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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

#131

Post by dimmke »

ceejayoz wrote: post #118
madeofpalk wrote: post #94

Earlier quoted context omitted.

I honestly cannot remember the last time I physically used a card to pay. I think I’ve exclusively used Apple Pay all year… (UK) Paying with your phone is pretty ubiquitous here.

The US only got tap to pay widely in cards fairly recently, and you'll still run into a lot of point-of-sale systems that aren't properly configured or broken.

I was last in the US in October and it seems like tap to pay has gone ubiquitous there. I live in Mexico and it's available on maybe 5% of credit card terminals I use

Re: Apple pulls plug on Goldman credit-card partnership

#132

Post by r00fus »

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'd considered not wearing my apple watch every few weeks then I remember how cool it is to hop in the car, forget my phone and wallet and still be able to pay for things.

Or being able to pay for stuff at resorts/pools without worrying about losing my card.

Apple Pay is the killer app for the watch for sure.

Re: Apple pulls plug on Goldman credit-card partnership

#133

Post by eli »

xyst wrote: post #116
giobox wrote: post #8

Seemingly both sides have wanted out of this deal, earlier in the year there was another WSJ report with Goldman wanting to end it as well: > https://www.wsj.com/articles/goldman-is-looking-for-a-way-ou... The earlier story from June suggested Amex might take it over.

That would be cool. Amex support way better than GS that’s for sure. Would suck for retailers though. Amex fees among the highest when compared to other networks and issuing banks. On the consumer side, I tend to see Amex as not widely accepted. Especially drops when traveling.

Apple Card was already charging high merchant fees. https://www.imore.com/retailers-are-paying-premium-you-use-y...

Re: Apple pulls plug on Goldman credit-card partnership

#134

Post by m463 »

dimmke wrote: post #34
balderdash wrote: post #7

I’m curious why Apple is moving to terminate as opposed to getting GS to buy them out of their contract?

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…

I have a friend with the apple card and there was a bunch of fraud.

I think once before the replacement card even arrived.

I was just confused how this could this even happen? as far as I can tell, apple pay doesn't have a specific card number to type into the internet.

Re: Apple pulls plug on Goldman credit-card partnership

#135

Post by ceejayoz »

dimmke wrote: post #131
ceejayoz wrote: post #118

Earlier quoted context omitted.

The US only got tap to pay widely in cards fairly recently, and you'll still run into a lot of point-of-sale systems that aren't properly configured or broken.

I was last in the US in October and it seems like tap to pay has gone ubiquitous there. I live in Mexico and it's available on maybe 5% of credit card terminals I use

Most of the terminals have the tap-to-pay icon, but in my area maybe 75% work. It's a bit of a crapshoot. You go to do it and the clerk'll say "oh it's broken".

Gas stations are worse. Maybe 1/3 in my area have pumps that support it.

Re: Apple pulls plug on Goldman credit-card partnership

#136

Post by jltsiren »

ROFISH wrote: post #53
Sayrus wrote: post #23

Earlier quoted context omitted.

In France, the fees required to accept Amex are still way higher than MC/VISA. They are still not widely accepted and not a lot of persons know about Amex.

The fees are higher everywhere. Their pitch is "our fees are higher, but we have higher-end customers who spend more", which roughly tracks with reality. But a hot dog stand isn't gonna have whales but an upper-end store might, so it's not surprising to see less support it.

The hot dog stand might actually accept Amex.

High-end businesses accept Amex, because it's worth it. Major chains can probably negotiate good deals. Tiny/seasonal businesses often use middlemen like Zettle that charge high fees and accept almost every payment method imaginable. Those in the middle who use traditional payment terminals and pay list prices may still avoid Amex due to the high fees.

Re: Apple pulls plug on Goldman credit-card partnership

#137

Post by nickthegreek »

fastball wrote: post #86
nickthegreek wrote: post #55

Earlier quoted context omitted.

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.

Indeed. Applepay gives a higher % back for tap payments than sliding their sexy card though. Because of that, it rarely leaves the wallet.

Re: Apple pulls plug on Goldman credit-card partnership

#138

Post by mkii »

ceejayoz wrote: post #82
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.

People are worried over AGI, but I claim it's already here depending on which human population you compare against.

Re: Apple pulls plug on Goldman credit-card partnership

#139

Post by acdha »

mkii wrote: post #138
ceejayoz wrote: post #82

Earlier quoted context omitted.

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.

People are worried over AGI, but I claim it's already here depending on which human population you compare against.

Which corporation: most of the things people worry about with AI are indistinguishable from a group of humans who’ve been told that they’ll be rewarded for making a number go up each quarter. I’ve had some impressively fluent-but-nonsensical conversations with people who were under strict orders not to say they couldn’t do the obvious right thing.

Re: Apple pulls plug on Goldman credit-card partnership

#140

Post by hellcow »

Covzire wrote: post #122
0cf8612b2e1e wrote: post #109

Earlier quoted context omitted.

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.

Careful with them. They keep you at a high APY for a period of time, then they silently drop your interest rate and create a new "type" of savings account for new customers which offers the proper high rate -- you have to notice they did this, since they deliberately don't alert you. They do this over and over again.

When I saw what they were doing, I withdrew all my money, and they even built a little popup into their mobile app... "Stay and we'll give you the rate we promised you all this time!"

I don't have the time or patience for Comcast-style tactics with my savings account. I moved it into Robinhood Gold and am getting 5%, fully insured, with no stress about them trying to screw me over with an account shell game.

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