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Started By
Message
Goldman Sachs reportedly spent $300 million developing the Apple Card
Posted on 10/1/19 at 9:44 am
Posted on 10/1/19 at 9:44 am
quote:
then Apple boasted that it was 'created by Apple, not a bank'
quote:
The investment bank spent about $300 million to build the credit card and reassigned thousands of its engineers to finish it on time, The Wall Street Journal reported over the weekend. Yet the iPhone maker debuted it on stage and in advertisements with the slogan "Created by Apple, not a bank."
quote:
And despite the bank's role in building the card, Marcus executives were barred from entering Apple's base of operations — a Tribeca loft — ahead of the Apple Card's launch in August, The Journal reported.
LINK
I mean, did they not expect Apple to take credit for their work?
8
Posted on 10/1/19 at 9:46 am to Korkstand
is this the card that gets all scratched up if you put it in your wallet? 
Posted on 10/1/19 at 9:49 am to Korkstand
quote:
I mean, did they not expect Apple to take credit for their work?
Sounds like they just wanted to make a standard credit card though. Apple asked for specific things with it. It says several times they gave into Apple demands for certain aspects and refused others.
This post was edited on 10/1/19 at 9:52 am
Posted on 10/1/19 at 1:00 pm to Korkstand
quote:
Yet the iPhone maker debuted it on stage and in advertisements with the slogan "Created by Apple, not a bank."
I'm sorry but this article is very much focused on the wrong thing. The right thing is:
quote:
Goldman Sachs reportedly spent $300 million developing the Apple Card
This is basically a cash back card with a few different rules. It's absurd that it would cost $300 million to set this up. If that's the case they need to invest in upgrading their infrastructure so creating new cards isn't so costly.
This post was edited on 10/1/19 at 1:01 pm
Posted on 10/1/19 at 1:05 pm to Korkstand
Apple didn't want a standard credit card. They knew what they wanted and went to them to see if they'd do it.
Posted on 10/1/19 at 1:13 pm to Korkstand
lol. 300 million for a card with mediocre cash back 
. still don't understand why anyone would want it.
. still don't understand why anyone would want it.Posted on 10/1/19 at 1:21 pm to 1999
quote:
still don't understand why anyone would want it.
It's got pretty decent security features. It's got some interesting bill tracking features. No late fees make it desirable for those types. Brand loyalty is a huge driver for sure.
I use it when I am really skeptical of a place I am using it at just for the tracking alone. It's kinda my oh god my card info is gonna get stolen here card, but I'm gonna be a dumbass and use a card anyway.
This post was edited on 10/1/19 at 1:22 pm
Posted on 10/1/19 at 2:43 pm to 1999
If nothing else, this just proves that apple has a helluva marketing department
Posted on 10/1/19 at 3:21 pm to 1999
quote:
still don't understand why anyone would want it.
No late fees? No fees at all?
Posted on 10/1/19 at 3:38 pm to TigerGman
I though apple people were higher income bracket, why would they ever worry about making payments?
Just having fun, it is nice that there are no fees, but I get better cash back rates with my amex and I pay my bills on time
Just having fun, it is nice that there are no fees, but I get better cash back rates with my amex and I pay my bills on time
Posted on 10/1/19 at 4:45 pm to dltigers3
quote:
I though apple people were higher income bracket, why would they ever worry about making payments?
Good point
quote:
but I get better cash back rates with my amex and I pay my bills on time
Well so do I, but most people don't and 2% cash back is pretty solid.
Posted on 10/1/19 at 4:56 pm to TigerGman
It's better than the people advocating not using cards at all that's for sure. Hopefully they improve the benefits for me to use it more. I use other cards far more often.
Posted on 10/1/19 at 5:05 pm to Dam Guide
If they could make nfc payments more common it would help. The 2% cashback is nice, but the majority of my purchases are places that don't take apple/Android pay so that would only be 1%
Samsung pay is the only thing I miss about using a Samsung phone. It was awesome using my phone to pay literally everywhere. The cashiers were the best when they were amazed how my phone could pay on their terminals
Samsung pay is the only thing I miss about using a Samsung phone. It was awesome using my phone to pay literally everywhere. The cashiers were the best when they were amazed how my phone could pay on their terminals
Posted on 10/1/19 at 5:11 pm to dltigers3
quote:
If they could make nfc payments more common it would help. The 2% cashback is nice, but the majority of my purchases are places that don't take apple/Android pay so that would only be 1%
Would be nice, but a lot of companies don't want to give up the tracking of customers. Pretty much everywhere should have NFC already, they just disable it.
quote:
Samsung pay is the only thing I miss about using a Samsung phone. It was awesome using my phone to pay literally everywhere. The cashiers were the best when they were amazed how my phone could pay on their terminals
Yeah, would of been better if LoopPay would of licensed their shite out instead of selling to one company.
This post was edited on 10/1/19 at 5:12 pm
Posted on 10/1/19 at 5:22 pm to Dam Guide
Yeah, I'm still bitter that Kroger is introducing their own stupid qr payment system...
Posted on 10/1/19 at 8:06 pm to Korkstand
quote:
The investment bank spent about $300 million to build the credit card
What? Did they bill Apple for this? I have to assume Goldman must have developed the app as well
Posted on 10/1/19 at 8:58 pm to TigerinATL
quote:
This is basically a cash back card with a few different rules. It's absurd that it would cost $300 million to set this up. If that's the case they need to invest in upgrading their infrastructure so creating new cards isn't so costly.
I believe this was Goldman's first credit card. So they probably didn't have the infrastructure at all and had to build it from the ground up. I would think the next card business they get will be significantly cheaper since now the infrastructure is there.
Of course, I have zero idea if building a credit card business infrastructure costs 10 or 300 million from nothing.
Posted on 10/1/19 at 10:48 pm to Teddy Ruxpin
quote:
What? Did they bill Apple for this? I have to assume Goldman must have developed the app as well
It’s part of Apple Wallet that already existed, I doubt they had much to do with it.
I’m not sure what they would do with $300 million outside of the funding behind it.
Posted on 10/1/19 at 11:00 pm to Dam Guide
quote:I don't know why Apple would seek outside funding.
I’m not sure what they would do with $300 million outside of the funding behind it.
Posted on 10/1/19 at 11:27 pm to Korkstand
Apple = a socialists dream come true corporation.
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