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Apple and Goldman Sachs to partner on new credit card

Apple and Goldman Sachs to partner on new credit card

Old Aug 7, 19, 8:01 pm
  #151  
 
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Originally Posted by vanillabean View Post
Major banks, major fees.

When I deposit a check to my credit union, even by smartphone, the amount is instantly available up to $3,500. There are no fees at either end.
I believe the reference for real-time transfer was to Zelle which has a number of credit union partners too, not just big banks.
https://www.zellepay.com/get-started

It is interesting that the Apple Cash (the 3/2/1 rebate part) is actually being pushed to Green Dot to manage AND is on Discover's transaction network (not Mastercard). The cash is still only available via the app I think (no physical card - to transfer or spend), but it is not handled via GS. That means there are two partners (aside from Apple) who are getting your information.
https://applecash.greendot.com/termsconditions/

I know Apple did this because of the P2P aspect. All of a sudden, there will be a ton of new money in the Apple Cash ecosystem to push to other Apple users and so forth. It is possible to opt out of Apple Cash (don't have an active account) and get the Daily Cash rebate as a credit to the account.

Finally, this card sets Arbitration as default. Thankfully, you can opt-out in first 90 days via Messages or other means (not just a postal letter like Chase). https://www.goldmansachs.com/terms-a...-Agreement.pdf

I still am unsure what features of this card will other banks adopt. When you are talking about the "no fees" concept, it tends to be targeted to a customer who forgets to pay on-time and so forth. I still expect GS will report those to the credit agencies. Perhaps this will encourage some digital wallet promotions so that people don't default to Apple Card in their Apple Pay wallet. This has to be a threat to the banks of the regular customer who doesn't try to maximize rewards, but finds existing card rebate programs too complicated. Getting those casual customers to stay in the traditional bank cards ecosystem will take some effort. Most of the existing cards that encourage mobile wallet like Altitude are not in the casual customers portfolio as well.

Don't forget Apple gets a further portion of those transactions that go via Apple Pay (for any card in the wallet, not just the Apple Card). It is small, but might not be insignificant as volume increases. I doubt it exceeds the development/support costs currently.
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Old Aug 8, 19, 5:33 am
  #152  
 
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I got an early invite and was approved for 40k at 12.99 APR. metal card to be delivered in 4-6 days.

Made it default card for all Apple related purchases...
Dr_wanderlust likes this.
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Old Aug 8, 19, 2:44 pm
  #153  
 
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Originally Posted by hawata View Post
I got an early invite and was approved for 40k at 12.99 APR. metal card to be delivered in 4-6 days.

Made it default card for all Apple related purchases...
exactly what I got today. congrats!
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Old Aug 8, 19, 3:36 pm
  #154  
 
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Originally Posted by Dr_wanderlust View Post
exactly what I got today. congrats!
Which credit bureau(s) did you pick up an inquiry for?
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Old Aug 8, 19, 3:49 pm
  #155  
 
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Originally Posted by vanillabean View Post


Which credit bureau(s) did you pick up an inquiry for?
Transunion.
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Old Aug 8, 19, 7:39 pm
  #156  
Xlr
 
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I've had it for a couple days now. Haven't received the physical card yet (and likely won't use it, though it's a nice object to have). The color of the virtual card (in Apple Pay) changes based on your spend categories so that is a very nice touch. Apple Pay functionality just works as normal. Got a 15K limit which was quite a bit lower than expected.
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Old Aug 8, 19, 7:47 pm
  #157  
Xlr
 
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Originally Posted by rasheed View Post
I believe the reference for real-time transfer was to Zelle which has a number of credit union partners too, not just big banks.
https://www.zellepay.com/get-started

It is interesting that the Apple Cash (the 3/2/1 rebate part) is actually being pushed to Green Dot to manage AND is on Discover's transaction network (not Mastercard). The cash is still only available via the app I think (no physical card - to transfer or spend), but it is not handled via GS. That means there are two partners (aside from Apple) who are getting your information.
https://applecash.greendot.com/termsconditions/

I know Apple did this because of the P2P aspect. All of a sudden, there will be a ton of new money in the Apple Cash ecosystem to push to other Apple users and so forth. It is possible to opt out of Apple Cash (don't have an active account) and get the Daily Cash rebate as a credit to the account.

Finally, this card sets Arbitration as default. Thankfully, you can opt-out in first 90 days via Messages or other means (not just a postal letter like Chase). https://www.goldmansachs.com/terms-a...-Agreement.pdf

I still am unsure what features of this card will other banks adopt. When you are talking about the "no fees" concept, it tends to be targeted to a customer who forgets to pay on-time and so forth. I still expect GS will report those to the credit agencies. Perhaps this will encourage some digital wallet promotions so that people don't default to Apple Card in their Apple Pay wallet. This has to be a threat to the banks of the regular customer who doesn't try to maximize rewards, but finds existing card rebate programs too complicated. Getting those casual customers to stay in the traditional bank cards ecosystem will take some effort. Most of the existing cards that encourage mobile wallet like Altitude are not in the casual customers portfolio as well.

Don't forget Apple gets a further portion of those transactions that go via Apple Pay (for any card in the wallet, not just the Apple Card). It is small, but might not be insignificant as volume increases. I doubt it exceeds the development/support costs currently.
Insightful post. Any idea why they have things set up from a branch in Utah - I don't think any of my other cards do this?
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Old Aug 9, 19, 2:22 pm
  #158  
 
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Originally Posted by Xlr View Post
Insightful post. Any idea why they have things set up from a branch in Utah - I don't think any of my other cards do this?
This is pretty common actually. It does require some operations to be there too. Here is a blog post covering some of those popular credit card company states.

https://getfinal.com/company-news/20...ssuing-states/
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Old Aug 10, 19, 4:12 pm
  #159  
 
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Originally Posted by hawata View Post
I got an early invite and was approved for 40k at 12.99 APR. metal card to be delivered in 4-6 days.

Made it default card for all Apple related purchases...
I applied on the 7th of August and was given the same CL of $40k at 12.99 APR. After requesting the physical card be sent expedited, today inside the wallet Apple informed me the card will arrive on the 12th via FedEx. Pickup origin of the tracking number shows Compton, California in the LOS Angeles area.

Out of curiosity does anyone know what level MasterCard it is? I havenít been able to figure out if itís a Gold, Platinum, World, or World Elite MasterCard.
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Old Aug 10, 19, 7:22 pm
  #160  
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Regarding Daily Cash and restaurants, does the card deposit the cash back on the initial purchase immediately and the cash back on the tip after it posts? Granted, I'm sure some will use another card for those given how uncommon NFC is in that merchant category, but some will probably still use the physical card for those.

EDIT: reading online further, it shouldn't matter; Daily Cash apparently only posts after the transaction posts.

Last edited by tmiw; Aug 10, 19 at 8:46 pm
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Old Aug 10, 19, 11:39 pm
  #161  
 
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I guess, because it is Apple card, it is tied to AppleID. As a result, contrary to an ordinary card, you can use it only with iPhone which is provisioned with that AppleID, correct?

Another thought, now AppleID is part of credit file?
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Old Aug 11, 19, 9:35 am
  #162  
 
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I must say, for being a relatively weak cash back card, the other perks are good enough to warrant me being interested in applying. The security features, the quality of the physical card, the ease and speed of cash back, the (so far) quality customer service and ease of getting your problems solved, the software features, and the ability to immediately use the card when approved (along with how it's just a soft pull to apply) is very nice. Hopefully this will influence other banks to give immediate cash back and provide soft pull applications with offers you have to accept before even getting the card... In reality, it should be that way anyways. You should have to sign off on a credit card's terms and conditions before the account is opened... Not "here, your limit is $5,500 at 24.24% APR, close the card if you don't like it."
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Old Aug 11, 19, 11:20 am
  #163  
 
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With apple card, you are still linking a regular credit card to it like the chase sapphire reserve or am I not understanding this?
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Old Aug 11, 19, 12:04 pm
  #164  
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Originally Posted by sam007 View Post
With apple card, you are still linking a regular credit card to it like the chase sapphire reserve or am I not understanding this?
Apple Card is a credit card on its own. There's no linkage to any other credit cards you may have in your phone's Wallet app.
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Old Aug 11, 19, 12:15 pm
  #165  
 
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I have not been able to determine what level of Mastercard the card is tied. It seems none because I was under the impression the level had to be on the physical card. There are no benefits being purchased by GS for customers. Gold was the lowest listed level on the MC site. People should keep this is mind if extended warranty or other protections are important.

Also, there are no AU or even coborrowers/joint accounts on this card. This seems bizarre. I remember in some states even individual accounts might be considered community debt. However, there is little to no visibility on the debt outside the app. We already know that hiding debt is one of the most common secrets kept by partners. I am unsure how this card helps people be more responsible.
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