I've never understood the customer service problem Apple has had with Goldman Sachs. My personal anecdotal experience with disputed charges has been excellent. In fact, better than any other card.
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Visa and American Express Vying to Win Apple Card Deal in 'Fierce' Fight
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I tried to transfer something like $30,000 from Apple savings to my bank account, and it took seven or 10 days… Totally ridiculous. So yeah, Goldman Sachs not great service. Though that was close to a year ago, transferred times had better have improved by now.
Not sure how it is generally in most other countries, but in Canada and in my travels a lot of places won't accept AMEX because it's the most expensive option for businesses.
Assuming this isn't an April Fool's hoax story. I hate this day because I have to assume most anything posted is fake.
But assuming it is indeed real, I hope Visa wins out. Granted I live out in the boonies. But a couple of places I frequent don't accept Amex. They do accept Discover though. Or at least their signs say they do. So I hope Apple Card remains a part of the MC/Visa network.
But assuming it is indeed real, I hope Visa wins out. Granted I live out in the boonies. But a couple of places I frequent don't accept Amex. They do accept Discover though. Or at least their signs say they do. So I hope Apple Card remains a part of the MC/Visa network.
Forgive me if this is a stupid question, but will changing the provider will dictate where Apple Pay is accepted? I've never had a retailer not accept Apple Pay here in Australia, so that may be thanks to using MasterCard.
When I worked at AMEX, we had a department specifically set up to take calls from angry AMEX cardholders who tried shopping at a retailer, only to have them not accept AMEX, so they'd call and let us know the name of the retailer, and we'd contact the them to try to win them over.
Switching to AMEX would most definitely be restrictive here in Australia at least, because AMEX is not commonly accepted, and it is expensive. Fingers crossed VISA gets the job.
When I worked at AMEX, we had a department specifically set up to take calls from angry AMEX cardholders who tried shopping at a retailer, only to have them not accept AMEX, so they'd call and let us know the name of the retailer, and we'd contact the them to try to win them over.
Switching to AMEX would most definitely be restrictive here in Australia at least, because AMEX is not commonly accepted, and it is expensive. Fingers crossed VISA gets the job.
Who cares, it is US only
Visa wants to pay Apple approximately $100 million to be the new payment network for the Apple Card, reports The Wall Street Journal. As of right now, the Apple Card is on the Mastercard payment network, but that is set to change because Apple is ending its partnership with Goldman Sachs.
Both American Express and Visa are vying to replace Mastercard as Apple's card services provider, while Mastercard is aiming to retain its position. Apple apparently plans to choose a new Apple Card network before it selects a partner to replace Goldman Sachs as the Apple Card's issuing bank, and competition is intense. Visa is offering Apple a $100 million upfront payment, while American Express is "in the mix" and Mastercard is "fiercely trying" to retain its role.
Apple and Goldman Sachs have been working to dissolve their partnership since 2023, with Goldman Sachs planning to exit the consumer banking market. JPMorgan Chase and Synchrony Financial are in talks with Apple to take over for Goldman Sachs, but American Express has also been aiming to become the issuer and network of the Apple Card. Apple needs both an issuing bank for the Apple Card and a payment network that facilitates transactions.
Goldman Sachs and Apple have worked together on the Apple Card since its 2019 launch, and have also teamed up for the high-yield Apple Savings account. Apple has not been happy with Goldman Sachs because of customer service issues caused by long wait times for disputed Apple Card transactions and savings account withdrawals.
The U.S. Consumer Financial Protection Bureau even launched an investigation into Goldman Sachs due to the customer complaints, which led to tension, so both companies are eager to end their relationship.
The Apple Card has over 12 million users in the United States, with approximately $20 billion in balances.
Article Link: Visa and American Express Vying to Win Apple Card Deal in 'Fierce' Fight
Not Apple Pay, the Apple Card!
Apple Pay works regardless, it's contactless so it works where the technology is present.
If the Apple Card lands on the Amex network it will be accepted only where Amex is accepted. Right now the Apple Card (financial product) is US only, Apple Pay (a mobile payment system) is international.
At least in the EU (and Canada) Apple Pay with a debitcard always works. Some shops dont take creditcards, specially supermarkets. Visa en Mastercard creditcards always work when creditcards are accepted. Retailers dont like AMEX sometimes due to high costs.
I dont care about Apple cards. The whole system with savings and credits does not exist here in the EU. A credit card is usually a way to postpone payments until the end of the month or next month, because then a bank or issuer takes the money from your account.
Ah ha! Thank you so much for your very gracious explanation. I'm relieved.
Well, if we are ever to get the Apple Card here in AUS, I hope VISA get the gig because the stat's from a few years ago show that AMEX only has around a 20% acceptance.
I suspect that Amex is pursuing this deal because their projections show that carrying the Apple Card will also expand its acceptance worldwide.
It's interesting that you mention about the difference between savings vs credit accounts in the EU. Trying to find some stat's a couple of minutes ago about card use here in AUS seemed to indicate that the EFTPOS cards supplied with almost every bank account, were skyrocketing skyward compared to credit cards. A 'key card', or 'EFTPOS card' provided is simply a card that directly accesses your own bank account, but the vast majority of them also allow you to press 'CREDIT' on a retailers terminal and have the transaction carried by that credit provider, but the funds still come out of your account immediately. The only difference is that it is defined as a credit transaction in that scenario, vs pressing "SAV" or "CHQ" which is processed directly by the bank. EFTPOS transactions are cheaper than the VISA/MASTERCARD transactions, and when the tap to pay (which Australian's seemingly adore) came in, the limit was and still is $100 without any PIN whatsoever, and was processed as a CREDIT transaction. Recently though, those tap to pay transactions have been switched to the EFTPOS network to be carried as a SAV or CHQ transaction, but of course nobody bothered to tell the public. One of the key issues raised was that you cannot initiate a chargeback on an EFTPOS transaction, only if it is a CREDIT one. So, there's that.
The UK and France for two
I have an Amex, the 5% cash back was too tempting to refuse. Major retailers accept it in the UK, the ones that can negotiate their own rates, smaller ones cannot afford to accept it.
It now sits in my wallet largely unused and forgotten about.
I'm a little concerned about this. I've had an Apple card since when it came out, and it's basically my only credit card.
I strongly prefer paying at the end of the month—aside from the ability to digitally pay, this was the main reason why I chose Apple's card. I feel like I have a high credit limit on this one card.
As long as I have a similar or higher credit limit, and as long as payments are due at the end of the month, I will be fine.
But if my value on this card is lowered for some reason, I'll be angry.
I strongly prefer paying at the end of the month—aside from the ability to digitally pay, this was the main reason why I chose Apple's card. I feel like I have a high credit limit on this one card.
As long as I have a similar or higher credit limit, and as long as payments are due at the end of the month, I will be fine.
But if my value on this card is lowered for some reason, I'll be angry.
Shops in the UK often have stickers at the till pointing out that Amex is not accepted, so that people don’t even have to ask.
AMEX is basically laughable in Europe as their interest rates are insane. They still seem to be trading on the idea of some kind of high-end image which goes down the pan once you note how many places won’t accept it.
Presumably they operate somewhat differently in the US.
This gives you an idea of the image of AMEX in the UK!
I can’t see the Apple Card ever arriving in the UK or EU and especially amidst the current turmoil.
Presumably they operate somewhat differently in the US.
This gives you an idea of the image of AMEX in the UK!
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Interesting. Switch might take some time. Whatever the network, will be fantastic if Apple Card is made available in other regions too.
Surely in the EU it would have to be both, otherwise it would be seen as anticompetitive, no? 😁
This response is so 90s. Are you living under a rock? Have you heard of Payment Facilitators? i.e. Klarna, Checkout.com, Affirm, Ayden. If not, I suggest you educate yourself. Oh and I am in Europe and my American Express card works just fine.