Apple and Goldman Sachs to part ways on Apple Card, no successor named

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Comments

  • Reply 21 of 79
    macguimacgui Posts: 2,360member
    iOS_Guy80 said:
    This is very unfortunate. The whole credit card, billing, payment, reward program and savings account program has been a very positive experience. Hopefully Apple can find a worthy partner to carry on and even improve this program.
    The same is true for me.

    This may be why G-S is having trouble. Apple is encouraging responsible responsible use of credit and the Apple Card app does a great job of tracking balance, interest paid, charges, etc. And having the payment due on the first help you make payments on time. The cynic in me say G-S took this on to clean up their image and hoped there would be the typical credit card abuse that would make them money. Maybe they didn't expect so many people to get on board. Somebody knows every reason G-S want out and I'd like to know too.

    More importantly I want their successor to give us the same benefits. I'd be happy if it didn't get any better as long as it doesn't get any worse.

    For those of us outside the USA who have been waiting for 4+ years for this service, with no hint of it arriving in our countries, we kinda hope the service will die in the USA. Apple needs to think worldwide, and not provide services to Americans only. How many other Apple services are available in the US only?
    What a maroon.
    williamlondonApplejacswatto_cobra
  • Reply 22 of 79
    For those of us outside the USA who have been waiting for 4+ years for this service, with no hint of it arriving in our countries, we kinda hope the service will die in the USA. Apple needs to think worldwide, and not provide services to Americans only. How many other Apple services are available in the US only?
    When was the non-USA conference that elected you as speaker?

    Not everyone outside the USA is as petty or as ignorant of the complexities of national financial systems as you.
    williamlondon
  • Reply 23 of 79
    A lot of people attacked me (even personally!) for saying "Apple needs to think worldwide." Is there anything in that statement that merits personal attacks? And why didn't anyone attempt to answer my question?
    muthuk_vanalingamwatto_cobra
  • Reply 24 of 79
    A lot of people attacked me (even personally!) for saying "Apple needs to think worldwide." Is there anything in that statement that merits personal attacks? And why didn't anyone attempt to answer my question?
    I am with you on this topic. Just to clarify - People are attacking you for mentioning "we kinda hope the service will die in the USA". If you had not mentioned that line, no one would have attacked you. Not that I agree with those attacking you personally in this thread, but I understand why they do that.
    williamlondonlinkmanwatto_cobra
  • Reply 25 of 79
    ktappe said:
    I completely understand G.S. not wanting every bill to be due on the 1st of the month. Imagine you're a retailer and all your customers come in on the 1st, leaving you with no customers days 2-30.  It's unreasonable of Apple to have G.S. have to handle an onslaught of bills just one day of the month and not be willing to spread them out.  As an Apple Card customer, I'd be fine having mine not be on the 1st, but Apple has never bothered to ask. 
    AMEX also charges my account once a month. So what’s the problem?
    watto_cobra
  • Reply 26 of 79
    Apple Card  was announced years ago. This is only available in the US still. So it will only affect us consumers. 
    watto_cobra
  • Reply 27 of 79
    XedXed Posts: 2,561member
    dutchlord said:
    ktappe said:
    I completely understand G.S. not wanting every bill to be due on the 1st of the month. Imagine you're a retailer and all your customers come in on the 1st, leaving you with no customers days 2-30.  It's unreasonable of Apple to have G.S. have to handle an onslaught of bills just one day of the month and not be willing to spread them out.  As an Apple Card customer, I'd be fine having mine not be on the 1st, but Apple has never bothered to ask. 
    AMEX also charges my account once a month. So what’s the problem?
    Once a month does not mean all on the same day of the month for every account.
    watto_cobra
  • Reply 28 of 79
    XedXed Posts: 2,561member
    A lot of people attacked me (even personally!) for saying "Apple needs to think worldwide." Is there anything in that statement that merits personal attacks? And why didn't anyone attempt to answer my question?
    You made a selfish and foolish comment. If I had said, as an American, no one else In the world should have modern, universal healthcare because the US doesn't have it, don't you think I'd sound like a complete asshole for suggesting that everyone else should suffer because a certain country has laws that make progress difficult in a certain area?
    muthuk_vanalingambeowulfschmidtwilliamlondondoggonewatto_cobra
  • Reply 29 of 79
    No way Apple gets the demands they want this time. 
    They could buy a bank
    watto_cobra
  • Reply 30 of 79
    Apple ran ads claiming the Apple Card wasn’t issued by a bank?
    watto_cobra
  • Reply 31 of 79
    @KROONEY ‘ Goldman’s Main Street transformation including the upcoming Apple card is costing it big money PUBLISHED TUE, JUL 16 201911:48 AM EDT UPDATED TUE, JUL 16 2019AT 4:05 EDT’. https://www.cnbc.com/2019/07/16/goldman-main-street-transformation-costs.html https://www.cnbc.com/live-tv/
    williamlondon
  • Reply 32 of 79
    “ The CFO, who joined Goldman in 1993, said the “depth” of these investments will happen this year and continue into 2020. There will also be a “meaningful impact” of Goldman’s reserve build to support initial growth in the Apple Card portfolio following the expected launch later this summer, he said. The BANK plans to give a “strategic update” to investors in January and provide new targets, with return profiles on Marcus and the Apple credit card.’ ‘ The 150-year-old investment bank moved into consumer finance three years ago with its Marcus business. Goldman’s consumer arm, which offers zero-fee high-interest savings and personal loans, has gathered about $48 billion in deposits and made $5 billion in loans so far. Goldman ALSO announced its first credit card with tech giant Apple in March.” -https://www.cnbc.com/2019/07/16/goldman-main-street-transformation-costs.html Walk like a BANK, talk like a BANK, work like a BANK, let yourself be called a BANK, you’re a…BANK!
    williamlondon
  • Reply 33 of 79
    The main problem with the Apple Card and Goldman Sachs is that most of the people with an Apple Card pay off their balances every month. This results in Goldman Sachs not making any money on interest charges. 


    watto_cobra
  • Reply 34 of 79
    wood1208wood1208 Posts: 2,913member
    Apple already know what they will do after the GS agreement for Apple Card is over.
    watto_cobra
  • Reply 35 of 79
    It feels like they need a partner that is both a bank and a network. Otherwise there are too many companies trying to make a profit.
    watto_cobra
  • Reply 36 of 79
    I never quite understood what Apple brings to the table, other than automatic access. If someone wants a credit card that provides 1% cash back, 1st of the month billing, and a monthly budget analysis, well, then just get that and put it in Apple Wallet. 
    williamlondon
  • Reply 37 of 79
    ktappe said:
    For those of us outside the USA who have been waiting for 4+ years for this service, with no hint of it arriving in our countries, we kinda hope the service will die in the USA. Apple needs to think worldwide, and not provide services to Americans only. How many other Apple services are available in the US only?
    Why do you think Apple would be capable of rolling out such a complex financial offering worldwide all at once? Every single product Apple brings to market is rolled out in the U.S. first. Then, when the bugs are worked out and the product is a success, it gets spread wider. Apple Card is not currently a success, thus this story. 


    ktappe said:
    For those of us outside the USA who have been waiting for 4+ years for this service, with no hint of it arriving in our countries, we kinda hope the service will die in the USA. Apple needs to think worldwide, and not provide services to Americans only. How many other Apple services are available in the US only?
    Why do you think Apple would be capable of rolling out such a complex financial offering worldwide all at once? Every single product Apple brings to market is rolled out in the U.S. first. Then, when the bugs are worked out and the product is a success, it gets spread wider. Apple Card is not currently a success, thus this story. 


    Because what does Apple actually do? It’s a Goldman Sachs credit card. I am sure you can still get it after next year, it will say Goldman Sachs on it but other than that, be almost identical. 
  • Reply 38 of 79
    Xed said:
    For those of us outside the USA who have been waiting for 4+ years for this service, with no hint of it arriving in our countries, we kinda hope the service will die in the USA. Apple needs to think worldwide, and not provide services to Americans only. How many other Apple services are available in the US only?
    Which worldwide issuing bank works with every single country in the world?
    Citi
    williamlondon
  • Reply 39 of 79
    XedXed Posts: 2,561member
    Apple ran ads claiming the Apple Card wasn’t issued by a bank?
    I'd like to see these ads.
  • Reply 40 of 79
    XedXed Posts: 2,561member

    sflagel said:
    Xed said:
    For those of us outside the USA who have been waiting for 4+ years for this service, with no hint of it arriving in our countries, we kinda hope the service will die in the USA. Apple needs to think worldwide, and not provide services to Americans only. How many other Apple services are available in the US only?
    Which worldwide issuing bank works with every single country in the world?
    Citi
    Not even close. They are big, but not the biggest. They don't even a ground presence in half the world's countries.

    https://www.citigroup.com/global/about-us/global-presence
    williamlondonmuthuk_vanalingamwatto_cobra
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