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Visa Allegedly Makes a Bid to Unseat Mastercard as Apple Card's Partner

Changing networks won't impact cardholders much, but it could be the first step toward improving card features.

Headshot of Tiffany Connors
Headshot of Tiffany Connors
Tiffany Connors Editor
Tiffany Wendeln Connors is a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate about helping people make the best money decisions for themselves and their families. She graduated from Bowling Green State University with a bachelor's degree in journalism and has been a writer and editor for publications including the New York Post, Women's Running magazine and Soap Opera Digest. When she isn't working, you can find her enjoying life in St. Petersburg, Florida, with her husband, daughter and a very needy dog.
Tiffany Connors
2 min read
Apple Credit Card on colorful background

The Apple Card may get a new payment network. 

 Apple/CNET

Looks like Visa is trying to woo the Apple Card away from its current network, Mastercard. 

The Wall Street Journal reported Wednesday that Visa offered Apple $100 million to take over its payment network. Visa and Mastercard are the two largest payment networks and are widely accepted worldwide. 

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The bid comes amid Apple's long breakup with Goldman Sachs, its current issuer, which has pulled back from consumer lending. Goldman indicated that it could end its relationship with the tech giant before the contract ends in 2030. 

Credit card networks like Visa and Mastercard process transactions, taking care of what goes on behind the scenes and ensuring transactions are secure. Issuing banks like Goldman Sachs handle more of what the consumer sees, like deciding a card's interest rates and benefits.

Apple is looking for a new card issuer and has reportedly been in talks with Barclays, Synchrony Financial and Chase. However, Apple wants to first line up its payment network, according to the Wall Street Journal report. 

Neither Apple nor Visa immediately responded to requests for comment. 

American Express, which is both a payment processor and card issuer, has also reportedly expressed interest in acquiring the Apple Card.

Why are all the networks and issuers clamoring for this card? Apple's broad name recognition and reputation may appeal to card issuers who want to grow their consumer base amid increased competition from Buy Now Pay Later apps. If you have an Apple Card or are considering opening one, here's what this means for you.

What does this mean for Apple Card holders?

Most cardholders wouldn't notice much difference if Visa took over from Mastercard since they mostly operate on the backend and are both widely accepted worldwide.

However, if the Apple Card does get a new issuer, current cardholders could see better rewards and perks. The Apple Card is regularly rated No. 1 for customer satisfaction, according to J.D. Power surveys, but it lacks things like a competitive welcome offer and other useful card perks and protections, according to our CNET credit card experts.  

The Apple Card does offer a sleek user experience and 3% cash back on everything Apple.

If you currently have an Apple Card and are looking for more useful benefits, you could consider applying for a credit card that offers better rewards if you don't want to wait to see how the card drama plays out.

All information about the Apple Card has been collected independently by CNET and has not been reviewed by the issuer.

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