💳 Sebby’s Card Picks: https://asksebby.com/go/cardpicks
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Timeline
0:00 Apple Card background
0:50 Credit levels
4:09 What this means for us
10:14 What happens next?
Articles referenced:
pymnts.com/earnings/2022/jpmorgan-adds-1-billion-dollars-loan-loss-reserves-economic-threats-mount/
pymnts.com/earnings/2023/jpmorgan-braces-for-recession-as-credit-loss-provisions-jump-49/
ft.com/content/4aa2c82e-e8af-4c94-9048-58862a5477bf
finance.yahoo.com/news/bank-earnings-loan-loss-provisions-reserves-strategist-says-112609753.html
reuters.com/business/finance/bank-america-beats-fourth-quarter-profit-estimates-2023-01-13/
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42 comments
💳 Sebby's Card Picks: https://www.asksebby.com/credit-cards
"Who would want to buy a business that is actively losing money?" Why do you have to bring up Elon buying Twitter into this?
i like apple card for their 24 months payment plan so I can upgrade new iPhone every year. Beside that, I dont' even know where I physical card at =)) have the card 3 years now and beside uploading a very unique unbox video, I lost my card =))
🍏 🍎 If developing the Apple Card leads to more people using Apple Pay where Apple gets .15% of the interchange then that is probably a cash cow for them and a brilliant move. And it leaves GS on the hook with most of the risk.
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I think GS will likely try to stick it out. We are seeing this with Apple’s upcoming savings that is backed by GS. This will likely give them a view into the asset profile of the customer and give them a better chance on the underwriting side. But who knows.. That’s a lot of losses!
Thank you
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Sebby, do you forsee a decrease in limits or an inability to increase limits for superprime customers?
I was hoping to PC my CSP to and CSR next month and get a CLI, but this vedeo makes it sound like I'm in for disappointment.
I have the Gm card and was concerned about GS portolio with the Apple card. If my card does go to Synchroney im ok with that because they love me.
I like my Apple Card for quick touch less payments and Apple services
🍎 this card was never good, honestly not sure why anyone got it…
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🍎 you are amazing . I’m old but every young adult should be forced to watch
🍎 Great video. I have had the Apple Card since it came out. I haven’t had a CLI on it in over a year. I just requested one and was denied for not enough recent usage. Balance was at $0.
Kinda makes me glad I didn’t rush the Apple Card application this month🍎
🍎Love the content! 👍🏼
🍎Nice skis back there. Anyway, this should enter a death spiral like the Uber card did. Another powerful tech brand whose card failed
This was very good! The prediction that the focus of the major bank players will be on Prime (especially super-prime) competition going fwd is spot on… they will have no choice🍎
I cancel the card. I have way more value with the chase trifecta that with the apple card.
Apple enthusiasts: Oh no!
Everyone else: Meh…so who is up for 🌮 tacos? I'm paying with Amex Gold or CSP.
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🍎, i think they’ll stop taking new applications. i use it for 3% on apple products and for its ease of asking of CLI and for purchases made with apple pay for that 2% that don’t get on my other cards.
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🍎Great video as always Sebby! I think you're right when you intimate that Apple has G.S. over a barrel. I for one wouldn't want to operate a business on a loss.
Interesting video. We recently charged a prepaid vacation on one of our cards, the cost was $15k and the balance was paid in full when we were billed. In the interim, our credit score dropped 35 points. After the payment was posted our score did rebound to pre vacation change levels. I find this to be more than strange since we pay all cards we have in full every month and have done so for well over a decade. You thoughts?
🍎 hoping Chase doesn't cheapen out and keeps pushing to be the CC leader
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Goldman Sacks (haha) do NOT know anything about consumer banking/credit cards. I know for a fact they do not base Apple Card approval on credit scores at all, otherwise a friend and me wouldn't have been rejected with our >800 credit scores and explains their high losses. They should have poached high ranking Amex and Chase execs familiar with the consumer/cc business before even trying to build that division. Apparently their Marcus premium consumer client business is a total bust too.
I think Apple will keep Goldman Sachs but also add Synchrony. Amazon does this already, when you apply for the Prime card it goes through Chase but if you don’t qualify you get one with Synchrony instead.
🍎Do you believe acquiring the Citi TY Premier now would disqualify oneself from the Sentra if it is released later this year?
🍎I’m super-prime, what a nice compliment from the financial system🍎
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I’m hearing more and more YouTubers pronounce contribute and distribute incorrectly. It’s not “Con Tri Butes.” Are they teaching it that way in school now?
I’m 18 and applied for Apple Card expecting to be denied, nope. My 670 credit score with 3 months of history got a 1000 credit limit with them
🍎 credit scoring and risk is so weird. It’s some kind weird agreement that you enter in for others to grade you without you having any real knowledge of what the levers are that judge you. Sure generally we do, but not specifically. Interesting video!
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They were literally approving anyone with a pulse. What did they expect?
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Never saw the value in getting an 🍎 card… even if you’re an 🍎 fan using a different rewards card seems to be the way to go
Thanks bud for keeping us financially educated. Regardless of how bad it gets on the economy, I still make over $22,000 every single week.
I like to use my Apple Card as a nice, solid white line for separating some cards in my Apple Wallet.