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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.
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-...
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I suppose it’s going to depend on how many willing partners are out there with an appetite to be beholden to Big Tech as the smaller partner with less leverage. Evolve just dumped a bunch of fintech partners over the last year (conversely, they were aggressive in who they were willing to partner with), and moving is not trivial. While Apple has deep pockets, I’m sure engineering time is better spent delighting users…
Depends if Apple really feels they can run a backoffice banking arm effectively and cheaper than a partner that is already at scale. Underwriting credit & customer risk, handling edge cases, maintaining relationships with ATM networks, card networks and ensuring compliance with state and federal banking rules is quite an undertaking. Goldman Sachs did not have scale like Chase, Capital One and others to create a dive…
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?
>Can I assume everyone commenting here has a WSJ subscription? I was able to read it fine with the current version of the Bypass Paywalls chrome extension. https://gitlab.com/magnolia1234/bypass-paywalls-chrome-clean
https://gitlab.com/magnolia1234/bypass-paywalls-firefox-clea...
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 had some issues at launch with the service rejecting billing addresses but that was ironed out in the first month or so. Since then it's been flawless for me. Way better than all of my other banking services.
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.
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I didn't know about the rep GS has gotten regarding fraud charges. My main card is a Chase one as well. Everything else is spot on. I use the Apple Card only for buying stuff from Apple (for the 3% cash back), or when I accidentally select it from my watch at the vending machine. Rewards are much better on other cards, even if they're not as simple as cash dropped into your account on the daily.
Where do you find better rewards for general purposes? I know there are plenty of better cards for travel, and I think there’s a few that are better for dining and other misc stuff, but Apple Card (w/ Apple Pay) seems to be the best in general at 2% for any purchase?
That doesn't seem like a lot, but coupled with other spending it does help with going to visit my wife's family every few years. I cashed in 90k miles per ticket to get $500 business class round trip tickets on ANA last year. That means that roughly every 4 years we can do that trip for trivial travel cost.
Unsurprising since we've heard about this in the past. I wonder if there is another issuer(s) lined up for the card and the savings account. The savings account doesn't have the highest interest rates, but I like how my Apple Card cashback can go right into the savings account. It's kind of like a set it and forget it type of thing. I'm hoping this isn't the end of the Apple Card or the savings account though. It's n…
It's not that hard to get 5% back on Apple products if you're willing to buy Apple gift cards from a grocery store, either.
This is probably a death knell for Goldman's entire consumer banking division. Ever single one of their products (including the Marcus savings account, which is now the sole remaining one) has been a costly failure.