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Report: Visa Offers $100 Million to Get Apple Credit Card Business
VVisa(V) PYMNTS.com·2025-04-02 01:10

Core Insights - Visa has reportedly offered Apple approximately 100milliontoacquirethecreditcardbusinesscurrentlyheldbyMastercard[1]−ThecompetitionforApple′screditcardbusinessisintensifyingasGoldmanSachs,thebankbehindtheApplecard,isexitingtheconsumerlendingsector[2]−Appleisseekinganewbankingpartnerandplanstoselectapaymentnetworkbeforefinalizinganewbank[2]−TheApplecardprogramissignificant,witharound100 million to acquire the credit card business currently held by Mastercard [1] - The competition for Apple's credit card business is intensifying as Goldman Sachs, the bank behind the Apple card, is exiting the consumer lending sector [2] - Apple is seeking a new banking partner and plans to select a payment network before finalizing a new bank [2] - The Apple card program is significant, with around 20 billion in balances, making it one of the largest co-branded credit card programs [3] - Apple launched its credit card in 2019 in partnership with Goldman Sachs and Mastercard, featuring no fees and daily cash-back rewards [4] - Reports from July 2023 indicated that Goldman Sachs' partnership with Apple might be ending, with discussions ongoing with American Express for a potential takeover [5] - In January, it was reported that Apple was in talks with Barclays and Synchrony Financial to replace Goldman Sachs, despite Goldman having a contract with Apple until 2030 [6]