Now it seems that we were right.  The Consumer Financial Protection Bureau (CFPB) has announced fines totalling $89 million against Apple and its financial partner Goldman Sachs because the companies “illegally mishandled transaction disputes and misled iPhone purchasers about interest-free payment options” with the Apple Card.

The CFPB says the fiasco affected “hundreds of thousands of Apple Card users.”

Jobs’ Mob failed to send “tens of thousands” of Apple Card transaction disputes to Goldman Sachs. Goldman Sachs didn’t complete timely inquires on disputes it received in accordance with federal law.

Apple cardholders were led to believe that they would automatically get interest-free financing if they bought Apple devices using the Apple Card. However,  “many cardholders were unknowingly charged interest because they were not automatically enrolled as expected,” the CFPB says.

The CFPB adds that for people shopping online, Apple only showed the interest-free financing option in Safari.

The CFPB says Apple will have to pay a $25 million civil money penalty that will go into the CFPB’s victims relief fund. Goldman Sachs will have to pay “at least” $19.8 million in redress, a $45 million civil money penalty, and cannot introduce a future credit card product before giving the CFPB “a credible plan for how the product will comply with the law.”

It does not appear that either party have learnt much from the fine. Goldman Sachs’ Nick Carcaterra told the Verge that Apple Card iwas one of the most consumer-friendly credit cards that has ever been offered.

“We worked diligently to address certain technological and operational challenges that we experienced after launch and have already handled them with impacted customers. We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.”

Apple claimed it was committed to “providing consumers with fair and transparent financial products Apple Card is one of the most consumer-friendly credit cards available, and was specifically designed to support users’ financial health.”

It claimed the problems happened “years ago” and Apple worked closely with Goldman Sachs to quickly address them and help impacted customers.

That said, Apple denied it did anything wrong and strongly disagreed with the CFPB’s characterisation of Apple’s conduct.

The company has reportedly attempted to end its partnership with Goldman Sachs to operate the Apple Card and has recently had discussions with JPMorgan about taking it over.