And the billion dollars is to pay the salaries, run the computers, etc
Running a big credit card company is expensive. Things like PCI compliance make it far more complex than a regular company with extra staff just handling compliance functions.
I’d also assume Apple require competent support staff, minimal automation, etc which raises the cost again, but delivers a better product. Support for AppleCard through GS is really good.
Then making and physically mailing anything adds costs.
The cost is also the whole retail unit, which includes Marcus banking and other products, not just AppleCard.
And the billion dollars is to pay the salaries, run the computers, etc
Running a big credit card company is expensive. Things like PCI compliance make it far more complex than a regular company with extra staff just handling compliance functions.
I’d also assume Apple require competent support staff, minimal automation, etc which raises the cost again, but delivers a better product. Support for AppleCard through GS is really good.
Then making and physically mailing anything adds costs.
The cost is also the whole retail unit, which includes Marcus banking and other products, not just AppleCard.