Visa Offers Apple $100 Million to Replace Mastercard for Apple Card

Apple Card Business Up for Grabs

• 💳 Visa has reportedly offered Apple approximately $100 million to take over the network for the Apple Card, currently held by Mastercard.
• 🎯 This move is part of a larger competition involving Visa and American Express vying to win the Apple Card business.
• 🏦 The current issuer, Goldman Sachs, is exiting the consumer lending business, creating an opening for new partners.

Potential New Partners and Networks

• 🤝 Apple is expected to choose a new network before selecting a bank to replace Goldman Sachs.
• 🏦 JPMorgan and Synchrony Financial are reportedly competing to become the new issuer of the Apple Card.
• 🌐 Interestingly, American Express is reportedly attempting to secure both the network and issuer roles for the card.

Broader Business and Political Context

• 🎤 The report on the Apple Card business comes amidst discussions of other significant news, including the use of AI for cybersecurity and fighting deepfakes.
• 🏛️ There is also a potential movement in Washington regarding raising the state and local tax (SALT) deduction cap, a political issue since 2017.