A number of Apple Card customers are having problems managing their credit card, with reports of users struggling to make payments to the credit facility through the Wallet app, with the distinct possibility of some users accidentally making multiple payments against their account balance.
Apple's financial partner company Goldman Sachs reports that its first-ever consumer credit card launch — the Apple Card — has been a success, and that here is a "high level" of demand for it.
Despite reports that neither Apple nor Apple Card issuer Goldman Sachs were reporting the usual payment details to credit bureaus, the information is now beginning to be sent.
Following Goldman Sachs predictions claiming that Apple TV+ trials would be reported financially in such a manner that investors would complain and bail out of the stock, Apple has said that it will have no impact on results at all.
Goldman Sachs is spending somewhere in the region of $350 to acquire every new customer of Apple Card, analysts claim, with the investment bank not expected to make a profit on the user until they have been a customer for four years on average.
It's not the best part of owning a credit card, but since we have to pay them off, Apple has made the process remarkably fast and easy for Apple Card payments.
In what appears to be a database problem, Apple is not just sending emails to iCloud accounts saying that the user needs to update with an iCloud email address, but customers outside the US are erroneously being asked to apply as well.
Apple Card is apparently being offered to more than just people with great credit scores, with Goldman Sachs allegedly approving applicants for the co-branded credit card with poor credit scores, in what could be a move to acquire as many customers as quickly as possible.
Apple has increased the number of people who can sign up for Apple Card ahead of its official launch, with more iPhone users now able to apply for the credit card from their devices.
The benchmarking and survey company J.D. Power is predicting that Apple Card will be hit, based on the awareness and interest of US consumers ahead of its launch.
Emphasizing the simplicity and speed of signing up, ten new videos from Apple cover applying for Apple Card directly in your iPhone's Wallet app through using the titanium card at retail.
With a launch just weeks or even days away, Goldman Sachs has published the customer agreement for Apple Card, sharing APRs, usage restrictions and other details.
Sources say Apple Card is still on schedule to be released in the summer, only just keeping it within Apple's stated launch timeframe.
Goldman Sachs has burned through considerable amounts of money on Apple Card and its other consumer-facing initiatives, with the investment bank revealing it has spent around $275 million in 2019 alone on public-based projects.
Apple Card could earn Apple $1 billion dollars in revenue within a few years of its launch, analysis of the upcoming credit card suggests, with the service likely to be "almost pure profit" to the iPhone maker while partner Goldman Sachs handles the vast majority of the risk and its operation.
Citigroup was in the running to become the U.S. financial partner for the Apple Card, but abandoned the effort late into negotiations because of worries about "acceptable profit," a report claimed on Tuesday.
This week on the AppleInsider Podcast, William and Victor talk about rumors of mouse and trackpad support on iPads, Apple's speeding up keyboard repairs, and Victor goes to Moogfest where he learns about Focal headphones and Sensel Morph, a multi-touch input device.
Analysts at Goldman Sachs have improved their view of Apple's share, raising the stock's 12-month target price from $140 to $182 under the belief demand in China is no longer an issue, at the same time as anticipating Apple will beat its guidance for the upcoming financial results.
Apple Card may reap $1.5 billion in revenue and be in top 10 card issuers by 2024, resulting in a windfall not just for Goldman Sachs, but for the iPhone manufacturer as well, an HSBC analyst said in a Thursday memo.
Goldman Sachs International's CEO Richard Gnodde said that the Apple Card will see an international release, after an initial, focused deployment in the U.S.
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Malcolm Owen
William Gallagher
Mike Wuerthele
Roger Fingas
Victor Marks
