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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

#121

Post by xyst »

CubsFan1060 wrote: post #92
dimmke wrote: post #34

Earlier quoted context omitted.

My theory about the Apple Card: Goldman Sachs is not setup to be a direct consumer bank. This caused a lot of problems: * The ease of sign up / approval led to a lot of subprime approvals that might not have gone through with a more established lender. Not only did this cause GS to lose money on delinquent accounts, it prevented the Apple Card from ever becoming a status symbol. * Goldman Sachs developed a reputation…

> But whipping out your phone sucks compared to just tapping your card against a reader. And I’d have said whipping out my card sucks compared to using the watch that’s already on my hand. (Of course that works with my other cards as well)

I absolutely love paying via my watch. Only issues I have had is related to random “card updates” which delay the process a bit. Happens maybe once or twice in 2-3 month span.

Re: Apple pulls plug on Goldman credit-card partnership

#122

Post by Covzire »

0cf8612b2e1e wrote: post #109
paxys wrote: post #95

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.

Are there any alternatives to Marcus? It has felt like too good of a deal to last.

I'm currently seeing 5.05% APY from a CITbank savings account.

Re: Apple pulls plug on Goldman credit-card partnership

#123

Post by r00fus »

TechRemarker wrote: post #114

Every single experience with GS support for the Apple Card has been at Comcast level. From the first experience to years later. Notably the message experience which may be more on Apple, where it's not email, but it's not also a chat, but something in between where you can wait as long as an email to hear back, but when you do, if you don't respond as quickly like a chat it ends it without telling you other than when…

I was a big proponent (despite the Goldman Sachs vampire squid connections) for months and then all of a sudden they lost my bank details for making payments and I got charged a late fee + interest (has never happened for like decade+ on other cards) - customer service refused to reverse the charge and I quit cold turkey.

The hiding your CC# feature is cool, the card is unique looking (but I use Apple Watch Pay most times anyway) and the 3% extra off Apple products is a good retailer specific feature, but not my daily driver anymore.

Not sure I'll miss it if they switch to an even less savory servicer.

Re: Apple pulls plug on Goldman credit-card partnership

#124

Post by etrautmann »

0cf8612b2e1e wrote: post #109
paxys wrote: post #95

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.

Are there any alternatives to Marcus? It has felt like too good of a deal to last.

Cash just sitting untouched in my Vanguard account's default money market is earning more than my Marcus account. I had to transfer everything out of Marcus because there was no point in using it.

Re: Apple pulls plug on Goldman credit-card partnership

#125

Post by ls612 »

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 got it at launch and use it to this day. The pandemic happened like 4 months later which accelerated the trend for everywhere to accept Apple Pay, so now it's basically 2% cash back anywhere no strings attached. I also got the extra discount on my new iPhone in 2021 and 2 years zero interest financing which was worth real money as rates rose. Combined with being tightly integrated into my iPhone it's a no brainer. I still use my Fidelity card for a lot of things though as well, it also is a 2% cash back everywhere card.

Re: Apple pulls plug on Goldman credit-card partnership

#126

Post by krallja »

reilly3000 wrote: post #71
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 faced random declines at some merchants. It was like certain terminals couldn’t process it. They worked fine with Apple Pay with other accounts. Ace Hardware was one of them, but it eventually started working when there was a 3% cash back promotion.

Ace Hardware’s POS didn’t work with _any_ NFC EMV cards for a while, not just Apple Pay / Apple Card.

Re: Apple pulls plug on Goldman credit-card partnership

#127

Post by gottorf »

yellow_lead wrote: post #81
CydeWeys wrote: post #48

Earlier quoted context omitted.

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?

Yes, the Bank Holding Company Act of 1956 regulates "any company which has control over any bank".

Re: Apple pulls plug on Goldman credit-card partnership

#128

Post by chrisfinazzo »

johnbatin wrote: post #19

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…

Ending the savings account would be a real shame - I never asked for a physical card, so all Apple Card transactions go through Apple Pay before landing in that account.

Getting (effectively) 6% back on everything is a real boon. I know there are even higher rates out there, but this feels so effortless that I would hate to see it go away.

Re: Apple pulls plug on Goldman credit-card partnership

#129

Post by jeffbee »

TechRemarker wrote: post #114

Every single experience with GS support for the Apple Card has been at Comcast level. From the first experience to years later. Notably the message experience which may be more on Apple, where it's not email, but it's not also a chat, but something in between where you can wait as long as an email to hear back, but when you do, if you don't respond as quickly like a chat it ends it without telling you other than when…

GS support for Apple Card made me change my Apple ID password to get my card unlocked (after it was wrongly locked for transactions in France while I was in France, which I though was THE ENTIRE POINT of Apple Card, that the fraud signals were tied to my iPhone) and that made it impossible to continue the chat!

Re: Apple pulls plug on Goldman credit-card partnership

#130

Post by r00fus »

bigyikes wrote: post #56
tristanb wrote: post #37

Earlier quoted context omitted.

I've had it since it launched. I make thousands of transactions a month. I've never had a decline.

Now I wanna know how you make thousands of transactions a month. Even 1000 per month would be 30+ transactions per day?

I read that as "thousands in transactions / month" which is easily done.
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