Originally Posted by
emcampbe
Reading this. Hard for me to believe Amex would take over the card in its current form. Or, potentially any form that Apple will accept.
While negotiations may be going on, I'm assuming it's only a done deal when the papers are all signed. I suspect Apple won't want to make too many changes, and Amex will be demanding some changes (because why would they want to take over a product that a bank is losing millions of $ on without them). Not convinced there is a deal to be made here that can work for both.
Originally Posted by
JackMackey
Them be some ugly numbers so not exactly sure what Amex has to gain.
Apple is trying to play the very long game for financial services - more transactions via Apple Pay, Buy Now / Pay Later, savings, etc, that both make them money directly and also make people buy more Apple products. So long term, they need appealing financial products. Banks like Goldman, Amex, etc just want to make money. Apple may find that what seems like a sweetheart deal it got with Goldman can't last permanently, so they may be willing to make a better offer to a new financial partner if necessary.