What bank is behind Apple card? (2024)

What bank is behind Apple card?

Goldman Sachs Bank USA, Salt Lake City Branch is the issuer of Apple Card. Merging accounts is subject to credit approval and general eligibility requirements.

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What bank is behind Apple Card?

Currently, Goldman Sachs is handling the banking end for both products, so the tech company would likely need to find a new financial partner. There's currently no information on whether Apple has made any steps toward securing a new partnership or if it's planning any changes to its card and savings account products.

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What bank controls Apple Card?

Goldman Sachs, Apple Card's issuing bank, and Mastercard, Apple Card's global payment network, receive your Apple Card transaction information, but do not share or sell your transaction information to third parties for marketing or advertising.

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Who is the creditor for Apple Card?

Apple Card is issued by Goldman Sachs Bank USA, Salt Lake City Branch. Variable APRs for Apple Card range from 19.24% to 29.49% based on creditworthiness. Rates as of August 10, 2023.

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What credit bureau does Apple Card pull from?

When you apply for an Apple Card, Goldman Sachs will review your FICO® Score based on the information on your TransUnion credit report. While some people have been approved for the Apple Card with subprime or fair credit scores (under 670), you'll have an easier time getting approved with a good to excellent score.

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Who is replacing Goldman Sachs for Apple Card?

Apple to Drop Goldman Sachs for Apple Card; Chase Bank Is Ideal Replacement - Bloomberg.

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Why is Goldman losing money on Apple Card?

As the two companies sought to boost revenue, they granted cards to customers with lower credit scores, according to one of the sources familiar with the situation. As Goldman set aside more money for bad loans, the paper losses for its consumer business mounted, according to earnings filings.

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Is Apple Card its own bank?

To create Apple Card, we needed an issuing bank and a global payment network. Apple Card is the first consumer credit card Goldman Sachs has issued, and they were open to doing things in a new way. And the strength of the Mastercard network means Apple Card is accepted all over the world.

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Is Goldman Sachs leaving Apple Card?

Apple and Goldman Sachs have decided to end their Apple Card partnership, with Apple offering Goldman Sachs an out. Given that Goldman and Apple extended the partnership until 2029 just last year, it is surprising that Apple is offering Goldman an early exit, and suggests that a new partner has already been found.

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What bank partners with Apple?

Most major US banks support Apple Pay, including Bank of America, Chase, Wells Fargo, and Citi.

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Is it hard to get approved for Apple Card?

If your credit score is low

Apple Card is backed by Goldman Sachs, and Goldman Sachs uses TransUnion and other credit bureaus to evaluate your application. Apple says that if your FICO9 score is lower than 600, Goldman Sachs might not be able to approve you.

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What is the max credit limit on Apple Card?

It does have credit limits. The limits are determined by the cardholder's credit score, credit age, and income at the time of application. Cardholders have reported credit limits as low as $50 and as high as $15,000. An Apple Card may be shared using Apple Card Family.

What bank is behind Apple card? (2024)
How long does Apple Card approval take?

It can take somewhere between 7-10 business days to get approved for the Apple Credit Card. In some cases, you could get immediately approved. If you do, you'll get an offer with your initial credit limit and APR after applying. If you accept the offer, you can start using your Apple Card with Apple Pay.

Who does Bank of America pull from?

Bank of America appears to use Experian but may also rely on reports from Equifax and TransUnion.

Why is Apple declining cards?

There are a number of reasons the charge or verification might be declined: Apple is not allowed to accept credit or debit cards in your country. The card is not recognized in your country. Insufficient balance or account in arrears.

How many credit cards should I own?

Two factors that contribute to your credit score are the number and type of credit accounts. If your goal is to get or maintain a good credit score, two to three credit card accounts, in addition to other types of credit, are generally recommended. This combination may help you improve your credit mix.

What credit card does Goldman Sachs own?

Goldman Sachs Bank USA, a unit of Goldman Sachs, has partnered with Apple to issue the Apple Card, the first consumer credit card from Goldman Sachs. The card offers consumers the ability to earn rewards on everyday purchases, to redeem rewards in many ways and to qualify for a low minimum interest.

Is the Apple Card failing?

Indeed, the Apple Card has been an unprofitable deal for Goldman Sachs, which announced in 2022 that it had lost over $1 billion on the partnership since 2020. Goldman's Apple Card business has a subprime problem, too. The bank's loss rate on credit card loans is the worst among big US card issuers.

Is Apple Bank in trouble?

Apple Bank has been profitable annually for over 30 years reflecting a long history of conservative financial management. Apple Bank's balance sheet is comprised primarily of high-quality loans and securities, and its capital ratios remain strong.

Is Apple ending its credit card?

Apple is reportedly ending its Apple Card relationship with Goldman Sachs. Apple is putting an end to its credit card partnership with Goldman Sachs, yet another blow in the investment bank's ill-fated attempt to push into the consumer banking space.

How many Apple Card holders are there?

Apple Card, launched in 2019, has over 12 million users in the US.

Should I cancel my Apple Card?

It's important to note that by canceling your Apple Card, you could potentially hurt your credit score. That's because a canceled card lowers your overall available credit line and the average age of your accounts.

Do I have a Goldman Sachs account if I have Apple Card?

Apple is not a financial institution. Apple Card and Savings are issued and provided by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC.

Is Apple Card worth it?

TIME's Take. The Apple Card is a good deal for purchases from Apple and using Apple Pay. Cardholders earn 3% back on purchases from Apple, 2% back when using Apple Pay anywhere it's accepted, and 1% everywhere else. The card has no fees or costs aside from interest charges if you carry a balance.

Is Apple a bank now?

Many might not be aware that Apple is achieving success not only in the tech arena but also in banking. Last May, Apple just partnered with Goldman Sachs to launch a savings account, not just that, they have a buy now pay later service, a payment system and recently they are doing more and more bank-like activities.

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