The Apple Card’s consumer-friendly features make it harder for banks to make money on the product. Citigroup was in advanced negotiations with Apple for the card but pulled out amid doubts that it could earn an acceptable profit on the partnership, according to people with knowledge of the talks. “Dude, if that portfolio ever makes money, I’m buying you a beer,” an employee at the card department of a big bank texted a Goldman staffer. The sniping began shortly after Apple unveiled its new credit card with Goldman Sachs. In an elaborate presentation in March, Apple CEO Tim Cook...