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Are You Getting An Apple Card? (1 Viewer)
- Thread starter Ronald Epstein
- Start date
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- apple
Jason Goodmanson
Second Unit
Still odd - I know when I opened the Apple Savings I didn't have to do anything different - it just knew my Credit Union account was connected. I've transferred to and from since it was available with no issue. Very bizarre.
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- Ronald Epstein
Enjoy it while it lasts...
9to5mac.com
Apple Card contributes to another $667 million loss for Goldman Sachs: ‘We did not execute well’
Back in January, we learned that Apple Card has been responsible for more than a billion dollars in losses for...
9to5mac.com
^I haven't followed that closely, but it doesn't sound clear at all whether and how much of the losses are actually due to the Apple Card.
It's pretty strange if it is really largely due to the Apple Card. I mean... it's not like the CC bizz has generally been a loss, let alone huge loss, for most banking institutions.
Goldman may be a tad too green for this bizz, but they're not stupid nor generally incompetent and certainly no small fry in the banking world. Something doesn't really add up if they're actually blaming most of those losses on the Apple Card, which also isn't what they're clearly/necessarily doing according to that particular article.
The only thing I can think of that might make Apple Card a significant loss vs other more traditional CCs is the way they provide no-interest financing for Apple's devices, etc possibly too easily to people who can't really afford them perhaps... but not sure that's any more significant than potential losses on all the promo, interest-free balance transfers, etc offered by CCs in general anyway. Also, not clear whether the Apple Card is more secure (from the usual theft/loss/etc) than traditional CCs -- it should theoretically/potentially be more secure, which should improve that aspect, but no idea if it actually is in practice in the real world. Only other thing is maybe they were somehow just a tad too loose on providing CC credit to unworthy people I guess... but if so, that's probably not a good reason to simply cut ties w/ Apple though (unless they plan to just exit that market... and maybe consumer banking in general)...
I gotta wonder if they're not just deceptively, implicitly blaming the Apple Card as scapegoat when it's actually something else... like you know, maybe something wrong w/ their probably bigger, potentially more longer-term damaging consumer loan bizz like housing mortgages... via the housing/RE bubble somewhat reminiscent of the 2008 crisis mixed w/ the pandemic situation even though most parts of the country may have largely recovered of late.
_Man_
It's pretty strange if it is really largely due to the Apple Card. I mean... it's not like the CC bizz has generally been a loss, let alone huge loss, for most banking institutions.
Goldman may be a tad too green for this bizz, but they're not stupid nor generally incompetent and certainly no small fry in the banking world. Something doesn't really add up if they're actually blaming most of those losses on the Apple Card, which also isn't what they're clearly/necessarily doing according to that particular article.
The only thing I can think of that might make Apple Card a significant loss vs other more traditional CCs is the way they provide no-interest financing for Apple's devices, etc possibly too easily to people who can't really afford them perhaps... but not sure that's any more significant than potential losses on all the promo, interest-free balance transfers, etc offered by CCs in general anyway. Also, not clear whether the Apple Card is more secure (from the usual theft/loss/etc) than traditional CCs -- it should theoretically/potentially be more secure, which should improve that aspect, but no idea if it actually is in practice in the real world. Only other thing is maybe they were somehow just a tad too loose on providing CC credit to unworthy people I guess... but if so, that's probably not a good reason to simply cut ties w/ Apple though (unless they plan to just exit that market... and maybe consumer banking in general)...
I gotta wonder if they're not just deceptively, implicitly blaming the Apple Card as scapegoat when it's actually something else... like you know, maybe something wrong w/ their probably bigger, potentially more longer-term damaging consumer loan bizz like housing mortgages... via the housing/RE bubble somewhat reminiscent of the 2008 crisis mixed w/ the pandemic situation even though most parts of the country may have largely recovered of late.
_Man_
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Ok, decided to check out the Card's wikipedia page to get better idea. Not sure if this was ever discussed that much here, but this article I found via wikipedia speaks some to at least some of the things I just brought up...
www.cnbc.com
Still, the various factors don't seem like they would add up to that much huge losses for the Apple Card, except that was before the (completely unexpected) pandemic hit, so maybe the pandemic had/has very substantially magnified (and realized) the inherit risks/losses -- and of course, the pandemic probably did likewise to whatever other consumer banking ventures for Goldman that may be included in those huge losses.
But if the main culprits are the pandemic plus some hiccups for being new to the bizz, seems like they may simply need to find ways to weather the storm instead of just giving up, if they also really need to get into consumer banking in general or the CC bizz in particular... Maybe they're largely just trying to leverage Apple, if that's possible, to renegotiate (better) terms?
_Man_
Goldman Sachs may lose money on the Apple Card in the next recession, Nomura says
Goldman's first credit card is "highly sensitive" to rising net charge offs, and the bank will begin to lose money if losses reach about 8%, Nomura says.
Still, the various factors don't seem like they would add up to that much huge losses for the Apple Card, except that was before the (completely unexpected) pandemic hit, so maybe the pandemic had/has very substantially magnified (and realized) the inherit risks/losses -- and of course, the pandemic probably did likewise to whatever other consumer banking ventures for Goldman that may be included in those huge losses.
But if the main culprits are the pandemic plus some hiccups for being new to the bizz, seems like they may simply need to find ways to weather the storm instead of just giving up, if they also really need to get into consumer banking in general or the CC bizz in particular... Maybe they're largely just trying to leverage Apple, if that's possible, to renegotiate (better) terms?
_Man_
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- Robert Harris
When I decided to cancel my Apple card(s), it was because of an overall lack of synergy between GS and Apple. Neither was able to handle any problem which they defined as coming from the other.
All I got was finger pointing, with Apple finally taking the reins and getting on a call with all parties.
Even after I attempted cancellation, certain subscriptions and other bit and pieces continued to show up as debits even though Apple had cancelled them on their end, and allocated them to a new Apple ID. Probably six months of problems, which finally came to a head when I threatened GS with litigation, along with communications to banking in Albany.
I had paid off cards in full three times, but they could never be cancelled because of niggling balances from tiny auto-pays (think $2.99/mo for cloud) - which Apple had credited on their side.
GS seems to have virtually no ability toward working with consumers, dealing with everyday cc problems.
I detested working with them.
All I got was finger pointing, with Apple finally taking the reins and getting on a call with all parties.
Even after I attempted cancellation, certain subscriptions and other bit and pieces continued to show up as debits even though Apple had cancelled them on their end, and allocated them to a new Apple ID. Probably six months of problems, which finally came to a head when I threatened GS with litigation, along with communications to banking in Albany.
I had paid off cards in full three times, but they could never be cancelled because of niggling balances from tiny auto-pays (think $2.99/mo for cloud) - which Apple had credited on their side.
GS seems to have virtually no ability toward working with consumers, dealing with everyday cc problems.
I detested working with them.
My Apple Card is essentially useless for me now.
I use it to pay for Apple movie and the iCloud storage but that’s it.
Have collected about $6 in “interest” but don’t even know how to use it.
Thye still don’t allow for adding money into the account unless it’s a personal account under only your name no joint accounts even if it has your name on it.
I use it to pay for Apple movie and the iCloud storage but that’s it.
Have collected about $6 in “interest” but don’t even know how to use it.
Thye still don’t allow for adding money into the account unless it’s a personal account under only your name no joint accounts even if it has your name on it.
- Joined
- Jul 3, 1997
- Messages
- 66,795
- Real Name
- Ronald Epstein
Was expecting this to eventually happen.
Best part of the Apple Card for me has been the savings account. Been making good money off of the APY. Will probably look to move my money out of that account into another online high-interest APY bank account. There are a few including DISCOVER CARD and SOFI.
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