So apparently they are coming out with a digital credit card...I would think security might be a major issue O.O. Do you think Apple chose the right financial institution to partner with? Apparently, all the major banks proposed to work with Apple. I think I read somewhere that employees are testing the card out? Any opinions?
Rojar1 Do you think amazon chose the right partner with Chase for the Amazon credit card?
From what I’ve seen and heard about Goldman Sachs banking market I’m not surprised. They are approaching it from the tech startup direction and everything seems top notch and well invested. It makes sense Apple would partner with them because there is no legacy software to deal with. I think their banking product is only 3 years old or something. Literally every other major bank beyond 10 years old is playing catch-up in a devastatingly huge way
Apple should have partnered with Capital One. They are the king of credit cards.
Capital One pays for physical branches (they are kinda fancy too). Goldman/Marcus does not have branches, and so they can pay Apple some of that instead. Better deal for Apple.
I think it’s neat.
I guess we'll see how it works out. GS doesn't know consumer backing all that well beyond personal loans and savings. I'm sure it will be successful.
I'd personally like to see a cash-back product with no annual fee. And instead of giving signup bonuses to customers, give Apple a few dollars for each signup :)
I've used goldman sachs bank (now called Marcus) for many years and they are on point. They don't have a credit card product, Apple seems like a great partner for them to reach everyone's iPhone. As for Apple, they can extract favorable terms from Goldman, because Goldman does not have any other credit card partnerships (which might include MFN clauses). Disclaimer: I do not work on anything payments related, and know nothing about this due to internal confidentiality at Apple. This is just my personal opinion.