Visa has proposed a US$100 million deal to become Apple’s new credit card network partner, according to the Wall Street Journal. The offer includes an upfront payment typically associated with major card programs.

American Express is also competing to secure the Apple Card, aiming to serve as both the issuer and the network.

Apple’s previous partnership with Goldman Sachs and Mastercard ended in November 2023. Since then, other financial institutions, including Barclays, Synchrony Financial, and JPMorgan Chase, have discussed taking over the partnership.