Visa Bids $100 Million To Replace Mastercard As Apple's New Credit Card Partner (slashdot.org)
- Reference: 0176921629
- News link: https://news.slashdot.org/story/25/04/04/0729216/visa-bids-100-million-to-replace-mastercard-as-apples-new-credit-card-partner
- Source link: https://news.slashdot.org/story/23/11/30/0316210/apple-pulls-plug-on-goldman-credit-card-partnership
> Visa has [1]offered Apple roughly $100 million to take over the tech giant's credit card partnership from Mastercard, the Wall Street Journal [2]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 [3]ended its partnership with Apple in late 2023 as the Wall Street bank retreated from consumer lending.
[1] https://news.slashdot.org/story/23/11/30/0316210/apple-pulls-plug-on-goldman-credit-card-partnership
[2] https://www.wsj.com/finance/banking/apple-card-visa-mastercard-deal-3ce762da
[3] https://news.slashdot.org/story/23/11/30/0316210/apple-pulls-plug-on-goldman-credit-card-partnership
Shows how much they make from fees (Score:2)
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: (Score:2)
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.
Credit card price fixing and collusion (Score:2)
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 (Score:2)
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 (Score:2)
A competition to see who gets to fleece you,
Yay for Costco (Score:1)
Then I can finally use my card at Costco and get another 2% back!