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In 2019 Apple made its first foray into Consumer Financial Services with the Apple car and it's been pretty Successful unless you count the fact That it's not bulletproof as it being a Failure Apple credit card is no more but I mean On the plus side it earns two percent Cash back whenever you use the card Through Apple pay three percent back Select Merchants it has no fees Whatsoever so it depends what you're Looking for the card is issued by Goldman Sachs which traditionally is an Investment bank but they have started Getting into Consumer Financial Services In the past few years first with their Marcus savings accounts the founder of Goldman Sachs was called Marcus Goldman By the way in case you didn't know and Later with a few credit cards including The Apple card But according to people familiar with The situation quoted in the journal Aaron do we have the journal your Feelings Journal Michael he means the Wall Street Journal Online oh the wall Right the Wall Street Journal but According to their article Goldman Sachs Is now getting cold feet and is Considering a way out they want to stop Issuing the Apple card in this video we Will tell you what exactly is happening Which bank they may offload the Apple
Card to and when that might happen but First of all I am Ben Hedges I post Content on credit cards and personal Finance almost every day so if you like The sound of that do subscribe you can Also follow me on all the other social Media my social media handles are on Screen now in addition if you want up to 12 free stocks and 5 interest on your Uninvested cash do consider offering a New brokerage account with the online Brokerage app Weeble my link for that Deal is below and that's for a deposit Of any amount of money in their app even Like five bucks so it's kind of a No-brainer anyway the journal or the Wall right lights Goldman is looking for A way out of its partnership with apple And who might they be looking at to take Over this partnership you may ask well None other than good old American Express according to people familiar With the matter Goldman went public with Plans to scale back its consumer Business late last year but it appeared Committed to the Apple relationship the Bank recently extended the partnership Through the end of the decade agreed to Support Apple's buy now pay later Offering and launched a bank account With a tech company now it is in talks To offload those businesses and its Credit card partnership to Amex According to people familiar with the
Discussions Goldman has also discussed Transferring its Apple card partnership With General Motors to Amex or another Issuer some of the people said so it Seems Goldman wants to get out of Consumer lending altogether like they're Okay with you giving them your money but They don't want to lend you their money And why might that be well a report back In February 2023 in the journal stated And I'm just flexing my Wall Street Journal subscription on your it is Rumored that they will recommend uh and The article cuts off It's 1.99 to finish the article I wonder what it was going to say but Anyway that report stated that the Department that handles their credit Card programs and lending programs has Lost 3.8 billion dollars since 2020 and A lot of that is because they have to Put more money aside for potential Credit losses as the economy turns bad The CEO David Solomon said as you are Ramping up your portfolio growth from Scratch in a more difficult economic Environment the provisions for credit Losses actually have to be larger Because your estimate for the Environment is tougher and that's a Bigger drag to get the business to where You want it to be so basically they Don't want to be in the consumer credit Game during a potential recession when
They think people will start defaulting On their loan payments and credit card Payments in Goldman Sachs will thus lose Money Goldman's borrowing costs are also Going to be higher now that interest Rates are higher as well so they're Trying to offload the two consumer Credit card programs they have the Apple Card and the General Motors credit card And they've stopped issuing Consumer Loans as well and this is a rapid Turnaround since Goldman had previously Said they'd extended their partnership With apple until the end of the decade So when might this happen well they are Now only in talks with American Express And these have been going on for some Time and apple would potentially have to Agree to this as well so it's really far From certain but it would be good to see These two iconic Brands work together so I think it really could be a plus Point Apple and Amex both issuing the Apple Card together American Express could Help them improve the rewards on the Apple card maybe they could add the AmEx Offers where you can save money at Different Merchants they could Definitely probably add those to the Apple card and perhaps they could even Let the Apple card earn membership Rewards points that would be really Really cool okay two membership rewards Points per dollar wherever you use Apple
Pay that would be awesome so what do you Think about this guys do leave your Comments below and don't forget you can Get between 6 and 12 free stocks when You open a new broker account with Weeble and deposit any amount of money The minimum value for that if you are Unlucky is thirty four dollars maximum Value if you really luck out is over Thirty thousand dollars luck of the draw What you get link is below please Subscribe to the channel here on YouTube If you're new guys and you can follow me On all the other social media links are On screen now we'll see you in the next One bye-bye
