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Apple Pulls Plug on Goldman Sachs Credit Card Partnership


Burgerwars
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On 3/17/2024 at 7:16 AM, MP80 said:

It's been a while since I've seen a high starting limit for the Apple Card. I have increased my credit limit on my Apple Card by $2000 in 4 years.

 

The not-so-good news is that I’ve recently seen people who were pre-approved for the $3,000 initial launch credit get frustrated and abandon the application.

 

My mom was recently approved for the Apple Card for $3,000.  She has impeccable credit and 815 FICO.

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12 hours ago, ShawnPY1972 said:

 

My mom was recently approved for the Apple Card for $3,000.  She has impeccable credit and 815 FICO.

Created in partnership with Apple, the Apple Card, whose unique technology was unlike any credit card, gave Goldman Sachs the vision and confidence to leapfrog the competition in the credit market, only to fail just a few years later. News of growing losses and weaknesses require new strategies to cut losses.

 

Who would have thought that Goldman Sachs, the investment oracle, would be drowning in Apple Card losses?

 

I think it's fair to say at this point that Goldman Sachs won't be that generous in approving substantial starting limits for new applications.

 

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1 hour ago, hdporter said:

 

Have you ever noticed that Catepillar has never entered the home lawn mower market?

Yep, Caterpillar stayed away from the home lawn mower market. This means Goldman should also stay away from consumer banking and credit services.

 

Caterpillar has built its reputation primarily in the construction, mining, and industrial sectors. Their core business revolves around heavy machinery, earthmoving equipment, and engines. As a result, they have historically concentrated on these areas, where their expertise lies.

 

Market dynamics competition and niche. The home lawn mower market is already crowded with established players like John Deere and others... These companies have a strong foothold in the residential and commercial lawn care segment. Entering this market would require Caterpillar to compete directly with these well-established brands, which might not align with their strategic goals.

 

OTOH - Goldman should cleverly assess and reassess before entering the crowded credit card market following Caterpillar's business dexterous strategy. Goldman should've never entered the credit card market!

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When I started my rebuilding, after the business BK, Apple gave me my largest starting limit at $9,000. I don't use the card much but I do pull it out at least once per month to keep it going. 

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On 3/19/2024 at 2:50 AM, MP80 said:

Yep, Caterpillar stayed away from the home lawn mower market. This means Goldman should also stay away from consumer banking and credit services.

 

Caterpillar has built its reputation primarily in the construction, mining, and industrial sectors. Their core business revolves around heavy machinery, earthmoving equipment, and engines. As a result, they have historically concentrated on these areas, where their expertise lies.

 

Market dynamics competition and niche. The home lawn mower market is already crowded with established players like John Deere and others... These companies have a strong foothold in the residential and commercial lawn care segment. Entering this market would require Caterpillar to compete directly with these well-established brands, which might not align with their strategic goals.

 

OTOH - Goldman should cleverly assess and reassess before entering the crowded credit card market following Caterpillar's business dexterous strategy. Goldman should've never entered the credit card market!


And the John Deere mowers you can buy the big box stores are made to a Joe Six Pack consumer price point. The build quality is nowhere near the same as their agriculture products. 

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Interesting reading. Glad I am not involved in this. I wouldn't take any Goldman-Sachs or Synchrony product under any circumstances and in fact I have refused several offers by GS. Reason: There seems to be no rhyme or reason to their credit decisions. I apped twice - once with zero delinq and a credit score well into the high 700's - flat denial, and the second time a couple of years later and I am solidly in the 800 club. Same response, same BS reason. I don't remember why but it was one of those BS letters (like "too many open credit lines" along with "too few open credit lines" in the same letter), and I also will not take anything that Synchrony has its fingers in just on principle. As far as Amex taking it over, I already have all the credit I need with them, and then some.

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On 3/19/2024 at 1:34 AM, hdporter said:

 

Have you ever noticed that Catepillar has never entered the home lawn mower market?

 

Getting off topic, but I have to wonder if John Deere using their brand for lawn tractors and such like has helped or hurt their brand.

 

As an aside, years ago, Gravely was supposedly the top shelf player in that market.  Apparently they still exist, but I can't remember even hearing the name in years.

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And on a positive note, my "Better Than Apple" Titanium keychains and rings arrived today.

 

They were a little pricey, but I got a 15% off coupon, no ..., free shipping, and to top it off I used the Beloved Paypal Cashback Mastercard through "Pay with Paypal" for 3% off.

 

 

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4 hours ago, greendeh said:

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Caterpillar Cat® DG671 60V 21" Self-Propelled Brushless Lawn Mower
https://www.walmart.com/ip/seort/3455080448

 

You can get this from Caterpillar Lawn Mower from Walmart online and even buy it using the Apple titanium card or virtual card number!

 

 

 

 

I'll accept the correction, but I'll venture a guess that this is manufactured by a licensee of their brand name

 

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34 minutes ago, hdporter said:

 

I'll accept the correction, but I'll venture a guess that this is manufactured by a licensee of their brand name

 

Naa, wasn't a correction. And they should be ashamed to have their name or a derivative of their name on that piece of junk.

 

But you CAN buy one with an Apple Card !

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The thing is like a toy. I think it looks as if it's pretending to be made by Cat. 


Caterpillar focuses primarily on heavy machinery, construction equipment, and industrial applications. Lawnmowers are not part of its core product line.

 

I believe that the Cat brand on the products will bring more sales, similar to overseas products produced from various regions and stamped with the brand name to attract consumers to buy the brand products.

 

Clothing retailers, grocery stores, and food markets hire someone to do the job by adding their famous brand names to their merchandise. 

 

I assume some businesses make money by selling their brand, like hanging a name on a hotel, but assuming you have a trusted reputation.

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On 3/29/2024 at 1:25 AM, TeeSharice said:

ive grown fond of my Apple Card-  would hate to lose it....    no updates on the product?

 

I'm going to apply in August for the Apple Card.  By that time the late payments on my Bank of America card will be gone and my inquiries will have aged over six months.  I'm assuming that Chase will purchase the Apple relationship and this will be an easy back way into Chase for me.

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On 3/20/2024 at 9:30 PM, hdporter said:

 

I'll accept the correction, but I'll venture a guess that this is manufactured by a licensee of their brand name

 

You are correct. The lawn equipment is made under license by The Positec Tool Corporation. Positec, is a manufacturing company that specializes in the production of power tools and lawn and garden equipment. The company's corporate headquarters are located in Suzhou, China and the head of its North American division is located in Charlotte, North Carolina

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  • 2 weeks later...
  • 4 weeks later...

Be careful of Marcus/Goldman Sachs phishing. I recently got an email to verify my email address with my Marcus savings account. Don't click on the link. The email address it came from was from a jewelry store in Boston. I was suspicious before I even saw that. Don't trust anything these days. 

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On 5/12/2024 at 7:04 AM, Burgerwars said:

Be careful of Marcus/Goldman Sachs phishing. I recently got an email to verify my email address with my Marcus savings account. Don't click on the link. The email address it came from was from a jewelry store in Boston. I was suspicious before I even saw that. Don't trust anything these days. 

I just received an email alert from Dell Technologies investigating an incident involving the Dell Portal, a database containing limited types of customer information related to purchases of products from Dell.

 

The investigation revealed that the types of customer information that were accessed were limited, including:

 

1- Name


2- physical address


3- Dell hardware and order information, including service tags, item descriptions, order dates, and related warranty information.

 

The information involved does not include financial or payment information, email addresses, phone numbers, or any highly sensitive customer information.

 

Just a reminder, if you currently have or previously owned a Dell product, be cautious and alert always remember to avoid falling victim to tech support phone scams if a scammer calls you.

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https://www.bleepingcomputer.com/news/security/dell-warns-of-data-breach-49-million-customers-allegedly-affected/

 

Interesting. I have not received any correspondence from Dell about this. I was just on the dell site 4 days ago ordering something.

 

Would have been nice if they had, I would have used paypal and not one of my cards directly.

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