This sounds like the same information that was reported previously.
I hope we see some good perks.
I hope we see some good perks.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Three Companies Are Now in the Running to Take Over the Apple Card
- Thread starter MacRumors
- Start date
- Sort by reaction score
Are Barclays, Synchrony, and JPMorgan begging Apple to give them their Apple Card and Savings business?
I don't think so...
Within the industry, the deal is widely perceived as one that’s risky for a bank to take on. Citigroup was in advanced negotiations with Apple for the card but pulled out amid doubts that it could earn an acceptable profit on the partnership, according to people with knowledge of the talks. Other banks, including J.P. Morgan Chase, Barclays and Synchrony, also bid on the business.
... not when Goldman has lost well over a billion dollars on the partnership, unless terms of the new partnership will be more in the banks favor.
I agree, don’t understand why people put everything in the Apple basket. In those cases, if Apple locks you out of your account you are down your phone, passwords, email, credit card and savings account. I much rather spread my association over multiple companies so account lockout impact is minimized.
Synchrony is like the subprime credit card company that operates most "store credit" credit cards and accepts anyone who applies. Not exactly the forward thinking, professional bank that Chase, Citibank, and American Express are.
upgradedpoints.com
Full List of 113 Synchrony Store Credit Cards [Includes the Best Cards]
Synchrony Bank is not as well known as Chase or American Express, but they offer tons of popular store brand credit cards.
upgradedpoints.com
I would prefer not. A lot of vendors won't take Amex because of their higher transaction fees.
Synchrony is like the subprime credit card company that operates most "store credit" credit cards and accepts anyone who applies. Not exactly the forward thinking, professional bank that Chase, Citibank, and American Express are.
Full List of 113 Synchrony Store Credit Cards [Includes the Best Cards]
Synchrony Bank is not as well known as Chase or American Express, but they offer tons of popular store brand credit cards.
Many of the Apple Card customers have low FICO scores, and they have higher loss rates on the Apple Card than the typical subprime lender has.
Goldman’s Apple Card business has a surprising subprime problem
Goldman's consumer business has had a bumpy ride as of late, marked by mounting losses, leadership turnover and missed product deadlines.
That's one of the reasons it is unprofitable. Apple was dictating the terms because they want lots of approvals for folks buying their products. Some of the prime lenders are unwilling to take it on unless they run it on their terms, not Apple's.
Ends at the end of this year - It will take a solid year to plan and implement a transition from Goldman.
Barclays is stingier than Chase and has higher thresholds for credit. Apple had issues with them last time not giving out credit to enough people or limits too low for purchases. It's why they ditched them and they're still this way.
Nice though but.... Citizens barely puts effort into their own credit card offering, and you can forget a bank like that wanting to do high yield savings accounts. I do like Citizens as a bank though.
Agreed - but I bet Apple is hoping to have a deal this time that can be more international. That kills the Amex network.
Their website it simple and finally shows all your accounts across cobranded and proprietary cards with one log in which is nice.
Customer service? I never have issues (thankfully) but one time I did need customer service and it's all foreigners who barely speak English and have no comprehension of understanding of it reading form scripts. If you have hair, you'll be bald by the end of a call from pulling it out. They are are slow and old school with disputes - enjoy uploading documentation and affidavits galore!
Barclays only wants high credit, high income customers - the only rewards card that was of any value they bailed on which was the Uber Visa for being too customer friendly (was a great card). As mentioned before, they only want high credit scores and high incomes. Apple had major issues with them before when they had a cobranded card together - people with 800+ credit scores couldn't get limits over a $1,000, and even then, most macs started over $1,000 for base models. I really hope they don't go that route.
If Chase takes over I'd be happy. If Barclays takes over I'll be ok. If Synchrony takes over I'll close my account. I've dealt with them when I had an Amazon Store Card and I was very unhappy with them.
This is objectively true and may be the #1 reason I use mine regularly. Other bank apps look like they were designed by people who have never seen or interacted with an app before, by comparison.
It says GS lost $4B and attributed $1B to Apple Card. It sounds like they have other issues and Apple Card may not have contributed 100% to all that.
Hate to say it but maybe it’ll work out with them. Apple Card may not be as profitable but subprime consumers will help off set that.Synchrony is like the subprime credit card company that operates most "store credit" credit cards and accepts anyone who applies. Not exactly the forward thinking, professional bank that Chase, Citibank, and American Express are.
Full List of 113 Synchrony Store Credit Cards [Includes the Best Cards]
Synchrony Bank is not as well known as Chase or American Express, but they offer tons of popular store brand credit cards.
You seem to misunderstand what AppleCard is to these banks vs a traditional credit card.
Its not the traditional vendor-sponsored credit card from a major bank where the major bank gets to set all of the terms while providing special financing offers for the partner's sales, and the vendor gets a kickback from referring new cardholders... which is what the Barclays Apple Card was ( I had one for years ).
Apple literally dictated all of the terms of how AppleCard is issued to Goldman sachs, forced them to run statements on only a single day of the month vs spreading them out randomly across the month, which screwed up customer care workloads, and forced Goldman to take all of the risk on customers who default and not allow any late fees. Its not a Goldman Sach's card, its an Apple card, running on Goldman Sach's system.
I don't think Barclay has ever had this style relationship with anyone. I don't even know if anyone other than Goldman Sachs has done this. It was clearly bad for business on their side.
I honestly would just prefer Apple bought a smaller bank that already has internal systems capable of running a card system and did everything in house. But again, they didn't want to take on the actual risk
I understand just fine, thank you.
All I was saying is that before GS Apple had a relationship with Barclays and that was the only credit card where you could get 0% on Apple products. Nothing else special with it for what I recall
If Synchrony takes over Apple Card servicing I will pay the card off and close the account. I absolutely hate Synchrony and will die on this hill.
Worst bank and worst customer service in the history of credit card servicing.
Ahhhhhh while I do like my apple card, if they announce they're switching to synchrony I will close my apple card account too.
Thing is, I've had cards with synchrony twice before. And both times they abruptly, and randomly closed my account. They were very cagey about it and never told me why.
I like how apple cash works and the mastercard is accepted in most places, so it's currently my favorite card even if it's not the most lucrative.
Thing is, I've had cards with synchrony twice before. And both times they abruptly, and randomly closed my account. They were very cagey about it and never told me why.
I like how apple cash works and the mastercard is accepted in most places, so it's currently my favorite card even if it's not the most lucrative.
Apple should’ve partnered with a company that’s more consumer focused like Chase from the beginning.
I've had a couple of store credit cards back by Synchrony and their customer service is by far the worst I've experienced. One bogus charge took several weeks to finally remove. One took like 3 months for it to finally be resolved. At least one bogus charge with my Apple Card and it was taken care of the next day. Though that was a few years ago -- don't know what CS is like with it now.
But yeah, if it's Synchrony, I will stop using it.
But yeah, if it's Synchrony, I will stop using it.
Odd since I don’t carry a balance on mine that Apple notified me this morning that my credit limit was increased. I’ve never gotten anywhere near the old limit. Not sure why. I wonder if they’re going to drop some expensive hardware this year and want to make sure I can afford it 
I can unlock my phone, iPad and computer without internet access, and retrieve all my information.
I average 2% back on the Apple Card. The interface is pretty amazing. I average 1% back on my Amazon Chase card for non Amazon purchases. I do get 5%-7% back on Amazon purchases. That said, we are going on a buying boycott starting Monday so…
LOL I got denied the Barclay's Apple card, and had to buy my 2018 Mac Mini through Adorama (Synchrony instantly gave me credit heh thanks to my Guitar Center card). Then 2 months later I get a letter saying they need more information to process my application..
Go figure I applied again a few months later and got the GS Apple Card instantly with an almost 10K limit out of nowhere. Chase would be cool, that's my bank and Synchrony has my Sweetwater/Guitar Center cards I use to play the little credit game of keeping my score up..
Go figure I applied again a few months later and got the GS Apple Card instantly with an almost 10K limit out of nowhere. Chase would be cool, that's my bank and Synchrony has my Sweetwater/Guitar Center cards I use to play the little credit game of keeping my score up..
The main reason I use my Apple Card is because of the simplicity to make payments. I don’t need to log into a separate app requiring 18 hurdles to get to the part that matters. I just open my wallet on my phone, and make a payment.
Goldman Sachs had been eager to get into the consumer credit market and was willing to accept Apple's stricter terms. Other banks at the time, like Chase, were not.