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Report Delves Into Why Apple and Goldman Sachs Want to Break Up
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If Apple enters banking, they will want to reinvent the bank itself. They won't be interested in buying a bank and competing with other banks on current common terms. Personally I hope Apple does not enter banking. Not that banking does not deserve reinvention. Its just that Apple and Google will become too big a company for anybody's good.
2023 - still no need for Apple Card for me. I pay cash and I transfer my things manually.
well, this isn't good......it will be interesting how this is resolved. I wonder how big the usage base is for the service?
What’s wrong with compliance? Are you seriously suggesting that they not be compliant with government regulations?
And as for profitability, are suggesting Apple can make crazy profits (example: upcharging for RAM) but banks can’t make money on a credit card?
iPhone was wildly successful when it came out. The buzz was insane before it was released.
Tim probably has (should have) the Amex Black card.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).
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I think they're going to have to if they don't change their terms/demands... No reputable bank with credit card issuing history will agree to the current structure... I'm sure GS wasn't the first bank Apple approached. I suspect a few others told them to go fish. Apple created this card to more easily promote and sell products and services (and rightfully so as their purpose is to sell as much as possible) But they forgot that the bank behind it also has to make money. Now of course GS is not absolved of all fault here either, they completely bumbled this thing from the beginning and their ineptitude in the commercial banking space is obvious.
>Goldman Sachs ended up with more disputed transactions than anticipated
I had two huge fraudulent transactions on my account about a month after opening the card in 2019, one at Best Buy and another at a snowboard shop in Colorado (I was in Virginia). They both used the physical card number and pin, and I had never used the physical card at that point...It was still in the box/sleeve they sent to me, unopened.
They were cleared with no issue, but it's still a little weird.
I had two huge fraudulent transactions on my account about a month after opening the card in 2019, one at Best Buy and another at a snowboard shop in Colorado (I was in Virginia). They both used the physical card number and pin, and I had never used the physical card at that point...It was still in the box/sleeve they sent to me, unopened.
They were cleared with no issue, but it's still a little weird.
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AMEX is accepted at 99% of the places that MC is accepted in the U.S.
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.www.cnbc.com
Close to zero restaurants in my town will take Amex, nor do most of the mom & pop shops...Discover, too. I've had an Amex for a decade, but don't use it much outside of big travel expenses.
I was in Mexico recently (Playacar/Playa del Carmen) and no one took it.
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The issue is outside the U.S. When travelling internationally I take Visa, Mastercard, and American Express cards to make sure I'm set because too many times American Express isn't accepted outside the U.S.AMEX is accepted at 99% of the places that MC is accepted in the U.S.
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.
Broad-stroking here…
This feels similar to Apple’s toe-dip into the mobile phone market when they partnered with both Motorola and AT&T on the Rokr (2005). While it was presented/marketed as the “first phone with iTunes,” this was actually a clever ruse. A Trojan Horse. It’s no coincidence that two years later - boom - iPhone.
Similarly, Apple needed GS to get Apple Card off the ground. I suspect their ultimate goal is to cut out the middleman (GS), act as “the bank,” and in doing so, control the whole Apple Card experience while enjoying all of the profits. It would seem classic Apple.
This feels similar to Apple’s toe-dip into the mobile phone market when they partnered with both Motorola and AT&T on the Rokr (2005). While it was presented/marketed as the “first phone with iTunes,” this was actually a clever ruse. A Trojan Horse. It’s no coincidence that two years later - boom - iPhone.
Similarly, Apple needed GS to get Apple Card off the ground. I suspect their ultimate goal is to cut out the middleman (GS), act as “the bank,” and in doing so, control the whole Apple Card experience while enjoying all of the profits. It would seem classic Apple.
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I pay cash too essentially. But I use apple card and Amex card to collect points and cash back.... Then I just pay off the entire balance at the end of the month... I haven't paid a single cent in interest fees for as long as I can remember... but I've purchased an iPhone using only my cash back and am currently accumulating towards my next iphone purchase... and I've taken a whole vacation using Amex points (I also used points to pay the annual fee on the card)
If you are stuck in the old "cash under the mattress" mentality then you will miss out on certain things. fiscally responsible people such as yourself can really take advantage of these card companies / banks. They hate people like us because they lose money.... They count on folks who make terrible financial decisions and then pay for it over a long period of time.
My grandfather kept telling me that if I didn't carry a balance on a credit card, at least occasionally, Banks would close the account because they aren't making enough money from you. I haven't carried a balance on any credit card for over a decade and no card company has ever complained. They send me a lot of balance-transfer "deals", though.
I do like the anonymity of cash.
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Yeah maybe they did that in the past but not anymore... As long as you use the card occasionally you can keep the account open forever... Banks get a cut of the processing fees paid by the merchant so they make a little money there as long as you are using it. Of course this is not ideal for them since the bulk of their money is made on people who carry a balance and pay interest charges.
I've been pretty happy with the Apple Card. I only really use it for on-line transactions and don't carry a balance, so I guess I'm a part of GS' problem since I don't pay any interest charges (learned my consumer-debt lesson a long time ago, now only interest goes to the mortgage). Hopefully they can work out a deal with AMEX, they are more customer-oriented and would seem to be a better fit for Apple.
Yes and no. Agree on the student loan aspect. However I believe SoFi is Samsung's partner. I could be wrong though. Obviously Apple has been offering much deeper integration as of late.
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How do you buy an iPhone or Mac? Do you take bags or stacks of bills with you to the Apple Store? And, count out the money manually in front of an employee?
“That's $100; that's $200, that's $300, that's $400…” 🙈 😁
How about buying a car? 🤷🏼 😵💫
Or, do you consider writing a check the same as “cash”?
Do you never shop on line?! Can't pay cash or write a check on a website. Or, is there a way? Do you view PayPal as paying with “cash”?! Really curious…
Credit cards offer buyer protection, extended warranties, online shopping, etc. Their convenience is well worth it.
Goldman Sach never cared about the consumers. In their history, they hurt mid-income people lower than they helped. AMX ISNT MUCH BETTER buts only avenue now.
I think there is some validity to having some sort of credit history (at least when buying a home and applying for a mortgage), but I don't think there is any additional benefit to carrying high APR consumer debt and paying confiscatory amounts of interest versus building a high quality credit history by paying off a credit card in full every month or taking out something like a car (collateralized) loan, making the payments on time and paying it off on schedule. I haven't carried a single dollar of credit card debt in at least 15 years now and I haven't heard a peep from the credit card company... transaction fees are better than nothing I guess (so it's amazing that GS didn't bother negotiating at least a cut of that revenue with Apple).
My father bought a new car outright with physical cash not long ago. The salesman said it's not as uncommon as you think.
I paid the down payment on my car with a check because the dealer charged extra to use a CC...I guess the fees on $10k are a bit much.
Of course he does. At the very least a platinum. Guarantee he’s got a centurion though.
If I am not mistaken, that is at the corner of 72nd and Broadway, right across from the subway station. In the past, I walked by it every day.
A few years ago, I was nowhere near LA or NJ. I was getting ready to hop on a plane to Greece. At about 5:00AM I got a text from my bank asking if I was at the Apple Store in LA and at the same time at a Filipino toupee shop in New Jersey. The answers were, no and no.
The last time I purchased a car, I walked into the dealership and negotiated a very good deal. When I got the price I was looking for they said, "Now, can we talk finance?" My response was, "can I just put it on my card?" They looked at me funny because, it was the most expensive model they make. Then they said, no. My response was, "Excuse me. I need to run across the street. Give me 20 minutes. I came back with a cashier's check. They were visibly upset, but they took the money. (Always get the price of the car in writing before you walk out.)