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BrianRoemmele's profile
Brian Roemmele
Brian Roemmele
Brian Roemmele
@BrianRoemmele

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Brian Roemmele

@BrianRoemmele

we can only see what we think is possible...

transcendence
VoiceFirst.expert
Joined January 2010

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    1. Suat Kılıç‏ @suatkilicMD 26 Mar 2019
      • Report Tweet
      Replying to @dsquareddigest

      Meh, other than no late fees all the rest is pretty standard. It’s not an interest free card.

      1 reply 0 retweets 0 likes
    2. Dan Davies‏ @dsquareddigest 26 Mar 2019
      • Report Tweet
      Replying to @suatkilicMD

      It's all right at the chilly limit of card pricing, they don't have a merchant business (other than the iTunes Store) to drive, and they're sharing lending economics with GS. This is a loss leader with the potential to turn into a commercial disaster if the persistence is low

      1 reply 0 retweets 4 likes
    3. David Rainey  🇸🇬‏ @davidjrainey 26 Mar 2019
      • Report Tweet
      Replying to @dsquareddigest @suatkilicMD

      No merchant business? Apple online store? And a smidge under $11bn in services revenue in the last quarter? The vast majority of that from credit cards (gift cards and carrier billing being the main other routes). Services also growing faster than h/w and at 60% gross margins.

      1 reply 0 retweets 0 likes
    4. Dan Davies‏ @dsquareddigest 26 Mar 2019
      • Report Tweet
      Replying to @davidjrainey @suatkilicMD

      Gross margins are not a good measure of profitability of a business like payments where the expenses are all in G&A (and, massively, capex)

      1 reply 0 retweets 1 like
    5. David Rainey  🇸🇬‏ @davidjrainey 26 Mar 2019
      • Report Tweet
      Replying to @dsquareddigest @suatkilicMD

      The 60% GM is for the whole of Apple’s Services business. And Capex is actually failing off a little. I’m not seeing much mention of the fact that base cash back without 🍎 pay is only 1%, 2% if with AP, 3% if AP and on Apple products or services.

      1 reply 0 retweets 0 likes
    6. Dan Davies‏ @dsquareddigest 26 Mar 2019
      • Report Tweet
      Replying to @davidjrainey @suatkilicMD

      2% cashback on Apple Pay is like ten times the interchange fees received. It's an expensive way of acquiring lending customers.

      1 reply 0 retweets 2 likes
    7. guan  🐰 🐕 🇪🇺‏ @guan 26 Mar 2019
      • Report Tweet
      Replying to @dsquareddigest

      Presumably Goldman is funding a big chunk of that, otherwise Apple is getting a bad deal. 2% cash back isn’t that uncommon, there are the Citi and Fidelity cards and others. I believe analysts think the cash back+merchant/interchange part of these cards runs at a slight loss.

      1 reply 0 retweets 0 likes
    8. Dan Davies‏ @dsquareddigest 26 Mar 2019
      • Report Tweet
      Replying to @guan

      I think Apple is in fact getting a bad deal; the merchant fees can't be attributed to the card as they're a cross-subsidy from the existing and successful Apple Pay.

      1 reply 1 retweet 2 likes
    9. guan  🐰 🐕 🇪🇺‏ @guan 26 Mar 2019
      • Report Tweet
      Replying to @dsquareddigest

      This is what Visa charges US merchants, Goldman’s share is somewhat lower. There’s no way none of that goes to fund the 2% cash back.pic.twitter.com/WnBdmlsCZ8

      2 replies 1 retweet 1 like
    10. Felix Salmon‏Verified account @felixsalmon 26 Mar 2019
      • Report Tweet
      Replying to @guan @dsquareddigest

      Right, this is a credit card, not a debit card. Interchange is not regulated by Dodd-Frank (or anyone). I asked Goldman what the interchange fees were in this thing, they didn’t tell me, but I suspect they’re the highest of any no-fee card.

      3 replies 0 retweets 1 like
      Brian Roemmele‏ @BrianRoemmele 26 Mar 2019
      • Report Tweet
      Replying to @felixsalmon @guan @dsquareddigest

      Folks, great insights here. The answer is Apple is making money. A ton of it ultimately. They will be the recipient of “found money” to ~75% of Daily Cash with $0 net cost of funds. It also signals $120 billion paid to developers move to Cash Card. More... https://qr.ae/TW8xCb 

      6:26 AM - 26 Mar 2019
      • 3 Retweets
      • 10 Likes
      • Il Cattivo Alex Jeff Sherbekow JohnI DCall Speed M Mike Vinovrski Donnie Bill Houle
      1 reply 3 retweets 10 likes
        1. New conversation
        2. Dan Davies‏ @dsquareddigest 26 Mar 2019
          • Report Tweet
          Replying to @BrianRoemmele @felixsalmon @guan

          I don't think you can count the entire card fees on Apple Store transactions as a gain; the payments will actually cost something to process!

          1 reply 0 retweets 1 like
        3. Brian Roemmele‏ @BrianRoemmele 26 Mar 2019
          • Report Tweet
          Replying to @dsquareddigest @felixsalmon @guan

          Dan, indeed. I hear ya. Apple as the card issuer and the merchant they bypass Interchange completely. This is a significant part of the merchant fee. At the end of the day, Apple will also become the Acquirer and remove those final pennies. I predict it will be blockchain.

          1 reply 0 retweets 0 likes
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