Visa bids $100m to replace Mastercard as Apple’s new credit card partner

Visa has offered Apple roughly $100m to take over the tech giant’s credit card partnership from Mastercard, the Wall Street Journal reported on Tuesday (April 1), 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.

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Visa declined to Reuters’ request for comment.

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 and Apple, which launched their credit card partnership in 2019 with Mastercard as the payment processor, have ended the alliance, according to a report from November 2023.