Yikes … so what does this mean? I really hope Synchrony doesn’t get the contract. Damn, this is the credit card that I have the largest limit and history with, this sucks.
The Apple Card is the card I have the longest history with, and I would like to keep the account open for another year or two.
Is there any actual harm that Synchrony could do to us?
I hardly ever use the Apple Card, so I’m not really concerned about bad customer service or something like that.
Get a Citi Doublecash. One of the best cards around. No fees. Keep that thing open for life.
I just closed my Citi DoubleCash. It declines SO MUCH and foreign transaction fees are a pain. It also has basically no perks.
Just swapped it for a Capital One Venture X. Card has a $395 annual fee, but gives $400 in annual cash benefits spendable on travel ($100 can be used on any travel, $300 can be used on their portal, which is perfectly fine for booking flights).
Benefit is the app/ecosystem is a lot nicer and it’s never declined a transaction. They also started me out with over 3x the credit limit as Citi did.
It also has return protection, extended warranty, etc.
Dang, sorry to hear the problems with it. I don’t travel a whole lot, so the travel cards don’t do much for me, as great as they look.
Thanks for the info!
To be honest at this moment I’m done opening credit cards because I have all I need, but if anything happens where Apple doesn’t continue with the Apple Card then I may be forced to. It’ll be a big hit to my credit.
What even happens if they stop supporting the Apple card? Like would it really negatively affect our credit even if it’s completely out of our control? Haven’t dealt with a scenario where a card is discontinued before and how that affects users
Most likely, it’ll be a closed account which will drop your amount of open accounts and your amount of available credit.
PayPal card is clutch too, unlimited 2% cash back and 3% when you use PayPal
That’d be clutch as well but I personally don’t want to apply for anything anymore credit card wise where I’ll get hit with a hard inquiry. That’s why I love AMEX and if I’m looking to open another card then they’d probably be one of the first companies I’d consider. I aged my credit report enough to the point where I was able to get all of my hard inquiries to fall off so now I’m at 0, and I’m not looking to get another one until I apply for a mortgage or car loan.
The new issuer should be Barclaycard to go full circle
So…what happens to my 4.15% APY?
Will have to wait to find out, but Capital One and Ally are both at similar numbers.
How much do you have in there?
If it’s only a few K (rainy day) you could split them up with someone like NetSpend…
There’s a bit of setup to avoid inactivity fees, but they currently have 5% on 1K and 6% for 2K. There’s also HEB that offers 6% on 2K.
If you got about 5K, it’s definitely worth the setup process
Should have moved to betterment months ago. They are at 5.5%
I mean Goldman currently offers 4.4% on their Marcus accounts, with boost to 5.4 with a referral. I don’t think it will be hard to find someone willing to match or even exceed 4.15 the way rights are at this currently moment.
Dang. This stinks. Auto populating card info is really nice.
That will still work with any cards you have saved in keychain.
so we don’t have to pay off any remaining balances? Hooray! /s
If only 😂😂
Let Amex take over and have Amex issue Mastercards since there is a deal in place until 2026 jajajajaja .
So glad I never got one.
im pretty sure 99.99% of people got an apple card for the “lolz”. the cool thing about it is (1) it doesn’t have a card number/cvv and (2) its heavy, so its fun to drop
It definitely has a card number and cvv, but if you meant on the card then you are correct. The card just has your name on it. Apple Card is the best credit card I’ve ever had.
I’m not sure if I understand this correctly. Is Apple pulling the plug or is Goldman pulling the plug here?
Jesus. Well, I haven’t heard anything from Apple directly. Think we’d all get an email soon, no? I got the card for the cash back on practically every internet purchase using Apple Pay. Then the 0% on iPhones for two years (one year on the other devices) was sweet. I hope they can keep that with whoever they hook up with. Honestly I didn’t expect this to last long. Apple makes it really easy to pay the card before the interest piles up. I barely pay any interest on the card.
So the cards will stop working soon?
It’s sounding like that remains to be learned. Based on the article, it’ll be at least another year before Goldman Sachs officially stops backing the card so not anytime “soon”. In that time it’s conceivable Apple could arrange for another creditor to back the card.
noooo :( i hope someone takes over the apple card
At one time, I was on the edge of getting the Apple Card because of their $0 interest on almost all Apple products, including the iPhone, but once they got rid of the unlocked iPhone with 0% interest, I knew the writing was on the wall.
Especially when it was directly competing with the iPhone Upgrade Program.
It’s still unlocked……
Other than paying off my large Mac purchases over time, I’ve found very little use for this card in the wild.
Bank of America select cash back does 3% on all online purchases, including apple.
Chase freedom does 1.5% on everything. (which is a negligible difference from the 2% Apple Pay perk)
The combination really puts apple only perk as 0% APR.
I’m sure someone will vehemently tell me how wrong I am but, this is basically an in store credit card good for deferring payments only.
Love how people spin things. You say 2% is a negligible difference from 1.5%, but people will shoot you dead if you dare use the physical card to only get 1% (which is a negligible difference from 1.5%)
I say use what card works for you.
The no foreign charge works really well for me though. I’m not in the States anymore.
Don’t forget purchase protections, extended warranties, point transfers, all of the bonus features provided by competitors even at 1.5% CB. Some offering more CB for other categories.
Apple Card didn’t have an advantage in any category other than convenience.
The only benefits Apple Card has that others might not is no foreign transactions fees on a no AF card, wider acceptance of MC than AMEX, ease of use in the Wallet app, and 0% financing with 3% cash back on Apple products.
I pretty much only use it where they don’t accept my Amex because I can at least get the Apple Pay Cash back
Citi Double Cash is also a no fee card that gets flat 2% back on everything.
The Apple Card just truly isn’t a competitive product for anything other than the 0% financing and 3% cash back at Apple, and even that isn’t particularly standout, as you mentioned.
There are tons of flat 2% cards these days. Nerdwallet has some nice write ups. Apple card was always about convenience for iPhones, and 2% flat wasn’t as common when it launched
It’s phenomenally useful as a card programmed conveniently into all my Apple devices and I use it nearly exclusively overseas, especially in Japan.
Personally - I like the UI of all the wallet and payment methods as well as how trivial it is to dispute and how smooth the process is.
It’s something all providers should strive to be.
But raw perks relative to others? It’s… standard. At best.
Amex has way better benefits for sure.
Although Apple gave me a HUGE amount on my card - like so much that if I were to max it out there’s no way I could afford to pay it back. Helps me credit though, so I’m not complaining.
edit: Oh and the auto-transfer to savings is sexy as well as how trivial it is to add or withdraw.
I mean, if any company has the resources and bandwidth to spin up an in-house operation, it’s Apple. I’m sure they’re, at the very least, considering going partnerless.
Especially since, given Goldman’s experience, I’m sure any contract with a new partner would pass more of the losses on to Apple than previously.
Technology companies venturing into financial services doesn’t usually go well. Ask GE
Being a bank is lucrative if done right — just ask the airlines.
Which airlines run a bank?
Isn’t that hyperbole? They’re not doing banking, they’re running a rewards program that has a vague dollar value but really serves no function of a traditional bank.
they turned airlines into something more like financial institutions that happen to fly planes on the side
For example here they’re hedging. It’s like financial institutions.
Here’s how the system works now: Airlines create points out of nothing and sell them for real money to banks with co-branded credit cards.
So, they’re like banks if they partner with banks to run a program.
This argument does not pass the sniff test to me. It’s just The Atlantic selling a narrative so their readers can talk about something to sound clever.
Starbucks is like the 7th biggest bank in the WORLD!
That sucks. The functionality has been excellent, IMO. I like it much better than my cards from Chase or Amex.
It’s crazy how user experience plays such a big role in these things. Wells Fargo can’t make a good app for the life of them. AMEX and Citi have gotten better, but none are near the ease of use I get from the Apple Card. That’s why it’s my daily.
Amex definitely best aligns with Apple but I understand why they’re hesitant. Amex treats me like a human which I greatly appreciate
AMEX customer service is mediocre if you need assistance with something beyond the basics, which is ridiculous for a company that size and if you have a high tier card like the Platinum.