Apple Pay : Yikes, they want commissions
I love my Fidelity Amex card, its one of the few cards that gives ungazilimited 2% cashback everywhere, all the time and without any annual fee. The cashback is yours as long as you withdraw into a Fidelity finance account.
I was reading an article wherein someone wanted to force FIA Amex to use Apply Pay, now why the hell would you want to do that. Not only is the Iphone not the defacto standard for CC carrying people, its an extra hop and extra money. This money has to come from somewhere. Apple claims that users, developers and merchants don’t need to be worried. So it leads me to believe that banks will be paying the x% extra on each swipe.
Now I am sure Fidelity is not making a lot of money at the 2% cashback they give me, they anticipate future investments into FIA hence they are providing the 2%. The extra estimated .15% makes it a bigger loss making proposition.
So if you love your credit card cashbacks and want to see them continue, lets appeal Apple to drop the fee on Apple Pay, otherwise I for one will not promote Apple Pay and will never use it and I hope you do that too.