Apple is in ongoing talks with two financial companies to take over Apple Card credit services management from Goldman Sachs, according to a new report. The iPhone giant has been discussing the matter with Barclays and Synchrony Financial for a while, apparently.
News of the talks comes just one day after Goldman Sachs’ CEO said on an earnings call the firm’s Apple Card management, scheduled through 2030, might end sooner than that.
The Consumer Financial Protection Bureau (CFPB) imposed nearly $90 million in combined penalties on Apple and Goldman Sachs, the agency said Wednesday. The fines punish widespread customer service failures and misleading practices affecting Apple Card users. And the Apple Card fines for Apple and Goldman Sachs add up to some serious bank, too.
The enforcement action comes after an investigation revealed “significant breakdowns” in dispute handling and deceptive marketing of interest-free payment plans, CFPB said. Apple and Goldman Sachs didn’t much like the findings but pledged compliance.
For the fourth year running, Apple Card is tops in customer satisfaction, along with issuer Goldman Sachs, according to the 2024 U.S. Credit Card Satisfaction Study by J.D. Power. They came out No. 1 in their segment, co-branded credit cards with no annual fee.
Apple’s partnership with Goldman Sachs for the Apple Card is reportedly coming to an end. The Wall Street Journal says Apple sent a proposal to the bank to exit from the agreement in the next 12 to 15 months.
At the moment, it remains unclear if Apple has zeroed in on another banking partner for Apple Card.
Not just anyone qualifies for a new Apple Card — including Apple CEO Tim Cook, according to a new report. The Goldman Sachs underwriting system apparently rejected his application a while back.
Amid reports lately that Goldman is losing money on its deal with Apple, and the two might part ways, it almost sounded like payback. But that’s not it.
Goldman Sachs reportedly wants out of a partnership with Apple that has the bank backing the Apple Card and other financial services. It’s not hard to guess why: recent filings from the bank indicate it has lost at least $1 billion on the deal.
It’s supposedly looking to hand the business off to another megabank.
Apple Card Savings accounts launched to great acclaim recently with their high yield, but some customers are complaining that withdrawing money and transferring funds through the Goldman Sachs-held accounts takes too long.
And some are leaving, according to a new report.
Apple and its Apple Card partner, Goldman Sachs, plan to launch a new pay-in-installments service for all Apple Pay purchases reportedly known internally as “Apple Pay Later.” It resembles other “buy now, pay later” offerings from companies like Affirm Holdings and PayPal.
Apple on Thursday unveiled a $200 million fund to back responsible forestry efforts around the world. The Restore Fund, launched with Conservation International and Apple Card partner Goldman Sachs, aims to remove at least 1 million metric tons of carbon dioxide from the atmosphere every year.
That would be equivalent to removing more than 200,000 passenger vehicles from the road.
Apple opened a website Thursday that lets Apple Card users see their balances, pay their monthly bills and more. Until today, cardholders could only do these tasks on an iPhone or iPad.
The novel coronavirus continues to hurt the U.S. economy, with unemployment about 13%. With so many out of work, or earning far less than they usually do, Apple and Goldman Sachs are offering to let people people struggling financially because of the COVID-19 pandemic skip their July Apple Card payment without being hit with interest fees.
Apple and Goldman Sachs are reportedly giving a second chance to people whose Apple Card applications were rejected. The “Path to Apple Card” program explains why they were denied, and gives users a chance to fix the problems.
Apple and Goldman Sachs might cut you some slack on your credit card bill if you lost your job during the COVID-19 pandemic. Users of the Apple Card were notified today that they can apply to skip their May payment without interest charges being added.
Goldman Sachs may be Apple’s partner in Apple Card, but that doesn’t mean that its equity research division is a cheerleader for Apple in everything it does. In fact, the firm just cut its price target on Apple from $250 down to $233, and recommends that clients sell their Apple shares.
This is the third time that Goldman has downgraded its Apple earnings estimate since February 17. Analysts led by Goldman tech analyst Rod Hall think that Apple is headed for a reduction in iPhone demand this year. That’s likely to be followed by a shallower recovery headed into 2021.
Apple Cardholders facing sudden financial distress because of the COVID-19 pandemic can skip their April payments without interest.
Goldman Sachs, which backs the new Apple credit card, offered the same program to cardholders who had trouble making March payments.
Apple updated its privacy policy on Apple Card this week in order to share more data with its card partner Goldman Sachs.
The larger data set is still be anonymized and will reportedly be used to allow Goldman Sachs to create a new credit assignment model so that more people are able to get approval for Apple Card.
Don’t expect Apple to go easy on you if you get delinquent on payments to your Apple Card. Because that is not in Apple’s control.
The credit card is underwritten by Goldman Sachs. And the bank made it clear this week that it alone makes the decisions about collections from delinquent cardholders.
You may think the Apple Card is unlike any other credit card. Your credit score will now treat it like all the others.
Goldman Sachs, the bank behind Apple Card, says it is working with credit bureau TransUnion in reporting cardholder information.
Apple Card customers can now enjoy 3% daily cash back at Nike.
The deal applies to purchases made through the Nike website, retail stores, Nike Training Club, and more. And all Nike products are eligible.
Cupertino pitched Apple Card as the greatest credit card in history. Instead, the card generated negative PR based on accusations that the algorithm used to decide credit limits is discriminatory.
Even Apple co-founder Steve Wozniak complained about the supposedly sexist algorithm. Woz said he received 10 times more credit than his wife, despite sharing bank accounts and assets. Here’s how Apple became the latest tech giant to be accused of algorithmic bias — and what that means.
Any late payments made so far to an Apple Card account haven’t hurt your credit rating. Not yet, anyway.
That’s because the bank that’s backing the card, Goldman Sachs, reportedly isn’t giving anyone’s payment history to the three major credit bureaus.
Apple Card is off to smashing start, according to Goldman Sachs CEO David Solomon.
During an earnings call this morning, Solomon updated investors on the status of Apple Card which launched in the US in August. Despite some skeptics worrying about Apple Card’s profitability, Solomon claims Apple Card is “the most successful credit-card launch ever.”
Apple partnered with Goldman Sachs to launch Apple Card. But that doesn’t guarantee that the two entities will always see eye-to-eye.
Late last week, Goldman Sachs cut its price target on Apple shares to $165. That gives it the lowest expectations for Apple of all major Wall Street banks. Following the news, Apple hit back at its partner, arguing that its claims were ill-founded.
The new Apple Card offers some unusual security features, all designed to prevent this credit card’s number from being used without authorization, either in a store or online.
The fact that the card number isn’t printed on it anywhere is just the start. “The real key to the enhanced security here is happening behind the scenes,” said Craig Vosburg, President of Mastercard North America.
Apple Card is now available to all iPhone users in the United States.
You can sign up for yours through the Wallet app. Users will enjoy 2% daily cash back on Apple Pay transactions, and 3% daily cash back on purchases made directly from Apple.
As the Apple credit card launched Tuesday, Cupertino also expanded its 3% daily cash back offer to include Uber and Uber Eats.