because of their high processing fees.
Interesting changes. But American Express will be good.
Goldman Sachs is only worth 100 billion, Apple could just buy them. Wouldn't help them with Apple Card in all countries though. Plus FCC would block the purchase.
Amex has some of the best customer service I've ever experienced, and that is saying a lot when it comes to financial services.
Apple isn’t in any predicament. Apple has a long term deal with GS. GS is in the predicament. Both those companies you mention are pretty not consumer friendly by the way.
In fairness, it says the division that includes Apple Card had those losses, and “much” of that loss is attributed to the card (which is a lazy, cheap way to frame it. Much is less than most..how many other things are a part of this division? Much is ambiguous. Maybe there is more detail in the article, but it’s paywalled); it didn’t say Apple Card alone led to those losses. And I’ve heard credit cards lose money in the beginning with businesses who are new to the game. So, I don’t think this is the obvious thing you suggest.related
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?