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Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

finance.yahoo.com

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Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#11

Post by skipkey »

bangaroo wrote: post #5

I'm struggling a little bit with the "misleading consumers into getting interest-free monthly payments" part. I never found the checkout flow particularly unclear or obtuse. It kind of sounds like consumers assumed that making a purchase with the apple card automatically enrolled you in the payment plan, versus having to go through a different checkout flow. I do kind of recall that when I used that feature once, it…

So I can kind of understand where the confusion comes from. I used this to buy my wife and I MacBooks last year. When I started the checkout flow I didn’t initially realize I was just applying for an Apple Card, rather than just being a loan with a fixed payment. I could see people that don’t understand how zero interest offers interact with revolving credit accounts might not have understood.

But the UI is pretty clear when you make a payment, if you drop the amount under the recommended payment how much interest it’s going to cost you.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#13

Post by loeg »

mensetmanusman wrote: post #2

“ The regulator also said Apple and Goldman misled many consumers into believing they would automatically get interest-free monthly payments when buying Apple devices. Instead, those same customers were charged interest.” Interesting! Will they notify those charged interest?

> Will they notify those charged interest?

Yes? Where do you think this money is going?

> Goldman will pay $64.8 million. Of that total, $19.8 million will go back to consumers.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#14

Post by Ensorceled »

bangaroo wrote: post #5

I'm struggling a little bit with the "misleading consumers into getting interest-free monthly payments" part. I never found the checkout flow particularly unclear or obtuse. It kind of sounds like consumers assumed that making a purchase with the apple card automatically enrolled you in the payment plan, versus having to go through a different checkout flow. I do kind of recall that when I used that feature once, it…

> I'm struggling a little bit with the "misleading consumers into getting interest-free monthly payments" part. I never found the checkout flow particularly unclear or obtuse

I really wish everybody who makes claims like these would go to the local library and do volunteer tech support for the elderly, poorly educated and cognitively challenged for a day.

The bar for these things is not "would the average HN reader find this confusing" it is "would the average customer find this confusing". The average IQ is 100, more than half of the US population reads below the grade 6 level.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#15

Post by nerdjon »

paul7986 wrote: post #9

My recent experience with Apple has been anti-user .. juice their bottom line.... - iCloud storage notifications saying have to upgrade to $9.99 plan to continue to store my photos, videos and even worse if I wanted to continue getting my iCloud emails. What(?), as my Google Photos is still sucking/backing up all the same media (goes back to 2016) for free. LAME Apple especially threat of not getting my iCloud emails…

> iCloud storage notifications saying have to upgrade to $9.99 plan to continue to store my photos, videos and even worse if I wanted to continue getting my iCloud emails. What(?), as my Google Photos is still sucking/backing up all the same media (goes back to 2016) for free. LAME Apple especially threat of not getting my iCloud emails!!!!

To my knowledge Google will do the same thing if you are running out of space. I believe it is shared also but I could be wrong. I have been out of Google's ecosystem for a while.

Apple should increase the base amount of storage with iCloud for free. What you mentioned itself is not an Apple thing to my knowledge.

> Apple Intelligence is so LAME compared to chatGPT app that runs on my iPhone. ChatGPT's iPhone app, it's assistant is almost sentient while Siri is still HORRID as it still at times doesnt understand you, you cant have a conversation with it or have it recall previous conversation/info you previously discussed as you can with GPT on iPhone. Again very LAME Apple!

Unless you are on the beta, you are not actually using Apple Intelligence. Even if you are on the 18.1 beta, they have made it clear that they there are multiple updates for everything to come out.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#16

Post by microtherion »

bangaroo wrote: post #5

I'm struggling a little bit with the "misleading consumers into getting interest-free monthly payments" part. I never found the checkout flow particularly unclear or obtuse. It kind of sounds like consumers assumed that making a purchase with the apple card automatically enrolled you in the payment plan, versus having to go through a different checkout flow. I do kind of recall that when I used that feature once, it…

As far as I know, Goldman Sachs didn't have previous experience issuing credit cards either, so maybe it was also (partly) incompetence on their part.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#17

Post by steveBK123 »

Ensorceled wrote: post #14
bangaroo wrote: post #5

I'm struggling a little bit with the "misleading consumers into getting interest-free monthly payments" part. I never found the checkout flow particularly unclear or obtuse. It kind of sounds like consumers assumed that making a purchase with the apple card automatically enrolled you in the payment plan, versus having to go through a different checkout flow. I do kind of recall that when I used that feature once, it…

> I'm struggling a little bit with the "misleading consumers into getting interest-free monthly payments" part. I never found the checkout flow particularly unclear or obtuse I really wish everybody who makes claims like these would go to the local library and do volunteer tech support for the elderly, poorly educated and cognitively challenged for a day. The bar for these things is not "would the average HN reader f…

Agreed though "it needs to be below 6th grade reading level" would essentially invalidate every contract/license/agreement ever entered into..

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#18

Post by xp84 »

The article says they're banned from launching any more credit cards unless they can 'demonstrate they are going to follow the law' (whatever that means).

This is really funny, because Goldman has been very public about how much they hate the Apple Card deal, and they have been and still are looking to unwind the deal or sell the portfolio, so something tells me this experiment in retail consumer finance is not something they're looking to replicate any time soon.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#19

Post by xp84 »

The stupidest thing about the Apple Card is how broken their customer service systems are due to a combo of Goldman never issuing a card before, and the tight integration with Apple for account management.

Primary example of this is there is no way to update your email address with the bank. It's your Apple ID and can't change. How do I know this? I changed my Apple ID several years ago, but my credit card comms still come to the old address, and no matter how many times I contact either bank or Apple support, they have no power to fix this. The bank has zero access to edit my information at all, and Apple just sends me in idiotic circles like logging out and into my devices, deleting all other contact emails from my Apple account, etc.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#20

Post by downrightmike »

xp84 wrote: post #18

The article says they're banned from launching any more credit cards unless they can 'demonstrate they are going to follow the law' (whatever that means). This is really funny, because Goldman has been very public about how much they hate the Apple Card deal, and they have been and still are looking to unwind the deal or sell the portfolio, so something tells me this experiment in retail consumer finance is not somet…

Goldman thought they were going to be able to fleece Apple's customers, but they can't. Good job Apple!
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