Apple

So what happens to my Apple Card?

Yikes … so what does this mean? I really hope Synchrony doesn’t get the contract. Damn, this is the credit card that I have the largest limit and history with, this sucks.

I’m not sure if I understand this correctly. Is Apple pulling the plug or is Goldman pulling the plug here?

So the cards will stop working soon?

That sucks. The functionality has been excellent, IMO. I like it much better than my cards from Chase or Amex.

Dang. This stinks. Auto populating card info is really nice.

so we don't have to pay off any remaining balances? Hooray! /s

I mean, if any company has the resources and bandwidth to spin up an in-house operation, it’s Apple. I’m sure they’re, at the very least, considering going partnerless.

Especially since, given Goldman’s experience, I’m sure any contract with a new partner would pass more of the losses on to Apple than previously.

Let Amex take over and have Amex issue Mastercards since there is a deal in place until 2026 jajajajaja .

At one time, I was on the edge of getting the Apple Card because of their $0 interest on almost all Apple products, including the iPhone, but once they got rid of the unlocked iPhone with 0% interest, I knew the writing was on the wall.

Especially when it was directly competing with the iPhone Upgrade Program.

So…what happens to my 4.15% APY?

So glad I never got one.

Other than paying off my large Mac purchases over time, I've found very little use for this card in the wild.

Bank of America select cash back does 3% on all online purchases, including apple.

Chase freedom does 1.5% on everything. (which is a negligible difference from the 2% Apple Pay perk)

The combination really puts apple only perk as 0% APR.

I'm sure someone will vehemently tell me how wrong I am but, this is basically an in store credit card good for deferring payments only.

Jesus. Well, I haven’t heard anything from Apple directly. Think we’d all get an email soon, no? I got the card for the cash back on practically every internet purchase using Apple Pay. Then the 0% on iPhones for two years (one year on the other devices) was sweet. I hope they can keep that with whoever they hook up with. Honestly I didn’t expect this to last long. Apple makes it really easy to pay the card before the interest piles up. I barely pay any interest on the card.

I got this card for one reason, and one reason only. My son-in-law has one…threw it down one day to pay for something. That clink…that metal sound…what is that I had to know? And now…I have the clink. So my hope is that that is not going away. Not sure who else makes a metal card ( probably some AE version)..but I am easily entertained in my old age as you can see.

noooo :( i hope someone takes over the apple card

At this point Apple might as well buy a small bank and do it themselves. They’ve got cash enough to run a bank

What a pity

Had a nice ring to it

I work in banking and the demands Apple has made in this article to Goldman sound like hell to deal with

I was looking at applying for one in the future but if this goes to Synchrony I’m absolutely out. They are notorious for closing accounts in good standing for various and dubious reasons.

Would outstanding balances be forgiven or nah?

Why don’t they just tighten up the lending standards, so they don’t have such high losses? Seems like they’re giving cards to absolutely everyone who asks for it whether not they are a financially stable customer.

SummaryGPT

• End of Partnership: Apple plans to terminate its credit-card partnership with Goldman Sachs, originally extended through 2029.

• Partnership Scope: This termination includes their credit card launched in 2019 and a recently introduced savings account.

• Goldman's Financial Losses: Goldman Sachs experienced significant losses in its consumer lending expansion, prompting a retreat from the partnership.

• Potential Successors: American Express and Synchrony Financial are potential candidates for taking over the credit-card program, though challenges like loss rates are present.

• Impact on Apple: The end of this partnership is a minor setback for Apple’s services business, which has become more important as iPhone sales decelerate.

• Strategic Shift for Goldman: For Goldman Sachs, this marks a move away from consumer-focused services back to its core business with corporate and affluent clients.

• Initial Partnership Challenges: The partnership faced issues from the start, including disagreements over marketing, approval rates, billing practices, and regulatory scrutiny.

• Goldman's Employee Retention Efforts: Goldman Sachs is taking steps to retain credit-card employees until the partnership's transition is complete.

I wonder how this will impact credit age and such.

Meh. Cards useless to me once they got rid of 0% for non-carrier phones.

If it’s Synchrony or Well Fargo, count me out.

What happens to unpaid balances?

Guess that explains why I’ve been getting multiple emails a week from Apple about getting an Apple Card.

I don’t care who takes it over as long as it stays Mastercard. It goes to Amex I’m out

Fuck. I use my Apple Card for everything. I love the spending tracking and that it’s all on my phone. It’s gonna suck to lose that.