Goldman Sachs regrets the entire Apple Card partnership. As of January this year, Goldman Sachs has lost more than $1 billion due to this business (currently about RMB 7.31 billion).

It is reported that Goldman Sachs has historically made profits by providing financial services to companies, financial institutions and governments. Goldman Sachs’ cooperation with Apple to launch Apple Card was its first step into the consumer loan business, but this step was not successful. Even Goldman Sachs has been trying to exit the consumer lending business for much of this year.

▲Image source Apple

Goldman Sachs has been trying to get out of the Apple Card partnership, but so far without success. Goldman Sachs has reportedly been in discussions with American Express (Amex) for some time, but nothing has come to fruition.

Foreign media believe that American Express has a strong own brand, so it is unlikely to accept Apple-branded products.

In addition, the current millions of dollars in savings accounts of Apple Card cardholders make it more difficult for Goldman Sachs to get rid of related businesses, because these funds have been invested, and Goldman Sachs has to raise corresponding cash before handing the business to other companies.

▲Image source Apple

Foreign media claimed that another potential exit plan proposed internally by Goldman Sachs is to hope that “Apple will be able to fully take over the company in the form of cash in the future,” thus causing Goldman Sachs to withdraw.

Goldman Sachs employees involved in the Apple collaboration have also suggested other options, including having Apple bear a larger share of the costs of the partnership. For example, “Apple could become the lender for new credit card spending and issuance, while Goldman Sachs continues to manage existing loans.”

However, the idea doesn’t appear to have gained any traction within either company, with reports saying it’s not under active consideration and has not been discussed among Goldman Sachs and Apple executives.

Foreign media claim that the differences between Goldman Sachs and Apple are increasing. The main problem currently exacerbating Goldman Sachs and Apple Card is that Goldman Sachs is being investigated by the Consumer Financial Protection Bureau because the company did not “resolve the error in a timely manner” and return the card. people’s money.

Goldman Sachs is blaming Apple for creating huge spikes in customer service reps because the Apple Card is designed so that “all cardholders are billed on the same date.”

However, foreign media believe that Goldman Sachs agreed to this arrangement at the beginning, and why it initially used this design is still unclear, but this “shows that this is indeed the first time that Goldman Sachs has entered the field of consumer lending, so it lacks Sufficient experience”.

THIS IS A SPONSOR PROMOTION: >>>>>>>>>>>>>

Geekwills is an online shop that connects consumers with millions of products and brands around the world with the mission to empower them to live their best lives. Geekwills is committed to offering the most affordable quality products to enable consumers and sellers to fulfill their dreams in an inclusive environment.

The post Goldman Sachs executive: The company suffered heavy losses in the Apple Card Business appeared first on TechGoing.

The feature allows Apple Card users to open a high-yield Savings Account from Goldman Sachs in the iPhone Wallet app and start earning interest on their Daily Cash balance. Users can also earn interest on personal funds deposited into the Savings Account through an associated bank account or from their Apple Cash balance.

To open a savings account in the Wallet app, users tap Apple Card, tap the circle with three dots at the top of the screen, tap Daily Cash, and then select Set Up Savings. Once the account is opened, all Daily Cash received will automatically be credited to the account and begin earning interest. Users can choose to add Daily Cash to their Apple Cash balance at any time if they wish.

The Apple Card Savings Account feature requires an iPhone with iOS 16.4 or later.

The post Apple Card savings account goes live with 4.15% APR appeared first on TechGoing.

For 2020 to 2021, Apple is lowering the Apple Card rate to 10.99%-21.99% in order to help customers during the epidemic. According to the Wall Street Journal, the Federal Reserve plans to raise it again tonight by 0.75 percentage points, which could mean the APR range for the Apple Card will be adjusted again to 13.24%-24.24%. This could be the highest rate for the Apple Card since its launch in 2019.

The post Following in the footsteps of the US Fed, the annual interest rate of Apple Card changes by 0.75 percentage points appeared first on TechGoing.