Apple Card PDF statements not itemized for some, fix coming soon

AppleInsider

If you've checked your September Apple Card statement, you may have noticed itemized transactions missing.

Apple Card users who have checked their Apple Card PDF statements for September may notice that their statements are not itemized. While the Apple Card still shows itemized transactions within the Wallet app itself, the downloaded PDF currently shows a single monthly transaction, rather than an itemized list.

AppleInsider received a tip from a reader who noticed that their statements were not itemized. Staffers who own the Apple Card were able to recreate this problem upon checking their own statements.

We contacted Apple Card support through the Wallet app. Apple transferred us to a Goldman Sachs representative.

"We are aware that some PDF billing statements are not showing transaction level detail. Transaction details in the Wallet app are correct," said the Goldman Sachs representative. "The PDF Statements are being regenerated and will be available in Wallet later today."

The Apple Card is a collaborative effort between Apple and Goldman Sachs. According to an investor note, Goldman Sachs is spending somewhere in the ballpark of $350 per new Apple Card customer. Goldman Sachs is not expected to make a profit on Apple Card owners until they've been a customer for roughly four years.

Goldman Sachs has already reportedly spent over $275 million in 2019 alone on the Apple Card collaboration. This has resulted in a 0.6% reduction in the investment bank's equity return, according to the firm. Goldman Sachs' CFO has gone on record stating that he felt as though the Apple Card was a risk, and that "We'll continue to look at it on a risk-adjusted return basis."

Currently, the Apple Card cannot be linked to other financial apps, such as Mint. Instead, Apple offers its own financial planning interface that can be accessed by viewing the Apple Card on the iPhone Wallet app. Currently, it is unknown whether or not the Apple Card will be linkable to third-party financial apps in the future.

macpro

FilemakerPro can be tricky 😉

razorpit

And now that the first month has passed, the AppleCard starts generating revenue...

ssalb

Just checked my statement. Itemized transactions are now showing up. They weren't this morning.

appleish

razorpit said:

And now that the first month has passed, the AppleCard starts generating revenue...

Goldman Sachs gets a cut on every purchase right up front, no matter what the % cash back is. 

So, now that the first month has passed, the AppleCard starts generating interest revenue...

gatorguy

Appleish said:

razorpit said:

And now that the first month has passed, the AppleCard starts generating revenue...

Goldman Sachs gets a cut on every purchase right up front, no matter what the % cash back is. 

So, now that the first month has passed, the AppleCard starts generating interest revenue...

Other than a cut of the interchange fee I don't know that Apple themselves is getting any direct revenue from the card account itself ie a portion of the interest.

I've not seen anywhere that Apple invested any of their own funds into the venture, except for the obvious need to assist developing the features and extend the platform. That doesn't mean they didn't, but the lack of evidence that they've done so probably means they haven't. Even recent statements from Goldman would support that.

edited October 2019

emoeller

My first billing cycle last month didn't go through with Goldman claiming the bank had denied it and the bank saying they never received the requested payment.  I ended up removing the bank account and re-entering it through my phone app and all went through fine.   

There will be some teething problems as this is so new, but so far I'm really happy with the Card and Apple Pay.

lkrupp

emoeller said:

My first billing cycle last month didn't go through with Goldman claiming the bank had denied it and the bank saying they never received the requested payment.  I ended up removing the bank account and re-entering it through my phone app and all went through fine.   

There will be some teething problems as this is so new, but so far I'm really happy with the Card and Apple Pay.

Me too. I am a Quicken user and I am not at all disturbed by the lack of syncing. My expenditures are right there in the Wallet app and I can easily enter them manually in the Apple Card account I set up in Quicken. If that sync ability arrives some day in the future I will be happy to use it but it’s not keeping from using the Card. I’m waiting to see if an iMac refresh comes this Fall for the right time to order a new iMac. Wanna guess what that purchase will be charged to? 3% will amount o about $100 in my case.

I’m also seeing a revised statement now with itemization and it’s printable right from the Wallet app.  

edited October 2019

anantksundaram

So far, at every level, my experience with the AppleCard has been simply fantastic. I've used it in four countries so far, and things have been seamless with both the use of the physical card, and where available, contactless. I've mostly stopped using my other cards.

This is the way credit cards should be. I think the incumbents should be scared. Very scared.

geekmee

Appleish said:

razorpit said:

And now that the first month has passed, the AppleCard starts generating revenue...

Goldman Sachs gets a cut on every purchase right up front, no matter what the % cash back is. 

So, now that the first month has passed, the AppleCard starts generating interest revenue...

I did not know that... But I’d feel more confident if you cited the source of that as being a fact.

The way I see it this arrangement is no different than other affinity cards, except Apple is doing the advertising and the card is virtual, a BIG unique marketing offering that no other card offers. Plus, Goldman Sachs gets to be associated with the most valuable company on stock market. Unless you can cite some facts, I don’t see any reason Apple should give them a ‘cut’ of every purchase.
What is Goldman Sachs afraid they are going to lose being associated with Apple??

edited October 2019

geekmee

I don’t ever see Apple allowing 3rd party websites in on their cultivated credit card population of iPhone users. 

To me that’s like letting developers in on the App Store population they have cultivated.

Why would Apple give up a unique marketing position by allowing other third party web sites synch with their customer’s data??...
There’s no benefit to Apple.

edited October 2019

geekmee

“ Goldman Sachs' CFO has gone on record stating that he felt as though the Apple Card was a risk, and that "We'll continue to look at it on a risk-adjusted return basis." 

So where is he going to go?

tenthousandthings

geekmee said:

Appleish said:

razorpit said:

And now that the first month has passed, the AppleCard starts generating revenue...

Goldman Sachs gets a cut on every purchase right up front, no matter what the % cash back is. 

So, now that the first month has passed, the AppleCard starts generating interest revenue...

I did not know that... But I’d feel more confident if you cited the source of that as being a fact.

The way I see it this arrangement is no different than other affinity cards, except Apple is doing the advertising and the card is virtual, a BIG unique marketing offering that no other card offers. Plus, Goldman Sachs gets to be associated with the most valuable company on stock market. Unless you can cite some facts, I don’t see any reason Apple should give them a ‘cut’ of every purchase.
What is Goldman Sachs afraid they are going to lose being associated with Apple??

You realize, when you use the card, you’re borrowing money from Goldman Sachs, not Apple, right?

macgui

Out of curiosity, when you pay your card, how long does it take for the Wallet to reflect your payment?

strangedays

macgui said:

Out of curiosity, when you pay your card, how long does it take for the Wallet to reflect your payment?

Instantaneous for me.