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.
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 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.
Apple and its Apple Card partner, Goldman Sachs, plan to launch a new pay-in-installments service for all Apple Pay purchases reportedly known internally as “Apple Pay Later.” It resembles other “buy now, pay later” offerings from companies like Affirm Holdings and PayPal.
Apple on Thursday unveiled a $200 million fund to back responsible forestry efforts around the world. The Restore Fund, launched with Conservation International and Apple Card partner Goldman Sachs, aims to remove at least 1 million metric tons of carbon dioxide from the atmosphere every year.
That would be equivalent to removing more than 200,000 passenger vehicles from the road.
Apple opened a website Thursday that lets Apple Card users see their balances, pay their monthly bills and more. Until today, cardholders could only do these tasks on an iPhone or iPad.
The novel coronavirus continues to hurt the U.S. economy, with unemployment about 13%. With so many out of work, or earning far less than they usually do, Apple and Goldman Sachs are offering to let people people struggling financially because of the COVID-19 pandemic skip their July Apple Card payment without being hit with interest fees.
Apple and Goldman Sachs are reportedly giving a second chance to people whose Apple Card applications were rejected. The “Path to Apple Card” program explains why they were denied, and gives users a chance to fix the problems.
Apple and Goldman Sachs might cut you some slack on your credit card bill if you lost your job during the COVID-19 pandemic. Users of the Apple Card were notified today that they can apply to skip their May payment without interest charges being added.
Goldman Sachs may be Apple’s partner in Apple Card, but that doesn’t mean that its equity research division is a cheerleader for Apple in everything it does. In fact, the firm just cut its price target on Apple from $250 down to $233, and recommends that clients sell their Apple shares.
This is the third time that Goldman has downgraded its Apple earnings estimate since February 17. Analysts led by Goldman tech analyst Rod Hall think that Apple is headed for a reduction in iPhone demand this year. That’s likely to be followed by a shallower recovery headed into 2021.
