Well, he has more inside information and knowledge than you or I, so I would rather take his word for it.
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Gurman: Chase Bank is 'Ideal Partner' to Take Over Apple Card Deal
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Dang ive had Chase for a long time an ive never had one problem with them...
When possible, people should support a solid local credit union. Time and again, these companies, especially Chase, don’t care about consumers and only look at them to build their empire of wealth. Banks are businesses that put themselves first. Credit unions are businesses that put you first because you’re practically part-owner. I know in this case it’s practically impossible due to the size and vastness of the application. Still, though, would be amazing if Apple used some super Union made up of tons of credit unions banded together!
Same, I love using my Chase Amazon card for everything Amazon, bill pays and shopping.. the points add up super fast and i end up with plenty at the end of the year to treat myself or pay towards Christmas balance.. Feels like i get a bonus by holding off not using the points all year long..
And I’m one of those deadbeats! Lots of cash back on Apple Card and have paid zero interest. I’m sure GS hates me because interest is the only revenue stream for them with the Apple Card.
I love all things Apple but if I have to go elsewhere for a HY savings account and they have a competitive card Apple will lose this business. Or I could just go back to my SkyMiles card.
Apple needs to pretty much replace like with like or they will lose customers.
Already we are in the process of moving accounts to a different HY bank because GS/A is now a laggard at 4.15 APY. It’s easily possible to beat that by a percent.
Apple needs to pretty much replace like with like or they will lose customers.
Already we are in the process of moving accounts to a different HY bank because GS/A is now a laggard at 4.15 APY. It’s easily possible to beat that by a percent.
No they don't, they still make plenty from swipe fees.
I haven't paid a dime in CC interest in over a decade.
Please yes please let it be Chase. Chase is the perfect pick with how good the Chase Sapphire is.
As I've said before, there's no reason for Goldman Sachs to offer Apple Savings account holders a higher yield. It just wouldn't make sense.
I was thinking similar. Would be expensive & difficult to manage.
Is this true, about the subprime? There are still so many ppl I know who do not qualify for Apple Card.
Yes
Goldman’s Apple Card business has a surprising subprime problem
Goldman's consumer business has had a bumpy ride as of late, marked by mounting losses, leadership turnover and missed product deadlines.
More than a quarter of Goldman’s card loans have gone to customers with FICO scores below 660, according to company filings. That could expose the bank to higher losses if the economy experiences a downturn, as is expected by many forecasters.
I need to check that out.
Edit: AMEX is currently 4.30 APY.
Edit 2: here's a rundown of current high-yield APY rates:
- Ally: 4.25.
- AMEX: 4.30. (also Capital One and Discover).
- Chase: none.
- Goldman: 4.15.
- Marcus: 4.4.
- Synchrony: 4.75.
- TD Bank: 4.00 (100k$ minimum dollars).
- UFB: 5.25.
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Introducing the all-new Apple Card UltraMax. We think you're going to love it.
All really good points. I am not sure though on Amex World Class prestige anymore. When I travel to other Countries, a lot of places don’t even take Amex, as their fees are the highest. Even when I go to Canada it is hit or miss. Amex is my favorite card, but the lack of acceptance, especially in Canada is frustrating.
While I am decidedly against them taking over, the bank that makes the most sense that has been rumored is Synchrony. Otherwise I think Apple has to be willing to make major changes to the way the card works. Apple wants to own the experience and the bank to essentially be invisible to the user so it ca be an "Apple" experience. I don't see Chase or American Express willing to give up that control and be a background partner. Additionally, Synchrony already offers everything Apple card does in some form or another, they issue Mastercard network cards, they have a hysa offering, they offer debit cards and could replace greendot for Apple cash, they become a background player on accounts like Paypal where the account is managed through a custom interface, they generally will lend to consumers with lower scores etc.
I think they are a crappy company but overall in terms of todays offering they seem to have the most seamless transition path of any bank especially if Apple wants to continue targeting sub-prime and near-prime borrowers.
I think they are a crappy company but overall in terms of todays offering they seem to have the most seamless transition path of any bank especially if Apple wants to continue targeting sub-prime and near-prime borrowers.
I live in New Zealand (but am from the US) and I got my Apple Card so I could use it overseas with no foreign transaction fee. I currently only use it for foreign purchases using US money. If they switch to Amex, the Apple Card is 100% worthless to me and I'll have to find another fee-free card with no foreign transaction fees. I also ditched Amex Savings (which had terrible customer service) for the Apple Savings account, which had a better interest rate at the time. I definitely will not switch back to Amex for savings, so will also need to find a new savings account. I already have a Chase credit card as my primary US card, so I will likely stick with Apple Card and Apple Savings if they move over to Chase. But if it's Amex, Apple Card is dead to me.
Oh, and I'm also a 'deadbeat'. I have only ever paid credit card interest once, and I got that refunded because it was due to my autopay automictically expiring and not notifying me (early 2000s problem).
Oh, and I'm also a 'deadbeat'. I have only ever paid credit card interest once, and I got that refunded because it was due to my autopay automictically expiring and not notifying me (early 2000s problem).
I have 4 Chase credit cards, just got my 4th one a week ago (the United one), and I use the points for travel with the Chase Ultimate rewards portal since I get 25% more worth of my points through the Sapphire Preferred portal. I don't spend that much every year but I get more than $700 in points/cash back every year
I wonder if another bank takes over, will the interest rate stay the same for the savings account?