image credit: Unsplash

DOJ calls Apple card fees ‘significant expense’ for banks

March 26, 2024


The Justice Department lawsuit against Apple suggests banks have been victims of Apple’s antitrust infractions, noting that fees the banks must pay when consumers use credit cards are “a significant new cost.”

“Apple has charged issuing banks 15 basis points (0.15 percent) for each credit card transaction mediated by Apple Pay,” the DOJ said in its formal complaint Thursday. “Apple’s fees are a significant expense for issuing banks and cut into funding for features and benefits that banks might otherwise offer smartphone users.”

Read More on Banking Dive