Some retailers are pushing back against “elite cards” such as Apple Card, a new Bloomberg report claims. These cards’ high-end status means the banks charge higher transaction fees, which offset various rewards programs.
Apple isn’t the only elite card that comes with higher fees for businesses that accept them. The article says a regular Visa card costs $1.27 in swipe fees for a $100 purchase. Meanwhile, a high-end Visa Signature card carries fees of $1.75. These fees are divided between the network, the payment processor and the issuing bank.