Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Apple pulls plug on Goldman credit-card partnership

wsj.com

Post reply on HN
Print view View original

241–250 of 287 posts

Re: Apple pulls plug on Goldman credit-card partnership

#241

Post by nottorp »

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.

Back when POS terminals read magnetic stripes, most in Europe didn't even support the Amex stripe in hardware, because it was different :)

Even now with contactless and chips (Amex has discovered chips right?) the only places I see Amex logos are 4+ star hotels and very posh restaurants. So it will be kinda useless outside the US.

Re: Apple pulls plug on Goldman credit-card partnership

#242

Post by seeknotfind »

georgespencer wrote: post #234
rtpg wrote: post #187

Earlier quoted context omitted.

My bet is more that GS wanted out, and Apple wants to save face because "the leads we brought GS have double the default rate of other cards" is a bad look for future partners.

> Apple wants to save face because "the leads we brought GS have double the default rate of other cards" is a bad look for future partners. Pretty sure I must be misunderstanding you. Do you really mean to suggest that Apple's reaction to Goldman breaking up with them was to start briefing the press that they dumped Goldman first with the intention of somehow hiding or diluting the poor default performance of the car…

Do you declare any interest in the situation or potential conflict of concerns?

Re: Apple pulls plug on Goldman credit-card partnership

#243

Post by [deleted] »

ljm wrote: post #225
dukeyukey wrote: post #205

Earlier quoted context omitted.

Just saying, the UK has a form of business called a "Sole Trader" where you don't even need to notify the government about until it's tax time. Something like a "Certificate of incorporation" doesn't even exist for that. So yeah, sometimes it fucks things up.

In the UK you can register whatever limited liability company you like on Companies House without any formal process except handling tax accounts (or sometimes VAT). No proof required at all for this, you’ll only need it to set up a company bank account (and that will just be notarised ID). It just so happens that the UK is therefore an incredibly easy place to dodge tax if you are so inclined.

[deleted]

Re: Apple pulls plug on Goldman credit-card partnership

#244

Post by odiroot »

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.

They went very aggressively with Marcus offering here in UK. Had the most attractive rates for savings and ISAs for a time. And then... they just gave up?

Their Android app was actually quite nice.

Re: Apple pulls plug on Goldman credit-card partnership

#245

Post by Angostura »

seeknotfind wrote: post #242
georgespencer wrote: post #234

Earlier quoted context omitted.

> Apple wants to save face because "the leads we brought GS have double the default rate of other cards" is a bad look for future partners. Pretty sure I must be misunderstanding you. Do you really mean to suggest that Apple's reaction to Goldman breaking up with them was to start briefing the press that they dumped Goldman first with the intention of somehow hiding or diluting the poor default performance of the car…

Do you declare any interest in the situation or potential conflict of concerns?

Why do you ask?

Re: Apple pulls plug on Goldman credit-card partnership

#246

Post by ryukoposting »

wsc981 wrote: post #144
xyst wrote: post #116

Earlier quoted context omitted.

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.

I got an Amex card and I think it kinda sucks. Many businesses in Thailand don't accept Amex, I think due to the high fees. At some point I want to change my card (once I can get a credit card from a bank in Thailand, cause my Amex card is from The Netherlands). Would be much better if Apple would get with MasterCard. Based on my experience, no issues anywhere.

As an American, I only use my Amex at businesses I dislike, but am forced to patronize for whatever reason. And groceries. It's pretty good for groceries.

Re: Apple pulls plug on Goldman credit-card partnership

#247

Post by CubsFan1060 »

dimmke wrote: post #229
elyobo wrote: post #148

Earlier quoted context omitted.

I don't really understand how whipping out your phone is harder than whipping out your card even if you don't have a watch. In my case I gave up carrying the cards at all a few years back and pay for everything on my phone anyway; the convenience of not needing a wallet or any cards at all is high.

The steps to pay with Apple Pay are you have to take out your phone, double click the button on the side, confirm you want to pay, have it scan your face or do a fingerprint scan, then hold the phone waiting for it to confirm "client side" - plus Apple Pay isn't as widely supported as the "tap to pay" method which has a simple logo you can look for without having to discuss it with the cashier. Whipping out a much sm…

I thought that Apple Pay is always accepted at the same places where you can tap to pay. Is there a difference? This mentions it can be used anywhere that the contactless payments symbol is.

https://support.apple.com/en-lamr/guide/iphone/iphbd4cf42b4/...

Re: Apple pulls plug on Goldman credit-card partnership

#248

Post by massysett »

victorbjorklund wrote: post #192
zarzavat wrote: post #180

Earlier quoted context omitted.

Amex’s business proposition to sellers is “we charge high fees but a lot of rich people have Amex so you (the seller) should suck it up and accept us anyway” Sure that works if you’re selling perfume or handbags, but if you’re a family restaurant then rich people and regular people eat the same quantity of food, your margins are low, why accept it? Moreover Amex is pretty rare outside of certain markets. If only fore…

One thing that never made sense to me is that im sure 99% of all the rich people who have amex also got at least another card. If you dont take amex wont those people just use another card.

Sure, they’ll do that once. It might annoy them so they don’t come back. This might bother some business owners and not others.
Post reply on HN