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Apple Card by Goldman Sachs Thoughts?

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Valued Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@GardenPro wrote:

It definitely sounds like it's poised to shake-up the credit card industry. I'm going to keep my eye on this one as it could be worth coming out of the garden for.


Um. no. Not really.

 

There are several things working against this being a successful launch, or at most, a card with limited appeal and interest.

 

1.) Goldman-Sachs has NEVER issued a credit card before. Expect there to be issues in customer service and provisioning of the card at launch. Unfortunately, you only get one shot at first impressions and this is set up to stumble out of the gate.

 

2.) Apple ALREADY has had a card through Barclays, and it failed to really bring out the fanboys and fangirls. Generally speaking, successful credit cards address one of three consumer segments: Those looking for rewards, those looking for a low interest rate, or those choosing a card based on an affinity. This is an affinity play and since the numbers for the Barclay's card don't seem to have moved the needle much, don't expect this to either.

 

3.) The money management features in the Apple Wallet are not sexy and more important, are not groundbreaking or market disrupting. Furthermore, the real benefit to having that data is to use the analytics for some other purpose. Since Apple is a technology company and not a data-driven company like Google or Facebook, there is no payoff for Apple shareholders as a value add to build equity. So your Apple Watch alerts you to an upcoming payment. Big deal.

 

Add to the above that the awards are not ground-breaking and I find it hard to believe this to be a market disruptive card.

 

It looks good though. I'll give you that.

Message 11 of 920
Valued Contributor

Re: Apple Card by Goldman Sachs Thoughts?

I'm not interested in the regards program, but if they announce ongoing special financing on Apple products, and not just a one time introductory 0% when applying for the card, I'll go for it. 

I also wonder about the credit criteria for applicants. During the presentation, Apple made it seem like it's going to be a piece of cake to get this card, but Goldman doesn't strike me as a bank that's going to give credit to people with not so stellar profiles. Who knows...

 

AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | PenFed | SYNCB (PP 2%, Lowe's, Amazon, PP Credit) | US Bank
Message 12 of 920
Established Member

Re: Apple Card by Goldman Sachs Thoughts?

The Cash back is nothing exciting, not worth using one of your 5/24 on IMO .

 

That being said, I'm interested in the titanium card and it costs nothing to have, I'll go for it after getting the chase cards.

Message 13 of 920
New Member

Re: Apple Card by Goldman Sachs Thoughts?

Apple these days is genius at making cosmetic improvements under the guise of innovation 

 

This card lost me at no SUB and weak cash back categories.

You could add better cash back cards to your apple pay and still have the same mobile security but better cash back 

And if moble payments is really your thing US Bank Altitude Reserve gives 3x cash back on travel and all

mobile wallet payments.

 

The physical card that titanium with no #s or expiration definitely looks cool. but thats all i feel like it has to offer. 

Message 14 of 920
Valued Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@RicHowe wrote:

@GardenPro wrote:

It definitely sounds like it's poised to shake-up the credit card industry. I'm going to keep my eye on this one as it could be worth coming out of the garden for.


Um. no. Not really.

 

There are several things working against this being a successful launch, or at most, a card with limited appeal and interest.

 

1.) Goldman-Sachs has NEVER issued a credit card before. Expect there to be issues in customer service and provisioning of the card at launch. Unfortunately, you only get one shot at first impressions and this is set up to stumble out of the gate.

 

2.) Apple ALREADY has had a card through Barclays, and it failed to really bring out the fanboys and fangirls. Generally speaking, successful credit cards address one of three consumer segments: Those looking for rewards, those looking for a low interest rate, or those choosing a card based on an affinity. This is an affinity play and since the numbers for the Barclay's card don't seem to have moved the needle much, don't expect this to either.

 

3.) The money management features in the Apple Wallet are not sexy and more important, are not groundbreaking or market disrupting. Furthermore, the real benefit to having that data is to use the analytics for some other purpose. Since Apple is a technology company and not a data-driven company like Google or Facebook, there is no payoff for Apple shareholders to add value in addition to offering nothing that card users can't get other places. So your Apple Watch alerts you to an upcoming payment. Big deal.

 

Add to the above that the awards are not ground-breaking and I find it hard to believe this to be a market disruptive card.

 

It looks good though. I'll give you that.


My takeway from today's keynote is that Apple is heavily diversifying their services, in order to generate more profit. By doing that, they're throwing a bunch of things out there to see what sticks, this being one of them. 

As a long time Apple fan, it's kind of sad to see them going this route, purely in the interest of profit and making shareholders happy. Seems like they are running a little low on hardware innovations these days. 


Message 15 of 920
Regular Contributor

Re: Apple Card by Goldman Sachs Thoughts?

It is certainly interesting and unique. Worthwhile? hmmm not sure. Time will certainly tell how well it does. As another person wrote, this is new for both Apple and Goldman Sachs. If I every decided to app for this it will be after a period of time to see how well both can work together. Getting the first gen of many things is often not worth it. Need to let them iron out the bugs first. At this point I would say not interested but who knows. Maybe in time. 

Message 16 of 920
Established Contributor

Re: Apple Card by Goldman Sachs Thoughts?

It's a great marketing opportunity to get the apple fans on board. I think google pay already had a optional debit card along with storing credit cards and rewards(and gift cards) and such in your app to use with your phones.

Goldman Sachs don't look like they will give just anyone a card. They do have big money to back them up. Maybe they will buy a credit card lender are use a huge back end from Elan.
Message 17 of 920
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?

I wonder how Apple plans to let consumers know that this isn’t that Barclays card that screwed them over... I would be very concerned about that image sticking...

 

This card is a pass for me. I like the look of it but everything else sucks. Come back to me when you offer 2% back on all purchases and throw in AppleCare+ benefits Apple. 

 

This also screams superprime to me... I wonder if they’ll keep the Barclays as a fallback. 

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Message 18 of 920
Regular Contributor

Re: Apple Card by Goldman Sachs Thoughts?

I don't see this card replacing my Amex Amazon business card in the near future. The cash back options are not ground breaking, nothing to really get excited about and who really shops at apple stores that much to really benefit from the 3% CB? I'll wait until they increase their rewards program.
Message 19 of 920
Valued Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@arcglobal wrote:

Apple these days is genius at making cosmetic improvements under the guise of innovation 

 

This card lost me at no SUB and weak cash back categories.

You could add better cash back cards to your apple pay and still have the same mobile security but better cash back 

And if moble payments is really your thing US Bank Altitude Reserve gives 3x cash back on travel and all

mobile wallet payments.

 

The physical card that titanium with no #s or expiration definitely looks cool. but thats all i feel like it has to offer. 


There was no mention of a SUB because they just talked about the rewards and overall benefits during the presentation, but the card isn't available so I'd be surprised if there isn't any SUB at all. When the card is ready for launch, more details will be revealed.

 

I also agree that there are better earning cards, and I wouldn't use this Apple card over my AR for mobile purchases -- even at Apple. The AR is actually 4.5x and I can use it with Samsung Pay too.

AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | PenFed | SYNCB (PP 2%, Lowe's, Amazon, PP Credit) | US Bank
Message 20 of 920
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