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Can’t tell if this is a good or bad thing. American Express certainly is more well known for superior customer service, but they also seem to be less accepted at more retailers. Curious to see what comes out of this.
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I hope not. I just canceled my Amex platinum card because they didn’t have my back on a $33 charge back.
As much as I love my Apple Card I would probably drop it if Amex takes over.
I’m sorry that happened to you, that sucks.
But I also think it’s statistically unlikely any other bank would have done any better in that situation given other experiences posted on the web.
I’ve had great luck with my Citi card.
I made the mistake of ordering a Nordictrak bike and paid for non refundable delivery and setup. After getting screwed around from nordictrak CItibank got me my full money back, almost $3000 including the non refundable setup and delivery.
Amex wouldn’t do anything for $33. I will always trust Citi bank over anyone else.
Citi refused to fix a $1100 fraudulent charge for me. By refused, I mean they were not competent enough to be able to fix it. I kept asking for a direct number to their fraud department and / or a case number but their were unable to provide either to me.
The charge was 1 of 3 exactly like it, and they fixed the other 2 no problem. It was a pretty sobering look at how badly their business was run.
Sounds like it’s not specifically about Apple or the Apple Card; they’re cutting back their whole consumer business.
would this change the user experience all that much?
If this were to happen, less stores expect AmEx so it’s possible your card will be less usable at the places you frequent.
strange. i didn’t realize banks may not be accepted. i’ve only ever had an issue with visa/mastercard.
Broadly speaking the card and the bank aren’t always the same entity. The card is just the card (Discover/AmEx/Visa/Mastercard), the issuing bank is what is extending you the credit line.
Not all cards work with the merchant/vendor. Visa and Mastercard have generally the largest reach. AmEx is notorious for less support.
With that said I reckon paying by Apple Pay is sufficient to get around that insofar as the vendor/merchant accepts it.
Discover can be near impossible to use internationally where as I’ve not run into anywhere that doesn’t accept Amex even internationally except for Costco but they don’t take Mastercard either
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If it means I can finally have it in Canada along with ApplePay Cash I’d love that.
Apple Pay Cash is actually run by Greendot bank and not Goldmans Sachs. Apple is bound by the local laws, the reason Apple Card gets the rewards as it does is because the US doesn’t have fee limits for credit cards like other countries do.
I wonder if this could also lead to the Apple Card being offered in more countries, since Amex already has existing consumer products around the world.
It would mainly depend on local laws such as rebranding laws, its reported Apple has been having issues launching the Apple Card India because of the laws behind rebranding and that in India the banking details have to be on the bank side and from the banks site so it couldn’t be integrated into the wallet app. Also don’t expect the same cash back scheme outside the US as many countries limit the amount in fees a credit card can charge where the US doesn’t have a limit. So the EU limits the fees to 0.3% for credit cards.
Could Apple start something like it’s own bank? Not anytime soon, but what is stopping them? Apple Pay shows there’s a market there to be exploited.
There is a ton of requirements they would have to meet due to regulations but they technically could however the question for management is if it’s worth the investment rather than getting a favorable deal with another bank. Goldman Sachs seems to be saying they just grew too fast, so another bank might be able to manage better such as AMEX.
My Apple Card is a MasterCard - Sachs is the issuing bank, not the credit card. If Amex takes over the banking functions…fine if the functionality is the same. If they act as the card…no thanks. Canceled my Amex years ago due to poor service, fees and absurd rate - other options were far better.
Essentially choosing from the lesser of evils.
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