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.”

“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.”

“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,…”