Apple Card could be switching banks after Goldman Sachs wants out — has it failed?

[iMore.com]

Goldman appeared committed to Apple Card — but that could be changing soon.

Apple Card could be switching banks after Goldman Sachs wants out — has it failed? : Read more

 

[Just_Me_D]

This article is actually a good read. I’ve maintained for quite some time that businesses are still trying to make up for the loss revenue brought on by the fear of the pandemic.

 

[2low_tech]

Not a surprise. GS has been slowly exiting their Consumer Business for a while. Consumer Banking does not have anywhere near the potential returns that Investment Banking and M&A business do.

 

[FFR]

Apple is probably talking to American Express regardless, for a global roll out.

 

[EdwinG]

Apple is probably talking to American Express regardless, for a global roll out.

If they want to do a global rollout, it would have to be either MasterCard or VISA that they talk to.

There are very few places where AmEx is accepted outside the USA.

 

[FFR]

If they want to do a global rollout, it would have to be either MasterCard or VISA that they talk to.

There are very few places where AmEx is accepted outside the USA.

Plenty of places accept and offer American Express all over the world. Much more than Goldman Sachs.

 

[EdwinG]

Plenty of places accept and offer American Express all over the world. Much more than Goldman Sachs.

The Apple Card uses the MasterCard network, which is pretty much universal (where credit cards are accepted).

To name one chain that doesn’t accept Amex (or Visa for that matter), Costco. They only accept Mastercard (credit) or any debit card (usually Interac).

Ref.: https://customerservice.costco.ca/app/answers/detail/a_id/1629/~/what-methods-of-payment-does-costco-canada-accept?

Amex is just a an uncommon credit card.

 

[FFR]

The Apple Card uses the MasterCard network, which is pretty much universal (where credit cards are accepted).

To name one chain that doesn’t accept Amex (or Visa for that matter), Costco. They only accept Mastercard (credit) or any debit card (usually Interac).

Ref.: https://customerservice.costco.ca/app/answers/detail/a_id/1629/~/what-methods-of-payment-does-costco-canada-accept?

Amex is just a an uncommon credit card.

Yes, most banks use either Mastercard or visas platform, and it would be great if Apple Card could use their networks.

But the rumor is American Express not visa or Mastercard. From my personal experience American Express is accepted and offered all over Europe, south east Asia and the Middle East while Goldman Sachs is not.

Looks like American Express is also offered in Canada https://www.americanexpress.com/en-ca/

Perhaps costco would have to revise their policy if the rumors come true or you would have to simply use another card.

 

[EdwinG]

Yes, most banks use either Mastercard or visas platform, and it would be great if Apple Card could use their networks.

But the rumor is American Express not visa or Mastercard. From my personal experience American Express is accepted and offered all over Europe, south east Asia and the Middle East while Goldman Sachs is not.

Looks like American Express is also offered in Canada https://www.americanexpress.com/en-ca/

Perhaps costco would have to revise their policy if the rumors come true or you would have to simply use another card.

Costco moved away from Amex in 2015.

I’m not saying that Amex is unavailable everywhere. It is very much available, in many places, as long as you’re willing to compromise. What I’m saying is if you want to make Apple Card truly global, you need to be on one of the two major payment networks.

Also, Goldman Sachs is completely irrelevant in the discussion, aside that they want to leave the consumer services business. That’s their decision, and good for them for making a decision that’s best for them. You can easily substitute GS with RBC, BMO, TD, HSBC, Deutsche Bank, ANZ, or any other bank, and my argumentation still makes sense. Why? Because you can find a ton of banks that are members of MasterCard, VISA or even both payment networks.

Apple Card is currently MasterCard network card, per Apple themselves: https://support.apple.com/en-ca/guide/apple-card-web-servicing/devb70bc6133/web. By moving to the Amex network, the places where the card is accepted WILL undoubtedly shrink.

I even discovered through this discussion that it’s even impossible to pay for a transit fare with Amex in the Greater Montréal Area. Only Interac, MasterCard and VISA cards are accepted, as the attached picture of the deployed fare vending machines demonstrates.


Apple Card, including Apple Pay Cash, is unavailable in Canada, and it will probably not become available anytime soon. I want to be proven wrong on this.

 

[FFR]

Costco moved away from Amex in 2015.

I’m not saying that Amex is unavailable everywhere. It is very much available, in many places, as long as you’re willing to compromise. What I’m saying is if you want to make Apple Card truly global, you need to be on one of the two major payment networks.

Also, Goldman Sachs is completely irrelevant in the discussion, aside that they want to leave the consumer services business. That’s their decision, and good for them for making a decision that’s best for them. You can easily substitute GS with RBC, BMO, TD, HSBC, Deutsche Bank, ANZ, or any other bank, and for the discussion to still make sense.

Apple Card is currently MasterCard network card, per Apple themselves: https://support.apple.com/en-ca/guide/apple-card-web-servicing/devb70bc6133/web. By moving to the Amex network, the places where the card is accepted WILL undoubtedly shrink.

I even discovered through this discussion that it’s even impossible to pay for a transit fare with Amex in the Greater Montréal Area. Only Interac, MasterCard and Visa cards are accepted, as the attached picture of the deployed fare vending machines demonstrates.
View attachment 132701

Apple Card, including Apple Pay Cash, is unavailable in Canada, and it will probably not become available anytime soon. I want to be proven wrong on this.

I disagree, Goldman Sachs is very relavent until apple uses someone else.

Really couldn’t care less who takes Apple Card global, only that they do.

Since the rumor currently is about American Express. I hope that goes through, space black titanium Apple Card would be .

I would take the concierge service over the ability to shop at Costco or use the Canadian metro, but that’s just me.

 

[EdwinG]

I disagree, Goldman Sachs is very relavent until apple uses someone else.

Really couldn’t care less who takes Apple Card global, only that they do.

Since Goldman Sachs Bank operates in the UK and USA only, they would be required to partner with a different bank in other regions anyways.

Since the rumor currently is about American Express. I hope that goes through, space black titanium Apple Card would be .
I would take the concierge service over the ability to shop at Costco or use the Canadian metro, but that’s just me.

Good for you. No one is going to force you to take the subway. I prefer taking public transit over my car to go downtown, because it costs me 6.50$/day instead of 45-55$ (incl. parking, gas, insurance, taxes and the 2h wasted time round-trip). Looks to me like it really pays by itself .

I hope your next vacation to Canada will be enjoyable even if your credit card would be refused. I have nothing more to add on Amex’s network.

I would probably not gotten the Apple Card even if it was offered, unless it would gracefully integrate with my bank account for payment.

I won’t add anything more to this topic, until there is something relevant published in the Apple PR site, or reputable media.

 

[FFR]

Since Goldman Sachs Bank operates in the UK and USA only, they would be required to partner with a different bank in other regions anyways.


Good for you. No one is going to force you to take the subway. I prefer taking public transit over my car to go downtown, because it costs me 6.50$/day instead of 45-55$ (incl. parking, gas, insurance, taxes and the 2h wasted time round-trip). Looks to me like it really pays by itself .

I hope your next vacation to Canada will be enjoyable even if your credit card would be refused. I have nothing more to add.

I would probably not gotten the Apple Card even if it was offered, unless it would gracefully integrate with my bank account for payment.

I won’t add anything more to this topic, until there is something relevant published in the Apple PR site, or reputable media.

Actually gs is an investment bank that started dipping their toes into the consumer space a couple of years ago, they operate all over the world as long as you have enough wealth .

If you already paid for the car, the insurance, the tax etc…. Kind of a waste, since the metro would be added cost.

No thank you, Canada is great and all but would rather vacation on an island, and no the uk doesn’t count.

 

[grover5]

Actually gs is an investment bank that started dipping their toes into the consumer space a couple of years ago, they operate all over the world as long as you have enough wealth .

If you already paid for the car, the insurance, the tax etc…. Kind of a waste, since the metro would be added cost.

No thank you, Canada is great and all but would rather vacation on an island, and no the uk doesn’t count.

At this point are you just trying to impress everyone with your suggested wealth? I have no idea what you’re trying to argue. But I’ll restate what has been stated. The conversation is more about Mastercard and Amex than it is about Goldman Sachs if your speaking about global reach of the card. I don’t know why that isn’t registering or why you actually appear to be a fan of a bank.

 

[FFR]

At this point are you just trying to impress everyone with your suggested wealth? I have no idea what you’re trying to argue. But I’ll restate what has been stated. The conversation is more about Mastercard and Amex than it is about Goldman Sachs if your speaking about global reach of the card. I don’t know why that isn’t registering or why you actually appear to be a fan of a bank.

I’m not a Goldman Sachs customer or the one criticizing Amex.

You probably should go back and reread the thread, slowly .

 

[grover5]

I’m not a Goldman Sachs customer or the one criticizing Amex.

You probably should go back and reread the thread, slowly .

You might want to reread my post slugger.

 

[Annie_M]

C’mon people!

 

[FFR]

You might want to reread my post slugger.

I’m not trying to argue anything I’m excited American Express might take over from Goldman Sachs and the Apple Card can finally roll out globally.

I wasn’t the poster that confused investment banks with traditional banks offering investment bank services.

C’mon people!

Everyone one seems on edge lately, no idea why.

 

[EdwinG]

I’m not trying to argue anything I’m excited American Express might take over from Goldman Sachs and the Apple Card can finally roll out globally.

I wasn’t the poster that confused investment banks with traditional banks offering investment bank services.

Except I'm not confusing banks (investment or regular) with payment networks.

Regular Banks:

• Goldman Sachs Bank
• Royal Bank of Canada (RBC)
• BMO Bank of Montréal
• Toronto-Dominion (TD)

Investment Banks:

• Goldman Sachs
• RBC Capital Markets
• BMO Nesbitt Burns, BMO InvestorLine
• TD Securities, TD Waterhouse

Payment Networks:

• VISA
• Mastercard
• American Express
• Interac
• VISA Debit
• Debit Mastercard
• Maestro

When I go to pay, I don't care who my bank deals with. or who the merchant's financial services provider is, all I care about is what payment networks are accepted. Of which, for the record, Interac is the most common around here, then Visa/Mastercard credit and finally American Express in 4th.
If American Express would issue a VISA or Mastercard card, this would be a completely different situation. But they don't, so…

C’mon people!

And that's why I prefer leaving this conversation until Apple Public Relations, or a reputable source, provides relevant information.

At this point, it's all a rumour, and debating over a rumour is like debating over a 36B$ dream.

 

[FFR]

Let’s clear some misunderstandings posted by a few in this thread, other members might find interesting as well.

Firstly GS is extremely relevant since they extended their (exclusive) partnership with apple until 2030. So until someone else more competent takes over like the rumor stipulates, Apple Card customers are stuck with GS.

Secondly, Mastercard is not an option because they do not issue directly to consumers. They require an intermediary such as Goldman Sachs or Bank of America or Citibank, while Amex doesn’t need any such middlemen.

Thirdly, while visa and Mastercard have substantially more customers than Amex, Amex is still larger than Mastercard by transactional volume. In layman’s terms, smaller customer base than Mastercard, yet that base spend 60 billion more in the US compared to Mastercard.

Except I'm not confusing banks (investment or regular) with payment networks.

Regular Banks:

• Goldman Sachs Bank
• Royal Bank of Canada (RBC)
• BMO Bank of Montréal
• Toronto-Dominion (TD)

Investment Banks:

• Goldman Sachs
• RBC Capital Markets
• BMO Nesbitt Burns, BMO InvestorLine
• TD Securities, TD Waterhouse

Payment Networks:

• VISA
• Mastercard
• American Express
• Interac
• VISA Debit
• Debit Mastercard
• Maestro

When I go to pay, I don't care who my bank deals with. or who the merchant's financial services provider is, all I care about is what payment networks are accepted. Of which, for the record, Interac is the most common around here, then Visa/Mastercard credit and finally American Express in 4th.
If American Express would issue a VISA or Mastercard card, this would be a completely different situation. But they don't, so…

No, you are confusing traditional banks with an investment bank that launched a “direct bank” as a subsidiary a couple of years ago and now looking to exit the consumer financial services market (according to this rumor). Investment banks, direct banks, and traditional bank are very different beasts.


Personally I hope apple ditches Goldman Sachs as fast as possible and Amex takes over. I also wouldn’t mind if apple utilizes Mastercard or visa or , all three

 

[FFR]

It's not "people" . It's always the same INDIVIDUAL attacking anyone who has a different view than they do. It wouldn't be a problem it the moderators did their job.

Can you stop attacking the mods, it’s getting pretty old.