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Apple Pulls Plug on Goldman Credit-Card Partnership
(www.wsj.com)
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this post was submitted on 28 Nov 2023
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Makes sense… with the 0% financing and never carrying a balance, I’ve probably been a net loss AC user for them.
CC companies hate people who pay their balance at the end of every month.
The bank, card network, and processor all make fees off every transaction. I charge ~$70,000 per year on my card while paying in full every month. I get ~$1,200 back as a reward. The various institutions split an average of 2.5% per swipe...or ~$1,750 (though probably higher).
No such thing as a free lunch, my friend. As you pay more on everything at retail as prices rise to cover.
Yep, good old processing and interchange fees. Someone has to pay them.