Apple Card

“The Apple Card program is moving from Goldman Sachs to JP Morgan.”

“Goldman is like, we got to get this off our balance sheet. They've already lost a billion dollars. Their consumer bank overall, which includes Marcus has lost three billion.”

“There's a little bit of both the twenty billion dollar card balances. That's trading JP Morgan's acquiring that at a one billion dollar discount instead of an eight percent premium, you would expect that they would pay 21.6. They're actually paying 19 for this…”

“The first was in the late 19 nineties. He met with Capital One to create a joint credit card that would have worked a lot like the Apple card.”

“Apple, when they launched the original card, they actually set the credit score requirement fairly low. And even though it launched in 2019, It felt like a holdover from the Jobs era, that Jobs philosophy of even though we're Apple, even though it's, it feels,…”

“And that's not rocket science, but Apple also wanted another consumer friendly feature. They wanted all of the bills to drop on the first of the month, every month. And normally credit cards will stagger it out.”

“Yes, I think they believe it, but they're also positioning themselves as a privacy company because they're selling car products where privacy is a big deal. The watch, the credit card, and of course, if you're wearing a pair of glasses that's got a pair, a clu…”

“You probably would, you know, agree with me that very likely there's some kind of AI buyers in the machine learning system they have built.”

“Underneath every, what, there are probably, you know, a very, very small number of people at a very, very smaller number of companies that understand all the complexity that could go into delivering Apple Card. That complexity, Apple is, is erasing.”

“I think the credit card is more innovative than people are willing to say, because they focused on sort of the nerd wallet checklist as opposed to the security and the privacy and the money management.”