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April 4, 2025 — Silicon Valley, CA — In a major shake-up within the credit card and fintech world, Visa (V) has reportedly offered Apple (AAPL) an estimated $100 million deal to become the primary payment network for the Apple Card, aiming to replace Mastercard (MA), which has been powering Apple’s credit card services since its launch.

According to a detailed Wall Street Journal report citing insiders familiar with the matter, Visa and American Express (AXP) are actively trying to dethrone Mastercard in what could be a high-stakes switch of partners for one of the most prominent consumer financial products tied to a tech company.

The $100 Million Bid: What’s on the Table?

• Visa's offer is reportedly valued around $100 million—a significant incentive to lure Apple away from its current partnership with Mastercard.
• American Express is also in the race, seeking not just to act as the payment network, but to become the issuer of the Apple Card—making it both the network and the financial institution behind the card.
• Mastercard, for its part, is reportedly “fiercely” trying to retain the account, offering concessions and upgrades in their existing partnership.

This bidding war comes at a time when Goldman Sachs (GS)—the current bank issuing the Apple Card—has been looking to exit consumer lending entirely.

Goldman Sachs Pulling Out: Why the Exit?

Goldman Sachs has publicly signaled since early 2023 its intent to scale back from retail banking, with the Apple Card being one of the most high-profile products in that portfolio.

• Reports suggest Goldman has been actively shopping its Apple Card partnership, reaching out to banks that could potentially take over the entire Apple Card operation.
• The bank is also facing internal pressure to improve margins and streamline operations after its consumer arm posted significant losses in recent quarters.

Who’s Lining Up to Replace Goldman?

A number of major banks and lenders are now reportedly competing to inherit the role of Apple Card issuer, including:

• JPMorgan Chase (JPM) — One of the top U.S. credit card issuers
• Synchrony Financial (SYF) — Known for white-label credit card partnerships with retailers and brands
• American Express — Already serving millions of premium cardholders, and now trying to go all-in with Apple

According to the WSJ, Apple plans to choose a new payment network before selecting its next banking partner, a strategy designed to keep control over its ecosystem and customer experience.

Why This Matters for the Credit Card Industry

The Apple Card, launched in 2019, quickly became a standout in the fintech and consumer finance world. It integrated deeply with iOS, offering features like:

• Real-time spending notifications
• Daily cash-back rewards
• Privacy-enhanced transactions
• AI-driven budgeting tools

With over 6.7 million active cardholders in the U.S. as of 2024 (Statista), the Apple Card represents a lucrative and strategic partnership for any payment network or issuer.

A shift from Mastercard to Visa or American Express could mean major adjustments for Apple Card holders, from merchant acceptance to international fees, rewards structures, and even customer service quality.

Industry Impact and Competitive Landscape

Visa and Mastercard dominate global payment processing, handling trillions of dollars in transactions annually, but their model—issuing cards via partner banks—is fundamentally different from AmEx’s closed-loop system, where it issues and processes its own cards.

“This isn’t just a deal—it’s a seismic industry play,” said Lena Morris, fintech analyst at Wedbush Securities. “Whoever gets the Apple Card wins prestige, brand value, and a key role in the future of digital-first banking.”

Apple’s decision could also signal how much influence big tech plans to wield in reshaping traditional finance. With a $2.9 trillion market cap and control over one of the world’s most valuable ecosystems, Apple holds enormous negotiating power.

What’s Next?

While none of the major players—Apple, Visa, Goldman, AmEx, or Synchrony—have publicly commented yet, sources suggest that a final decision could come within the next quarter.

Cardholders may not notice immediate changes, but depending on the new issuer and network, Apple Card perks, merchant compatibility, and international usability could evolve significantly.

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