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U.S. Regulators Want More Control Oversight Into Apple Pay
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They must be bots or paid "reviewers". If I buy something through Apple Pay, it gets charged on my Credit Card and I can do a chargeback if I have a dispute.
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Our fam members move money in at beginning of month then out near end of month to pay cc bills.
The early delays have long been solved. Depending on when we cut the order we’re seeing mostly 1/2 day weekday turnarounds and even some weekend deposits.
We run all deposits and payments thru our CU checking acct out of tradition but I’m seriously considering moving all our direct deposits directly to GS Apple svgs and then making only a single push out to our CU to pay credit card autopays.
The GS Apple app interface is so easy to use even my 91yo mom is able to do these moves.
I’m posted in Europe but have my Apple account and bank accounts in the USA. Had my first return using Apple Pay and Apple Card after 8y AP and 3y AC.
(I pay absolutely everything w AP either on my GS/A MC, my AMEX (big purchases for extended warranty etc), or Wise debit. I never use my bank debit cards and hardly use cash).
Did return on Friday and by mid week had credit notification on phone (I expect delay was due to store or local payment network; regardless it was problem free.
It’s always problem free as long as the payment terminal is working. (It’s even worked where I haven’t had cell service.)
Wow. Looked thru first dozen and was shocked at how ignorant the posters seem to be. They should be blaming merchants, bank or selves but it seems easier to blame Apple Pay because that’s the magic part they know.
Titanium card for everyone
Set billing days
Set due days
The fact that most people prolly pay off or make enough of a payment that GS make no interest
I use it for everything keep my money in the bank account make a little interest there pay it off and bank the rewards in the saving account.
They have made like 15cents in interest on me since the card came out.
actually amex is not wanted in a lot of places in the uk theyre fees are more expensive, mastercard is accepted everywhere
To everyone who keeps saying the complaints are made up, they are all public and readily available to you right here: https://www.consumerfinance.gov/data-research/consumer-complaints/
lol if this happens, I can tell you right now how Apple will respond: by becoming a bank. The ultimate middle finger. The only thing holding them back from doing this already is the additional scrutiny, and they’ve surely been considering it, especially in light of Goldman Sacks wanting out
Apple Bank here we come.
Apple Bank here we come.
Dude the government already has insight into every single transaction you make. Every government does. That is Banking 101.
For large purchases, credit/debit and bank withdrawals, you are absolutely correct.
I generally use cash for that reason. I highly doubt that they know about the coffee and auto fuel that I purchased this morning with that cash. So they don't know about everything and it is obvious that they don't know enough because they apparently want in to "regulate" Apple Pay. What is the upside? Is there evidence of fraud committed by Apple?
It is more likely the government wants to tax every single transaction as yet another revenue stream.
Some excerts from the article cited below:
First, Apple Card doesn’t charge users any fees other than interest. Whereas other card companies nickel and dime with things like late fees and foreign transaction fees,
Second, Goldman has also been very liberal in approving people for Apple Card. This has led to the bank having to charge off balances at a much higher rate than banks like Chase and Bank of America. Here are some numbers from the company’s recent regulatory filings (via CNBC):
- Goldman as (sic) a 2.93% net charge-off rate, double Chase and Bank of America
- Goldman is less aggressive (and less successful) at recovering charge-off debt than other banks
Goldman Sachs has lost billions on Apple Card, but it's optimistic
In January, a report indicated that Goldman Sachs had lost over $1 billion through its partnership with Apple for the...9to5mac.com
In addition most credit cards stage their billing through out the month. Apple billing is on a single date causing major problems with customer service.
So Apple wouldn't let them do the predatory things that arguably should be illegal in the first place, and GS is whining about it.
Approval is their own damn fault, and with charging 25%+ interest right off the bat, they can cry me a river.
Good for the UK then. It is hardly accepted in Portugal where I was recently and most travel sites will tell you that it's Mastercard and then Visa that is much more widely accepted in most of Europe (and Asia). For example: https://www.bankrate.com/finance/cr... and foremost, you want,best to pack a backup.
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Besides Mastercard that charges for processing fee, doesn't GS make some money from the vendors who accept CCs if a GS card is used?