Every _month_. And it's not just the customer service desk that's a problem. With even distribution of billing and a large customer base, outflows match inflows and you don't have to do much to manage it. With all money coming in on one day you have a huge outflow of money and then it all rushes back in.
Much easier to borrow 1 dollar for a year than 30 dollars for a month.
Apple card with GS was amazing deal for people who didn't have prime credit.
And in the bottom-right corner of the titanium card and in the picture in Wallet. And it's advertised practically everywhere they mention the titanium card. And if you have Apple Savings it's also specified to be from GS everywhere.
Consider the transition takes 24 months I wouldn't be surprised if the discount allow them to run three years with clause to terminate at later date. The downside and exposure should be limited with great upside on worldwide launch.
But judging from Apple's speed with their execution in Apple Wallet this will likely take a lot longer than expected.
But the execution has been absolutely appalling.
You could well be right, though I have a couple of theories why they Apple haven't rolled it out here:
- maybe they think it'll just be too messy, having to market different cashback reward rates and so on for the US and UK, due to the capped interchange fees - too much "it's not fair" style moaning like everyone did about Black Friday, even though we don't even celebrate Thanksgiving here.
- Apple have somewhat de-prioritised UK/Europe generally given their dealings with the EU
- (as others have hinted) most banks simply aren't interested
From the outside it does seem as though there was basically nothing in it for Goldman Sachs, other than perhaps useful spending data (they must surely have got some data, regardless of Apple's privacy claims) and a bit of industry prestige for being the ones to work with Apple?