cancel
Showing results for 
Search instead for 
Did you mean: 

Apple Card by Goldman Sachs Thoughts?

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Valued Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@Livvi wrote:

"Give Barclays the heaveho on the existing AppleCard" Smiley Surprised Smiley Sad NOOOOO!  I love my Barclays Apple card!  All of my little song purchases and cloud storage go to this card.  When my husband's computer died I simply asked Barclays if we could get special financing to buy a new Mac and they gave it to us.  I need a new Ipad by the end of this year...I HOPE Barclays doesn't get "heave-ho"d before then


A lot of us have given the Barclay's Apple card a 'heave ho' over the years because of their seemingly random CLD's and account closures. They would offer special financing on a purchase, then CLD you after it was paid off. I was actually told by Barclay's that I paid off my special financing purchase too quickly when I was CLD'd!

 

Plus you can only get your rewards as iTunes or Apple gift cards. I like Apple, but they seem to have no brains when it comes to partnering with credit card issuers. 


Message 71 of 920
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@Adalen wrote:

@Saeren wrote:

@Adalen wrote:

I’m an older millennial and I am absolutely going for this card. It’s not even about status, it’s all about accessibility, phone integration, and instant gratification. And yes, a lot of cards have far better rewards but these things are not nearly as appealing (to me) as the simplification of managing credit cards.

 

I use Apple Pay wherever I go and my final battle ground here in the US is sit-down restaurants that still bring out a paper tab, outdated vending machines, and the cash-only snack bar at work.


And with your scores, you either won’t get the card or you’ll get a low limit and high APR. 

 

That’s the biggest issue with this card is that the target audience doesn’t have the best credit and its launching at a time when there are indicators of another recession brewing. When all of the other banks are pulling back on lending, I highly doubt that Goldman is going to go the opposite way. 


Let’s be real - you don’t even know what it would take to qualify for this card, so going around telling folks what they can and cannot be approved for and at what rate is pretty bold. This won’t stop me or any other Gen Yer/Zer from applying and I think we all know, this far into THIS forum, that APR is only an issue if you make it one.


You are absolutely correct that I don’t know but we can hazard a guess that Goldman is going to be cautious with this product like anything else. Since nothing was announced about the Barclays partnership, I would not be the least bit surprised to see Apple keep the Barclays product for those who don’t qualify for the Goldman product. 

 

If Apple makes a no fee card accessible to everyone, it will be ground breaking but let’s face it, Apple is a luxury brand and they want luxury customers. I would be blown away if they hand these out like candy. 

70DD1A3B-9DE6-4CBB-A6D9-BA705BE22054.jpeg
Scores 1/2019:
Scores 8/2019:

Hover over my cards to see my limits!
Goal cards:
Message 72 of 920
Frequent Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@Ge_Gi29 wrote:

@Adalen wrote:

I’m an older millennial and I am absolutely going for this card. It’s not even about status, it’s all about accessibility, phone integration, and instant gratification. And yes, a lot of cards have far better rewards but these things are not nearly as appealing (to me) as the simplification of managing credit cards.

 

I use Apple Pay wherever I go and my final battle ground here in the US is sit-down restaurants that still bring out a paper tab, outdated vending machines, and the cash-only snack bar at work.


I will be honest, I really am interested to see if scores like what you have listed and the profiles of the Millenial generation will be able to snag this card. I am a young Gen X right on the boarder of Millenial, and you are right, I love the accessability of Apple Pay, I literally use it everywhere I can. I love it when people look at me strange when I put my iWatch to the machine and pay. I just feel like, they aren't offering anything other than a brand name because, let's face it, I can do that right now with my current cards. I pay my card with the tap of an app. The text messaging for support is cool but everything else I literally can do with just a couple more clicks of the apps.

 

Maybe it's the fact that the name Goldman Sachs brings up the picture of needing to be well off and perfect credit to play. If they make this card out of reach for it's target market, it's gonna backfire on them.

 


TBH, I’m as excited to see how it plays out in these forums when folks apply and report back. At the end of the day, it is Apple’s problem if they built a product that is out of reach to its target audience.


Message 73 of 920
Frequent Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@Saeren wrote:

@Adalen wrote:

@Saeren wrote:

@Adalen wrote:

I’m an older millennial and I am absolutely going for this card. It’s not even about status, it’s all about accessibility, phone integration, and instant gratification. And yes, a lot of cards have far better rewards but these things are not nearly as appealing (to me) as the simplification of managing credit cards.

 

I use Apple Pay wherever I go and my final battle ground here in the US is sit-down restaurants that still bring out a paper tab, outdated vending machines, and the cash-only snack bar at work.


And with your scores, you either won’t get the card or you’ll get a low limit and high APR. 

 

That’s the biggest issue with this card is that the target audience doesn’t have the best credit and its launching at a time when there are indicators of another recession brewing. When all of the other banks are pulling back on lending, I highly doubt that Goldman is going to go the opposite way. 


Let’s be real - you don’t even know what it would take to qualify for this card, so going around telling folks what they can and cannot be approved for and at what rate is pretty bold. This won’t stop me or any other Gen Yer/Zer from applying and I think we all know, this far into THIS forum, that APR is only an issue if you make it one.


You are absolutely correct that I don’t know but we can hazard a guess that Goldman is going to be cautious with this product like anything else. Since nothing was announced about the Barclays partnership, I would not be the least bit surprised to see Apple keep the Barclays product for those who don’t qualify for the Goldman product. 

 

If Apple makes a no fee card accessible to everyone, it will be ground breaking but let’s face it, Apple is a luxury brand and they want luxury customers. I would be blown away if they hand these out like candy. 


Yeah, I can definitely see that happening if they keep Barclays around.


Message 74 of 920
Frequent Contributor

Re: Apple Card by Goldman Sachs Thoughts?

I'll pass!
Message 75 of 920
Community Leader
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?

I had another hypothesis.....

These cards are going to be something similar to brackets/buckets/tiered.. Where there will be some lower limit cards with higher APRs and higher tiered cards with lower APRs (but not by much)... And there may be benifits that arent given in some tiers... perhaps financing offers on Apple products to some folks and not others...  Yes apple is a luxury brand but they also do know that theres a lot of Credit is bad folks who don't have any (Ramsey mentality) ... but its not because they don't have the finances to back it up....

 

As usual, YMMV.... But think about Marcus and Clarity when your thinking of these things...

-J

 

Message 76 of 920
Regular Contributor

Re: Apple Card by Goldman Sachs Thoughts?

I actually wouldn't even be surprised if Apple and Goldman Sachs have worked this in a manner that it is available for *nearly* everyone with an iPhone. Even if it's just for the beginning, they're going to want to push this out strongly. And although they wouldn't want to for any extended period of time, I can see Apple as being strong enough to be willing to absorb some of the loss in order to get maximum penetration of the market and wouldn't be surprised if that's somehow tied into the relationship that drove GS to issue their first CC. 

 

Just think of the datamining possibilities there. Apple is constantly innovating, and being able to see what people spend the majority of their money on, what bills people have along with how people pay them...this could lead Apple into pushing into supporting roles that they might have never even considered. They've done well to grow in their relatively 'limited' scope so far but there's going to be a need to grow beyond that and this could be the key to that door. 

 

I'm the sole Galaxy owner in my home and can understand the cult-like mentality that everyone else has as I watch them using their iThings. Just looking at how much Apple has permeated society makes me ridiculously intrigued to see how this all pans out. Even though it doesn't really play into my card portfolio I can definitely see how valuable this can be in the real world outside of the niche of churners and credit/CC junkies. Slightly jealous if I'm honest with myself.

 

Message 77 of 920
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?

@Adalen wrote:

@Saeren wrote:

@Adalen wrote:

@Saeren wrote:

@Adalen wrote:

I’m an older millennial and I am absolutely going for this card. It’s not even about status, it’s all about accessibility, phone integration, and instant gratification. And yes, a lot of cards have far better rewards but these things are not nearly as appealing (to me) as the simplification of managing credit cards.

 

I use Apple Pay wherever I go and my final battle ground here in the US is sit-down restaurants that still bring out a paper tab, outdated vending machines, and the cash-only snack bar at work.


And with your scores, you either won’t get the card or you’ll get a low limit and high APR. 

 

That’s the biggest issue with this card is that the target audience doesn’t have the best credit and its launching at a time when there are indicators of another recession brewing. When all of the other banks are pulling back on lending, I highly doubt that Goldman is going to go the opposite way. 


Let’s be real - you don’t even know what it would take to qualify for this card, so going around telling folks what they can and cannot be approved for and at what rate is pretty bold. This won’t stop me or any other Gen Yer/Zer from applying and I think we all know, this far into THIS forum, that APR is only an issue if you make it one.


You are absolutely correct that I don’t know but we can hazard a guess that Goldman is going to be cautious with this product like anything else. Since nothing was announced about the Barclays partnership, I would not be the least bit surprised to see Apple keep the Barclays product for those who don’t qualify for the Goldman product. 

 

If Apple makes a no fee card accessible to everyone, it will be ground breaking but let’s face it, Apple is a luxury brand and they want luxury customers. I would be blown away if they hand these out like candy. 


Yeah, I can definitely see that happening if they keep Barclays around.


It’s going to be interesting for sure and I will be watching. 

 

By the way, I wasn’t attacking your scores. I should have said “with our scores” because I have very similar numbers and I’m also part of the older (34) Millennial audience. 

 

If the launch goes well, I may just go ahead and pick it up next year once the early adopter headaches are gone and so is my BK but it’s going to need some changes to make it anything but utilization padding and a fancy card unless they get online store acceptance up and it has the same or better MasterCard benefits as my PayPal Cashback. 

70DD1A3B-9DE6-4CBB-A6D9-BA705BE22054.jpeg
Scores 1/2019:
Scores 8/2019:

Hover over my cards to see my limits!
Goal cards:
Message 78 of 920
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@dyn085 wrote:

I actually wouldn't even be surprised if Apple and Goldman Sachs have worked this in a manner that it is available for *nearly* everyone with an iPhone. Even if it's just for the beginning, they're going to want to push this out strongly. And although they wouldn't want to for any extended period of time, I can see Apple as being strong enough to be willing to absorb some of the loss in order to get maximum penetration of the market and wouldn't be surprised if that's somehow tied into the relationship that drove GS to issue their first CC. 

 

Just think of the datamining possibilities there. Apple is constantly innovating, and being able to see what people spend the majority of their money on, what bills people have along with how people pay them...this could lead Apple into pushing into supporting roles that they might have never even considered. They've done well to grow in their relatively 'limited' scope so far but there's going to be a need to grow beyond that and this could be the key to that door. 

 

I'm the sole Galaxy owner in my home and can understand the cult-like mentality that everyone else has as I watch them using their iThings. Just looking at how much Apple has permeated society makes me ridiculously intrigued to see how this all pans out. Even though it doesn't really play into my card portfolio I can definitely see how valuable this can be in the real world outside of the niche of churners and credit/CC junkies. Slightly jealous if I'm honest with myself.

 


Apple is saying that the transaction information is stored in your phone and they never see it. This isn’t surprising because Apple isn’t a data mining company. Of course Goldman and MasterCard will still have access to all of the transaction data Apple Pay provides. 

 

If Apple DOES push this out to as many people as reasonably possible it’s going to be the most disruptive card on the market hands down and I can actually see this as a way to get a stranglehold on their iPhone customer base too. Once you have your credit card tied directly to your phone at the level that this one is, it’s practically guaranteed customer retention. That right there is where the money is for Apple. 

70DD1A3B-9DE6-4CBB-A6D9-BA705BE22054.jpeg
Scores 1/2019:
Scores 8/2019:

Hover over my cards to see my limits!
Goal cards:
Message 79 of 920
Regular Contributor

Re: Apple Card by Goldman Sachs Thoughts?

If the Apple cc will be only available to Apple iPhone users, they are going to be on a very slippery slope.  I saw on the news several months ago, Apple is losing favor with the younger generation, as they prefer the Android OS.  I can see Samsung entering this foray before too long.  I personally think this will be something of a dog and pony show in re to cc’s and Apple.

Message 80 of 920
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.