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WSJ: Goldman Sachs wants to bail on Apple Card partnership after $1B loss, in talks with Amex (9to5mac.com)

submitted 1 year ago by SemioticStandard@beehaw.org to c/finance@beehaw.org

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How have they lost so much??

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[–] cecirdr@beehaw.org 2 points 1 year ago

Yikes! I had no idea there was any way to lose money when credit card rates were so high. The article says that they had to approve people with lower scores than they would normally do, so they are having to write off double the volume that other issuers are.

...and I just opened my savings account with Apple/Goldman a couple of months ago.