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25iQuiz:

1/ Why might Apple offer a interest free loan on an iPhone or other product (plus higher cash back) if you have an Apple Card?

What's the cost of that program per average per gross addition of a new Apple Card holder?
2/ "Mercator estimates that it costs a bank about $250 to acquire new credit card customers, with about $100 going to buying the bonus airline miles and the rest covering marketing and operational expenses."
3/ What does it cost a wealth manager on average to acquire a new customer? kitces.com/blog/announcin…

This below too high or too low?
4/ What if you act like Charlie Munger and invert!

If someone pays $1K to get a new wealth management customer, how much AUM must they manage at what fee level to create positive lifetime value? What are the right gross margin and churn assumptions? dskok.wpengine.netdna-cdn.com/wp-content/upl…
5/ Rovco enables customers to have delicious bass delivered to them twice a week as a subscription. Why do most customers still prefer to buy their bass on an a la carte basis? 25iq.com/2018/01/20/sup…
Clue: Subscriptions reduce optionality!

CAC is required to overcome the loss!
6/ An Apple Card backed by Goldman designated “elite,” means it will try to "levy significantly higher interchange fees on each swipe or tap. Those fees aren't paid by the consumer but by the merchant as part of the cost of accepting credit cards." bloomberg.com/news/articles/…
7/ "A grocer can lose more than half its profit on a sale when someone pays with an Apple Card, or one of its elite competitors, rather than a normal card. Elite cards impose higher transaction fees to support generous reward programs for their customers."
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