Money stored in Apple Card Savings accounts just started earning more interest. Goldman Sachs, the bank that backs these accounts, raised the interest rate to 4.25%.
This is a far higher rate than most savings accounts available to consumers.
Money stored in Apple Card Savings accounts just started earning more interest. Goldman Sachs, the bank that backs these accounts, raised the interest rate to 4.25%.
This is a far higher rate than most savings accounts available to consumers.
This week on Cult of Mac’s podcast: It sounds like Apple’s partnership with Goldman Sachs is on the rocks. What does that mean for the future of Apple Card?
Also on The CultCast:
Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.
Apple’s partnership with Goldman Sachs for the Apple Card is reportedly coming to an end. The Wall Street Journal says Apple sent a proposal to the bank to exit from the agreement in the next 12 to 15 months.
At the moment, it remains unclear if Apple has zeroed in on another banking partner for Apple Card.
For the third year in a row, Apple Card has been named the Best Co-Branded Credit Card for Customer Satisfaction with No Annual Fee in J.D. Power’s study of U.S. credit cards.
The high interest rates offered by Apple Card Savings have now brought in $10 billion in deposits since the service launched in April.
That’s a boon for Goldman Sachs, the bank that holds all that cash and handles the Apple Card, too.
Not just anyone qualifies for a new Apple Card — including Apple CEO Tim Cook, according to a new report. The Goldman Sachs underwriting system apparently rejected his application a while back.
Amid reports lately that Goldman is losing money on its deal with Apple, and the two might part ways, it almost sounded like payback. But that’s not it.
This week on Cult of Mac’s podcast: The latest rumors point to impressive iPhone upgrades on the horizon. Stacked batteries might deliver the holy grail of longer battery life as early as this year. And in 2024, the iPhone Pro Max camera might graduate to a mind-blowing 12x zoom. Excuse if we’re a little excited!
Also on The CultCast:
Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.
A new Apple Card promotion can get you up to 10% Daily Cash Back on App Store purchases. The promo is only applicable to new customers.
You will also get 10% Daily Cash on transactions on other Apple services, like Apple Music and Apple TV+.
Goldman Sachs reportedly wants out of a partnership with Apple that has the bank backing the Apple Card and other financial services. It’s not hard to guess why: recent filings from the bank indicate it has lost at least $1 billion on the deal.
It’s supposedly looking to hand the business off to another megabank.
Apple is reportedly in talks with HDFC Bank to bring Apple Card to India. The latter is among the country’s largest credit card issuers and private banks.
The Cupertino giant also held discussions with NPCI to launch Apple Pay in the country.
Apple Card Savings accounts launched to great acclaim recently with their high yield, but some customers are complaining that withdrawing money and transferring funds through the Goldman Sachs-held accounts takes too long.
And some are leaving, according to a new report.
This week on Cult of Mac’s podcast: What will WWDC23 bring us? In addition to a sweeping look at the future of all Apple’s platforms, it sounds like we’ll get some major new hardware. Yes, there’s that $3,000 AR/VR headset, but there’s also something we really want: a 15-inch MacBook Air.
Also on The CultCast:
Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.
The high interest rates offered by Apple Card Savings reportedly brought an enormous rush of deposits in the first days after the financial service became available in mid-April. The savings accounts for iPhone users pulled in nearly $1 billion in only the first four days.
And that was weeks ago, so it’s almost certainly well over the billion dollar milestone by now.
Macs offer great value, but they aren’t necessarily cheap. After all, Apple’s most affordable laptop, the MacBook Air, currently starts at $999. If you need a capable computer that you can take anywhere, but you don’t have enough cash on hand to buy a MacBook Air or MacBook Pro outright, you have options.
This week on Cult of Mac’s podcast: The latest leaks about Apple’s AR/VR headset — possibly called the “Reality” — get us thinking about real-world applications. Will this thing kick-start a mixed-reality revolution, or flop harder than the Pippin?
Also on The CultCast:
Listen to this week’s episode of The CultCast in the Podcasts app or your favorite podcast app. (Be sure to subscribe and leave us a review if you like it!) Or watch the video live stream, embedded below.
Apple Card Savings allows you to earn a high rate of interest on money you might have been storing in Apple Cash. As the name indicates, it’s a savings account especially for Apple Card users.
Daily Cash earned from using the credit card flows automatically into the account where it (currently) earns 4.15% annually — that’s far more than the national average. And you can bring in cash from your other banks that offer lower interest rates.
I’ll walk you through the process of setting up an Apple Card Savings account.
Apple Card Savings launched Monday, allowing money earned from Apple Card’s cash-back program to go into a high-yield savings account. And it is high-yield — at 4.15%, the annual rate is about 10 times higher than the national average.
There are no fees for the new financial service, and users can bring in their own cash from other banks that offer lower interest rates.
Apple Card Savings, the next financial service from the Mac-maker, might be right around the corner. The company announced the service last autumn without a launch date. But now an Apple tipster claims it’s coming in only a few days.
When it debuts, the service will provide Apple Card users with savings accounts.
The money Apple Card users get as a cash-back reward can go automatically into a savings account from Goldman Sachs, the same bank that backs the credit card.
The money saved will earn interest over time.
Apple Card earned top marks in the annual J.D. Power U.S. Credit Card Satisfaction Study. Apple/Goldman Sachs beat out their rivals in the Midsize Credit Card Issuer segment, with users liking the benefits, rewards and more.
2022 is the second year in a row Apple Card took home this honor.
Anyone who uses an Apple Card can get Apple TV+ free for three months. And the deal isn’t limited to new subscribers – current ones also qualify.
It’s a promo for the new Apple TV+ movie Luck, and has the tagline, “It’s your lucky day. For three whole months.”
Use an Apple Card at certain online retailers and service providers between now and the end of July to earn 4% cash back. It’s a summertime promotion, and the companies involved offer sunglasses, movie tickets, coolers, hotel rooms, etc.
Apple Pay and the Mac-maker’s credit card regularly offer at least 2% cash back for online purchases but some special deals bring larger percentages. Like this one.
Rather than letting existing financial companies handle all its payment processing, Apple wants to bring some of it in-house, according to an unconfirmed report. And the Mac-maker would also like to take on a range of other related services itself.
The goal is to reduce the amount of money Apple has to pay outside companies for financial services.
Apple this week acquired Credit Kudos, a credit checking startup based in the United Kingdom, according to sources familiar with the matter. An update to the Credit Kudos website confirms it is now an Apple subsidiary.
The move has ignited rumors of an upcoming Apple Card expansion into the U.K. Apple fans on the other side of the pond have been eagerly anticipating its arrival since Apple Card first made its debut in the U.S. in 2019.
The iPhone Upgrade Program enables people to get a new Apple handset every year and pay it off in monthly installments, interest free. The monthly payments come from a credit card or a bank account. It’s possible to change which one at any time.
Many people who used the Upgrade Program to get an iPhone 13 want to do this because a bug prevented an Apple Card from being used for this on the handset’s launch day.
Here’s how to switch to a new credit card or bank account for Apple’s installment plan.