So apparently Apple and Goldman Sachs are being forced to pay $89 million because of Apple Card issues. People are mad because their disputes were handled poorly and some even got charged interest when they weren’t supposed to. Anyone else think this is crazy?
Main issues were bad handling of disputed charges and misleading customers about interest-free financing. People ended up paying for fraud and interest they didn’t expect. To make it worse, customer service was a mess too.
@Darby
Yeah, a lot of folks got their credit wrecked. Imagine you got hit with fraud charges and instead of helping, Apple and Goldman Sachs just leave you with a $15,000 bill. Credit score tanks and nobody cares. Now you’re on your own.
@Shan
I went through this exact situation! Complained to the CFPB right before this whole thing blew up. Goldman was no help at all. They didn’t even stop a vendor from charging me after I told them to. Had to cancel my card just to get it to stop. Then they reopened it without my permission and I got charged AGAIN.
@Drew
That’s because you weren’t their customer… Apple was.
Kyrie said:
@Drew
That’s because you weren’t their customer… Apple was.
Every credit card company has a similar partnership, but others treat you like a customer. Goldman just didn’t care at all.
Apple made about $27 billion last quarter… $89 million is gonna hurt them?
EdwardGenesis said:
Apple made about $27 billion last quarter… $89 million is gonna hurt them?
Big companies plan for stuff like this. It’s just another cost of doing business. What they need are fines based on a percentage of profits.
@Taryn
Profits can be hidden. It’d be better to hit them based on revenue. That way, even if they hide profits, they can’t escape big fines.
Zander said:
@Taryn
Profits can be hidden. It’d be better to hit them based on revenue. That way, even if they hide profits, they can’t escape big fines.
I think they do something like that in Europe—take a percentage of revenue.
@Taryn
Yeah, that’s why companies take GDPR seriously over there. The fines are based on revenue, so even if they’re hiding profits, they still get hit hard.
Is there any big company that doesn’t act shady? Maybe CEOs need to go to jail for a change.
Derry said:
Is there any big company that doesn’t act shady? Maybe CEOs need to go to jail for a change.
Yeah right, jail is for regular people. The worst these companies get is a fine and a ‘promise to do better.’
Just the cost of doing business… $89 million is nothing to them.
White-collar crime doesn’t really get punished. It’s all about who has the money and connections.
That $89 million is like pocket change to Apple… not even 0.003% of what they’re worth.