Goldman Sachs rankles at Apple Card's 'created by Apple, not a bank' line
The investment bank Goldman Sachs has reminded financial analysts that it developed and is making all the decisions about Apple Card.
The investment bank Goldman Sachs has reminded financial analysts that it developed and is making all the decisions about Apple Card.
Senators Elizabeth Warren and Sherrod Brown are amping up their attacks against Apple Card partner Goldman Sachs' alleged gender bias for applicants, pushing the director of the Consumer Financial Protection Bureau to examine the claims for violations of fair lending laws.
Democratic senator and U.S. presidential candidate Elizabeth Warren on Wednesday chided Apple Card financial partner Goldman Sachs over the firm's response to claims that its algorithms introduce a credit limit bias against women.
Responding to claims that a gender bias is instituted when processing Apple Card applications, Apple banking partner Goldman Sachs on Monday said it is prepared to reevaluate credit lines for customers who expected higher limits.
Following accusations that married couples are seeing different credit ratings in their Apple Card applications, bank Goldman Sachs has issued a statement saying all scores are individually calculated.
According to regulatory filings made public this week, Apple Card financial partner Goldman Sachs said it doled out about $10 billion in credit lines for the Apple branded credit card in a little over one month.
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.
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