> It costs on average around $200 to acquire a credit card customer in the US (up to and beyond $1,000 if they are affluent cards like MasterCard World Elite and Visa Infinite).
> The Apple Card doesn’t need any affiliates or marketing yet analysts say that this new card has a customer acquisition cost of $350 and will take several years for Goldman Sachs to turn a profit on it.
---
So the corresponding part of that is "we spent a lot to get a lot of customers. If they remain loyal, then GS will have something quite profitable for a long time." Spending $350 per customer is more than the $200 mentioned... but also much less than the $1000 for high end cards (and the tales of Chase Sapphire Reserve).
Various sources:
$80 https://askwonder.com/research/average-customer-acquisition-...
> The short version is that it costs around $80 to acquire a customer who returns about $120 in profit.
https://medium.com/unifimoney/changing-the-vicious-cycle-of-...
> It costs on average around $200 to acquire a credit card customer in the US (up to and beyond $1,000 if they are affluent cards like MasterCard World Elite and Visa Infinite).
https://runningwithmiles.boardingarea.com/apple-card-custome...
> The Apple Card doesn’t need any affiliates or marketing yet analysts say that this new card has a customer acquisition cost of $350 and will take several years for Goldman Sachs to turn a profit on it.
---
So the corresponding part of that is "we spent a lot to get a lot of customers. If they remain loyal, then GS will have something quite profitable for a long time." Spending $350 per customer is more than the $200 mentioned... but also much less than the $1000 for high end cards (and the tales of Chase Sapphire Reserve).