According to the WSJ and CNBC Goldman Sachs is in talks to the sell Apple portfolio (card & savings account) to American Express. This comes after Goldman Sachs announced it would stop bidding for new credit card programs.
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can amex clawback browned or bitten apple?
I would think that Apple’s greater concern for their customer’s privacy wouldn’t mesh well with Amex’s capability to know transaction details of every purchase you make.
If thats the case, Apple can try to pull the entire program. But per the contract signed I doubt it. The deal was a terrible idea for Goldman. How/Why does an investment bank with hihg net worth cusotmers and deals, get involved in consumer credit cards which is an area that far more complex that it appears. Apple got the best of the deal anyway. It was a one sided deal that other card companies did not want.
Amex is pretty trash
nah. false my guy.
Serious question, but why not have Barclays take over the portfolio? They have familiarity with Apple with a card they used to issue. IIRC, Barclays was interested in the GM card too. GS could try a 2-for-1 type of deal with them.
After the train wreck that was the Uber card, I’m going to say far away from any credit card that has Barclays’s name on it.
Yeah, maybe the reason Apple isn’t working with Barclay’s is that they used to work with Barclay’s.
Nooo my free iCloud card. Hope the balance waiver survives with whatever changes occur
What makes it free? Just the waiver? Can’t you just move to another card that has it
Nike milking Apple.
Can’t for the $150 annual fee and a 10 dollar monthly credit that can only be used on the gold color iPad purchased in-store only between 11:15am and 11:35am on the 3rd Tuesday of the month if a full moon is predicted in the following month but 1st Monday if less than the 50 percent of the previous month was sunny.
And only eligible if you bring your mother-in-law.
Don’t worry, they will also increase the annual fee eventually and add on more credits for other products in the Apple ecosystem.
At least transition to a bank who provides the low balance waiver….
I already have 5 Amex credit cards and a couple charge cards. I don’t want my apple card to show up in American Express
That’s the real concern, if it’s not just co-branded. Nothing wrong with the Apple Card, but if it took one of 5 Amex lines of credit, that’s actively losing money.
Amex is very generous with credit limit increases (3x limit in 90days), and so was Goldman Sachs with Apple (they have begun to tighten that). Amex should buy the card and savings portion from Goldman IMO