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I work in banking and the demands Apple has made in this article to Goldman sound like hell to deal with
Never had to call or chat with Apple Card over anything, ever. I hope if Synchrony gets it, I never have a problem.
Will existing customers be issued new physical cards after the transition?
Whoever takes it over, I hope it leads to more 3rd party integrations. I’m annoyed I can’t use this card with YNAB without hack jobs, so I use it a lot less now.
YNAB also deserves blame there. They can import statements on web, but not mobile. I know it’s not as good as real time imports, but it’d be better than nothing. But they focus on weird UI changes instead.
There’s plenty I wish the iOS app did, but YNAB not working with Apple Card is totally Apple’s doing. I don’t want to mess with manual uploads nor do I have to with any other card I use.
What always strikes me as odd is how the card is laser-etched, made of titanium, 3 times as heavy as a plastic card - which all sounds very exclusive - yet the guy with the 650 credit score can get one…??
It’s not odd at all when you consider 80% of Apple’s customer base is pretending to be the other 20%
Yeah and on the other end, I have a great credit score and I was pretty insulted at how little of a credit limit they gave me.
because that 650 credit score person will spend more than they can afford on the card, get into a pile of debt, and be a customer until they die, trying to pay the card off
I’ve enjoyed using my Apple Card for in-person transactions where I’ve needed to physically hand my card to someone (the primary benefit to me being the lack of sensitive numbers printed on the card). That being said, I’ve steadily reduced my usage of the card the more I’ve learned of Goldman Sach’s displeasure servicing the card and had been anticipating this headline.
Personally, this is enough for me to stop using mine altogether as I don’t like the sense of volatility I’ve gotten from it (especially as of now I don’t know who, if anyone, will back it after Goldman and what their reputation is) whereas my usual cards give me better rewards and have always felt “stable”.
Still not paying that shit off, don’t have a job (health issues) they can fuck themselves ☠️
Smart!
/s
Well, time to gear up tomorrow to either buy GS or AAPL on the dip…
Personally, I hope Apple can talk Amex to taking Goldman’s place.
If they dropped GS then they already inked a deal with a new partner and will probably announce before market open tmrw.
So what’s the play here?
Best case is Apple keeps quiet about it, and they already have another partner lined up. Essentially a silent backend transition.
Worst case scenario is they abandon consumer credit altogether, and we lose the card and the savings account. Which would… really suck. I built a majority of my credit with the Apple Card, and have a lot savings in the savings account.
What are we projecting to happen here?
Just use this, I moved all my funds from GS to here: https://www.cit.com/cit-bank/bank/savings/platinum-savings-account
You should be building up credit with other issuers. Even if all the drama wasn’t happening here with Apple Card and GS. Not a good idea to have all your financial eggs in one basket.
My Apple Card has been a major disappointment. Even with excellent credit and other credit cards with $20k+ limits, they won’t up my spending limit much or fast. It’s at $900 a month and I signed up early.
It’s also a spending limit, not a credit limit. My other cards will allow me to buy a vacation for $20k, pay off the card immediately, and have full access to the limit again. The Apple Card limits spending to $900 a month total, making it almost useless for daily spending or large purchases.
It gives less in points benefits than other cards, too. I bought a new Mac on points from my Chase Preferred card, our daily spending card, after I couldn’t get GS to up the limit so we could buy it on the Apple Card.
I’ve already sworn off Synchrony, years ago. If that’s who takes over, the Apple Card gets canceled.
There’s no spending limit. Maybe you just didn’t wait long enough for your payment to clear. I think it’s possible to set up a spend limit for yourself.
If there’s a spending limit, I’ve never hit it. I have 20k credit and every month, I charge anywhere from 1-5k and pay it off. Have never incurred interest.
It’s a spending limit, and if you have a 20k limit and only spend 1-5k, you would, in fact, never hit it.
I’m hoping that with Goldman withdrawing, the partnership could be transferred to either American Express or perhaps JP Morgan. I don’t see another company that can offer what Apple aims to achieve with the card.
Neither of those outfits are likely to adopt the kind of underwriting standards that Apple will want in place.
Nobody — even the subprime folks like Synchrony — is going to concede the interchange fee revenue that GS surrendered to Apple. That’s the truly shocking part of this story.
My bet is on Synchrony, in all honesty. I kinda hate them but I’ve had better experiences with them than GS. A lot of their problems come down to outdated technology and that’s something Apple will certainly fix for the Apple Card. A good partnership might even see Apple lend some expertise to Synchrony on their other products. Their account management system feels like it was designed in the 1990s on Web 1.0.
Hopefully the Apple Card stays around, it’s my daily driver CC and I really enjoy the interface and spending breakdowns it provides.
Same.
Other people’s mileage may vary, but Goldman’s phone support was great.
Goldman really bent over backwards for Apple.
I don’t know about their phone support… I hate talking to support over the phone, but their iMessage support was stellar.
Honestly. I had to call when I purchased the 15p and setup payments and they were super awesome
If Amex takes over will there be a massive annual fee? Correct me if I’m wrong but all Amex cards have annual fees.
I basically have one credit card for emergencies that has a high limit, and several more that also have no annual fee that get used twice a year for a pack of gum that gets immediately paid off. Not interested in paying an annual fee for a hunk of plastic to sit in my safe.
No, all thier cars do not have annual fees.
Only maybe half?
I have the Blue card that has no annual fee.
That is incorrect. They offer credit cards with no AF.
Eli5: Does Apple have a bank account that’s set for payments/refunds for credit card holders?
Like, do they have a line of credit that creates new lines of credit beneath the main one whenever someone gets a new Apple Credit Card?
Goldman Sachs is the bank. They provide the lines of credit. Apple is the user interface.