| Cult of Mac

Even Tim Cook’s Apple Card application got rejected

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Tim Cook has plenty of money, so that couldn't be the reason.
Tim Cook has plenty of money, so that couldn't be the reason.
Image: Canva

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 wants out of Apple Card after massive losses

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Making Apple Card payments is as simple as its design.
Apple Card hasn’t been profitable for the bank that backs the credit card.
Photo: Apple

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 customers complain about delayed withdrawals

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Some Apple Card Savings account customers are frustrated by withdrawal and transfer delays.
Some Apple Card Savings account customers are frustrated by withdrawal and transfer delays.
Photo: Apple

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.

Cupertino plans ‘buy now, pay later’ offering called ‘Apple Pay Later’

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A planned new service will give you more options to pay over time.
A planned new service will give you more options to pay over time.
Photo: Apple

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’s $200 million fund will remove tons of CO2 from the atmosphere

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Apple environment
Apple's doing its bit to promote sustainability.
Photo: Apple

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 Card users can defer July payments if pinched by COVID-19

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Even Apple Card charges interest.
Cardholders might be able to defer their July Apple Card payment without accruing interest.
Photo: Apple/Cult of Mac

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 Card users can skip May payment if COVID-19 cost them their job

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Apple Card is underwritten by Goldman Sachs.
You could have your Apple Card interest fee waived for May if you’re in financial trouble because of COVID-19.
Photo: Apple

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 thinks Apple is massively overvalued right now

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International governments plan to rethink tax rules for the ‘digital age’
Apple might not be worth as much as some investors think.
Photo: Pixabay/Pexels CC

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.