4 ms·

>spent roughly $350 to acquire every new Apple Card customer

• sfe22 4y ago
  Shouldn't most of them be free from apple. This makes no sense to me.
  • benj111 4y ago
    Well presumably they give money to Apple. That could have been structured as a lump sum putting costs up front. Plus you've got marketing and stuff. Then youve potentially got referral fees for 3rd parties, and perhaps introductory bonuses/gifts/cashback that could be treated as a cost of acquisition If the fixed costs arent amortized over enough customers it can build up.
• t0mas88 4y ago
  That's high, but not crazy. Banks spend serious amounts on customer acquisition for credit products. For a normal card holder, spending $200 in acquisition costs (marketing, referral fees, free "points" etc all added together) is not a strange number in the industry.
  • lotsofpulp 4y ago
    In ~2016/2017, Chase paid people $1,500 to sign up for their Chase Sapphire Reserve credit card. I do not believe any bank has offered anywhere near as high of a sign up bonus since.
• mensetmanusman 4y ago
  Infra/advertising spend divided by number of acquired customers.