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It has been known for the last six months or so that Goldman Sachs is moving away from its venture into consumer banking known as 'MARCUS'. Goldman and its credit card partners: Apple and GM are looking for financial institutions to take over the 'Apple Card' and 'My GM Mastercard' programs. Goldman Sachs had to make many concessions to Apple to win the contract for the Apple Card. Time has proven that those concessions resulted in profitability issues for the Apple Card program. The My GM program is more inline with industry standards. I believe Goldman will find someone else to take over the My GM Mastercard without too much trouble but I believe the Apple Card will be much more difficult and its future is much more uncertain. The other big banks are well aware of the problems with the Apple contract as well. They will not partner with Apple unless the concessions Goldman had agreed to are withdrawn. What are your thoughts on the future of the Apple Card?
I never use the physical card - it only has 1% cash back. The 3% cash back on some things and 2% when just using Apple Pay. It makes a decent catch-all card for when I don't have a better cash back option.
I voted "other" because while I am a longtime AAPL shareholder, I am not a big user of their products and I've never heard of the Apple Card until now.
I am a "charter member" of the AT&T Universal card (1990) and a Discover Card holder since 1986. I guess these new products have passed me by (not to mention, none of my cards are gold).
According to Wikipedia, Apple approached a number of big banks before the rollout but was turned down. With GS getting out of the retail business that sounds like the future of the relationship is in doubt. I can see Apple buying a bank the way Sears did in the 80's with Greenwood Trust Corp when they launched Discover. Or start their own bank. But I'm still voting "other".
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Jumped The Shark
