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Tim cook the CEO of Apple himself was denied the Apple Card, according to sources.
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Hey credit Warriors welcome to the show And we are gonna talk about the shocking Revelation that Tim Cook himself the CEO Of Apple was actually denied for the Apple card according to uh people with Knowledge of the situation and consider This video a little bit of an update and A sequel to my earlier video about the Possible end of the Apple card uh Because we have some new information Actually uh from this uh really big Article in a publication called the Information that was quoted in nine to Five Mac okay Um how the partnership between Apple and Goldman Sachs salad and uh we're gonna Go through some of the key points in This article because it talks about not Only how uh Tim Cook was denied for the Apple card Um but then also a bit about how the Relationship has changed and how Goldman Is trying to get out of uh you know the Partnership with apple and just how bad Their deal is you're going to be shocked When you're yeah what a crappy contract Um that Goldman Sachs actually has Um with apple okay so there we go There's Tim Cook uh we'll get into how He was denied for the Apple card uh sort Of at the end Um but let's first talk about Um basically how Goldman Sachs is is kind of stuck in

This uh this partnership with apple okay So when the Apple card launched it was Hailed as the most successful credit Card launched ever okay by Goldman Sachs's CEO David Solomon and uh less Than four years later Basically after just a few months after They'd actually extended their Partnership through the end of the Decade uh then all of a sudden Goldman Sachs decides that uh it wants to get Out okay they want to get out of Consumer lending all right they're Shutting down some of their other credit Cards they only have like two or three Um The only thing they're keeping is their Marcus savings accounts they're Basically shutting down their consumer Site they don't want that anymore and uh They're really trying to get out of the Apple partnership now like we said in The earlier video American Express had Been approached about it apparently Again according to people with knowledge Of the situation uh and they it's Basically hard for Goldman to get out of It without Apple's approval Um they also have a partnership with MasterCard that's uh running until 2026 You can see that there okay so if they Were to switch to American Express Um they would have to be over the AmEx Network but actually they've got this

Deal with MasterCard until 2026 so um You know it could be very hard basically It's looking really hard uh for Goldman To get out of it Um and also Amex may be too high profile Of a partner anyway for Apple because Apple kind of wants to have its name as The sort of the star of this card I was Thinking you know it would be funny if They partnered with Synchrony Bank okay Because synchrony if you don't know That's the bank that um That uh issues a lot of the sort of Co-branded cards that a lot of people Complain their customer service isn't Very good Um but anyway kind of an inside credit Card joke but anyway I want to tell you I want to I want to kind of scroll down Through this article and show you just How bad the contract is between Goldman Sachs and apple because this this Article gives some details again from People with knowledge of the situation Um so all right applecard had 10 million Users Um apparently which you know hasn't Previously been reported but that's you Know that's pretty successful Um and the deal between Goldman Sachs And apple is actually pretty bad uh for Goldman okay it's a it's a pretty good Deal for Apple perhaps but it's pretty Bad for Goldman

Um as part of the deal Goldman doesn't Take a cut of The Interchange fee that Merchants pay to accept apple cart Cutting out a potential line of Revenue According to two people direct knowledge In exchange apple pays for the day daily Cash rewards and the exception was that The costs and revenue would essentially Even out and that hasn't borne out okay So basically if you don't know credit Cards they charge interchange fees to The merchant so whenever you swipe your Card there's kind of a hidden like two Percent fee or whatever that's paid by The merchant and that's another reason You should always use a credit card for Everything because basically Everything's marked up by a couple of Percent right never use cash never use a Debit card you might as well use the Credit card and get the rewards because You're paying like an extra two percent Anyway that's built into the price of Everything because of credit cards so Normally the issuing bank would take a Cut of that in this case Goldman doesn't Get anything Apple though pays for the Rewards so that's supposed to even out But there's then another crucial uh Detail here Um and that's that uh Apple's card has no fees all right so There's no um here we go because apple Cart doesn't have fees Goldman also

Misses out on potential sources of Revenue from customers who would Typically pay annual fees late fees Um or fees for overseas transaction okay So Goldman's not getting any of that What are they actually getting from this Okay Um They earn a however Goldman earns a fee Uh from Apple in the high single digit Percentage of every loan issued to card Holders who opt to split the cost of Apple products over monthly installments Okay according to people with knowledge Of the situation again so basically the Only profit Goldman is making from this Is for people who use applecard to Finance Apple product that's actually a Shocking detail and um One of these analysts that was Interviewed for this article it goes on To say no Commercial Bank that's Experienced in the credit card business Is going to give Apple the same terms as Goldman did okay which uh I think is is Kind of crazy obviously Goldman only did This because it's Apple they were Probably thinking Apple could raise Their profile in the consumer lending Business and I mean at the time actually Probably did make sense because apple is Such a high profile brand and everyone Knew Goldman Sachs was issuing the Apple Card right it's written on the card

Goldman Sachs so it really did rate that Raise their profile and if they wanted To springboard into the consumer lending Index uh it's consumer lending business It probably would have made sense Um but obviously it hasn't worked out Financially for them and they've since Decided that they actually don't even Want to be in this business anyway so Even using it as a springboard to launch Other cards isn't being done now so just Having the Apple card on its own you Know losing money on it doesn't really Make sense for them all right let's now Look at why Tim Cook was actually Denied for the Apple card and um you Know this is kind of interesting So here it is Um Basically the Apple cheese executive he Struggled to get approved uh for his own Card And it says here the problems stem from The fact that he's such a high profile Figure and he's regularly impersonated And people of this stature typically Have special flags on their accounts With the credit bureaus now I didn't Know this but yeah apparently the credit Bureaus are flagging these people Accounts like billionaires Multi-millionaires people who are Frequently impersonated or have fraud Attempts in their name and Goldman's

Underwriting system rejected him as a Result according to four people uh so Because it's pretty reliable according To four people familiar with the matter And Goldman actually eventually was able To make a one-off exception and cook got His card so they actually apparently Manually approved him for this in a One-off exception so what this proves is Actually Um it might be a little difficult for You know people who are high profile uh To get this card and this isn't the only Hiccup that the card experienced I think If you remember uh back when the card Was first launched Um there are a few other hiccups as well Including the Apple card actually being Sexist so this is kind of funny Steve Wozniak Um he says that the Apple card offered His wife a lower credit limit than him And there was this whole big thing about The Apple card being sexist at the time After this news came out me and my wife Did a test and we discovered that it Gave us exactly the same credit limit so In our test it was not sexist they made That you know the engineers may have Already done a patch for that I don't Know by that time but anyway that was Just one of the hiccups and then the Other one which just came out in this Article about a week ago

Um or two weeks ago was Steve Cook Himself Tim Cook himself excuse me not Being able to be approved uh for the Card so we'll see what happens guys We'll keep an eye on this story Apple Card or anything to do with apple is Always interesting Um so we'll keep you updated thanks Again for watching also if you want to Get 12 free stocks from Weeble you can Check out the link below and that's for Depositing any amount of money minimum Amount is six and if you're lucky you Can get up to 12 minimum value for this Is thirty four dollars if you just get Six stocks if you get up to 12 and you Get the highest values possible could be Several thousand dollars luck of the Draw what you get link for that is below Big thank you to Weeble for sponsoring The Channel Please Subscribe we'll see You next time bye