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They may not have been losing money, but perhaps not making as much as they had predicted/wanted. We'll likely never see the numbers, but I'd be curious how va
by chiph 3y ago
They may not have been losing money, but perhaps not making as much as they had predicted/wanted.
We'll likely never see the numbers, but I'd be curious how valuable the Apple Card franchise is vs. the Costco card franchise (now run by Citi).
- mixdup 3y agoThe Costco (or any other retailer co-branded card) vs. Apple thing is interesting People run all kinds of purchases through Costco. Weekly grocery runs. Running their business, etc. People generally aren't shopping at Apple on a weekly or even monthly basis. The 3% cash back on Apple purchases just isn't as lucrative as rewards on spending a lot at Costco/Walmart/Target, and don't result in saving as much on credit card fees that the retailers get on their co-branded cards
- chiph 3y agoI suspect there's a fair amount of overlap between the two populations, which is why I thought the comparison would be interesting. Both tend to attract affluent households.