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Report Delves Into Why Apple and Goldman Sachs Want to Break Up

bugeyedsheep said:
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.
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I've been with J P Morgan CHASE bank after opening an account with them over a year ago to supplement my 20 plus year relationship with my state employees credit union. I was also able to link my credit union account to my CHASE account so I can now very seamlessly move funds around between my various accounts within those two institutions. CHASE also has ZELLE, which I use, and CHASE has some very powerful online tools for wealth management.

IF Apple were to partner with CHASE I would be delighted with that outcome.
 
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Four oF NINE said:
I've been with J P Morgan CHASE bank after opening an account with them over a year ago to supplement my 20 plus year relationship with my state employees credit union. I was also able to link my credit union account to my CHASE account so I can now very seamlessly move funds around between my various accounts within those two institutions. CHASE also has ZELLE, which I use, and CHASE has some very powerful online tools for wealth management.

IF Apple were to partner with CHASE I would be delighted with that outcome.
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The only thing I want out of Chase would be the physical card & number transactions showing up in Apple Pay like the Apple Card does.
 
iReality85 said:
Ditto, AMEX customer support is great.



I think it’s a YMMV sort of thing. AMEX does have a lesser presence among Internet vendors, but honestly, it’s been years since I’ve walked into a business (shopping, groceries, gas, etc) that doesn’t accept AMEX; it’s really rare in day to day life, at least in the US. Plus, that’s why you should keep one of each card.
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Traveling in other countries has always been a challenge for me with an Amex unless I was in a higher end shop or restaurant.
 
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Didn’t it seem like all along that Apple was driving this and GS was just their trusty sidekick? It doesn’t seem surprising that Apple would come out on top with anyone they collaborate with. Just my humble opinion. I’m sure there are counter examples.
 
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fatTribble said:
Didn’t it seem like all along that Apple was driving this and GS was just their trusty sidekick? It doesn’t seem surprising that Apple would come out on top with anyone they collaborate with. Just my humble opinion. I’m sure there are counter examples.
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We only see "Apple" because it's the actual product so it may look like they were driving this since the start and the optics is that they will "come out on top" after the agreement ends but no one looks at the "boring" side of this which is what GS was experimenting in. The comments in here read like GS was always in consumer banking business and they got fleeced with Apple's terms when in reality, they were experimenting with a new side of business that is consumer banking and who else better to partner up with than the company who is a top the consumer market?

The result? GS seems like they want nothing to do with consumer banking in the future from the Apple Card experiment. And if these claims are accurate, I think it will be very difficult for Apple to find another partner to agree to similar terms because it's not the correct model for the these banking companies to make money.

Reality is no bank or company issuing credit cards needs Apple Card because they all have a catalogue of other credit cards they make money from that is tried/tested. Apple needs this more because without an issuer, Apple Card is nothing but a piece of metal.
 
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Sheepish-Lord said:
I would be curious what the median income of Apple Card users is. We’ve already seen the FICO scores but I would argue most high end clientele are using business cards or invite only cards. Highly doubt Tim Cook is daily driving an Apple Card with a $1500 credit limit ha.
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I would think it is going to be on the lower side. Reason being we know GS has amoung the lowest FICO score accounts out there and sadly that does tend to go hand and hand with income.

The other fact is the Apple card is at best a meh card in rewards. Great for Apple products but pretty much meh at best in everything else. Once you know that and understand that you can see a lot of high income people not jumping to get it.

I have personally been eyeballing the Apple card for years but I also don't see a huge gain for me personally. My Amex is better for most everything by a very healthy margin. mix that with my back up chase card rewards the Apple cards only advantage is on Apple products.
 
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jimbobb24 said:
It doesn't matter. It's an exclusive card and I want to use apple pay everywhere. Does me no good to have a card with have the uses.
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While Amex has its limitations and why almost all Amex card holders carry a back up the customer service of Amex is top notch. I have had to call them for several times over the years and always super helpful.

My card number got stolen, called them to report the fraud and they fed ex over night me a new card free of charge all because I said I was going out of town in 2 days but I did have a back up card and was ok.

Or another time I was having trouble getting something online delt with and need to call to fix one issue but they handled another while they were at it. I have had them for 12 years and by far amazing card.

I do have a back up chase visa that I used when I have to and at Amazon.
 
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TheYayAreaLiving 🎗️ said:
"Goldman prioritized regulatory compliance and profitability."

This is where Goldman Sachs went wrong. They do not care about the customers and their customer service is horrible. American Express please take over!
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This is where you’re also wrong. US regulatory body and compliance for credit cards and debit cards are consumer-driven. It does not care generally whether the bank will go bankrupt or not.
 
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jayducharme said:
That was a mistake on the part of GS. I can't see why Apple would have objected to them getting a cut of sales. I had assumed that they were getting it, as with most card issuers. I worried that GS was an odd fit with Apple from the start, but hoped it was going to work out.
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Not entirely GS fault. The charges goes towards the network.


tl;dr- figuratively, if I spent $20.00 hypothetically VISA/MC/Amex will charge $1 as fee from the $20.00. The $1 will be split between VISA/MC/Amex and Apple, as payment and as Apple’s commission for carrying the network on their card.

This is how banks earn for every transactions, that’s why they are encouraging cardholders to use their card because they are getting a commission. Ever wonder why banks keep on offering rewards/point when you spend?

I work in a bank. Like the part of the bank that works on cost and revenue
 
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This, plus the financial meltdown in 2008 just prove what a shady company GS is. They can’t even handle consumer banking or a single credit card. Next time, the government needs to let them fail instead of bailing them out.

I had an Apple Card. Did a dispute for something - GS took my side, but still failed to show the proper balance on the card, which put me over my credit limit. Every other day the limit would change from where it was supposed to be, to being over the limit (a several hundred dollar difference). Why would I pay extra for money that I don’t owe? When I confronted GS customer service about this, the rep couldn’t have been more unhelpful and rude, leading me to close my card - they insisted that I look at my statement and that the over the limit balance was correct — um, okay… I guess don’t try to resolve the issue.

Wouldn’t shed a tear if GS lost the Apple Card, collapsed, and AMEX took over the contract.
 
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dontwalkhand said:
The only thing I want out of Chase would be the physical card & number transactions showing up in Apple Pay like the Apple Card does.
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I was with Chase for over 30 years. Until they started to cause problems with my account. At this point I don’t trust Chase for anything. If you have had good luck with Chase wonderful but in the most part many people have had bad luck then good luck.
 
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magicschoolbus said:
Apple should just buy SOFI.
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As cool as that COULD be, you must remember that SoFi has been and still very much MOSTLY a loan provider, primarily student loans (eeeeek). I don't think Apple would go near that with a 1,000ft cattle prod. SoFi as a bank is still a brand new enterprise and they certainly don't have the history and clout for that kind of dealing. As someone mentioned earlier, I could see Citi potentially here if things fall apart. However, I would be forewarned, Citi absolutely has the WORST CS one can ever come across.
 
stars_fan said:
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.
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It is also a very big TV.
 
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jaw04005 said:
Really? I read it more as Goldman Sachs wanted Apple Card to be just as anti-consumer as every other credit card offered and Apple said no.

Apple should have known when dealing with these clowns. How many of you have credit cards that encourage you to pay more than the minimum? Most of them hide everything—especially in their apps. Apple Card, while not perfect, is pretty straight forward.
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All my cards tell me how much is minimum and how much is to avoid interest.
 
I think GS was expecting late payment fees to be a major source of profitability as from any credit card. However Apple giving accurate information and notifications to help customers avoid late fees, greatly reduced that source of income. GS has a smart bunch of financially shrewd people. This is the only thing I see them not foreseeing.
 
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