topic Re: Goldman Sachs Wants to End Apple Partnership, AMEX Might Take Over in Credit in the News

Goldman Apple Card Sale to AMEX?

mortimerwereback — Sat, 01 Jul 2023 00:40:41 GMT

Just read this in The Wall Street Journal. If GS eventually sold Apple Card to AMEX I wonder what would happen to the many of us who've burned AMEX in Ch.7 BKs and are no where near being able to get back in. Thoughts?

Anyone think if AMEX took over they'd cancel the Apple Cards of anyone who previously burned them?

It'd also be kinda funny/cool to get back in with AMEX through this side door. loll

Article:

Goldman went public with plans to scale back its consumer business late last year, but it appeared committed to the Apple relationship. The bank recently extended the partnership through the end of the decade, agreed to support Apple’s “buy now, pay later” offering and launched a bank account with the tech company.
Now it is in talks to offload those businesses and its credit-card partnership to Amex, according to people familiar with the discussions. Goldman has also discussed transferring its card partnership with General Motors to Amex or another issuer, some of the people said.
A deal with Amex isn’t imminent or assured, people familiar with the conversations said, and it could take a while to transfer the partnership in any case. Apple would have to agree to a transfer. The tech company is aware of the talks, which have been ongoing for months, the people said.
A retreat from Apple and credit cards would effectively end Goldman’s consumer-lending business. The bank has already stopped issuing personal loans, and it is trying to sell GreenSky, the home-improvement lender it bought just last year.

Apple Card/Goldman Sachs

nomadic_triathlete — Fri, 30 Jun 2023 20:43:39 GMT

An article came out today in the Wall Street Journal that said that Goldman is looking to sell it's Apple Card business to Amex. The article said they are in talks so nothing is certain yet.

I have the Apple Card. I'm several years out from my BK discharge. Amex was one of the banks I burned. I've tried to get a card with Amex and of course they denied me.

I'm curious if Amex ends up with Apple Card would they close my card? I assume I'm not the only one with a BK, who burned Amex, and has the Apple Card. In theory they could just match up the Apple Card customer SS#s to anyone on their BK black list and drop them.

Re: Apple Card/Goldman Sachs

FireMedic1 — Fri, 30 Jun 2023 21:04:57 GMT

The exchange hasnt happened yet, Still in the works. So no DP's to provide just yet.

https://www.wsj.com/articles/goldman-is-looking-for-a-way-out-of-its-partnership-with-apple-79849a91

Re: Apple Card/Goldman Sachs

nomadic_triathlete — Fri, 30 Jun 2023 21:09:53 GMT

Yeah I guess I was curuous if there were other similar transactions. Bank sells their credit card business to another bank and any current cc customers who burned the buying bank in a BK got dropped after the deal went through.

If not I guess we will have to wait and see.

Re: Apple Card/Goldman Sachs

crrredit — Fri, 30 Jun 2023 21:32:40 GMT

I am wondering the same thing. I'm on the blacklist from two unpaid AMEX charge-offs from about 15 years ago. Wouldn't be a huge loss because I have such a small limit, but I like having the card and the Apple-y way it all works. But Goldman is losing a lot of money on it, so I'm guessing low-limit cards with people on their blacklist are something AMEX would likely want to purge right from the beginning. Best case scenario would probably be I keep the card but never get a CLI.

Re: Apple Card/Goldman Sachs

Jeffster1 — Sat, 01 Jul 2023 19:53:08 GMT

There is history related to acquirers shutting down existing accounts. When the GAP portfolio of cards was sold to Barclays, IIRC, Barclays shut down all of the GAP portfolio accounts of those cardholders who had burned them for whatever reason. I remember a number of posts to that effect on here.

The answer is...Yes, it's happened.

Re: Goldman Apple Card Sale to AMEX?

Brian_Earl_Spilner — Sat, 01 Jul 2023 00:47:51 GMT

Depends on if the agreement requires them to take all the accounts. If not, they may be able to cherry pick accounts to keep so some may have their cards closed down. Then there's always the possibility that they take your account and it just exists with no growth because of the past relationship.

Re: Goldman Apple Card Sale to AMEX?

mortimerwereback — Sat, 01 Jul 2023 01:06:17 GMT

@Brian_Earl_Spilner wrote:
Depends on if the agreement requires them to take all the accounts. If not, they may be able to cherry pick accounts to keep so some may have their cards closed down. Then there's always the possibility that they take your account and it just exists with no growth because of the past relationship.

Yea that would suck if they decided to "cherry pick" accounts. I hope that doesn't happen. If they took the account with no growth, I'd be cool with that since I have a decent limit. But shutting down a line of credit with a high limit that's been perfectly paid for "x" number of years because of a previous relationship with AMEX, that would feel like a below the belt punch. Anyway who knows how this will play out.

? Goldman looking to sell Apple Card ?

NoMoreE46 — Sat, 01 Jul 2023 01:13:52 GMT

Story first reported by WSJ. Link from CNBC.

Goldman in talks to offload Apple Card to American Express: Source (cnbc.com)

Re: ? Goldman looking to sell Apple Card ?

NoMoreE46 — Sat, 01 Jul 2023 01:27:19 GMT

I guess this should be merged with the thread that first noted this story.

Re: ? Goldman looking to sell Apple Card ?

ThomasJNewton — Sat, 01 Jul 2023 03:26:52 GMT

Will be curious to see what happens.

Re: Goldman Apple Card Sale to AMEX?

Guyatthebeach — Sat, 01 Jul 2023 13:33:31 GMT

I'm very curious to see how this plays out. I don't think the issue will be going from a Mastercard to an American Express platform. I am interested to see how this potential move would impact ApplePay and 0 interest promos for buying Apple products. These are the two main reasons I have the Apple MC.

Guyatthebeach

Re: Goldman Apple Card Sale to AMEX?

coldfusion — Sat, 01 Jul 2023 14:13:16 GMT

For a hint of how it might play out try researching for examples of how AMEX handled the transition of the Hilton portfolio from Citibank when the Citi cardholder had previously burned AMEX.

I do remember that, at least in the vast majority of cases, AMEX still migrated the card over if the Hilton cardholder already held 5 open AMEX credit cards with the net result of the cardholder having 6 AMEX CC.

Re: Apple Card/Goldman Sachs

md_rebuild — Sat, 01 Jul 2023 17:49:25 GMT

I'm going to watch this one as well. I didn't burn AMEX, but did file BK7 in 2019, and I won't be able to apply with AMEX until 9/24. I love my Apple Card, both for ease of use, and the fact that my CL with them is $11K. I'd hate for Goldman to sell to to AMEX and then they close down my account. I'd be fine for no more CLI, but don't want to lose the padding on my utilization or being able to use the card.

Will be interesting to see if it does go through and how they treat these types of cases. I could definitely see them closing those who burned them, but leaving others (such as those who have a BK on their record) alone as long as they're in good standing, etc.

Goldman Sachs Wants to End Apple Partnership, AMEX Might Take Over

masscredit — Sat, 01 Jul 2023 18:24:42 GMT

Saw this on an Apple related forum -

Goldman Sachs does not want to continue its partnership with Apple, according to a new report from The Wall Street Journal. Apple has teamed up with Goldman Sachs for the Apple Card credit card in the United States, Apple Pay. Later, and the Apple Savings account that ‌Apple Card‌ users can opt for.

The banking company wants to cut back on its consumer business, and is now in talks with American Express (or Amex) about a potential takeover. A deal would see Goldman Sachs offloading its credit card partnerships to another company, which would include the ‌Apple Card‌ and other credit cards like one it offers for General Motors.

American Express has not yet established an agreement with Goldman Sachs, and a deal is not "imminent or assured," according to people who spoke to The Wall Street Journal.

Goldman Sachs recently extended its partnership with Apple through the end of the decade. Apple would have to agree to a transfer, and is aware of the talks that Goldman Sachs has been having with Amex.

(Need a subscriptions to read the WSJ article)

Re: Goldman Sachs Wants to End Apple Partnership, AMEX Might Take Over

Jnbmom — Sat, 01 Jul 2023 18:50:30 GMT

https://ficoforums.myfico.com/t5/Bankruptcy/Apple-Card-Goldman-Sachs/m-p/6691224

Re: Goldman Sachs Wants to End Apple Partnership, AMEX Might Take Over

Jeffster1 — Sat, 01 Jul 2023 19:56:49 GMT

I think Amex acquiring the Apple Card would be awesome. I suppose how one views this is dependent on their relationship, or past relationship, with Amex.

I don't have an Apple Card. It never was on my wish list but a refresh by Amex might make it more attractive to me.

Re: Goldman Sachs Wants to End Apple Partnership, AMEX Might Take Over

coldfusion — Sat, 01 Jul 2023 21:07:28 GMT

@Jnbmom wrote:
https://ficoforums.myfico.com/t5/Bankruptcy/Apple-Card-Goldman-Sachs/m-p/6691224

@Jnbmom I'm going to ask the mods to consolidate threads as there's also one in CINS

https://ficoforums.myfico.com/t5/Credit-in-the-News/Goldman-Apple-Card-Sale-to-AMEX/td-p/6691276

Re: Apple Card/Goldman Sachs

coldfusion — Sat, 01 Jul 2023 21:16:54 GMT

If there are specific data points from the migration of the Hilton portfolio a few years ago from Citibank to Amerian Express where a holder of a Citi-issued Hilton card was still blacklisted by AMEX that might give a clue of what to possibly expect.

Re: Goldman Sachs Wants to End Apple Partnership, AMEX Might Take Over

StephenH — Sat, 01 Jul 2023 22:22:04 GMT

So, hypothetically speaking, if they were to come to an agreement will there be enough time to apply for and get approved for the Apple Card before Amex takes over? Will that allow for entry into Amex ecosystem for individuals who included Amex in BK?