The END of Apple Card | Apple Cancels Credit Card Partnership with Goldman Sachs
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- čas přidán 30. 07. 2024
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Apple officially canceled the credit card and banking partnership with Goldman Sachs.
Timeline
0:00 Apple Card Origins
1:00 Apple Cancels Goldman Sachs Partnership
3:12 Scenario 1
4:21 Alternatives to the Apple Card
5:50 How we got here
10:24 Who could take over the Apple Card?
16:44 Secret
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It would not surprise me if Apple does what SoFi did and buy a small bank for their charter and do everything in-house where they can control the user experience and keep all the money for themselves.
I would hope they tighten up their lending ideology. Far too many sub prime borrowers were approved. If they don’t want to blow money like Goldman, they are going to be very tight. Apple isn’t in the business of losing money. I think it would negatively impact their image if they had to decline to many people. Then the discrimination claims start
Bro about to lose money
@@TheeScorge have you seen how much money Apple rakes in?
I have to agree with this: Got their foot in the door and now they can switch it up
They don’t want the financial oversight that is required when you are a bank (which is what happens when you acquire a charter).
Before too many people hop on Goldman’s lap or sympathy train, let’s remember that they were at the center of the WORLDWIDE mortgage crisis in 2008, from which we still haven’t completely recovered.
I love using my Apple Card. Out of all of my credit cards, I use the Apple Card the most. The simplicity is in another level compares to others.
I think Apple has an exit strategy lined up already. They don’t want to close the card and would not let Goldman out of the deal without having something lined up
Indeed. And the title of this video seems misleading.
Agreed, their services strategy is similar to the Amazon prime strategy. Build up such customer loyalty, that they wouldn’t consider moving to a different product or service.
Right.
They really should stick around just to motivate other companies to be better.
No card is perfect, but the interface and utility beats pretty much anyone else.
They've already announced that it's on the exit phase. The Card is going to be written off as a bad money losing experiment.
If the Apple Card really gets discontinued, it is going to hurt a lot of people’s credit that used it as a beginner card.
low points on that one.. bfd
He’s not talking about the card benefits he’s talking abt people with that card as their oldest line of credit, if they lose that their credit score will go down.
And people often told me to get it as my beginner card, now what should I do?
@@xoradato keep it... it will be sold to another bank
As long as they don't have to cancel my card, im good with whatever. I do hope it's American Express so I can have that be a first card
Amex is pretty good no complaints with them. Another one maybe they should look into is maybe discover
totally unrelated, you have such a calming presence! Your videos have a great positive vibe🙂
Thanks! :)
✈️. Thanks for the video, buddy! Always so helpful.
🍎 Hey Sebby! Can you do a video explaining subprime, near-prime, prime, and super-prime credit and the cards associated with each category?
That is a great idea 👍🏽
They denied me back in the day. So they can kick rocks 😆
😆
That's how I feel about Discover
Thank you for the information
🍎 I think Apple should release two revamped cards - one with no AF (low credit lines) with easy approval and then another card with an AF with a bunch of earnings benefits, maybe some credits, and a charge card that you need to qualify for.
Card-1 posts on the first of the month and Card-2 posts on 15th of the month. That will solve some of the customer service issues.
Good stuff Sebi!!! 🍎
If we end up going down the “discontinued Apple Card” path, as far as FICO is concerned, will it show up on credit reports as a closed account with a frozen age that would pull down the average age of accounts calculation?
The age wouldn’t be frozen. It would be a normal closed by credit guarantor. The same when any bank closes a card.
🍎 Thanks Sebby! I have this card myself.
🍎 - I think Apple will take on this card themselves - even if the AI is not ready for prime time customer service right now it will be soon - Apple will be aggressive in using technology to modernize banking in general. Keep in mind that the Apple Card does drive sales of Apple products so there is great incentive to keep it going.
That is exactly what I was thinking ❤
No way Apple will start loaning money out on cards... too much risk and they already saw a bank loose billions
@@williamhaynes7089 same could be said for any other card issuer that would pick up this program. At least with Apple they make additional cash with the purchase of Apple products. I’m not saying that Apple wants to pick this up, but unless they make substantial changes to the terms I can’t see anyone else picking this up either.
I’ve enjoyed the current setup. It’s very straightforward and should I say, feels honest.
🍎 I’m wondering if I should jump ship and start another HYS else where..especially now with better rates!
In the secret section of the video, out of the 8 cards I loved the second card, it looks metallic and sleek. Other cards looks weird in design or too busy. 🍎
🍎 great video (: I’m sure the Apple Card will get picked up, and I love the current look of it so hopefully it doesn’t change
Citi Double Cash remains undefeated 😂
I had this card for anout a year and a half. It was hacked twice and Goldman did nothing at all to help me so I cancelled the card. Not a good experience at all with this card.
Yes, my credit score did tank when I paid off my student loans. It was crazy! Took me about a year to get that score back up.
card was my first one, and it got me onto banks’ “this person exists” list with credit. Thank you for to helping me get started.
that sucks to hear maybe they should have been better with letting people get thier card. I have great credit and wasnt able to get it , but Sofi was more than understanding
Hi sebby, what do u think about amex starting up to 90k points instead of fixed bonus
Video soon 👀
😮😮😮 I wonder what will happen with my account.
I wasn’t expecting for something like this to happen.
What does this mean for people who already have a current Apple Card?
No WAY would Apple let this card fail, they most definitely have a backup plan.
What's bizarre is I get an offer like once a week from them. Why are they still trying to get new card holders if they've been working on getting rid of this?
Apple isn’t looking to get rid of the card, they’re switching bank partners. It’s not unusual…Walmart, Costco, etc has done the same.
This is a total long shot, but some sort of partnership with Bilt and Apple would be awesome to see.
🍏do you know if I can still apply to get the apple credit card?
If amex takes over, ill keep it. Otherwise I'd need to see more useful benefits otherwise I'm planning on closing it.
Was a great 2nd card but makes no sense for me anymore!
My guess would be Synchrony, Cap One, or Comenity Capital.
Insightful content on card.
Bittersweet as I just received automatic CLI. Sigh. I wonder if the Apple Card Savings Accounts will be changed to Marcus or just returned? 3% on Uber or T-Mobile for Old Times Sake. I wouldn't put it past Synchrony to cut limits to where it's 1/2 the price of the next Iphone, if they become the next issuing bank.🍎
Sebby went and decided to channel the Adam Driver “MORE” meme with GPT
😆
I don’t think Apple will shut it down. That’s more of a Google move. I’d like to see Amex take it over. The Apple card should be a premium card so if it needs restructured for Amex to take it on I see it as a win win.
The only problem is that Amex isn’t accepted in a lot of places especially outside the US. The apple ethos of “it just works” wouldn’t work if people don’t take the card.
@@ganymedehedgehog371thats false - world acceptance has gone up considerably and most apple card users arent in the international travel world anyway so its a non-issue. I see if Amex took it over, there would be massive restructuring and elimination of deep subprime and moderate subprime users. This would benefit the prime base by offering higher CLs for those who use it.
if synchrony is their new bank, im cancelling. idk if it drops my score, ive had bad experiences with synchrony
Why did they want out & what happens to accrued debt?
The #2 ChapGPT card looked dope! 😅
🍎 I absolutely love my Apple card. I would lose my mind. If it was to go away, I charge everything to my Apple Card and I pay it off and I’ve had my Apple Card almost since it’s been with Goldman Sachs and I’ve never paid a stitch of interest, and I love that, plus I like the fact that it tells me each week here is how much you spent and it keeps me in line because every week it automatically sends me how much I spend and from that I know how to budget for next week of spending.
if it gets discontinued will it affect my credit score?
Bye Apple card give us the old Uber card 😂
Haha, doubt that'll ever come back 😂
@patienceisalpha The US Bank Altitude Go is a near clone of it if you’re interested.
@patienceisalpha The US Bank Altitude Go is a near clone of it if you’re interested.
Apple Card isn't bad at all I dont understand the hate
Quick question Sebby, or fellow sebbians, I have an 800+ credit score and have been married for 5+ years. My wife doesn’t have credit nor have I opened anything for her. Now I would like to use a player 2 and leverage intro bonuses and 0 apr for a couple months. I added her as an authorized user to all my cards 3 years ago and she is getting offer in mail for good cards like the platinum fork Amex. Just wanted to know what path should I take for her. Can she get approved for higher cards off the bat because of my history? Thanks in advance
Not for nothing, look who is getting the Apple Card. The same people who complain about their bills being high and their income is soo small, but there getting $100 coffees with every flavoring known to exist, and then going to a fancy restaurant to get served Mac and cheese in an inverted wine cup with dried ice mixed in
you forgot sleeping till noon and not wanting to pay the money they borrowed from the taxpayer to go to school....
The current Apple Card doesn’t have the card number on the card which adds a level of security while keeping it simple and cool.
What about the savings account they offered to Apple Card holders? Will GS Savings Account will also end? What will happen with that money? Should I just ACH it now? 🍎🍏
Hey Sebby, the chase freedom unlimited is only 1.5x points back on everything else not mentioned.
Through the special offer, the 1.5x and all points earned will be doubled and issued as a one-time cash back match bonus at the end of 12 months.
🍎 so, I have a Walmart card. When they switched to Capital One, it sucked because they essentially started you a new account, which affected credit history.
Honestly, I did not care for Capital One in regards to Walmart. I did not care for Capital One with my Gm vcard either. Goldman has also sucked with GM. These companies go from bad to worse with these issuers.
Do you know where they are going next?
Newtek bank is at 5.25 and there is another savings at 5.35%
Why does the Apple Card design have to change? I like not having the cc number on it.
🍎As someone who has been having pretty good luck on the Nike SNKRS app the end of the Apple Card makes me sad 😞 😢
I also really love the look and feel of the titanium card.
I got denied every single time.
Goldman doesn’t like it because Apple teaches you how to use credit thereby avoiding interest. Great first card for my nephew
How does Apple do that? Credit Card 101, spend only what you can afford and pay the balance before the due date.
And the security! No numbers can change up the security codes. My everyday go to. The others are just for travel.
🍎 Nice video. Very informative as usual. Of the 8 I like the second one as well. Would be better if all the numbers were on the back though.
has amazing customer service (for this card, and in general). I fear that some of the convenience will be lost with a new card account servicer, but time will tell, I suppose
I did hear rumors of Apple possibly buying Discover or American Express
I’m canceling it if they change to Synchrony…
Apple tried to make a card that could benefit everyone by showing persons how to stay out of debt. They also told Goldman straight up make your money on transaction fees which isn’t enough for Goldman Sachs. Tbh they can 🍎 all the way off for I love the Apple Card and how it’s structured benefits the common man.
Tbh I feel apple is going to become their own bank imo so you’re cooking with that thought, but if it’s synchrony I’ll never use that card again because sync is notorious for cutting your limit for no reason.
No apple kept the transaction fees on their card Goldman just got absolutely shafted
Probably synchrony. They have all the structure and big techs like google and PayPal
🍏 1.) I don’t think it shuts down. 2.) Synchrony, I think. 3.) Yes, they will modify it. Not in favor of the consumer.
What if Apple Car wants to come out in future?
Having their own bank like BMW and other car companies could be useful
🍎 Wish there was a premium Apple Card with similar benefits as the Green card or Preferred card, I would’ve considered it
I hope they partner with affirm!
What happened with Plastk and DC Bank?
Apple is looking at the car industry and most of the machinery industry. GM and Ford made more money off their financing than off the cars themselves. They only sold or spun off the financing branches when they got desperate for cash or the company got full of bad paper.
Apple needs the card to keep your money flowing through its infrastructure. They will either buy a bank, a small card issuer, or make another deal with someone like Discover.
I like your last suggestion. IMO even if its unlikely Apple should target Greendot bank. Greendot already is the bank behind apple pay, they issue credit cards and prepaid service cards. The marketcap is less than 600 million.
So the only thing that’s a little annoying using the card is when I had to pay my balance. You have to look at your balance through the app and that means clicking several menus, not sure if you were doing it correctly; and it was soconfusing! But purchasing with the card ws super easy. Maybe that needs to be fixed or updated. It was confusing the first time I tried to pay my bill, almost missed my payment due date ….
🍎🍏 Black card looked cool.
🍎 I think takes the card to Amex or Capital one
I hope it’s American Express who partners! May open opportunities to be able to obtain their other cards…Not too excited for any other option tbh.
That would be very nice
As others has posted AmEx isn’t accepted everywhere, not a good thing for Apple. Second, if you have good credit AmEx will look at you.
I think Goldmen will lower peoples credit limit to finish out their contract.
I was approved for this card today. I’m not too sure about all of this. Why would GS still open new accounts? 12/21/23
I have been reading that American Express will come in. For the Apple Card. To replace Goldman.
Maybe, without Goldman Sachs, more people can qualify for the card. But I'll never apply for Apple Card again bcuz I have an Amazon Store Card and don't need it. I can buy any Apple product I want on the same no-interest monthly payments that Apple Card offers.
Maybe now Apple can release a credit card that has a tap function.
🍎
1. Doubtful it’ll shut down, too big of a name/opportunity.
2. Not sure who.
3. Changes will come for sure. GS wants out for a reason, no one will pick it up without improving the terms.
I was an Apple fan even before the iMac and IPhone came out. I have always maintained a high credit score (800+). I tried to apply for the Apple Card twice and was declined both times.
I'm not bashing Apple but this card issue and several other issues with their equipment has dampened my spirit for the brand over the years.
I was never a fan of Apple card being a sub prime product. It’s not consistent with Apple’s branding or quality control. I think it should be a more premium (but still no AF) product. People with poor credit can just link a different card to Apple Pay.
Brah, you’re way too bothered about the poors having access to the same thing you have. You do know that poor people have iPhones too m’lord?
2% back on all purchases isn’t crazy at all. Citi and Wells Fargo have similar cards that target average credit scores. This is just mismanagement from both parties.
I’ll do my Apple emoji both ways… and 🍎
I would not like Amex unless they allow a special consideration for allowing a 6th card if its the Apple card.
EP3 Civic SI please
Wells Fargo active cash is right up there
17:43 in has the best card design.
😆
What about Barclay? They had there partnership with them in the past!
So… what now?!?
Maybe I missed it but I didn’t hear you talk about the Apple Card being the primary means for Apple to offer interest free loans to customers to buy their products with installments. It’s my belief that this is the primary reason the Apple Card exists and everything else - cash back, promos with stores, etc - was just extra. This explains why they wanted a lot of approvals with sufficiently high limits to buy iPhones. I wouldn’t guess they’d take things in house. I think there are a lot of partners out there that could do a good job. Synchrony and Ally come to mind.
Problem with synchrony is that the user experience ALAWYS sucks, that’s how they keep costs down.
For that There is now Afterpay, Klarna, Paypall credit etc and carrier financing to take its place now
Interest Free?
@@DougWilliams06 - nope, you will pay with a service.. but many phone carriers have interest free loand for 36 monthes.
@@beretaniastreet6384if they keep the same interface in Apple wallet - it’s fine by me.
I don’t use the physical at all myself.
They go to AMEX, I have zero interest. I would just as well do without a replacment.
Trend never last forever
Never had a apple card. 😂👍📹🍎
Apple won’t shutdown, most likely chase or BOA would most likely take it over and they may modify a few things like credit limit for new card customers and statements date but overall primarily focus on limiting subprime users access🍎
Or Capital One, they have so many cards out there. And they handle some subprime customers already. They just start them off with low credit limits. And they have no foreign transaction fees.
🍎 I hope it doesn’t, it’s a very convenient card for users. I think some restrictions and curtailing some of the benefits are fine, it’s very consumer friendly, and that was probably too much for Goldman. Honestly, wouldn’t be mad if Apple just takes it over themselves.
Never had an apple card, never appealed to me.
🍎. My guess would be Capital One would taking on the Apple Card. They already handle subprime and they are Venturing (pun intended) into more high scale card users as well.
Apple emoji. Im on my pc and dont know how to do an apple.