Banks want to lower transaction fees for Apple Cards

Some US banks are unhappy with the transaction fees Apple charges on its Apple Card, the source said. These include JPMorgan Chase, Capital One, and Bank of America. They have already contacted Visa and asked the company to change the way some Apple Card transactions are processed. And Visa has allegedly already agreed to do so next year. The company is currently negotiating directly with Apple, with some sources reporting that the leadership of the Cupertino giant is dissatisfied with the proposed changes.

That being said, if Apple and Visa reach an agreement, the former will stop receiving fees for recurring transactions such as subscriptions. Apple currently charges banks a small fee for every transaction that uses Apple Card through Apple Pay. The commission varies from country to country. For example, in the US, Apple charges 0.15% on every credit card transaction and 0.5 cents on debit card transactions.

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