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.

Banks and credit unions are reportedly banding together to push back against the fees they say Apple charges through Apple Pay, as an antitrust lawsuit over the practice moves forward. The legal challenge targets the commission structure Apple imposes on card issuers for transactions made with its payment service. The outcome could reshape how banks and mobile wallet providers split revenue on contactless payments in the United States.

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.

The Wall Street Journal examines a growing middle tier in the credit card market: cards priced below true premium products but above basic no-fee options. These 'almost-premium' cards offer some travel perks and rewards at a lower annual fee, as issuers compete for customers who want benefits without top-tier costs.