Can you tell me why that would absolutely never happen? If GS walks from the contract and Apple cannot find another bank to carry the card, then what?
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Report Delves Into Why Apple and Goldman Sachs Want to Break Up
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When you have his salary and wealth, you don't have a credit limit.
And many AMEX charge cards don't have credit limits (although all charges are still approved and denied by their systems).
Flexible Spending with No Preset Spending Limit | Amex US
Discover the Flexible Spending Possibilities That Comes With the No Preset Spending Limit for Your Amex Card. Find Tips to Build Your Spending Capacity!
www.americanexpress.com
They would still collect on the loans (without issuing new credit) or sell the balance at a discount to another entity who would collect.
To be fair, Chase left the Canadian market and let customers off the hook for their balances (which they didn't have to do): https://www.usatoday.com/story/mone...es-all-credit-card-debt-customers/1964419001/
Honestly I don’t care what bank remains behind the Apple stuff, so long as A. They are FDIC insured, and B. My Apple Card remains a Mastercard.
FDIC insurance doesn't have implications for credit card debt.
It says in the article that Apple pays for the daily cash back, which I thought was kind of cool. At least they don't have to pay that.
This. And a company like Apple isn’t going to fold something such as big as their branded credit card. They will find a player.
When you have his salary and wealth, you don't have a credit limit.
And many AMEX charge cards don't have credit limits (although all charges are still approved and denied by their systems).
Flexible Spending with No Preset Spending Limit | Amex US
Discover the Flexible Spending Possibilities That Comes With the No Preset Spending Limit for Your Amex Card. Find Tips to Build Your Spending Capacity!www.americanexpress.com
By and large, Amex Green, Gold, Platinum and Centurion cards don’t have preset limits unless you request them. They will like you said deny certain transactions lol.
One would have thought that Goldman-Sachs would have anticipated this. I mean, they made it hard enough to get the card (insofar as credit score, income, etc), especially at the beginning, that they should have known that people with really high scores and incomes tend to pay their statements in full each month.
Hard to believe a company full of accountants couldn't have calculated all this out.
I like how the article described that Goldman Sachs worked on the regulatory end. Apple doesn’t have the expertise in that. I work in the regulatory field although not banking. I see all the time how pharmaceutical companies mess up certain regulatory areas they’re just not as familiar with and they don’t need to be because other entities guide them through those.
It’s not going to be an easy or desired task for Apple to get into the banking industry. It’s a highly regulated field which they have almost no expertise in and it’s not their main aim.
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I actually really like my chase cards. App is great, so are points, and it’s easy for me to set up auto-pay with three clear choices, full, interest saving, and minimum so I’m paying it off properly each month without having to think about. Agreed most are trash but if anyone is looking for an alternative I’ve been happy with Chase.
Not a surprise. GS has limited experience in consumer banking so Apple basically took them to the cleaners. No other large consumer bank would have agreed to Apple's terms because that's a loser in the credit card business. Fees are where the profits are.
Agreed. My wife and I moved our monthly spending from a Chase Sapphire entirely to the Apple Card over a year ago and it’s been my favorite by a mile. Recent had attempted online fraud and the simplicity of a single click to generate a new card number without having to reissue a new physical card was terrific. Then clicked the messaging option for customer service and had a dispute filed in minutes. My teenage kids all have cards on my account so a couple are already building their credit history and I have both immediate notification of any charges they make and complete control over their access and spending. Interest free purchasing of our Apple products and the simplicity of immediate cash back and the saving account are terrific as well.
Wouldn’t change from this card unless Apple decides to shut down the entire program.
Apple leaving or parting from Goldman Sachs is good for Apple. Goldman Sachs is not the best partner to do such a collaboration with.
That's what they said When GE got into the finance and consumer money company years ago.
It’s a tax deferred retirement supplemental account. Some employers will match a small percentage of what you contribute to your account.
You pay penalties for taking your money before age 59 1/2 and when you reach that age the money is taxed.
Most Americans have no clue this account was only supposed to be a supplement to your pension and social security.
I told my children they should only contribute the max their employer is offering to match. The rest should go into their personal brokerage accounts I help them set up.
Tell him 401K is great for employer matching. And great if you have a high income and high marginal tax bracket. But if your tax rate is low, pay tax today after employer match runs out, or you will pay more tax later.
Yep, the only real benefit is that you get tax deferred growth combined with additional income from your employer you would otherwise throw away. It’s often in company stock but the laws were changed to allow you to trade out of it into other products. But too much in there means high taxes in retirement.
You can't fix stupid. I got away from GS long ago. Some else said horrible support. Thats putting it mildly. Amex is almost as bad.
All they have to do is not renew the contract. We don’t need the Apple Card… Apple does, as they are becoming more reliant on these types of services for revenue.
Most banks would never agree to Apple’s terms due to the fact that they’re already making money on other cards that play by their rules, not the other way around.
Most banks would never agree to Apple’s terms due to the fact that they’re already making money on other cards that play by their rules, not the other way around.
That darn New York banking style of regulatory compliance, gets you every time.