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Eli5: Does Apple have a bank account that’s set for payments/refunds for credit card holders?
Like, do they have a line of credit that creates new lines of credit beneath the main one whenever someone gets a new Apple Credit Card?
Goldman Sachs is the bank. They provide the lines of credit. Apple is the user interface.
I’m not sure if I understand this correctly. Is Apple pulling the plug or is Goldman pulling the plug here?
So the cards will stop working soon?
It’s sounding like that remains to be learned. Based on the article, it’ll be at least another year before Goldman Sachs officially stops backing the card so not anytime “soon”. In that time it’s conceivable Apple could arrange for another creditor to back the card.
That sucks. The functionality has been excellent, IMO. I like it much better than my cards from Chase or Amex.
It’s crazy how user experience plays such a big role in these things. Wells Fargo can’t make a good app for the life of them. AMEX and Citi have gotten better, but none are near the ease of use I get from the Apple Card. That’s why it’s my daily.
Amex definitely best aligns with Apple but I understand why they’re hesitant. Amex treats me like a human which I greatly appreciate
AMEX customer service is mediocre if you need assistance with something beyond the basics, which is ridiculous for a company that size and if you have a high tier card like the Platinum.
My Apple Card has been a major disappointment. Even with excellent credit and other credit cards with $20k+ limits, they won’t up my spending limit much or fast. It’s at $900 a month and I signed up early.
It’s also a spending limit, not a credit limit. My other cards will allow me to buy a vacation for $20k, pay off the card immediately, and have full access to the limit again. The Apple Card limits spending to $900 a month total, making it almost useless for daily spending or large purchases.
It gives less in points benefits than other cards, too. I bought a new Mac on points from my Chase Preferred card, our daily spending card, after I couldn’t get GS to up the limit so we could buy it on the Apple Card.
I’ve already sworn off Synchrony, years ago. If that’s who takes over, the Apple Card gets canceled.
There’s no spending limit. Maybe you just didn’t wait long enough for your payment to clear. I think it’s possible to set up a spend limit for yourself.
If there’s a spending limit, I’ve never hit it. I have 20k credit and every month, I charge anywhere from 1-5k and pay it off. Have never incurred interest.
It’s a spending limit, and if you have a 20k limit and only spend 1-5k, you would, in fact, never hit it.
It will be a big shit if Apple partners with amex and offers no amex fee to all Apple users.
Going to Amex I believe.
That was the rumor. BUt lets hope that does not happen. If does then I can’t use it any longer.
I live half my time in South East Asia and Amex is not taken there at 90% of places.
acceptance would be an issue. visa or mastercard issuer would be better for apple for sure.
Is it coming to the uk yet?
I use the card solely for the wallet integration. I’d use any bank or card that would provide wallet integration.
Don’t all the banks these days provide wallet integration?
If Amex takes over will there be a massive annual fee? Correct me if I’m wrong but all Amex cards have annual fees.
I basically have one credit card for emergencies that has a high limit, and several more that also have no annual fee that get used twice a year for a pack of gum that gets immediately paid off. Not interested in paying an annual fee for a hunk of plastic to sit in my safe.
Only maybe half?
No, all thier cars do not have annual fees.
That is incorrect. They offer credit cards with no AF.
I have the Blue card that has no annual fee.
What was the point of this credit card again?
Better UX. Which it did. Was the primary card I have been using.
But if move to Amex that will end that. Amex is worthless if you travel and I travel 50% of the time. Mostly SEA.
Better UX. Which it did. Was the primary card I have been using.
COMPLETE WASTE OF TIME
Apply pay already negated all the UX of other banks cards.
Makes sense… with the 0% financing and never carrying a balance, I’ve probably been a net loss AC user for them.
CC companies hate people who pay their balance at the end of every month.
The bank, card network, and processor all make fees off every transaction. I charge ~$70,000 per year on my card while paying in full every month. I get ~$1,200 back as a reward. The various institutions split an average of 2.5% per swipe…or ~$1,750 (though probably higher).
No such thing as a free lunch, my friend. As you pay more on everything at retail as prices rise to cover.
Yep, good old processing and interchange fees. Someone has to pay them.
Hopefully the Apple Card stays around, it’s my daily driver CC and I really enjoy the interface and spending breakdowns it provides.
Same.
It would be nice for Apple Card to partner with a CC available in Canada.
Never had to call or chat with Apple Card over anything, ever. I hope if Synchrony gets it, I never have a problem.