On the flip side since most people like to share scary stuff because when things are going right, nothing is worth sharing...
I put 75k or more worth of transactions through my Apple Card in 2022 and I've had nothing but wonderful experiences with the whole thing, including with Apple and Goldman Sachs.
Same. I use my Apple Card instead of cash or my debit card in almost all cases (except Costco where I have to use Visa and I have their card for that). I've averaged a little over $27K/year since 2019 and have had zero issues. GS has been great when I've had to dispute charges and they took care of everything. I love how seamless it is and it just works. Also, I am a self-admitted Apple-whore and am totally invested in their ecosystem FWIW.
> except Costco where I have to use Visa and I have their card for that
I imagine this is due to some dispute with Mastercard on their fees for credit cards (you can use MC debit at Costco); Visa probably gives Costco a steep discount on fees.
My point (theory) is that Mastercard isn't offering them a big enough volume discount. If they could pay 0.1% I doubt they would exclude MC even if it meant losing out on some Costco credit card accounts.
I'm saying excluding other card brands gets them a bigger discount from their exclusive card network than volume alone would, not that it pushes people to the Costco-branded card from that network (though it probably does that, too.)
Well, Apple’s metal card doesn’t have NFC capabilities for security and to incentivize pulling out the phone for purchases. The metal card only gives 1% back while using the phone gives 2%.
The Apple Card is great because Goldman decided to get in the business of selling two dollar bills for a dollar as a growth hack. That's not something that will last forever.
What do you mean? In the US where Apple Card is offered, the 2% back for Apple Pay transactions seems sustainable. The only thing that has put GS into question is [0], but that's just overlending likely at the request of Apple to get Apple Card in more hands.
> Goldman Sachs spent a lot of money to help launch Apple Card and its other consumer services. A report from January 13 revealed the bank's consumer credit division lost $1.2 billion in nine months last year, and the losses were primarily related to the Apple Card.
> "In the consumer platforms, we did some things right. We didn't execute on some others," Solomon told CNBC on Wednesday. "We probably took on more than we should have, you know, too much, too quickly."
> Goldman helped launch the Apple Card in 2019 and reportedly spent roughly $350 to acquire every new Apple Card customer. And in 2022, it scaled back its efforts to turn its consumer savings business, Marcus, into a fully-fledged digital bank.
> Executives of Goldman's collection of businesses known as Platform Solutions believe its consumer division may break even in 2025, although that target was initially by the end of 2022. However, the bank isn't giving up on the Apple Card.
> "I think we now have a very good deposits business," Solomon said. "We're working on our cards platform, and I think the partnership with Apple is going to pay meaningful dividends for the firm."
Apple Card has Mint integration now as a way to get bulk CSV. Mint being an Intuit product in 2023 is problematic in its own ways, but the Mint <=> Apple Card OAuth flow suggests it may be an API others can (eventually, with effort) request access to.
Can you elaborate on this? (If it's too traumatic to talk about no worries. I'm just curious.) If I recall when my spouse changed her name after we got married, she also had to send in the appropriate government documentation. Are you saying that you were able to just call up AmEx and say, "Please change my name from Y to X" and they just did it without any requirement to prove it was still you? (That sounds like a huge security hole, if so.) I'd be interested to understand this in more detail if you're up for explaining it. But if not, I understand.
Their name change policy really is a bit ridiculous. I know somebody that had their first name printed in lowercase on the card because Apple/GS absolutely refused to change the first letter to uppercase without a birth certificate. Photo state ID would not do…
That said, asking for official documentation for a name change seems like standard bank policy. Are there banks that make this easier?
I put 75k or more worth of transactions through my Apple Card in 2022 and I've had nothing but wonderful experiences with the whole thing, including with Apple and Goldman Sachs.