Apple

111 readers

1 users here now

A place for Apple news, rumors, and discussions.

founded 2 years ago

MODERATORS

communick@hardware.watch

Apple Pulls Plug on Goldman Credit-Card Partnership (www.wsj.com)

submitted 2 years ago by _____WESTBROOK_____@alien.top to c/apple@hardware.watch

196 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] AnthonyBTC@alien.top 1 points 2 years ago (1 children)

I'm hoping that with Goldman withdrawing, the partnership could be transferred to either American Express or perhaps JP Morgan. I don't see another company that can offer what Apple aims to achieve with the card.

[–] Putrid_Pack7864@alien.top 1 points 2 years ago

Neither of those outfits are likely to adopt the kind of underwriting standards that Apple will want in place.

Nobody — even the subprime folks like Synchrony — is going to concede the interchange fee revenue that GS surrendered to Apple. That’s the truly shocking part of this story.

My bet is on Synchrony, in all honesty. I kinda hate them but I’ve had better experiences with them than GS. A lot of their problems come down to outdated technology and that’s something Apple will certainly fix for the Apple Card. A good partnership might even see Apple lend some expertise to Synchrony on their other products. Their account management system feels like it was designed in the 1990s on Web 1.0.