The Apple Credit Card Nearly Destroyed A Bank

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

[freddierodriguez]

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. 🤗

[spendthriftgaming]

“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

[lysanderhuynh]

Mac OS X used to mean something. Keynote used to better than Microsoft Office.
Now, they suck. People wear them like Rolex now.

[maryque]

Boy did Apple take Goldman Sach for a ride

[thestormwar]

Love the content, subjects, and presentation. Here for the long run Raised!

[DecemberNames]

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.

[ejonesss]

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.

[remie]

don't worry the algorithm always swings back around : > great vid and I wish you luck on your journey!

[bean]

I don’t even use my Apple Card anymore lol

[heeradhillon]

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.

[unlimitedpower]

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.

[theleanman]

This was a really great video keep it up man 💪🏽

[shinsekai]

Apple is great Apple Card didn’t fail. Why? People apply for it people loving it (:

[leonbrown]

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.

[glassowlie]

It's clear that Apple knows nothing on banking.

[sean]

Video is wrong in so many ways. I have many credit cards but the Apple Card is awesome, mainly because of the wallet / software app that Apple created. It’s my favorite card by far! Support with the card is amazing. Couldn’t recommend something more actually. The benefit to GS is a huge customer base. Author of the video is biased for some reason. Maybe he’s a poor Android user lol.

[a.leehilliard]

Solomon plays too much and needs to go.

[Sociology_Tube]

such a better consumer experience than anything else, all in one device, bank, market, world knowledge.