Apple

Dang. I love my Apple Card and the ease/convenience of the savings account. Hopefully we don’t experience much difficulties during any transitions/changes that will be made.

Is my hysa fucked now?

So if i’m making payments towards my phone using my apple card what happens?

I certainly admit, I relish this news to some degree.

Goldman Sachs, the company well known for just taking your money and... well, that's it -- has skewered itself on (a) bad customer service (a notable Goldman trait), and (b) not knowing how to execute efficiently on Apple's UX demands. Nothing about Apple is standard, and they still went with it and didn't see it coming? Now the execs had to intervene to cut their losses since they realized this was a disaster. I present to you legendary farsighted Goldman Sachs, "the money siphon of the world".

Consumer credit is a shitty business for companies

Whoever takes it over, I hope it leads to more 3rd party integrations. I’m annoyed I can’t use this card with YNAB without hack jobs, so I use it a lot less now.

So what’s the play here?

Best case is Apple keeps quiet about it, and they already have another partner lined up. Essentially a silent backend transition.

Worst case scenario is they abandon consumer credit altogether, and we lose the card and the savings account. Which would… really suck. I built a majority of my credit with the Apple Card, and have a lot savings in the savings account.

What are we projecting to happen here?

Well, time to gear up tomorrow to either buy GS or AAPL on the dip...

Personally, I hope Apple can talk Amex to taking Goldman's place.

Will existing customers be issued new physical cards after the transition?

Never had to call or chat with Apple Card over anything, ever. I hope if Synchrony gets it, I never have a problem.

I've enjoyed using my Apple Card for in-person transactions where I've needed to physically hand my card to someone (the primary benefit to me being the lack of sensitive numbers printed on the card). That being said, I've steadily reduced my usage of the card the more I've learned of Goldman Sach's displeasure servicing the card and had been anticipating this headline.

Personally, this is enough for me to stop using mine altogether as I don't like the sense of volatility I've gotten from it (especially as of now I don't know who, if anyone, will back it after Goldman and what their reputation is) whereas my usual cards give me better rewards and have always felt "stable".

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.

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.

What was the point of this credit card again?

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?

Welcome synchrony bank. LMAO!!

I use the card solely for the wallet integration. I’d use any bank or card that would provide wallet integration.