Visa and Apple in talks to cut on transaction fees with Apple Card

According to people familiar with the matter, some US-based banks are rather unhappy with the transaction fees imposed by Apple on its Apple Card. The list of banks include JPMorgan Chase, Capital One and Bank of America. Reportedly, they’ve already contacted Visa and asked them to change the way they handle some Apple Card transactions.

As of now, Apple is charging the banks a small fee on each transaction that uses Apple Card via Apple Pay. The fee varies from country to country and for instance, in the US, Apple asks 0.15% of each credit card transaction and 0.5 cents for debit card…

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