AT&T has stiff competition from other carriers so they have to retain customers as it's their only business. I don't really see Apple as competing against anyone else including banks here. Apple Pay is kind of like Apple TV+ and a few other services. It's a loss leader so they don't make much money from it. And there are no other tech companies offering a credit card and savings account. All banks offer a terrible customer experience which is why they are forced to sweeten the incentives so customers don't walk across the street to a competing bank. I don't see anyone leaving Apple Card just to get an extra 1% cashback or some buyer protection from a lousy bank.