All articles tagged with #apple card
Chase will become the new issuer of Apple Card within approximately 24 months, continuing to support the existing features and benefits, while Mastercard remains the payment network. The transition aims to enhance customer experience and support financial health, with over $20 billion in card balances expected to transfer to Chase.
Apple Card's partnership with Goldman Sachs is likely to end in 2026, with JPMorgan Chase as the preferred successor, though challenges remain due to the high percentage of subprime customers and associated losses. The future of Apple Card may involve changes such as increased fees and less generous terms, with potential new partners like Capital One considered if JPMorgan Chase falls through.
Apple is offering a limited-time promotion for new Apple Card users to earn $75 in Daily Cash after spending $75 within the first 30 days, available until November 17th, providing an incentive to sign up sooner rather than later.
Apple Card is offering a new promotion that provides bonuses for using Uber and Uber Eats, enhancing its benefits for cardholders who frequently use these services.
JPMorgan Chase is close to taking over Apple's credit card program, with negotiations accelerating as Goldman Sachs steps back, and other competitors like American Express and Visa have reduced their involvement.
JPMorgan Chase and Apple are close to finalizing a deal for JPMorgan to become the credit card partner for Apple, potentially taking over the Apple Card portfolio after Goldman Sachs' exit, amid ongoing negotiations and industry shifts.
JPMorgan Chase is close to acquiring the Apple Card portfolio from Goldman Sachs, which would enhance JPMorgan's position as a leading credit card issuer in the U.S. Goldman Sachs aims to exit the credit card business following challenges with the Apple Card, while JPMorgan seeks to bring stability and expand its credit card offerings. Negotiations are ongoing, with other contenders like American Express and Barclays dropping out.
Apple is close to signing a deal with JPMorgan Chase to replace Goldman Sachs as its partner for the Apple Card, amid Goldman Sachs' exit from the consumer finance business. The transition may involve changes to the current Apple Card terms, and negotiations have been ongoing since last year, with Chase currently the front-runner among potential partners.
iOS 17.4 update allows third-party budgeting apps beyond Mint to access real-time Apple Card transactions, providing users with more options to track their spending. With Mint accounts set to shut down, Apple has expanded Apple Card support to other apps like Monarch, YNAB, and Copilot. Additionally, Apple is expected to announce new products this week, including new MacBook Air models with M3 chip and improved features.
iOS 17.4 introduces a significant change for personal finance apps, allowing them to easily access Apple Card, Apple Cash, and Apple Card Savings accounts information and import that data. This update comes after the shutdown of Mint, which previously offered integration with Apple Card. Budgeting apps like Copilot, YNAB, and Monarch Money have already added support for this feature, enabling users to seamlessly track their Apple Card, Apple Cash, and Savings accounts alongside accounts from other institutions.
Apple is introducing a new feature in iOS 17.4 that allows Apple Cash users to set up a virtual card number for their Apple Cash Card, enabling them to use their cash rewards in places that don't accept Apple Pay. This update will provide users with a full card number, expiration, and security code, allowing them to shop online and make phone orders using their Apple Cash funds. While this feature is currently available in the iOS 17.4 beta, users should be cautious of potential bugs and issues.
Apple surprised the tech world in 2023 with unexpected announcements and product launches. The highly anticipated Vision Pro headset was unveiled, but its release is still pending. Apple also introduced new financial products, Apple Pay Later and a high-yield savings account, while facing reports of a troubled partnership with Goldman Sachs for the Apple Card. Apple Music Classical was launched as a separate app, addressing the challenges of organizing classical music libraries. The iPhone 15 featured a switch to USB-C charging ports and the potential support for RCS messaging. The HomePod speaker made a comeback with improved sound quality. Apple's environmental efforts included the release of the FineWoven case, which received mixed reviews. Additionally, Apple made a significant investment in MLS, bringing global soccer superstar Lionel Messi to the Inter Miami team.
Apple is reportedly ending its partnership with Goldman Sachs within the next 12 to 15 months due to the bank's consumer services, including the Apple Card, causing significant financial losses. Goldman Sachs has been losing billions of dollars, partly due to a higher-than-usual loss rate on its credit card loans. Apple's demands for high approval rates and synchronized billing have frustrated Goldman Sachs executives. It is unclear if Apple will partner with another company for its financial services, but Synchrony Financial and American Express have shown interest. Apple's services business, including financial services, has become increasingly important as revenue growth from hardware businesses has slowed.
Goldman Sachs is reportedly facing internal pressure to exit the consumer-lending space, with the Apple Card partnership seen as a distraction from its core business. The bank's third-quarter earnings, expected to be significantly down, may lead to the offloading of Apple's financial products onto another bank. While Goldman's stock has declined this year, the high-yield Apple savings accounts remain popular and attract billions in deposits. The partnership between Goldman Sachs and Apple, once praised as innovative, is now under scrutiny, with some questioning whether the foray into consumer banking was a mistake.
Apple is offering a new promotion for select Apple Card users, providing them with 10% total Daily Cash back on gas and electric vehicle charging, up to $6,000 worth of purchases. The promotion is available until October 5 and can be accessed through Apple Pay, virtual card numbers, or in-person transactions using the Apple Card.