credit card issuers

Banks and credit unions are reportedly forming a coalition to oppose the fees Apple charges for Apple Pay transactions, as an antitrust lawsuit over the practice moves forward. The legal action targets the commissions Apple collects from card issuers on Apple Pay transactions, and financial institutions are now organising jointly to push back against those costs.

The Wall Street Journal reports on the growth of 'almost-premium' credit cards — products positioned between basic no-fee cards and high-end premium cards that carry lower annual fees but offer some travel perks and rewards. Issuers are targeting consumers who want a taste of premium benefits without paying $395 or more a year. The piece examines how banks are using this middle tier to attract customers priced out of top-tier cards.