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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 Jul 26, 19, 10:32 pm
  #121  
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Originally Posted by mikesyr18 View Post
Ridiculous that the card was announced in March and it's taken this long to roll it out. Just give us a release date already... There's no need to be hush hush.
I'm fairly sure they just promised "this summer", which technically gives them until mid-September. Of course, I'm sure they'd probably want to release as soon as it's ready and not delay it unnecessarily.
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Old Jul 28, 19, 7:40 pm
  #122  
 
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One of the issues I believe is the GS side. Apple was takong a risk to go with a bank not very experienced with servicing consumer cards. While I am also still unsure they will be able to issue the physical card part as planned without some small or big changes.

Apple had so many existing relationships including Synchrony and Barclaycard US where they could have partnered.
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Old Jul 28, 19, 8:12 pm
  #123  
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Originally Posted by rasheed View Post
Apple had so many existing relationships including Synchrony and Barclaycard US where they could have partnered.
Would those other partners have been able to support what Apple wanted, though? At least in the case of Barclaycard, I don't remember ever getting an instant card number or even being able to add my card to a mobile wallet until after getting the physical card. Not to mention that I had to answer security questions based on my credit reports and public records before I was allowed to add my card to Google Pay.
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Old Aug 2, 19, 8:49 pm
  #124  
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Looks like jailbreaking, cryptocurrency purchases and cash advances are explicitly not allowed under Apple Card's T&C per The Verge. Not that anyone on FT (or really most people in general) would willingly use the card in an ATM when there are viable alternatives, mind you.

Also, outside of corporate cards issued by employers, I haven't seen that sort of thing in a card T&C before. I suppose it does fit in with the "no fees"/"security" mantra that Apple is selling.
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Old Aug 3, 19, 4:25 pm
  #125  
 
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Originally Posted by rasheed View Post
Apple had so many existing relationships including Synchrony and Barclaycard US where they could have partnered.
I'm glad Apple decided to go with neither of those banks. They're both a joke.
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Old Aug 5, 19, 12:48 am
  #126  
 
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Originally Posted by mikesyr18 View Post
I'm glad Apple decided to go with neither of those banks. They're both a joke.
Maybe, but there is no history for GS in the consumer card side. I still am unsure if they can successfully issue a card as untraditional as they have been talking.

I think Barclays is really fair on how they handle their cards. Imagine a card company not trying to get customers only via a SUB. It didn't turn out well, but does show a desire to have a more realistic card relationship.

Synchrony has too much history with store and not so great cobrands, but I don't know of anyone who has said they have been unfair on one of their few prime cards.

I enjoy the cards I have with both issuers.
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Old Aug 5, 19, 12:05 pm
  #127  
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Looks like Apple's allowing people to apply for Apple Card now as long as you've gotten an email invite:

Apple Card - Apple
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Old Aug 5, 19, 4:15 pm
  #128  
 
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Originally Posted by rasheed View Post
Maybe, but there is no history for GS in the consumer card side. I still am unsure if they can successfully issue a card as untraditional as they have been talking.

I think Barclays is really fair on how they handle their cards. Imagine a card company not trying to get customers only via a SUB. It didn't turn out well, but does show a desire to have a more realistic card relationship.

Synchrony has too much history with store and not so great cobrands, but I don't know of anyone who has said they have been unfair on one of their few prime cards.

I enjoy the cards I have with both issuers.
Goldman Sachs is an investment firm like Merrill Lynch and Charles Schwab, which have excellent customer service. I'm sure GS will have good customer service for the Apple Card. If not, it's not like Barclays and Synchrony set the bar very high in the first place.

I actually think it's a large improvement for Apple to finally weaken (and hopefully get rid of) their relationship with Barclays.
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Old Aug 5, 19, 4:50 pm
  #129  
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Originally Posted by mikesyr18 View Post
Goldman Sachs is an investment firm like Merrill Lynch and Charles Schwab, which have excellent customer service. I'm sure GS will have good customer service for the Apple Card. If not, it's not like Barclays and Synchrony set the bar very high in the first place.

I actually think it's a large improvement for Apple to finally weaken (and hopefully get rid of) their relationship with Barclays.
Some would argue that it's a significant issue that Apple partnered with GS, but the reasons for that would probably get this thread moved to OMNI.

As for the card itself, I heard a rumor about how the physical card's chip is set up, so I'd be interested in seeing if a) that's true and b) if it causes acceptance issues anywhere.
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Old Aug 5, 19, 6:11 pm
  #130  
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Originally Posted by tmiw View Post
As for the card itself, I heard a rumor about how the physical card's chip is set up, so I'd be interested in seeing if a) that's true and b) if it causes acceptance issues anywhere.
Okay, now you’ll have to tell us what that rumor is ;-)

Somehow manage to bypass chip + pin terminals?
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Old Aug 5, 19, 6:16 pm
  #131  
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Originally Posted by dw View Post
Okay, now you’ll have to tell us what that rumor is ;-)
Somehow manage to bypass chip + pin terminals?
I heard that the card only supports no CVM--not even signature or PIN. Assuming there's no merchant requirement to support that on attended terminals (it is in fact required to support that on unattended ones), I could see CVM processing failing and some stores behaving weirdly as a result.

That said, perhaps it won't be an issue. I tried to look through Mastercard's publicly available rule documents and I didn't see anything offhand that'd preclude such a card, anyway.
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Old Aug 6, 19, 11:18 am
  #132  
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Some people are getting invites now: https://www.theverge.com/2019/8/6/20...-goldman-sachs

In addition, I read elsewhere that if you signed up on the interest list, you may be able to apply now without getting the email invite.
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Old Aug 6, 19, 12:19 pm
  #133  
 
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Any guesses as to the over/under on when we'll start hearing stories of clueless cashiers rejecting the cards due to the lack of a signature panel or numbers?
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Old Aug 6, 19, 12:29 pm
  #134  
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Originally Posted by zolk View Post
Any guesses as to the over/under on when we'll start hearing stories of clueless cashiers rejecting the cards due to the lack of a signature panel or numbers?
Most don't even look at the signature panel in the first place so that probably won't be the issue. I'm not sure numbers would be, either, since there have been cards with them on the back for quite a while now.

(Also, even though it's less common than many other places, most places still have you do the inserting/swiping/tapping yourself in the US.)
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Old Aug 6, 19, 1:26 pm
  #135  
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Originally Posted by tmiw View Post
I heard that the card only supports no CVM--not even signature or PIN. Assuming there's no merchant requirement to support that on attended terminals (it is in fact required to support that on unattended ones), I could see CVM processing failing and some stores behaving weirdly as a result.
Thanks-- that's interesting to hear, and I do wonder if it may lead to issues with older POS systems or ones that may not be configured properly, but I suppose that goes along with the Apple ethos of simplicity. (Unfortunately it sounds like the card will be a no go at unattended kiosks that require either online or offline PIN.)
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