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Apple Card by Goldman Sachs Thoughts?

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Valued Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@Saeren wrote:

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. 


A brand doesn't have ~42% share in any market (phones) by only targeting luxury customers.

Message 81 of 920
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@CAS2019 wrote:

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.


If anything I can see this along with the redesign coming with iOS 13 as great ways to attract customers back to Apple and lock those of us who have stuck around through the iOS 11 and 12 mess even further into the ecosystem. 

 

Samsung was never attractive to me. I was an HTC fanboy before I moved to Apple in 2017. I have owned three Samsung devices - the Captivate (AT&T model of the first Galaxy S), Galaxy S3, and Note 5. The last two were enough to push me away for good. 

 

I think this card will be a huge success for Apple if they can get it in enough people’s wallets. I am just not sure the lending criteria can be lax enough to make an impact. The lack of late fees doesn’t exactly push people to pay their bills. 

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Message 82 of 920
Community Leader
Valued Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@Saeren wrote:

@pinkandgrey wrote:

I definitely plan on getting it if I can. I wonder though, do you have to use Apple Pay to get the 3% at Apple/apple.com? I don’t use Apple Pay. 


Why would you be interested in a card that’s Apple Pay-centric (you can’t even apply for it outside of the Wallet app) if you don’t use Apple Pay unless it actually had worthwhile rewards? Other than iPhones, you can get every Apple product from Amazon cheaper than from Apple and with 5% back on either of the Amazon card offerings and iPhones can be purchased through a carrier and paid off the bill at 3-5% return on other cards. 

 

The only real draw is just saying you have the card, everything else is disappointing or fluff, including the titanium card. 


You definitely make a good point. That is why I was curious about the Apple Pay requirement for apple.com. I buy all my Apple products from Apple or Best Buy. I won’t buy anywhere else. As the release gets closer, if it seems that the card will truly be of no value aside from Apple Pay, I will certainly reconsider. 

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Message 83 of 920
Frequent Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@Saeren wrote:
@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. 


No worries. I got a little defensive! I’ve paid off something like $8000 of CC debt in three months to get them even remotely close to 700 and if I’m not thinking about how to pay off the last $6000, then I’m not awake. You’re not wrong at all, if GS is as excuslive about the Apple card as they are everything else, we don’t stand a chance. But I don’t mind saving an inquiry to find out.


Message 84 of 920
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@iced wrote:

@Saeren wrote:

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. 


A brand doesn't have ~42% share in any market (phones) by only targeting luxury customers.


Not true. Very easy when you support 5 years of devices. Apple’s marketshare would be decimated if you just looked at X and newer. 

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Message 85 of 920
Valued Contributor

Re: Apple Card by Goldman Sachs Thoughts?

It's nice that it is integrated with the phone seemlessly and that you don't have to 'wait' for your rewards.
That being said, I'm a millennial and an Apple fan. Not getting this card.

Message 86 of 920
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@pinkandgrey wrote:

@Saeren wrote:

@pinkandgrey wrote:

I definitely plan on getting it if I can. I wonder though, do you have to use Apple Pay to get the 3% at Apple/apple.com? I don’t use Apple Pay. 


Why would you be interested in a card that’s Apple Pay-centric (you can’t even apply for it outside of the Wallet app) if you don’t use Apple Pay unless it actually had worthwhile rewards? Other than iPhones, you can get every Apple product from Amazon cheaper than from Apple and with 5% back on either of the Amazon card offerings and iPhones can be purchased through a carrier and paid off the bill at 3-5% return on other cards. 

 

The only real draw is just saying you have the card, everything else is disappointing or fluff, including the titanium card. 


You definitely make a good point. That is why I was curious about the Apple Pay requirement for apple.com. I buy all my Apple products from Apple or Best Buy. I won’t buy anywhere else. As the release gets closer, if it seems that the card will truly be of no value aside from Apple Pay, I will certainly reconsider. 


Unbeknownst to me, you can actually pay with Apple Pay on websites including Apple and Best Buy. I had to look that up myself. 

 

That actually does make the card appealing as a general spend card IF Apple exceeds the barebones MasterCard offerings my PayPal Cashback has for purchase and warranty purposes since it can be used online. Of course Apple Pay only works through Safari which I’m not too interested in using. 

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

Hover over my cards to see my limits!
Goal cards:
Message 87 of 920
Community Leader
Valued Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@CAS2019 wrote:

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.


Lol this particular member of the younger generation adores Apple. I tried Android. I was back to Apple within a few months lol. The OS is exactly why I’m an Apple user for life. But yeah how funny would it be if Samsung and Apple stopped competing in the smartphone arena and started a head-to-head over credit cards! 

Discover It: 18.7k
Amex BCE: 18k
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~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 88 of 920
Valued Member

Re: Apple Card by Goldman Sachs Thoughts?

I was super hyped about this card. I am what you would call a 'fan girl'. However, it is painfully underwhelming. 3% on Apple Purchases? Come on! The card itself looks super cool but the perks did not sell it to me.




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Message 89 of 920
Senior Contributor

Re: Apple Card by Goldman Sachs Thoughts?


@Saeren wrote:

@iced wrote:

@Saeren wrote:

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. 


A brand doesn't have ~42% share in any market (phones) by only targeting luxury customers.


Not true. Very easy when you support 5 years of devices. Apple’s marketshare would be decimated if you just looked at X and newer. 


I don't know enough about smartphone features to do an "Apples-to-apples" comparison.

 

But I think I can reasonably say that Samsung phones aren't exactly cheap, either.

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