The Apple Credit Card Nearly Destroyed A Bank
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- Опубликовано: 8 сен 2024
- The Apple Card has been a multi- billion-dollar failure, but not for Apple…The one left holding the bag is actually their banking partner, Goldman Sachs. They have tarnished both their own reputation and Apple’s with this credit card. Goldman Sachs is now led by David Solomon, part banker, part professional DJ. No seriously…he is DJ D-Sol.
Their consumer bank called “Marcus” became a priority for the CEO but lately it has become apparent that Goldman and regular folks maybe just aren’t right for each other. Under this branch of consumer-focused products, Goldman launched “Platform Solutions” a fin-tech umbrella of services, including the Apple Credit Card. You might be thinking how did Goldman’s new consumer bank win such a potentially lucrative business from Apple, the largest tech company in the world…surely the big established consumer-focused banks such as JP Morgan Chase would be in a far better position to bid on this account. Well, it turns out in their desperation to enter the consumer-banking space, Goldman Sachs agreed to terms that were incredibly one-sided in Apple’s favor.
Now Apple has just launched “Pay Later.” A service where users can split purchases into four payments with zero interest and no fees. They are now directly competing against the other big “Buy Now, Pay Later” companies such as Klarna, Affirm and Afterpay. Unlike the Credit Card however Apple will be financially responsible for credit assessment and lending through a subsidiary called Apple Financing LLC. Goldman Sachs will still be involved in processing the back-end but they aren’t on the hook for this.
#applepaylater #applecreditcard
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From experience, Apple Card has been the easiest credit card to balance and keep paid off without paying interest. That too could also be how they lose money. 🤗
These are also things that damn near every reputable lender does.
"here's what you owe by this date to not pay interest".
Pay on time in full and you won't be paying late fees or interest at all.
I've been doing this on my Chase credit card since I got it 8 months ago and only fees I paid was a few foreign transaction fees when I made a few orders from CD Japan.
Mac OS X used to mean something. Keynote used to better than Microsoft Office.
Now, they suck. People wear them like Rolex now.
OS X is still very good and widely used in the software dev industry tho
because they have good microsoft office support while still being able to run a terminal like Linux
Love the content, subjects, and presentation. Here for the long run Raised!
Thank you!! It’s sometimes tough to keep going producing videos but comments like this encourage me to continue. :)
“We may be entering a new era of banking, one dominated by tech companies instead of Wall Street.” That would be crazy but I could see it happening
Apple, Amazon and Facebook could very well render traditional banks obsolete.
Been coming a long time now, glad you caught on. It's called fintech.
It's already here
Will definitely happen
don't worry the algorithm always swings back around : > great vid and I wish you luck on your journey!
Hey thank you!! Your encouragement is so nice
Boy did Apple take Goldman Sach for a ride
Big time lol
Just found this in my recommended.
I just wanted to take a moment to say how amazing your video was! I was really impressed with the quality of the footage, the editing, and the overall presentation. You did a great job of explaining the topic in a clear and concise way, and I learned a lot from watching your video.
I also really appreciated the way you made the video engaging and entertaining. You kept my attention throughout the entire video, and I never felt bored or lost. I would definitely recommend your video to anyone who is interested in learning more about the video.
Thank you!!!
I don't think tech companies are going to dominate in banking themselves. They'll dominate in ways you can pay, but ultimately, it is highly unlikely they're going to put up a fight against the big banks on Wall Street such as Citi, American Express, and JP Morgan Chase.
I agree with your statement for at least the next decade. Long term though I think banks will become more like giant fin-techs while the traditional big tech companies like Apple and Google will become increasingly connected to banking as they vertically integrate. Eventually they won’t need a partnership with a bank, they could run an entire subsidiary bank themselves after acquiring one. There is a lot of consolidation going on right now in the US banking industry. Definitely going to be interesting to see how this will all play out!
and the bank that moves blocks of aluminum to rack up the handling fees because someone wants their blocks.
yes that goldman sachs
if the apple card is really titanium you could use it to start fires.
just strike it against a rock or cement like match and watch the 3000 degree long lived sparks land in the lawn and burn the grass (that is what happened when titanium tipped golf clubs strikes rocks).
apple has so much cash that tim cook can afford a solid rhodium misoger the deluxe model complete with 4 heads so it can be used to misoge 2 people at the same time and self cleaning.
I don’t even use my Apple Card anymore lol
Apple is great Apple Card didn’t fail. Why? People apply for it people loving it (:
Did you watch the entire video? To be clear…the Apple Credit Card didn’t fail, Goldman Sachs, their banking partner failed. Now Amex is rumoured to take over from Goldman
I agree with overall Card but 660 credits score to approve and no late fee needs a fix and that’s what took Goldman Sachs’s for a ride.
This was a really great video keep it up man 💪🏽
And this was a really great comment! Thanks :)
It's clear that Apple knows nothing on banking.
I love my iPhone I love Apple I do, but Apple dropped the ball on this one it’s Funny you wanna know why it’s so dang funny Samsung practically gave Apple the blueprints I kid you not really pretty much show them how they can vamp up the Apple Cash card but instead Apple decided to do a credit card if you compare apples credit card to Samsung money debit card Samsung money card wins look at all the features that Samsung money debit card can do I mean it’s right there Samsung teamed up with Sofi money. All Apple had to do is team up with a financial company. That’s similar to Sofi. I mean Mercy make it make sense.
Great vid
Thank you!
Huawei Card > Apple Card
great analysis
Thank you!
Solomon plays too much and needs to go.
such a better consumer experience than anything else, all in one device, bank, market, world knowledge.