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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.
If they dropped GS then they already inked a deal with a new partner and will probably announce before market open tmrw.
I was looking at applying for one in the future but if this goes to Synchrony I’m absolutely out. They are notorious for closing accounts in good standing for various and dubious reasons.
I wonder how this will impact credit age and such.
Jesus. Well, I haven’t heard anything from Apple directly. Think we’d all get an email soon, no? I got the card for the cash back on practically every internet purchase using Apple Pay. Then the 0% on iPhones for two years (one year on the other devices) was sweet. I hope they can keep that with whoever they hook up with. Honestly I didn’t expect this to last long. Apple makes it really easy to pay the card before the interest piles up. I barely pay any interest on the card.
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.
At one time, I was on the edge of getting the Apple Card because of their $0 interest on almost all Apple products, including the iPhone, but once they got rid of the unlocked iPhone with 0% interest, I knew the writing was on the wall.
Especially when it was directly competing with the iPhone Upgrade Program.
It’s still unlocked……
Let Amex take over and have Amex issue Mastercards since there is a deal in place until 2026 jajajajaja .
so we don’t have to pay off any remaining balances? Hooray! /s
If only 😂😂
I’m not sure if I understand this correctly. Is Apple pulling the plug or is Goldman pulling the plug here?
I got this card for one reason, and one reason only. My son-in-law has one…threw it down one day to pay for something. That clink…that metal sound…what is that I had to know? And now…I have the clink. So my hope is that that is not going away. Not sure who else makes a metal card ( probably some AE version)…but I am easily entertained in my old age as you can see.
First he took your daughter and then your man hood by throwing down that Apple Card. Gigachad son-in-law
That clink
Marriott (the black ones) cards from Chase have the metal layer in the middle.
If the Apple Card ever stops working, you can still sit at your kitchen table and throw the card down to hear that clink if that’s what rocks your socks. That parts never going away.
AMEX Hilton Honors card is titanium now.
Chase Amazon Prime is metal too.
That…has my interest.
My Amazon card has that heavy ‘clink’. But I assure you that there is more to it that just the sound because throwing down an Amazon card doesn’t get anyone excited.
Curve, Revolut, Vivid does metal cards. They are not that rare in the wild if you search for them, but they are usually on high-cost tiers
I mean, if any company has the resources and bandwidth to spin up an in-house operation, it’s Apple. I’m sure they’re, at the very least, considering going partnerless.
Especially since, given Goldman’s experience, I’m sure any contract with a new partner would pass more of the losses on to Apple than previously.
Being a bank is lucrative if done right — just ask the airlines.
Which airlines run a bank?
Isn’t that hyperbole? They’re not doing banking, they’re running a rewards program that has a vague dollar value but really serves no function of a traditional bank.
they turned airlines into something more like financial institutions that happen to fly planes on the side
For example here they’re hedging. It’s like financial institutions.
Here’s how the system works now: Airlines create points out of nothing and sell them for real money to banks with co-branded credit cards.
So, they’re like banks if they partner with banks to run a program.
This argument does not pass the sniff test to me. It’s just The Atlantic selling a narrative so their readers can talk about something to sound clever.
Starbucks is like the 7th biggest bank in the WORLD!
Throwing money at a problem solves nothing.
Technology companies venturing into financial services doesn’t usually go well. Ask GE
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.
noooo :( i hope someone takes over the apple card
Yikes … so what does this mean? I really hope Synchrony doesn’t get the contract. Damn, this is the credit card that I have the largest limit and history with, this sucks.
PayPal card is clutch too, unlimited 2% cash back and 3% when you use PayPal
That’d be clutch as well but I personally don’t want to apply for anything anymore credit card wise where I’ll get hit with a hard inquiry. That’s why I love AMEX and if I’m looking to open another card then they’d probably be one of the first companies I’d consider. I aged my credit report enough to the point where I was able to get all of my hard inquiries to fall off so now I’m at 0, and I’m not looking to get another one until I apply for a mortgage or car loan.
The Apple Card is the card I have the longest history with, and I would like to keep the account open for another year or two.
Is there any actual harm that Synchrony could do to us?
I hardly ever use the Apple Card, so I’m not really concerned about bad customer service or something like that.
Why are you going to close the account with the most credit history? That’s just going to fuck your credit score.
Get a Citi Doublecash. One of the best cards around. No fees. Keep that thing open for life.
To be honest at this moment I’m done opening credit cards because I have all I need, but if anything happens where Apple doesn’t continue with the Apple Card then I may be forced to. It’ll be a big hit to my credit.
What even happens if they stop supporting the Apple card? Like would it really negatively affect our credit even if it’s completely out of our control? Haven’t dealt with a scenario where a card is discontinued before and how that affects users
Most likely, it’ll be a closed account which will drop your amount of open accounts and your amount of available credit.
I just closed my Citi DoubleCash. It declines SO MUCH and foreign transaction fees are a pain. It also has basically no perks.
Just swapped it for a Capital One Venture X. Card has a $395 annual fee, but gives $400 in annual cash benefits spendable on travel ($100 can be used on any travel, $300 can be used on their portal, which is perfectly fine for booking flights).
Benefit is the app/ecosystem is a lot nicer and it’s never declined a transaction. They also started me out with over 3x the credit limit as Citi did.
It also has return protection, extended warranty, etc.
Dang, sorry to hear the problems with it. I don’t travel a whole lot, so the travel cards don’t do much for me, as great as they look.
Thanks for the info!
Dang. This stinks. Auto populating card info is really nice.
That will still work with any cards you have saved in keychain.