4 ms·

On the flip side since most people like to share scary stuff because when things are going right, nothing is worth sharing... I put 75k or more worth of transa

On the flip side since most people like to share scary stuff because when things are going right, nothing is worth sharing... I put 75k or more worth of transactions through my Apple Card in 2022 and I've had nothing but wonderful experiences with the whole thing, including with Apple and Goldman Sachs.

stuff4ben 4y ago
Same. I use my Apple Card instead of cash or my debit card in almost all cases (except Costco where I have to use Visa and I have their card for that). I've averaged a little over $27K/year since 2019 and have had zero issues. GS has been great when I've had to dispute charges and they took care of everything. I love how seamless it is and it just works. Also, I am a self-admitted Apple-whore and am totally invested in their ecosystem FWIW.
- judge2020 4y ago
  > except Costco where I have to use Visa and I have their card for that I imagine this is due to some dispute with Mastercard on their fees for credit cards (you can use MC debit at Costco); Visa probably gives Costco a steep discount on fees.
  - dragonwriter 4y ago
    > I imagine this is due to some dispute with Mastercard on their fees for credit cards Costco has long had an official credit card and only allowed cards of that brand (whether theirs or not), for a long time it was Amex not Visa. > Visa probably gives Costco a steep discount on fees. Right; their single-card-brand partnership agreement is a tool for getting lower credit card processing fees.
    - judge2020 4y ago
      > Right; their single-card-brand partnership agreement is a tool for getting lower credit card processing fees. Volume rates in general are extremely common.
      - dragonwriter 4y ago
        > Volume rates in general are extremely common. This combines “volume” with “exclude our competitors”.
        judge2020 4y ago
        My point (theory) is that Mastercard isn't offering them a big enough volume discount. If they could pay 0.1% I doubt they would exclude MC even if it meant losing out on some Costco credit card accounts.
        dragonwriter 4y ago
        I'm saying excluding other card brands gets them a bigger discount from their exclusive card network than volume alone would, not that it pushes people to the Costco-branded card from that network (though it probably does that, too.)
  - poly_morphis 4y ago
    In Canada, I believe you can only use Mastercard at Costco, interestingly.
Aunche 4y ago
The Apple Card is great because Goldman decided to get in the business of selling two dollar bills for a dollar as a growth hack. That's not something that will last forever.
- judge2020 4y ago
  What do you mean? In the US where Apple Card is offered, the 2% back for Apple Pay transactions seems sustainable. The only thing that has put GS into question is [0], but that's just overlending likely at the request of Apple to get Apple Card in more hands. 0: https://9to5mac.com/2023/02/16/apple-card-future-goldmans-sachs-losses/ https://9to5mac.com/2023/02/16/apple-card-future-goldmans-sa...
  - shagie 4y ago
    They're alluding to the cost of acquiring a customer for GS through Apple Card. https://appleinsider.com/articles/23/01/18/apple-card-is-a-drag-on-goldman-sachs-says-ceo https://appleinsider.com/articles/23/01/18/apple-card-is-a-d... > Goldman Sachs spent a lot of money to help launch Apple Card and its other consumer services. A report from January 13 revealed the bank's consumer credit division lost $1.2 billion in nine months last year, and the losses were primarily related to the Apple Card. > "In the consumer platforms, we did some things right. We didn't execute on some others," Solomon told CNBC on Wednesday. "We probably took on more than we should have, you know, too much, too quickly." > Goldman helped launch the Apple Card in 2019 and reportedly spent roughly $350 to acquire every new Apple Card customer. And in 2022, it scaled back its efforts to turn its consumer savings business, Marcus, into a fully-fledged digital bank. > Executives of Goldman's collection of businesses known as Platform Solutions believe its consumer division may break even in 2025, although that target was initially by the end of 2022. However, the bank isn't giving up on the Apple Card. > "I think we now have a very good deposits business," Solomon said. "We're working on our cards platform, and I think the partnership with Apple is going to pay meaningful dividends for the firm."
wintermutestwin 4y ago
You must not need to download those transactions as a CSV file. You can only pull it down one statement at a time! Thanks Apple for making tax time just a bit more painful...
- jwineinger 4y ago
  this horror alone is enough to make me avoid it. Reconciling transactions with my budget software is hard enough
- WorldMaker 4y ago
  Apple Card has Mint integration now as a way to get bulk CSV. Mint being an Intuit product in 2023 is problematic in its own ways, but the Mint <=> Apple Card OAuth flow suggests it may be an API others can (eventually, with effort) request access to.
sneak 4y ago
I closed my Apple card account when Apple refused to stop deadnaming me on it without court documents. AmEx et al never disrespected me thus.
- thewebcount 4y ago
  Can you elaborate on this? (If it's too traumatic to talk about no worries. I'm just curious.) If I recall when my spouse changed her name after we got married, she also had to send in the appropriate government documentation. Are you saying that you were able to just call up AmEx and say, "Please change my name from Y to X" and they just did it without any requirement to prove it was still you? (That sounds like a huge security hole, if so.) I'd be interested to understand this in more detail if you're up for explaining it. But if not, I understand.
- lxgr 4y ago
  Their name change policy really is a bit ridiculous. I know somebody that had their first name printed in lowercase on the card because Apple/GS absolutely refused to change the first letter to uppercase without a birth certificate. Photo state ID would not do… That said, asking for official documentation for a name change seems like standard bank policy. Are there banks that make this easier?
  - sneak 4y ago
    I wasn't asking for a name change on the account, just that they issue a card with the correct name on it. Every other payment card creditor I have will issue me cards with whatever name I ask for on it. The name on the account/statement is irrelevant.
    - lxgr 4y ago
      Ah, did they also copy over that name from your Apple account and then refused to put another one on the card? That is indeed ridiculous – what makes that name (not validated with any government documents) more authentic than the one provided later on?
- 4y ago
itsoktocry 4y ago
"wonderful experiences"? It's a credit card. You tap it and pay for stuff...
- wyre 4y ago
  Well, Apple’s metal card doesn’t have NFC capabilities for security and to incentivize pulling out the phone for purchases. The metal card only gives 1% back while using the phone gives 2%.
layer8 4y ago
Number of transactions would have been more informative than the total dollar amount.

stuff4ben 4y ago

Same. I use my Apple Card instead of cash or my debit card in almost all cases (except Costco where I have to use Visa and I have their card for that). I've averaged a little over $27K/year since 2019 and have had zero issues. GS has been great when I've had to dispute charges and they took care of everything. I love how seamless it is and it just works. Also, I am a self-admitted Apple-whore and am totally invested in their ecosystem FWIW.

judge2020 4y ago
> except Costco where I have to use Visa and I have their card for that I imagine this is due to some dispute with Mastercard on their fees for credit cards (you can use MC debit at Costco); Visa probably gives Costco a steep discount on fees.
- dragonwriter 4y ago
  > I imagine this is due to some dispute with Mastercard on their fees for credit cards Costco has long had an official credit card and only allowed cards of that brand (whether theirs or not), for a long time it was Amex not Visa. > Visa probably gives Costco a steep discount on fees. Right; their single-card-brand partnership agreement is a tool for getting lower credit card processing fees.
  - judge2020 4y ago
    > Right; their single-card-brand partnership agreement is a tool for getting lower credit card processing fees. Volume rates in general are extremely common.
    - dragonwriter 4y ago
      > Volume rates in general are extremely common. This combines “volume” with “exclude our competitors”.
      - judge2020 4y ago
        My point (theory) is that Mastercard isn't offering them a big enough volume discount. If they could pay 0.1% I doubt they would exclude MC even if it meant losing out on some Costco credit card accounts.
        dragonwriter 4y ago
        I'm saying excluding other card brands gets them a bigger discount from their exclusive card network than volume alone would, not that it pushes people to the Costco-branded card from that network (though it probably does that, too.)
- poly_morphis 4y ago
  In Canada, I believe you can only use Mastercard at Costco, interestingly.

Aunche 4y ago

The Apple Card is great because Goldman decided to get in the business of selling two dollar bills for a dollar as a growth hack. That's not something that will last forever.

judge2020 4y ago
What do you mean? In the US where Apple Card is offered, the 2% back for Apple Pay transactions seems sustainable. The only thing that has put GS into question is [0], but that's just overlending likely at the request of Apple to get Apple Card in more hands. 0: https://9to5mac.com/2023/02/16/apple-card-future-goldmans-sachs-losses/ https://9to5mac.com/2023/02/16/apple-card-future-goldmans-sa...
- shagie 4y ago
  They're alluding to the cost of acquiring a customer for GS through Apple Card. https://appleinsider.com/articles/23/01/18/apple-card-is-a-drag-on-goldman-sachs-says-ceo https://appleinsider.com/articles/23/01/18/apple-card-is-a-d... > Goldman Sachs spent a lot of money to help launch Apple Card and its other consumer services. A report from January 13 revealed the bank's consumer credit division lost $1.2 billion in nine months last year, and the losses were primarily related to the Apple Card. > "In the consumer platforms, we did some things right. We didn't execute on some others," Solomon told CNBC on Wednesday. "We probably took on more than we should have, you know, too much, too quickly." > Goldman helped launch the Apple Card in 2019 and reportedly spent roughly $350 to acquire every new Apple Card customer. And in 2022, it scaled back its efforts to turn its consumer savings business, Marcus, into a fully-fledged digital bank. > Executives of Goldman's collection of businesses known as Platform Solutions believe its consumer division may break even in 2025, although that target was initially by the end of 2022. However, the bank isn't giving up on the Apple Card. > "I think we now have a very good deposits business," Solomon said. "We're working on our cards platform, and I think the partnership with Apple is going to pay meaningful dividends for the firm."

wintermutestwin 4y ago

You must not need to download those transactions as a CSV file. You can only pull it down one statement at a time! Thanks Apple for making tax time just a bit more painful...

jwineinger 4y ago
this horror alone is enough to make me avoid it. Reconciling transactions with my budget software is hard enough
WorldMaker 4y ago
Apple Card has Mint integration now as a way to get bulk CSV. Mint being an Intuit product in 2023 is problematic in its own ways, but the Mint <=> Apple Card OAuth flow suggests it may be an API others can (eventually, with effort) request access to.

sneak 4y ago

I closed my Apple card account when Apple refused to stop deadnaming me on it without court documents. AmEx et al never disrespected me thus.

thewebcount 4y ago
Can you elaborate on this? (If it's too traumatic to talk about no worries. I'm just curious.) If I recall when my spouse changed her name after we got married, she also had to send in the appropriate government documentation. Are you saying that you were able to just call up AmEx and say, "Please change my name from Y to X" and they just did it without any requirement to prove it was still you? (That sounds like a huge security hole, if so.) I'd be interested to understand this in more detail if you're up for explaining it. But if not, I understand.
lxgr 4y ago
Their name change policy really is a bit ridiculous. I know somebody that had their first name printed in lowercase on the card because Apple/GS absolutely refused to change the first letter to uppercase without a birth certificate. Photo state ID would not do… That said, asking for official documentation for a name change seems like standard bank policy. Are there banks that make this easier?
- sneak 4y ago
  I wasn't asking for a name change on the account, just that they issue a card with the correct name on it. Every other payment card creditor I have will issue me cards with whatever name I ask for on it. The name on the account/statement is irrelevant.
  - lxgr 4y ago
    Ah, did they also copy over that name from your Apple account and then refused to put another one on the card? That is indeed ridiculous – what makes that name (not validated with any government documents) more authentic than the one provided later on?
4y ago

itsoktocry 4y ago

"wonderful experiences"? It's a credit card. You tap it and pay for stuff...

wyre 4y ago
Well, Apple’s metal card doesn’t have NFC capabilities for security and to incentivize pulling out the phone for purchases. The metal card only gives 1% back while using the phone gives 2%.

layer8 4y ago

Number of transactions would have been more informative than the total dollar amount.