GS in talks to offload Apple Cards and savings accounts to Amex

A year ago

Sat Jul 01, 2023 9:29 pm

Beefy

Seasoned Rebel

Level3 Last INQTuesday, May 28, 2024 Gardening For3 months, 10 days, 20 hours, and 41 minutes Next Level in20 days, 3 hours, and 19 minutes on September 28th INQ 1yr onWednesday, May 28, 2025 INQ 1yr in8 months, 20 days, 3 hours, and 19 minutes INQ 2yr onThursday, May 28, 2026 INQ 2yr in1 year, 8 months, 20 days, 3 hours, and 19 minutes Goal12 months Goal DateWednesday, May 28, 2025 Goal In8 months, 20 days, 3 hours, and 19 minutes

CreditAggie wrote: ↑Sat Jul 01, 2023 3:04 pm Goldman Sachs is looking to offload Apple Cards and savings accounts and is in talks with Amex, according to the Wall Street Journal. This comes as GS reported a $1 billion loss on the Apple Card.

As long as I get to keep my never used titanium card I am all for it!

A year ago

Sun Jul 02, 2023 6:31 am

Tinkegrrl

Seasoned Rebel

Tinkegrrl has passed the 12 month threshold!
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Tinkegrrl has achieved the Garden Goal !!

Level14 Last INQSaturday, July 1, 2023 Gardening For1 year, 2 months, 6 days, 20 hours, and 41 minutes Next Level in23 days, 3 hours, and 19 minutes on October 1st INQ 1yr onMonday, July 1, 2024 INQ 1yr reached2 months, 6 days, 20 hours, and 41 minutes ago INQ 2yr onTuesday, July 1, 2025 INQ 2yr in9 months, 23 days, 3 hours, and 19 minutes Goal12 months Goal DateMonday, July 1, 2024 Goal Achieved2 months, 6 days, 20 hours, and 41 minutes ago

Beefy wrote: ↑Sat Jul 01, 2023 9:29 pm
CreditAggie wrote: ↑Sat Jul 01, 2023 3:04 pm Goldman Sachs is looking to offload Apple Cards and savings accounts and is in talks with Amex, according to the Wall Street Journal. This comes as GS reported a $1 billion loss on the Apple Card.
As long as I get to keep my never used titanium card I am all for it!

And the UI. And the ability for AU users to get their own cash back rather then the account owner. This card has been my teen’s go to card largely because he gets his own cash back. I like it because it saves his debit card from being out there. He’s got a ton of cash in his checking from saving for a car. I’d rather he not use his debit.

A year ago

Mon Jul 03, 2023 12:55 am

EvenBetterThanTheRealThing

Seasoned Rebel

Level4 Last INQFriday, April 12, 2024 Gardening For4 months, 26 days, 20 hours, and 41 minutes Next Level in4 days, 3 hours, and 19 minutes on September 12th INQ 1yr onSaturday, April 12, 2025 INQ 1yr in7 months, 4 days, 3 hours, and 19 minutes INQ 2yr onSunday, April 12, 2026 INQ 2yr in1 year, 7 months, 4 days, 3 hours, and 19 minutes Goal12 months Goal DateSaturday, April 12, 2025 Goal In7 months, 4 days, 3 hours, and 19 minutes

I have no experience with the Apple card since I'm an android phone user, but given the nearly 3% loss rate I've seen in articles I'm not terribly surprised they want out. I am curious though what it means for the rest of the Marcus products. Is this the beginning of the end of all GS consumer banking products or will they keep the other existing products and the GM card? FWIW, about a year ago I did the SP app and chose not to accept the $2k GM card offer (mainly because it didn't fit my needs even though it would have been an ok limit given the stage of my rebuild), but lately I'm getting hounded by GS to apply for the GM card. I'm getting consistent ads plus heavy email marketing on it as well. I have no good use case for the cared but part of me kinda wants to see GS have enough success in the consumer market just for additional competition purposes.