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WSJ: Goldman Sachs wants to bail on Apple Card partnership after $1B loss, in talks with Amex (9to5mac.com)

submitted 1 year ago by SemioticStandard to c/finance

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How have they lost so much??

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[–] cecirdr 10 points 1 year ago (2 children)

Yikes! I had no idea there was any way to lose money when credit card rates were so high. The article says that they had to approve people with lower scores than they would normally do, so they are having to write off double the volume that other issuers are.

...and I just opened my savings account with Apple/Goldman a couple of months ago.

[–] SemioticStandard 2 points 1 year ago

Hmm. I promise I read that article and I swear I don’t remember them explaining that (why they lost money) at all!

Oh well. It’s not like I’ll shed any tears for millionaires.

[–] randomguy2323@lemmy.fmhy.ml 2 points 1 year ago (1 children)

I do not think you should worry about the Savings account. Its a not a big loss for them not like credit cards.

[–] UltimoGato@kbin.social 1 points 1 year ago

And even if that were to transfer to Amex too, Amex has had a competitive HYSA for many years.