Apple Card is OVER – Goldman Sachs Contract TERMINATED

Apple Card is OVER - Goldman Sachs Contract TERMINATED

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Well it is over a report in the Wall Street Journal confirms that the Apple Goldman Sachs partnership is ending There has been speculation about this For many months with Goldman wanting out But actually it seems it was Apple who Preemptively severed the deal in this Video we are going to look at when the Apple card issued by Goldman Sachs might End and what will happen to the Apple Card will accounts be shut down or will Another bank take it over and if so Which bank will that be but first let's Check out the article in the Wall Street Journal Apple pulls plug on Goldman Credit card partnership it reads the Tech giant recently sent a proposal to Goldman to exit from the contract in the Next roughly 12 to 15 months according To people briefed on the matter the exit Would cover their entire consumer Partnership including the credit card The company's launched in 2019 and the Savings account rolled out this year so We have a time scale of 12 to 15 months To end the partnership previously we Knew that Goldman Sachs was giving it Until the end of this year to assess the Card and if they wanted to pull out and Presumably it would take another 12 Months or so to end it from there so This is actually a similar time scale Apple just got in there first with the Breakup but what may be surprising is

That this covers not just the Apple card But their entire partnership which Includes the high yield savings account That apple and Goldman launched this Year let's continue with the article the Move would Mark a swift about face for a Program that just over a year ago was Extended through 2029 and was intended To serve as a pillar of Goldman's Main Street Ambitions that's right Goldman Was going to get into consumer Banking And lending it started with their marus Savings accounts a few years ago and Then the Apple card they also issued the GM credit card and had their eye on a Load of other credit card Partnerships With different companies after extending Their apple partnership to the end of The decade in October 2022 they've now Done an about turn and they're basically Pulling out of all consumer products and Going back to their bread and butter of Investment banking we covered the Reasons why in a previous video I did on The Apple card it looks like this I'll Put it on the end card of this video for You to check out but there are a couple More amusing reasons that were mentioned In this latest Wall Street Journal Article Apple ran ads saying that the Card wasn't from a bank irritating Certain Goldman executives this is Apple Card a credit card created by Apple not A bank so it's simple transparent and

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Private like seriously you partner with The biggest fat cat Investment Bank in The world and you try to play the whole Oh this isn't from a bank banks are evil Game then also apparently Goldman blame Apple for the SEC investigating their Credit card division but anyway what Will happen to the Apple card in your Wallet or your mobile wallet well let's Get into that but first if you have a Lot of credit cards and you struggle to Keep track of them a great way to get Data on all your cards in one place is The app Max rewards the sponsor of Today's video max rewards pulls all the Data from all your credit cards from Different banks in one place the free Version of the app gives you Transactions balances points and rewards Balances All in One dashboard and it has Useful things like welcome bonus Spending trackers it also tells you Which card to use in which spending Category and at what store for the Maximum level of reward or cash back and The Apple card isn't always the best Choice it also takes into account Whether Apple pay is accepted in the Calculation then if you get Max rewards Gold you get the function where Max Rewards will activate all of your American Express offers for you so that You never miss a deal and you may even Use an AMX offer without realizing it

And come home to an email saying you Save money that's happened to me several Times and when you activate all your AMX Offers new offers that you never knew Existed appear in your account guys you Can get a free month of Max Rewards gold With my link below or just download the App and check out the free features all Right so what is going to happen to the Apple card well it is unlikely that the Card will be discontinued okay so don't Worry you should still have a card to Use in the years to come but Apple will Now need to look for a new bank to Partner with we know Apple had Approached American Express and they Weren't interested because it looked Like they wouldn't make any money with The Apple card because of Apple's Insistence on no fees Etc but there may Be another bank interested synchron Financial has also been looking into the Possibility of taking over the credit Card program some of the people said Synchrony the largest issuer of store Credit cards in the US lends to a wide Spectrum of consumers including those With lower credit scores I think it's Really funny synchrony is not known as a Particularly classy Bank okay it doesn't Have a good reputation that Goldman Sachs or AMX have like you just saw they Issue store cards and lend to people With lower credit scores but this would

Be fitting I remember in the early days Days of the Apple card there were Articles about people with subprime Credit scores getting approved Goldman Sachs was losing out on fees because There weren't any at the insistence of Apple so maybe they were allowing people With lower credit scores to get in Hoping they'd carry a balance and pay Interest with the right research they Should be able to manage the risk it's Like a casino when the dealer says good Luck they know the odds are against you By Design and even if you do win some Money now you'll end up losing more Later or if you don't come back and lose Someone else will they will make their Money at the end of the day well that in Theory is how it should work with a Credit card too enough people will pay Interest that it makes up for the Cash Back Rewards and no fees and as long as The number of people defaulting is low Enough it'll stay profitable it seems it Isn't working right now for Goldman with The Apple card so maybe synchrony would Be a better fit they have more Experience with subprime lending which Seems to be how Goldman had planned to Make the Apple card work then what about The Apple savings accounts now that we Don't know at the moment everything is Still functioning as normal for now and We'll tell you more when we do have more

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Information on that matter guys don't Forget if you want a fre month of Max Rewards gold do click my link below also Yesterday I did a video on five Alternatives to the Apple card it is on Screen now and some of these are Actually way better than the Apple card Anyway so do check it out please Subscribe to the channel if you're new And we'll see you next time bye-bye

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