WSJ: Visa Offers Apple Roughly $100 Million to Switch Apple Card’s Network From Mastercard

Goldman Sachs is exiting consumer lending, leaving Apple's credit card up for grabs. Several major banks are competing to become the new issuer. Simultaneously, a fierce battle is underway between Visa, Mastercard, and American Express to become the card's network. Apple will choose the network before selecting a new bank. Visa made a significant upfront payment offer to Apple to secure the network contract. American Express aims to become both the issuer and network for the Apple Card. The author notes the apparent interchangeability of Visa and Mastercard, contrasting them with American Express. American Express's higher merchant fees restrict its acceptance but align with its premium customer service model. The author expresses preference for Mastercard or Visa for the Apple Card due to wider acceptance than American Express. The choice of network and issuer will significantly impact Apple Card's future.