Apple Card issuer Goldman Sachs ranks first in credit card satisfaction survey

Posted:
in General Discussion edited August 18
Goldman Sachs, Apple's financial partner and issuer of the Apple Card, has ranked first in customer satisfaction in a J.D. Power survey for the second year in a row.

Apple Card
Apple Card


Among midsize issuers, Goldman Sachs topped the charts with a customer satisfaction rating of 843 in the J.D. Power U.S. Credit Card Satisfaction Study, Apple touted in a press release on Thursday. Goldman Sachs also ranked first in 2021 in the same survey.

Importantly, the Apple Card is the only Goldman Sachs consumer credit card product besides a co-branded card with General Motors. As such, customer satisfaction ratings are likely heavily influenced by consumer experience with the Apple Card.

Goldman Sachs also ranked highly in all categories included in the survey, such as credit card terms, communication, benefits and services, rewards, key moments, and interaction.

"Enhancing our customers' lives is at the heart of what we do, so we are honored to have Apple Card and issuer Goldman Sachs recognized again this year for customer satisfaction," said Jennifer Bailey, Apple's Vice President of Apple Pay and Apple Wallet.

First introduced in 2019, the Apple Card is a digital-focused credit card accessible through the Wallet app. It has several unique perks, including an easy sign-up process, the lack of fees, and daily cash back. Users also get a titanium physical credit card in addition to the instantly accessible digital version.

Apple has been steadily increasing its footprint in the financial services space in recent years. At WWDC 2022, it introduced a new "buy now, pay later" service built into Apple Pay. It's also said to be working on its own suite of financial services -- including everything from payment processing to fraud analysis.

The Apple Card and Goldman Sachs have not been without controversy, however. Goldman Sachs was accused of gender discrimination in its credit calculations shortly after launch, but was later cleared of wrongdoing. Earlier in August, it was also revealed that Goldman Sachs is under investigation for its consumer credit card practices.

Read on AppleInsider

Comments

  • Reply 1 of 13
    The fact that people don't associate the card with GS, but rather with Apple, is probably like 99% of the reason for the satisfaction level being as high as it is.
    pslicedanoxbaconstang
  • Reply 2 of 13
    The fact that people don't associate the card with GS, but rather with Apple, is probably like 99% of the reason for the satisfaction level being as high as it is.
    That's nonsense, and you're obviously not an Apple Card user. The high customer sat rating is because, duh, customers are satisfied. They're satisfied because the entire experience is so great. No fees of any kind, not even late fees, great service, a premium app to manage the card, the card itself is physically gorgeous, no constant spam emails or promotions. It's perfection. That's why the rating is high.
    mike1mwhitesconosciutojony0macgui
  • Reply 3 of 13
    badmonkbadmonk Posts: 1,091member
    The fact that people don't associate the card with GS, but rather with Apple, is probably like 99% of the reason for the satisfaction level being as high as it is.
    I have to agree with BeoW here Jeff.  The Apple Card is great because of Apple not GS, wait until you have to dispute or ask for reimbursement of a charge.  I had an item stolen (or rather mis-delivered) by the  USPS.  Despite providing extensive documentation of the event to GS, my charge was not refunded.  This surprised me as my Amazon Card has done this for me in the past with internet fraud.
  • Reply 4 of 13
    larryjwlarryjw Posts: 945member
    badmonk said:
    The fact that people don't associate the card with GS, but rather with Apple, is probably like 99% of the reason for the satisfaction level being as high as it is.
    I have to agree with BeoW here Jeff.  The Apple Card is great because of Apple not GS, wait until you have to dispute or ask for reimbursement of a charge.  I had an item stolen (or rather mis-delivered) by the  USPS.  Despite providing extensive documentation of the event to GS, my charge was not refunded.  This surprised me as my Amazon Card has done this for me in the past with internet fraud.
    I'll agree here. GS might be the institution handling the Apple Card transactions, but they have a contract with Apple which binds them to do certain things and prevents them from doing other things. 

  • Reply 5 of 13
    JP234JP234 Posts: 228member
    Put me on the Apple side of the "Apple vs. GS" debate. I worked for Apple for for 12 years, retiring in 2014. I've been a business and consumer customer since 1986, and counting. I've never had reason to doubt that Apple is the greatest company in the world (well, not since the return of Jobs!), nor that their mission is to provide the best customer experience, from the largest businesses, small businesses, school systems, government agencies, and consumers.

    As a prior GS business customer, the constant barrage of email spam and calls trying to convince me to open multiple accounts was the main reason I decided to dump them as my business lender. Shortly after, I heard the story about Wells Fargo putting so much pressure on their employees to do the same thing that they falsified tens of thousands of accounts without customer permission or knowledge. And moved money between them as well. So anyone who trusts a megabank to act in your interest first, last and always, forget it. And that's why we have agencies like the SEC and the CFPB. And now we need someone to provide oversight on the overseers as well, given, well, you know.
    edited August 18 FileMakerFellersconosciutobaconstanglarryjwricmacjony0
  • Reply 6 of 13
    MplsPMplsP Posts: 3,686member
    The fact that people don't associate the card with GS, but rather with Apple, is probably like 99% of the reason for the satisfaction level being as high as it is.
    That's nonsense, and you're obviously not an Apple Card user. The high customer sat rating is because, duh, customers are satisfied. They're satisfied because the entire experience is so great. No fees of any kind, not even late fees, great service, a premium app to manage the card, the card itself is physically gorgeous, no constant spam emails or promotions. It's perfection. That's why the rating is high.
    There was just a story a few weeks ago talking about the problems GS has been experiencing with customer service due to Apple Card growth. 

    edited August 18
  • Reply 7 of 13
    The vast majority of my spending is on Apple Card and I love it. The Apple Cash perk is probably what I like the most. I could get better rewards if I were careful about which card I use where, but honestly, I like the daily cash and that it’s so easy to use.

    The billing interface is clear, and their chat has been great any time I’ve needed it. I rarely use other cards.

    Just my experience… maybe it’s worse for others.
    sconosciutojony0
  • Reply 8 of 13
    badmonk said:
    The fact that people don't associate the card with GS, but rather with Apple, is probably like 99% of the reason for the satisfaction level being as high as it is.
    I have to agree with BeoW here Jeff.  The Apple Card is great because of Apple not GS, wait until you have to dispute or ask for reimbursement of a charge.  I had an item stolen (or rather mis-delivered) by the  USPS.  Despite providing extensive documentation of the event to GS, my charge was not refunded.  This surprised me as my Amazon Card has done this for me in the past with internet fraud.
    I have had to dispute charges before. I had a great experience both times. I'm sorry that you didn't have similar luck, though.
    jony0
  • Reply 9 of 13
    I like and use the AppleCard a lot. However, Card.Apple.com is a rather primitive, basic site with slim functionality. 

    GS should ask Apple to do better with it. 
    muthuk_vanalingamMplsP
  • Reply 10 of 13
    MplsPMplsP Posts: 3,686member
    I like and use the AppleCard a lot. However, Card.Apple.com is a rather primitive, basic site with slim functionality. 

    GS should ask Apple to do better with it. 
    This is my number one complaint with the Apple Card. They essentially force you to do everything from your phone. For some things that’s fine. For others a web site would be far easier. Just having the ability to download transactions before the end of the Month would be nice. 
  • Reply 11 of 13
    MplsP said:
    The fact that people don't associate the card with GS, but rather with Apple, is probably like 99% of the reason for the satisfaction level being as high as it is.
    That's nonsense, and you're obviously not an Apple Card user. The high customer sat rating is because, duh, customers are satisfied. They're satisfied because the entire experience is so great. No fees of any kind, not even late fees, great service, a premium app to manage the card, the card itself is physically gorgeous, no constant spam emails or promotions. It's perfection. That's why the rating is high.
    There was just a story a few weeks ago talking about the problems GS has been experiencing with customer service due to Apple Card growth. 

    It is pretty awful. I dread contacting them. Fortunately I don't have to do it often. 
  • Reply 12 of 13
    The fact that people don't associate the card with GS, but rather with Apple, is probably like 99% of the reason for the satisfaction level being as high as it is.
    That's nonsense, and you're obviously not an Apple Card user. The high customer sat rating is because, duh, customers are satisfied. They're satisfied because the entire experience is so great. No fees of any kind, not even late fees, great service, a premium app to manage the card, the card itself is physically gorgeous, no constant spam emails or promotions. It's perfection. That's why the rating is high.

    Well gosh, who pissed in your Wheaties yesterday?  Your post reads like it might have been intended as sarcasm, but without any indicator of such, I have to presume that it's not.

    I am, in fact, an Apple Card user, since September of 2019.  Or at least, that's the first recorded transaction.

    Nobody I know, or have heard, refers to the card by any other name than "Apple Card".  Intellectually, most probably know that it's backed by GS, since that was front and center of the original presentation, and because it's in the application process, but for all intents and purposes it's an Apple card.

    All of those features are there because Apple said so.  GS contracted with Apple to provide a service, and I'd wager a good portion of my paycheck that there are service level penalties built into that contract if GS fails to meet Apple's requirements for performance.  So yeah, I maintain that the satisfaction is because of Apple's association.

    MplsPricmacjony0
  • Reply 13 of 13
    Goldman Sachs has had a very checkered and colorful past.

    I think the reason that Apple chose them was because Apple was able to get them to do what no other financial institution would allow them to do. That that association has partially rehabilitated Goldman's image as more to do with the way Apple wanted the Apple Card to be run than with Goldman's policies.
    beowulfschmidt
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