How stupid do they have to be to mess that up? Apple consumers are some of the highest and most consistent purchasers on the planet. They’re willing to spend money. How could they lose that much?
this post was submitted on 19 Jul 2023
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If these losses are actually due to the Apple Card, then these cardholders are also consistently not paying their credit card bills
I have a feeling Goldman isn’t the only one feeling the hurt. Really has no issue on who issues or what the card is but can the people has a whole pay any. And as we are seeing the answer is no. High rates on goods means debt is the last to be paid.
Losses by creditors doesn't mean people aren't buying things. It's means they aren't paying their bills.
Did I stutter? How does that happen when the card was offered to Apple buyers? These people have the money. Unless they lowered the initial entry criteria, this shouldn’t have been that difficult.
You just said they are willing to spend money. That doesn't make them able to pay it back. Apple consumers are not wealthy... Hell there's a ton of living in an efficiency apartment, paycheck to paycheck folks that buy every new iphone on release.
Getting approved for a credit card has never been that hard. You just need to be reasonably on top of your debt payments for a while, not over leveraged to a wild degree and they'll give you a new one.
I’m mystified as to how Goldman isn’t making money here. The credit card won’t let you do a balance transfer to another card at an introductory rate to pay things down. So they have their customers trapped.
I have the card and savings account, but I’m not carrying a balance on the credit card now, In the past though, they certainly made money off me.
There must be a lot of defaults.