Goldman Sachs & Apple credit card with added iPhone features about to enter testing

Posted:
in General Discussion edited February 21
Apple and Goldman Sachs are continuing to work on a project that could result in a jointly-produced credit card, one that offers extra functions in the Wallet app that may help users manage their spending and their accounts more effectively, without requiring a separate card-specific app.

Apple Pay works on both Mac and iPhone
Apple Pay works on both Mac and iPhone


In 2018, Apple was said to be in discussions with Goldman Sachs for a possible Apple Pay-branded credit card, with a view to launch sometime in 2019. A new report suggests the collaboration is close to launch, with testing of a card by employees set to start in the coming weeks.

The Wall Street Journal reports the card will offer users with extra functionality via Apple's Wallet app, which will display spending goals, rewards, and to help manage their balances, according to sources with knowledge of the project. The Wallet features are thought to help users pay down any credit card debt before it becomes an issue, along with the possibility of using notifications if spending veers away from normal patterns.

There is also the suggestion that the "Rings" concept used for fitness on the Apple Watch could be borrowed for the project, though it is unclear what metrics would be monitored in this fashion.

Using Mastercard's payment network, the second-largest behind Visa, the card will earn its users cashback of around 2 percent on most purchases, with potentially higher percentages when used for Apple goods and services.

The card would be Goldman Sachs' first, and is reportedly costing a hefty amount to organize. The card project is said to have a budget of $200 million, with the bank adding customer support call centers and improving its internal infrastructure to handle increased numbers of payments.

Apple Pay is already a revenue generator for Apple, with the company taking fees from transactions performed through the mobile payment platform. It is suggested by the report sources that Apple would get a larger slice of the transaction fees from its own card, boosting its Services revenues further.

It is also possible that the card and its connection to Apple could help boost the use of Apple Pay, both by users and by merchants. It was recently estimated only 24 percent of US-based iPhone users have tried out Apple Pay, with the number increasing to 47 percent for international users.
bshankpatchythepirate
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Comments

  • Reply 1 of 39
    Tim wants to be your banker and is in bed with the biggest bankster of all- Goldman Sachs. If one remembers, Goldman sold CDOs and synthetic CDOs to the market and then bet against them as they knew they were toxic- this NYT article details it. 

    https://www.nytimes.com/2009/12/24/business/24trading.html

    "But Goldman and other firms eventually used the C.D.O.’s to place unusually large negative bets that were not mainly for hedging purposes, and investors and industry experts say that put the firms at odds with their own clients’ interests."

    Would you ever trust one red cent to anyone connected to Goldman?

    edited February 21 tyler82spice-boy1STnTENDERBITSrepressthistobian
  • Reply 2 of 39
    crowleycrowley Posts: 5,984member
    I don't understand why Apple would make such an alliance when Goldman Sachs is unpopular with a significant proportion of the public and (perhaps even more importantly) they don't have any experience with credit cards. 
    davgregspice-boy1STnTENDERBITS
  • Reply 3 of 39
    asdasdasdasd Posts: 5,312member
    Regardless of the company, this is a good move. A 10% discount on purchases on the App Store for certain credit cards is a winner for me. 
    GeorgeBMacwatto_cobra
  • Reply 4 of 39
    If we had true capitalism in this country Goldman Sachs would no longer exist. But us lucky taxpayers got to subsidize this corrupt socialized industry who ruined millions of lives by destroying investments and retirements of hardworking Americans. 
    larryjwasdasd
  • Reply 5 of 39
    crowleycrowley Posts: 5,984member
    asdasd said:
    Regardless of the company, this is a good move. A 10% discount on purchases on the App Store for certain credit cards is a winner for me. 
    10% seems like wishful thinking.
    chasm
  • Reply 6 of 39
    tyler82 said:
    If we had true capitalism in this country Goldman Sachs would no longer exist. But us lucky taxpayers got to subsidize this corrupt socialized industry who ruined millions of lives by destroying investments and retirements of hardworking Americans. 
    Goldman Sachs is unfortunate "true capitalism", reckless, greed driven with no regards to it's investors and those whose retirements depend on them. "True Capitalism" also left them off leash when oversight and rules where thrown out the window. Please look up what the work "social" means, here is a hint to play nice with others, to be considerate and make sure everyone has something. 
    1STnTENDERBITSlarryjwGeorgeBMaclollivertobian
  • Reply 7 of 39
    FolioFolio Posts: 591member
    Headscratcher. Seems about as tone deaf and vulnerable as branding an uncontrollable feed of News with that iconic Apple logo. Apple seems to follow Amazon in many things. Chase quietly does their card. Synchrony also specializes in self-branded cards, doing it for Home Depot, etc.
  • Reply 8 of 39
    If true I would not touch an Apple - Goldman Sachs card. Don's get in bed with these creeps Tim it will be your undoing. 
  • Reply 9 of 39
    bshankbshank Posts: 163member
    Good opportunity for both. Apple dips it’s toe into a new service and Goldman Sachs can try to help change their reputation 
    daven
  • Reply 10 of 39
    Apple is showing it is out of ideas if it goes into the world's second oldest profession. 
    tobian
  • Reply 11 of 39
    davendaven Posts: 538member
    2% cash back vs the 1% I get now. May be worth looking at. 
    GeorgeBMac
  • Reply 12 of 39
    tundraboytundraboy Posts: 1,620member
    Of all the banks to partner with, Goldman Sachs?  Every major financial scandal in the last few years has Goldman Sachs' grubby hands in it.  This is the only megacorp whose (shameless and persistent lack of) ethics rivals and maybe even exceeds Facebook.
    edited February 21 larryjwspice-boywatto_cobra
  • Reply 13 of 39
    spice-boy said:
    tyler82 said:
    If we had true capitalism in this country Goldman Sachs would no longer exist. But us lucky taxpayers got to subsidize this corrupt socialized industry who ruined millions of lives by destroying investments and retirements of hardworking Americans. 
    Goldman Sachs is unfortunate "true capitalism", reckless, greed driven with no regards to it's investors and those whose retirements depend on them. "True Capitalism" also left them off leash when oversight and rules where thrown out the window. Please look up what the work "social" means, here is a hint to play nice with others, to be considerate and make sure everyone has something. 
    The original poster's point was that under true capitalism, Goldman Sachs would have failed rather than be propped up by the government and thereby guaranteed by additional debt. I don't know why Apple would work with the firm, but it isn't for the need of funds to back the venture. Apple could pay for it with the proverbial coins under the couch cushions.
     
    The word "social" and the words "socialist" or "socialized" are not interchangeable. Regardless of what you find when you look up the word "socialized," in practice it means to be controlled by brute force, to have no consideration for anyone, and to make sure you have something whether or not others have anything under the guise of ensuring that everyone is sharing misery equally. You can dream about Scandinavian socialism all you like but it ends up like Venezuela. You have to be naive to think that socialism isn't driven by greed and envy.

    watto_cobra
  • Reply 14 of 39
    davgreg said:
    Tim wants to be your banker and is in bed with the biggest bankster of all- Goldman Sachs. If one remembers, Goldman sold CDOs and synthetic CDOs to the market and then bet against them as they knew they were toxic- this NYT article details it. 

    https://www.nytimes.com/2009/12/24/business/24trading.html

    "But Goldman and other firms eventually used the C.D.O.’s to place unusually large negative bets that were not mainly for hedging purposes, and investors and industry experts say that put the firms at odds with their own clients’ interests."

    Would you ever trust one red cent to anyone connected to Goldman?

    Big deal. If there were consenting adults that bought it, it's their problem, not Goldman's.

    Nobody's in this -- not even Apple -- for charity.
    watto_cobra
  • Reply 15 of 39
    mike1mike1 Posts: 1,910member
    crowley said:
    I don't understand why Apple would make such an alliance when Goldman Sachs is unpopular with a significant proportion of the public and (perhaps even more importantly) they don't have any experience with credit cards. 
    Regarding your second point. That would make them a perfect partner for Apple. Since they have no baggage or legacy processes in the credit card business, Apple can pretty much design the business to execute their vision for the service.
    watto_cobra
  • Reply 16 of 39

    tyler82 said:
    If we had true capitalism in this country Goldman Sachs would no longer exist. But us lucky taxpayers got to subsidize this corrupt socialized industry who ruined millions of lives by destroying investments and retirements of hardworking Americans. 
    Lots of financial firms got bailed out during the financial crisis (as did manufacturing firms like GM), but what bailout did Goldman Sachs receive?
    GeorgeBMacwatto_cobra
  • Reply 17 of 39

    spice-boy said:
    If true I would not touch an Apple - Goldman Sachs card. Don's get in bed with these creeps Tim it will be your undoing. 
    No one's holding a gun to anyone's saying they should get this. There are plenty of other cards. As far as I am concerned, these are two top-notch firms in their respective businesses, and I'd be among those first in line to get this card.

    I have a feeling I am not the only one.
    mike1watto_cobra
  • Reply 18 of 39
    davgreg said:
    Tim wants to be your banker and is in bed with the biggest bankster of all- Goldman Sachs. If one remembers, Goldman sold CDOs and synthetic CDOs to the market and then bet against them as they knew they were toxic- this NYT article details it. 

    https://www.nytimes.com/2009/12/24/business/24trading.html

    "But Goldman and other firms eventually used the C.D.O.’s to place unusually large negative bets that were not mainly for hedging purposes, and investors and industry experts say that put the firms at odds with their own clients’ interests."

    Would you ever trust one red cent to anyone connected to Goldman?

    You know you may stick to news - not to what happened 11 years ago. World has moved a lot. I used to be GS employee after what happened. A lot of transformation in the firm you do not have any clue about. Are you planning to run this old story for long like iPhone is "best-of-the-best in the world and nothing is better"? Time to move on and stick out head out of the bubble.
    mike1ChetNYC
  • Reply 19 of 39
    crowley said:
    I don't understand why Apple would make such an alliance when Goldman Sachs is unpopular with a significant proportion of the public and (perhaps even more importantly) they don't have any experience with credit cards. 
    Because world moved on and it is run on results - not old news and perceptions that are 11 years old. Goldman has paid penalties and restructured. It also changed management including CEO of that time. You might rally listen where all this goes. It is called profit and you may want check shares value of Goldman Sachs and compare to what it used to be few years ago.
    mike1
  • Reply 20 of 39
    crowleycrowley Posts: 5,984member
    crowley said:
    I don't understand why Apple would make such an alliance when Goldman Sachs is unpopular with a significant proportion of the public and (perhaps even more importantly) they don't have any experience with credit cards. 
    Because world moved on and it is run on results - not old news and perceptions that are 11 years old. Goldman has paid penalties and restructured. It also changed management including CEO of that time. You might rally listen where all this goes. It is called profit and you may want check shares value of Goldman Sachs and compare to what it used to be few years ago.
    Has nothing to do with my comment.  Goldman are unpopular, rightly or wrongly (aside: it's rightly), and they have no experience with credit cards.  Their stock price is of zero interest to anyone when considering an Apple credit card.

    Find some other place to shill for the slime.
    edited February 21
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