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Chase to become new issuer of Apple Card

jpmorganchase.com

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Re: Chase to become new issuer of Apple Card

#11

Post by sethhochberg »

killingtime74 wrote: post #6
petesergeant wrote: post #5

Earlier quoted context omitted.

Does it have to be Apple that caved?

Banks were not queuing up to do it the first time and it didn't work out well for the bank that did (Goldman). Who else is compromising

I have no insider knowledge here but it doesn't seem outlandish to think that the negotiations would go a little differently for an established product vs a brand new one. Goldman may have simply been the only bank willing to work with Apple when the customer base (in size, demographics, spending patterns, whatever) was hypothetical.

Re: Chase to become new issuer of Apple Card

#12

Post by adrr »

petesergeant wrote: post #5
delfinom wrote: post #2

Wonder what Apple caved on. They famously only found goldman to work with them originally because they had significant demands that bucked the industry, including setting everyone's statement dates to the exact same so that customer support collapses the same day every year.

Does it have to be Apple that caved?

Why would a bank chose to lose billions of dollars?

Re: Chase to become new issuer of Apple Card

#13

Post by iancarroll »

monster_truck wrote: post #9
petesergeant wrote: post #5

Earlier quoted context omitted.

Does it have to be Apple that caved?

Absolutely. I'd imagine not being able to use the card at Costco alone would be enough to have them entertaining surprising concessions. It was the first thing I thought of, with Chase CC's being Visa instead of Mastercard.

Chase issues cards on both the Visa and Mastercard network (i.e. certain cobrands and the Freedom Flex), so I doubt this was a serious consideration.

Re: Chase to become new issuer of Apple Card

#14

Post by the8472 »

MarkMarine wrote: post #7
delfinom wrote: post #2

Wonder what Apple caved on. They famously only found goldman to work with them originally because they had significant demands that bucked the industry, including setting everyone's statement dates to the exact same so that customer support collapses the same day every year.

Settling on the same day is quite a choice. PDF creation cluster scaling alone must have been something else, let alone the obvious problems they had knocking over CS and getting fined by the CFPB.

This guy manages 35ms per pdf https://www.ersteiger.com/posts/rendering-one-million-pdfs/#...

Re: Chase to become new issuer of Apple Card

#15

Post by pdpi »

petesergeant wrote: post #5
delfinom wrote: post #2

Wonder what Apple caved on. They famously only found goldman to work with them originally because they had significant demands that bucked the industry, including setting everyone's statement dates to the exact same so that customer support collapses the same day every year.

Does it have to be Apple that caved?

Not sure which way this tips the scales, but Chase has a retail banking presence in the UK, GS doesn't. If Apple wants to expand Apple Card internationally, and want to keep the number of partners to a minimum, Chase would be a better fit. Inversely, Chase's market in the UK is still small, and an Apple Card partnership would be a big draw to pull customers in.

Re: Chase to become new issuer of Apple Card

#16

Post by adrr »

delfinom wrote: post #2

Wonder what Apple caved on. They famously only found goldman to work with them originally because they had significant demands that bucked the industry, including setting everyone's statement dates to the exact same so that customer support collapses the same day every year.

I would guess putting a cap of 660 credit score and adding some fees back like late fee, over limit fee, and return payment fee. I don't see JPM doing a card with rewards/cash back in the sub prime market, slate doesn't have any rewards.

Apple card with GS was amazing deal for people who didn't have prime credit.

Re: Chase to become new issuer of Apple Card

#17

Post by nomilk »

Hadn't even heard of Apple Card until now: https://www.apple.com/apple-card/ A credit card with

> No fees. Not even hidden ones

and

> 2% cash back when you use Apple Card with Apple Pay

and

> 3% cash back at Apple (and Uber, Uber Eats, Booking.com and a few others) when you use Apple Pay

This seems... really good. As in, it's essentially free money. Am I missing a catch here?

Re: Chase to become new issuer of Apple Card

#18

Post by potatoman22 »

nomilk wrote: post #17

Hadn't even heard of Apple Card until now: https://www.apple.com/apple-card/ A credit card with > No fees. Not even hidden ones and > 2% cash back when you use Apple Card with Apple Pay and > 3% cash back at Apple (and Uber, Uber Eats, Booking.com and a few others) when you use Apple Pay This seems... really good. As in, it's essentially free money. Am I missing a catch here?

You need to buy an apple device

Re: Chase to become new issuer of Apple Card

#19

Post by [deleted] »

nomilk wrote: post #17

Hadn't even heard of Apple Card until now: https://www.apple.com/apple-card/ A credit card with > No fees. Not even hidden ones and > 2% cash back when you use Apple Card with Apple Pay and > 3% cash back at Apple (and Uber, Uber Eats, Booking.com and a few others) when you use Apple Pay This seems... really good. As in, it's essentially free money. Am I missing a catch here?

[deleted]
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