this post was submitted on 28 Nov 2023
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Neither of those outfits are likely to adopt the kind of underwriting standards that Apple will want in place.
Nobody — even the subprime folks like Synchrony — is going to concede the interchange fee revenue that GS surrendered to Apple. That’s the truly shocking part of this story.
My bet is on Synchrony, in all honesty. I kinda hate them but I’ve had better experiences with them than GS. A lot of their problems come down to outdated technology and that’s something Apple will certainly fix for the Apple Card. A good partnership might even see Apple lend some expertise to Synchrony on their other products. Their account management system feels like it was designed in the 1990s on Web 1.0.