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Apple pulls plug on Goldman credit-card partnership

wsj.com

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Re: Apple pulls plug on Goldman credit-card partnership

#81

Post by yellow_lead »

CydeWeys wrote: post #48
toomuchtodo wrote: post #6

Earlier quoted context omitted.

Great benefits for Apple Card users to have Apple abstract all the drudgery away. Experience is the differentiator, back office is a commodity. What’s left is to make Apple Cash a deposit account with FedNow instant payment rails access. Buy a distressed regional bank to get a charter if needed. Every iPhone user then becomes a potential banking customer (136M US iPhone users, compared to 66M JPMC household customers…

There are lots of downsides to actually becoming a bank, though. It creates many restrictions on the kinds of things you can do, and unless it's the majority of your business, it's not something you want. Better to work with banks but not be a bank yourself.

Is that still the case if the bank is a subsidiary?

Re: Apple pulls plug on Goldman credit-card partnership

#82

Post by ceejayoz »

arthurofbabylon wrote: post #44

Goldman Sachs’s customer service was surprisingly bad – I imagine that factor alone is a sufficient threat to Apple’s brand, worthy of terminating the arrangement.

Yeah, there's a /r/AppleCard on Reddit and it was full of examples of reps just making shit up. Completely false information pulled out of their asses.

Re: Apple pulls plug on Goldman credit-card partnership

#83

Post by madeofpalk »

byteCoder wrote: post #29
wdb wrote: post #14

Earlier quoted context omitted.

Yeah, I had an Amex card and it was pretty useless in Europe. Admittingly that was more than five years ago so maybe things have improved by now.

Interesting. I had zero issues using my Amex in France and Switzerland this past summer. In fact, there was only one restaurant that I visited that wouldn't take it. I must have been lucky.

How long were you there for? Out of how many stores? Still, that’s a significant enough failure rate to be a detractor.

Re: Apple pulls plug on Goldman credit-card partnership

#84

Post by ceejayoz »

edvinbesic wrote: post #68
giobox wrote: post #11

Earlier quoted context omitted.

This would be a bit of a detractor for me, Amex is not as widely accepted, especially when traveling in Europe. Mastercard is accepted virtually everywhere in the EU and UK.

I agree, but would this still be the case if using it through Apple Pay vs swiping the physical card?

Apple Pay won't override the merchant's point-of-sale system's configured accepted networks; for example, it won't help you use an Amex at Costco.

(It will help you if the merchant says "we don't take Amex" but their terminal actually does, though. Surprisingly common at small shops.)

Re: Apple pulls plug on Goldman credit-card partnership

#85

Post by spike021 »

Ajay-p wrote: post #27

I only got the card because I wanted a neat piece of titanium. I used it a few times and then cancelled it. Was I the only one?

I rarely use it because my Chase Preferred has more offers/benefits.

Mostly these days it's used for Apple payments like iCloud for the extra percent back in cash.

Re: Apple pulls plug on Goldman credit-card partnership

#86

Post by fastball »

nickthegreek wrote: post #55
Ajay-p wrote: post #27

I only got the card because I wanted a neat piece of titanium. I used it a few times and then cancelled it. Was I the only one?

Came for the physical card, stayed for the Daily Cash back/applepay on the watch.

You can use all your cards you've setup in ApplePay on the watch.

Re: Apple pulls plug on Goldman credit-card partnership

#87

Post by ianhawes »

tmpz22 wrote: post #31
not-my-account wrote: post #2

Hm, what would this mean for Apple Card users? Would it be shut down? How about those who have Apple Savings Accounts?[0] [0] https://www.apple.com/newsroom/2023/04/apple-cards-new-high-...

I had the Uber credit card which at launch had something like 4% cashback at restaurants/bars/uber trips. Uber progressively slashed the benefits overtime to the point where it just had some generic 1% cashback. That was through Barclays and eventually they shipped me some vanilla master card with no benefits. I hope the Apple card doesn't follow a similar path.

Ah yes I remember the black Uber card. IIRC you got $50 annually for subscription services along with some other unheard of perks.

Re: Apple pulls plug on Goldman credit-card partnership

#88

Post by ceejayoz »

kuschku wrote: post #63
sgerenser wrote: post #54

Earlier quoted context omitted.

The difference is not that high. In fact, my understanding is “Visa Signature” and “World Mastercard” (which are most of the premium credit cards) normally cost about the same as Amex. At worst it may be about 1% more not double.

Compared to european payment cards with their 0.125% total fees, Amex' 6-7% is a steep ask.

The highest Amex interchange rate is about 3%. https://www.creditdonkey.com/interchange-rates.html

Re: Apple pulls plug on Goldman credit-card partnership

#89

Post by fastball »

flwjliwjle wrote: post #28

Good. They should shut down the whole Apple Card program. It was awful. I had an Apple card for two months. In those two months, I had more inexplicably declined transactions than in the other twenty years with other cards combined. Every single time I called support and Goldman Sachs pointed at Apple and Apple pointed at Goldman Sachs and the problem never got resolved. They both did an astonishingly bad job.

I've never had a decline on the Apple Card and I don't even live in the US.

Re: Apple pulls plug on Goldman credit-card partnership

#90

Post by CubsFan1060 »

cpncrunch wrote: post #10

This article is paywalled, with no way to bypass. Non-paywalled summary here: https://www.theverge.com/2023/11/28/23980261/apple-is-report... Can I assume everyone commenting here has a WSJ subscription?

Ironically, I just read it on Apple News.
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