CUPERTINO, Calif.–While big name banks continue to try to win the issuing business behind the Apple Card, after Goldman Sachs said it wants to exit the partnership, there is also another fight taking place between the card networks to win Apple’s business, according to a new report.

Visa, American Express and Mastercard have all been duking it out, the Wall Street Journal reported, adding that Apple is expected to select a network for the card before it picks the bank to replace Goldman Sachs. 

Visa has reportedly offered up to $100 million for the business.

“Visa, the largest network, has made an aggressive pitch to win the card, including offering the kind of upfront payment to Apple that’s normally reserved for the biggest card programs,” sources told the Wall Street Journal. The report stated Visa had offered a similar payment when Costco was seeing a network a decade ago.

“American Express is also in the mix, trying to become both the issuer and network of the Apple card,” the Journal said, citing sources. It noted Goldman had approached Amex about its interest in taking over the card in 2023.

“Mastercard is also fiercely trying to keep its role as the network on this card, the people added,” the Journal reported.

Why the Apple of Their Eyes?

Why do the networks want Apple? 

As the Wall Street Journal reported, Apple is one of the biggest co-branded credit-card programs, and networks make money when more purchase volume is flowing over their rails. 

“But there’s a much bigger picture with Apple,” the Journal explained. “The tech giant is increasingly becoming the epicenter of many consumers’ daily payments and other financial habits. Big banks and networks for years have been wary of Apple’s ambitions and have developed a frenemy relationship, taking steps to keep the tech giant from making more inroads in consumer finance, while seeking to be close to Apple.”