Citigroup (NYSE:C) had been in advanced talks with Apple for its credit card, but pulled out amid concern that the partnership would general acceptable profits, CNBC reports, citing people familiar with the talks.
Other banks, including JPMorgan Chase, Barclays, and Synchrony also were contending for the Apple card.
The Apple Card's consumer-friendly features, including no fees of any kind, software that encourages users to avoid debt or pay it down quickly, and potentially lower interest rates, make it more difficult for banks to make money on the partnership.
Citi slips 0.3% in premarket trading; Goldman falls 0.4%.
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