Correct for credit card transactions but not for gift card credit which A LOT of people use. Far more than you’d assume. Apple doesn’t get all $50 when you buy an Apple gift card. I’d be surprised if they even got net $40 per $50 card.

The physical cards cost money to produce and the retail stores will insist upon a decent cut. And then the cards are often discounted by 10, 15 or even 20%.