topic Re: Apple Card Could Find New Home With Barclays or Synchrony. in Credit in the News

Apple Card Could Find New Home With Barclays or Synchrony.

hollifield7034 — Tue, 21 Jan 2025 05:19:25 GMT

https://www.cnet.com/personal-finance/credit-cards/apple-card-could-find-new-home-with-barclays-or-synchrony-what-cardholders-should-know/

Re: Apple Card Could Find New Home With Barclays or Synchrony.

quickstep_knoll — Tue, 21 Jan 2025 16:03:41 GMT

Synchrony doesn't seem like the right partner for Apple. I think a bad card experience risks diluting Apple's brand (though they will be fine).

Barclays is more interesting, on brand, but are pretty strict as a lender, which seems to go against the "accept everyone" premise. My personal experience with Barclays is that they are a fairly conservative lender, which (if common) is also a tough proposition for people who want to finance expensive Apple products.

As World King, I would make Chase take on the Apple card AND create a competitive HYSA for everyone.

Re: Apple Card Could Find New Home With Barclays or Synchrony.

sccredit — Tue, 21 Jan 2025 16:34:20 GMT

@quickstep_knoll wrote:
Synchrony doesn't seem like the right partner for Apple. I think a bad card experience risks diluting Apple's brand (though they will be fine).

Barclays is more interesting, on brand, but are pretty strict as a lender, which seems to go against the "accept everyone" premise. My personal experience with Barclays is that they are a fairly conservative lender, which (if common) is also a tough proposition for people who want to finance expensive Apple products.

As World King, I would make Chase take on the Apple card AND create a competitive HYSA for everyone.

I disagree. Synchrony is the right fit for the Apple card because of the "accept anyone" premise and they already offer high yield savings products (yes, Barclays does as well).

Re: Apple Card Could Find New Home With Barclays or Synchrony.

Tdatb64 — Fri, 24 Jan 2025 03:13:00 GMT

The thing is, the FI's normal policies don't apply to many co-branded cards. The co-brand negotiates the terms the FI will use for their card. We already know the Chase Amazon Prime card is exempted from 5/24 and probably has other relaxed requirements because it does Amazon no good if their card is hard to get. Whoever wants Apple's business will have to agree to most of Apple's terms. I think Apple is far more likely to want to be associated with Barclay's than with Synchrony but it will likely depend on who is more willing to cave-in to Apple's demands.

Makes no difference to me, though, as Apple is just a fruit or The Beatles' record label in my life.

Re: Apple Card Could Find New Home With Barclays or Synchrony.

IsambardPrince — Fri, 24 Jan 2025 04:22:19 GMT

I wonder how they'll get others to take on the people who open a credit card, don't have any money, fill it up with an iPhone and some earbuds that somehow cost over $2500 total and a Macbook for $3000, and toss the card over their shoulders.

There's obviously a lot of people out there that don't even care how they'll eat when the bank sues them, they just want an iPhone now, I guess.

Goldman walked right into it, I wonder who else will.

Re: Apple Card Could Find New Home With Barclays or Synchrony.

CMH90 — Sun, 26 Jan 2025 20:06:19 GMT

This makes me wonder if it was Apple or Barclays that wanted out of their original deal. The OG Apple Rewards card from Barclays was way more lax on approvals than the rest of their cards back in the day.

Re: Apple Card Could Find New Home With Barclays or Synchrony.

Spotsy — Mon, 27 Jan 2025 07:25:36 GMT

It would not surprise me if Apple picks up 2 new partners for the Apple Card.

Synchrony to issue an Apple 'store / iTurnes only' closed loop card....and Chase or Barclays for the MC version . Barclays does not make sense sthough , Would not surprise me if it's setup like Amazon (2 issuers for 2 different type cards).

It would not surprise me if Apple bought the Barclays US Card operations, offloaded the existing Barclays card portfolio to Chase...and use the newly acquired Barclays US operations to run their M/C and Savings account business.

This is Apple....they have the money to do almost whatever they want.

Re: Apple Card Could Find New Home With Barclays or Synchrony.

Cory88 — Mon, 24 Feb 2025 01:59:35 GMT

Only thing that scars me with sync getting the card is that I have so much with sync I would have 10 accounts. All $2,500 CL to $3,000. They may close them out.

Re: Apple Card Could Find New Home With Barclays or Synchrony.

AzCreditGuy — Tue, 18 Mar 2025 16:48:17 GMT

I hope my Apple card doesnt go to Braclays, they are the worst. Was happy when Wells took over my Barclays Choice card. Never again

Re: Apple Card Could Find New Home With Barclays or Synchrony.

Pppoolboy — Thu, 20 Mar 2025 03:22:56 GMT

Agreed that Synchrony is perfect for Apple. Both of them like to think they're better than they are

Re: Apple Card Could Find New Home With Barclays or Synchrony.

aedny1212 — Tue, 13 May 2025 14:50:14 GMT

so what will happen with my Apple Card since I'm blocked for life with Barclays because of a bankruptcy

well they close my account Barclays?

Re: Apple Card Could Find New Home With Barclays or Synchrony.

coldfusion — Tue, 13 May 2025 15:30:28 GMT

@aedny1212 wrote:
so what will happen with my Apple Card since I'm blocked for life with Barclays because of a bankruptcy
well they close my account Barclays?

We can only speculate on what might happen until a final agreement has been agreed to and socialized, yours is a senario whose outcome would be outlined as part of that agreement. It's possible that as part of the agreement accounts like yours would be just closed without ever being transitioned to the new creditor but by the same token if Apple insisted that these accounts transfer over intact Barclay could choose to agree to do so if they want the portfolio badly enough.

Re: Apple Card Could Find New Home With Barclays or Synchrony.

LADave — Sun, 18 May 2025 23:02:05 GMT

@quickstep_knoll wrote:
Synchrony doesn't seem like the right partner for Apple. I think a bad card experience risks diluting Apple's brand (though they will be fine).

Goldman Sachs hasn't exactly given Apple's customers a sterling experience either.

Re: Apple Card Could Find New Home With Barclays or Synchrony.

quickstep_knoll — Wed, 21 May 2025 13:20:19 GMT

@LADave wrote:
@quickstep_knoll wrote:
Synchrony doesn't seem like the right partner for Apple. I think a bad card experience risks diluting Apple's brand (though they will be fine).
Goldman Sachs hasn't exactly given Apple's customers a sterling experience either.

Is that right? I personally haven't had any need yet to interact with them (just 3 years), but I also don't see tons of negative reports, at least not to the scale of Citi or Bilt/WF.

Re: Apple Card Could Find New Home With Barclays or Synchrony.

Follower — Wed, 21 May 2025 14:16:36 GMT

@quickstep_knoll wrote:
@LADave wrote:
Goldman Sachs hasn't exactly given Apple's customers a sterling experience either.

Is that right? I personally haven't had any need yet to interact with them (just 3 years), but I also don't see tons of negative reports, at least not to the scale of Citi or Bilt/WF.

The one time I interacted with them turned out to be pretty bad. In advance, I had switched my Apple Card settings from autopaying the statement balance (a/k/a PIF) each month to just the minimum due, because I was planning on a large purchase that month.

But the billing method did not actually switch, and autopay pulled the entire statement balance (which triggered Bank of America's overdraft protection and covered it). So I called up and spoke to a Goldman Sachs representative, and they changed the setting themselves and assured me that my account was now set to pay the minimum balance the next month.

It did not. The full statement balance was subsequently drawn again.

(It's still set that way, too; I've learned to only use the card for what I can pay for on it.)