The UI and the repayment scheme for that cards' promotions and servicing is ridiculously confusing. I ended up in arrears due to Goldmans shitty servicing methods and had no idea how until I contacted customer service. I had been making larger than required payments and could not fathom why my card was being disabled.
These guys should have brought people in who know what they are doing. Instead it looks like they clumsily let Apple dictate some requirements and were not able to guide product development properly due to their own inexperience.
Blind leading the blind.
I have familiarity with another payment product Apple launched with another shaky partner. The problems there were mostly technical though, since the company had vast servicing experience and could competently guide that part of product development.
Apple really should create a consumer Fintech division that can do implementation. They might be steering clear of that due to the GE case study. They don't need to be or own a bank but their presence and size would likely be an outsized portion of the business in most banks that would take them on as a partner.
Setting up a bank and running a consumer facing product (Fintech) are two different projects altogether. Two different modules, if you will.
I also witnessed MasterCard falter when entering a consumer market they had not played in before. Very ugly.
I think Apple keeps approaching perceived industry leaders and keeps getting bad advice. A better choice might be to recruit talent from smaller Fintechs where the people are intimate with the real world challenges and turn them loose.
I'm not sure what's confusing about the Apple Card's payment screen? It's a dial with clear markings for how much interest you'll pay at various points, and it strongly encourages paying off the balance so you'll pay zero interest.
The UI is, IMO, the best part of the service. It's lightyears beyond every other card I've used.
> I also witnessed MasterCard falter when entering a consumer market they had not played in before. Very ugly.
not sure if this is what you're thinking of, but it's been crazy to think of all the payment-processor systems the CC networks have launched that have tried and failed to compete with paypal. I swear every 3-4 years we have some new thing from mastercard or visa, they do a bunch of promos at newegg/etc where you can get $10/$20 off if you sign up for an account/etc, and then after the promo funding dries up they just wither away to dust. I swear this has happened at least 3-4 times now.
