It's been expected. Goldman Sachs has made it clear they want out and now they've got a way out. There were talks between Goldman and Amex to gauge their interest in the portfolio (including the HYSA), but have been hearing that they were spooked by the high default levels versus other cards.
@NoMoreDebt wrote:With synchrony it will be a for sure close card for me.
Same here. I have enough Synchrony cards and plan to be rid of all of them by the end of 2024 when the trimming of my card lineup is complete.
Yeah, I already have 3 Synchrony cards, really no need for a 4th. I liked that my Apple Card was with Goldman, considered it a step up above Capital One and Synchrony.
Now we'll just have to see what happens...by that time, I might be ready to trim the # of cards and get rid of my lowest limit card with Synchrony.
As structured, I don't think any other company would be willing to take the Apple Card on. But if it's modified in certain ways, anyone could take it, and have success.
Amex seems like a good fit in terms of brand status, but for the Apple Card to work for them, the bar for eligibility would have to be raised significantly, and Amex would want a good chunk of the merchant fees.
Capital One would also work, but they would probably want to increase interest rates or add late fees in order to generate additional revenue.
And so on... there are enough moving parts to make the card work for these companies. Whether or not any of this is to the benefit of the consumer..., I doubt it.
The likely suitors goes like this Syncrony > Capitalone > barclays > AMEX/Chase/USBank
