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This Apple Credit Card is going to hurt them
Posted on 8/12/19 at 12:22 pm
Posted on 8/12/19 at 12:22 pm
You can now get the Apple Credit Card. Apple has instructed Goldman Sachs to approve every iPhone user, regardless of credit worthiness.
Subprime borrowers reporting $8000 credit lines.
LINK
Subprime borrowers reporting $8000 credit lines.
LINK
This post was edited on 8/12/19 at 12:24 pm
15
Posted on 8/12/19 at 12:23 pm to anc
Link?
Posted on 8/12/19 at 12:26 pm to anc
I'm actually happy about this. There needs to be more CC companies that don't gouge the sheet out of it's borrowers.
Won't end well for Apple if they're busy approving everyone and their dog though.
Won't end well for Apple if they're busy approving everyone and their dog though.
Posted on 8/12/19 at 12:48 pm to anc
So, is it a Visa, AmEx, or MC?
Can it be used anywhere or just only at Apple stores or online at an Apple site?
Can it be used anywhere or just only at Apple stores or online at an Apple site?
Posted on 8/12/19 at 12:51 pm to anc
Trust me, between profit margins, interest and fees, they’ve figured out how to come out ahead over a ridiculously high default rate.
Posted on 8/12/19 at 12:53 pm to anc
Well that's a disaster waiting to happen.
Posted on 8/12/19 at 1:07 pm to anc
Posted on 8/12/19 at 1:12 pm to anc
3% back on apple purchases
2% back on apple pay purchases
1% back on everything else
no thanks.
2% back on apple pay purchases
1% back on everything else
no thanks.
Posted on 8/12/19 at 1:14 pm to anc
I don’t understand the desire by apple to get into this market. A lot of headache for not much benefit. Is apple on the hook when these things go south?
Posted on 8/12/19 at 1:20 pm to anc
quote:Are you sure Apple is responsible for the credit risk of its cardholders?
This Apple Credit Card is going to hurt them
Usually the issuing bank absorbs that risk. That would be Goldman Sachs in this case.
Posted on 8/12/19 at 1:34 pm to anc
This news doesn't seem to have had much effect on their stock price, in either direction.
Posted on 8/12/19 at 1:39 pm to anc
I guess when you are sitting on $350 billion+ in cash, you can take a few gambles.
This post was edited on 8/12/19 at 2:38 pm
Posted on 8/12/19 at 1:49 pm to anc
quote:
This Apple Credit Card is going to hurt them
Who is the "them?"
Apple isn't responsible for the creditworthiness, just like Disney isn't responsible for it on their branded cards. Just like the airlines aren't for their cards, etc.
I'm sure Apple gets some sort of royalty fees. Apple may also, if this works well, restrict Apple Pay to only these Apple branded cards.
Also, I'm guessing the data stream from using these card purchases via the Apple Pay is going to have a lot of value.
Now, we can discuss if this is a smart play for Goldman Sachs.
Posted on 8/12/19 at 2:23 pm to anc
quote:Who is "them"
This Apple Credit Card is going to hurt them
quote:
Apple has instructed Goldman Sachs to approve every iPhone user . . .
Posted on 8/12/19 at 2:52 pm to anc
Since my credit is shite over a small business I was partnered in going under, I’m tenpted to get one and max it out and not pay it back because frick Apple
Posted on 8/12/19 at 3:44 pm to anc
quote:
You can now get the Apple Credit Card. Apple has instructed Goldman Sachs to approve every iPhone user, regardless of credit worthiness.
Yeah, not sure I’d touch that.
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