Visa Bids $100 Million To Replace Mastercard As Apple's New Credit Card Partner

An anonymous reader quotes a report from Reuters: Visa has offered Apple roughly $100 million to take over the tech giant's credit card partnership from Mastercard, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter. Visa has made a bold push to secure the Apple Card, offering an upfront payment typically reserved for the largest card programs, WSJ reported. American Express is also trying to unseat Mastercard to win the Apple card. Amex is looking to become the card's issuer as well as the network, the report said, citing the sources. Goldman Sachs ended its partnership with Apple in late 2023 as the Wall Street bank retreated from consumer lending.

Yay for Costco

[IceManNCSU]

Then I can finally use my card at Costco and get another 2% back!

Shows how much they make from fees

[ardmhacha]

Their ability and desire to pay this much shows how much they make from the fees that they charge vendors.

Interchange fees are capped in Europe and yet they are still able to offer service there.

Re:

[MBGMorden]

While it may warrant some scrutiny, I think more people are ticked at credit cards (or more the banks that issue them) for interest rates rather than transaction fees.

Some cards are at like 25 to 30% interest and finding anything sub-20% is nearly impossible.

Re:

[tlhIngan]

While it may warrant some scrutiny, I think more people are ticked at credit cards (or more the banks that issue them) for interest rates rather than transaction fees.

Some cards are at like 25 to 30% interest and finding anything sub-20% is nearly impossible.

Well at what interest rate would you lend money to complete strangers for? Remember credit cards are non-secured loans and those require high interest rates for anyone to take the risk. After all, you can be giving someone thousands of dollars with no e

Re:

[registrations_suck]

My Apple Card is 20.24%. So ALMOST under 20.

I believe it was 16.something when I first got it.

My current FICO score is 844, according to CitiBank.

Re:

[saloomy]

If you are carrying a balance on a credit card for any extended period of time, you likely deserve what you get. There are a million bad ways to get access to funds quick if you are dumb enough not to save up for a rainy day, that are all still better than a 20% credit card rate. Shit, even a car title loan is likely better. Personal loans and lines of credit from the bank you have banked with forever is likely a better option. Credit cards are vehicles to make you either wealthier or poorer, depending on h

Re:

[registrations_suck]

My total credit limit across all cards is about $250K. I don't carry a balance on ANY of them. I've got about $50K in my emergency savings account. You're barking at the wrong tree.

Credit card price fixing and collusion

[Canberra1]

Go back, check the legal cases where these companies were caught and fined. Europe and India had to cap fees to stop such nonsense.

$100M extra money

[MooseTick]

So, someone pays $100M to be in the middle of credit card processing. Somehow, I feel like its the consumer paying for it. They'll spin it differently (aka tariffs aren't taxes), but we all know what's up.

fleecing to the highest bidder

[awwshit]

A competition to see who gets to fleece you,

Amex, no thank you

[MegaMOK]

Apart from the fact that I refrain from apple products, if they were to use Amex, it would just be an added reason for not using Apple. Amex in Europe is very unpopular simply because they are way too expensive and many places do not accept them. So for daily use Amex is an absolute no go.

Dear God

[registrations_suck]

Dear God,

Please let it be ANYBODY but Amex or Discover. Or Diner's Club, for that matter.

Thank you,
Me