Visa and American Express Vying to Win Apple Card Deal in 'Fierce' Fight

Visa wants to pay Apple approximately $100 million to be the new payment network for the Apple Card, reports The Wall Street Journal. As of right now, the ‌Apple Card‌ is on the Mastercard payment network, but that is set to change because Apple is ending its partnership with Goldman Sachs.

Apple Card iPhone 16 Pro Feature
Both American Express and Visa are vying to replace Mastercard as Apple's card services provider, while Mastercard is aiming to retain its position. Apple apparently plans to choose a new ‌Apple Card‌ network before it selects a partner to replace Goldman Sachs as the ‌Apple Card‌'s issuing bank, and competition is intense. Visa is offering Apple a $100 million upfront payment, while American Express is "in the mix" and Mastercard is "fiercely trying" to retain its role.

Apple and Goldman Sachs have been working to dissolve their partnership since 2023, with Goldman Sachs planning to exit the consumer banking market. JPMorgan Chase and Synchrony Financial are in talks with Apple to take over for Goldman Sachs, but American Express has also been aiming to become the issuer and network of the ‌Apple Card‌. Apple needs both an issuing bank for the ‌Apple Card‌ and a payment network that facilitates transactions.

Goldman Sachs and Apple have worked together on the ‌Apple Card‌ since its 2019 launch, and have also teamed up for the high-yield Apple Savings account. Apple has not been happy with Goldman Sachs because of customer service issues caused by long wait times for disputed ‌Apple Card‌ transactions and savings account withdrawals.

The U.S. Consumer Financial Protection Bureau even launched an investigation into Goldman Sachs due to the customer complaints, which led to tension, so both companies are eager to end their relationship.

The ‌Apple Card‌ has over 12 million users in the United States, with approximately $20 billion in balances.

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Top Rated Comments

coreysandler Avatar
3 weeks ago
Hoping Visa wins this one. Will be finally able to use my card at Costco.
Score: 51 Votes (Like | Disagree)
c84216 Avatar
3 weeks ago
The Apple Card is my favorite card I have. Sure the cash back percentages aren't always the best, but the data/record keeping and ease of accessing the cash back are second to none. And no doofy app to deal with. The UI is top notch. And I like the physical card having no number printed on it AND the rotating CVV. Plus I know I'll get a minimum 2% if tap to pay is accepted. Just A+ experience all around. I hope whatever happens doesn't botch it.
Score: 51 Votes (Like | Disagree)
PhoenixDown Avatar
3 weeks ago
I wouldn't mind AMEX personally but Visa definitely has better international coverage.
Score: 29 Votes (Like | Disagree)
mwhite Avatar
3 weeks ago
Dear God, not Amex. This card needs robust international acceptance. If it doesn’t stay with Mastercard, let it be Visa.
Score: 10 Votes (Like | Disagree)
alexandr Avatar
3 weeks ago

I wouldn't mind AMEX personally but Visa definitely has better international coverage.
Yea, the switch to AMEX would effectively ruin using it abroad.
Score: 10 Votes (Like | Disagree)
Sneakz Avatar
3 weeks ago
Amex would probably mean a much faster international launch. You know, the rest of the world woukd like an Apple Card too.
Score: 10 Votes (Like | Disagree)