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The Goldman Sachs credit card (Apple branded) has given me nothing but misery. I simply don't use it anymore.

My experience with the  (Apple branded) Goldman-Sachs credit card is just miserable.

eightzero said:

mayfly said:

eightzero said:

OK, I really don't get this. How does GS lose money on a credit card? Are they paying Apple a disproportionate amount of their rake from the cardholders? The article says "credit losses" so somehow more Apple Card holders are welching? 

Or...it is possible GS thinks they just aren't making the billion they planned? Not sure that's a "loss."

Nope. They're losing plenty. Their customer acquisition cost is $350 per account. In addition, the Apple Card attracts a much more affluent demographic who pay their balances every month, depriving GS of interest charges. On top of that, there is the "buy now, pay later" program that allows customers to pay over 4 months without interest charges. That's how they're losing money. I wouldn't cry for GS, though. They made $10.9 billion in the second QUARTER of this year, even with the Apple Card losses.

OK, so I understand: GS pays Apple $350 for each new account, and since those new accounts generally don't pay GS interest (affluent customers) GS can't make back the $350? And who gets the swipe fee from merchants (that I am always asked to reimburse the merchant for)? Is there no swipe fee charged to a merchant on the Apple Card? GS doesn't get a cut of each transaction?

I am sure GS has overhead on these operations. They have to pay staff to provide customer service; and other infrastructure like IT and the like. But a billion in losses to that? Really?

eightzero, you "understand" nothing. mayfly did not say "GS pays Apple $350 for each new account." Go back and start over.
BTW, this card from GS is the most miserable credit card experience I've ever had, for many reasons, which I've written about before. I've simply made it dormant, seldom—if ever—to be used again.

I swear, I had ten (10) scam calls yesterday, though that also includes me placing calls in response to scam emails. Anyway, one of them instructed me to go to the iOS App store to download "AnyDesk". You'll see it has very high reviews and also one star warnings that it is employed with scammers. I never downloaded it, though it does look useful. The scammer was upset that I preferred to use Safari on the Mac (to play along with his scam.) But honestly, ten scams just yesterday. I take them all, but never divulging critical information, of course. Often they ask me if they're speaking with "My Name" at "123 Main St", Zip code "12345" etc. So they already have my name and address, and I admit that they've got the right guy. But then they tell me, "all we need is the last four digits of your SS# or CC# just to qualify you." Yea, right.

I have failed Goldman Sachs' (GS) identity verification interviews four out of four times since February. The identity interviews are administered by phone from a live, GS bank employee. Some of the GS identity questions are fundamentally faulty which cannot possibly be answered correctly. The exception would be that the question(s) are 'trick questions'. I have since twice spoken to GS managers who discount the notion of 'trick questions'. The two GS managers I have spoken with have been sympathetic to my plight and agree with my description of faulty interview questions. Each time they have 'escalated' the issue, yet the responses I've received so far from the 'escalation' is just more f*%king GS emails "inviting" me to reapply. In other words, no one with the capacity to correct the faulty interview is examining the details of the story passed up by the two managers with whom I've submitted my story. Goldman Sachs is ONE BIG FAILURE.