Visa offers roughly $100 mn to take over Apple's credit card

The network that locks in this deal is expecting to stay close to the tech giant's future payments efforts

- Annamaria Andriotis

Visa has offered Apple a roughly $100 million payment to get the tech giant's credit card, part of a battle between the country's biggest payment networks for the splashy Apple card.

Apple, with Visa and American Express trying to unseat Mastercard, according to people familiar with the matter.

The details

Apple is expected to select a network for the card before it picks the bank to replace Goldman Sachs. Networks provide the plumbing that transmit information between the banks that issue consumers' cards and the merchants' banks.