Apple and Goldman Sachs to partner on new credit card
Jul 26, 2019, 9:32 pm
#121
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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.
Jul 28, 2019, 6:40 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.
Apple had so many existing relationships including Synchrony and Barclaycard US where they could have partnered.
Jul 28, 2019, 7:12 pm
#123
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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.
Aug 2, 2019, 7:49 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.
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.
Aug 3, 2019, 3:25 pm
#125
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Aug 4, 2019, 11:48 pm
#126
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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.
Aug 5, 2019, 11:05 am
#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
Apple Card - Apple
Aug 5, 2019, 3:15 pm
#128
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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.
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.
I actually think it's a large improvement for Apple to finally weaken (and hopefully get rid of) their relationship with Barclays.
Aug 5, 2019, 3:50 pm
#129
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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.
I actually think it's a large improvement for Apple to finally weaken (and hopefully get rid of) their relationship with Barclays.
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.
Aug 5, 2019, 5:11 pm
#130
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Somehow manage to bypass chip + pin terminals?
Aug 5, 2019, 5:16 pm
#131
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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.
Aug 6, 2019, 10:18 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.
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.
Aug 6, 2019, 11:29 am
#134
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(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.)
Aug 6, 2019, 12:26 pm
#135
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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.