Apple’s credit card is not without its hassle. It remains exclusive to the U.S. after several years, and Goldman Sachs lost $10 billion after being the backer of the product. No, Apple Card is not perfect.
But we’re also not talking about a failure, because the Apple Card became the best credit card according to JD Power if we rely on user reviews. And he’s done it for the third year in a row, so in Cupertino they’re clear they’ve achieved something of value.
Apple Card is good, it’s too good
The study that came to this conclusion three years in a row is specifically the J.D. Power 2023 U.S. Credit Card Satisfaction Study, which rated the Apple Card as the best credit card. No annual fees and covered by two companies. It garnered the most appreciation of all the consumers who participated in the study.
Apple’s press release includes statements from Jennifer Bailey, Apple’s head of Wallet and Financial Services. Vice President says they “continue to work” with Goldman Sachs to “expand” the services that orbit around the Apple Card (We’ve recently seen the arrival of a savings account for its users.)
But at the same time we see another type of rumor: those of Goldman Sachs dissociating itself from the Apple Card. for (perhaps) American Express to take over and thus seek an international expansion of this map. The product can be consolidated in the United States, but beyond its borders, we continue with many unknowns.
Overall, the Apple Card’s short- and long-term plans remain unknown. Yes, it may be the best card, but It’s so much that it hurts the bank which is being delayed as support.. I have no doubt that this is an issue that will be on the table at Tim Cook’s desk for some time.
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The image | Melvin Thambi