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?
The card is pretty useful to me as a first card since it has no foreign transaction fee.
Apple pulls plug on Goldman credit-card partnership
111–120 of 287 posts
Re: Apple pulls plug on Goldman credit-card partnership
#112This 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.
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Re: Apple pulls plug on Goldman credit-card partnership
#113This 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.
Betterment and Wealthfront both offer higher rates than Marcus. 4.75-5%. They also have higher FDIC limits due to how they spread your money.
Re: Apple pulls plug on Goldman credit-card partnership
#114Every 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 you reply it starts all over again. Such a nightmare.
Re: Apple pulls plug on Goldman credit-card partnership
#115Earlier 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…
I've had the Apple card since it was launched and have had one or two fraudulent charges, they were trivially easy to resolve, everything occurred via iMessage for Business. I don't mean to diminish your negative experience, but it's not universal. > The card itself was just not competitive in terms of rewards. The UI/UX of the app and the deeper integration into the Apple ecosystem was nice... (if a bit confusing) b…
>I don't mean to diminish your negative experience, but it's not universal.
I mean, there were enough complaints about the dispute process (both the outcomes and the slow timelines) that Apple forced a policy change around it: https://9to5mac.com/2022/02/11/apple-card-disputes-transacti...
This isn't just sour grapes that I had a bad experience, it's a genuine reputation they developed. Compared to other companies that have much easier dispute resolution processes.
>Which Chase card did you move to?
Chase Sapphire Preferred, which has a sign on bonus (after minimum spend) worth $750. These companies with established rewards programs let you leverage points in ways that vastly outstrip their raw "cash" value. You can end up booking much more in travel etc... than if you were to just convert it to cash back.
It's not as simple and straightforward as the Apple Card, but it's also not rocket science. I generally just pay for all my expenses with the card and accrue reward points.
Re: Apple pulls plug on Goldman credit-card partnership
#116Seemingly 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.
Re: Apple pulls plug on Goldman credit-card partnership
#117I’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…
> because they wanted to promote using Apple Pay
This is because Apple (and Google, in the case of Google Pay) take a small small cut for each of those NFC transactions (somewhere like 15 basis points iirc, charged to the issuing card network).
Re: Apple pulls plug on Goldman credit-card partnership
#118Earlier 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…
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.
Re: Apple pulls plug on Goldman credit-card partnership
#119This 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.
[deleted]
Re: Apple pulls plug on Goldman credit-card partnership
#120Earlier quoted context omitted.
I'm more interested in the savings account integration. I've found it super convenient. Too low APR for long term savings, but the convenience is worth the difference to me for short term savings parking. I keep $30K or so in it revolving for moving money around. Not to mention the cashback deposit right to the account.
> Too low APR for long term savings What APR is your baseline for long term savings? I'm interested in where you see significantly higher APR savings accounts because the Apple Card Savings Account is 400x my previous savings account APR.
I have a HYSA with UFB Direct (5.25% APY) and if you use Wealthfront or Robinhood, their paid offerings have 5%-ish. Apply is like 4.5% or something. I've been meaning to move that out to one of the 5% accounts.