Bloomberg:

Every time a customer waves an iPhone at the register to use the new card, a retailer may feel an extra pinch on its profits.

That’s because the card, marketed by Apple and backed by Goldman Sachs Group Inc., is designated “elite,” which allows it to levy significantly higher interchange fees on each swipe or tap. Those fees aren’t paid by the consumer but by the merchant as part of the cost of accepting credit cards.

And:

Card networks tell merchants the higher costs are justified because premium cardholders also have more buying power—so they’ll spend more.

Interesting article. This is not just Apple Card, but the entire category of so-called “elite” credit cards.