Virtually any business is a game in the long. So before he starts to make money, it may take some time. Good businessmen understand this, and therefore do not expect that the case will immediately become profitable. Sometimes it happens that the business is run not for profit but for the sake of maintaining credibility or engaging the audience for another business. But if Apple this approach is fully satisfied, the Bank Goldman Sachs, which acted as the Issuer of payment cards Apple Card, not so much.
According to The Wall Street Journal, Goldman Sachs incurs losses due to service Apple Cardthat seems to never end. According to industry sources, moreover, that the creation of the map took about $ 300 million, so it also assumes the associated costs for maintenance, which has to bear the Bank, providing payments processing, handling of incoming cash and customer support. But the main concern Goldman Sachs is the dominant position of Apple in their joint relations.
The Terms Of The Apple Card
When Apple introduced the Apple Card for presentations this spring, the slogan that accompanied the launch of the product, was the phrase “Created by Apple, not the Bank.” Thus in Cupertino as it neglected the role of Goldman Sachs in the project, although it was considerable. Industry rumor has it that the management of the Bank very sharply reacted to such positioning. In addition, Apple knocked from Goldman Sachs too loyal conditions for its clients, which today does not grant any single commercial Bank in the world.
See also: Apple has issued a special manual on caring for the Apple Card
For example, for holders of Apple Card does not provide penalties for late loan payments. In any normal Bank customers will pay a higher rate, and then give the case to collectors who are not very principled in matters of knocking out debt. Besides Goldman Sachs is prohibited from transferring data about users to third parties that modern business environment is downright nonsense. Because of this, the Bank loses the opportunity to earn additional income, which he would leak information about payment transactions of the users, their purchases and other information to advertisers.
Why you need a Apple Card
However, Apple itself apparently, too, did not purport to be welded on the Apple Card holders. The primary objective of the company is stronger than to plant a clientele for its services started to monitor their purchases. As a result, users will not be able to abandon the iPhone, because Apple will service Card it is possible only if you have Apple smartphone and permanent access to the wallet where the image is stored card. Moreover, to card statement can only work with the iPhone. And who in their right mind would refuse such loyal conditions, such as daily cashback at 2% and no penalties for late payment?