Bottom line: The Apple Card will be here sometime this month. We have learned today that the card comes with a couple of restrictions that are unusual to see on credit card agreements. No purchasing of cryptocurrency and no jailbroken phones are allowed.
The first is that the Apple Card cannot be used to purchase cryptocurrency. Goldman Sachs classifies cryptos as “cash equivalents,” which most credit cards disallow for purchasing. Other cash equivalents include casino chips, lottery tickets, race track wagers, or similar betting.
The other restriction is a little more unusual. Mainly that you must have a digital version of the Apple Card in the Wallet app on your iPhone, and the device is not eligible if it is jailbroken.
“If you make unauthorized modifications to your Eligible Device, such as by disabling hardware or software controls (for example, through a process sometimes referred to as “jailbreaking”), your Eligible Device may no longer be eligible to access or manage your Account. You acknowledge that use of a modified Eligible Device in connection with your Account is expressly prohibited, constitutes a violation of this Agreement, and could result in our denying or limiting your access to or closing your Account as well as any other remedies available to us under this Agreement.”
Additionally, the card can only be maintained on the device. In other words, viewing statements and making payments are all done electronically with no opting out. The agreement says that without the device, you may take care of business over the phone or by mail. However, “if you do not maintain a Required Device, [Goldman Sachs] may close your account.”
It is still unclear exactly when the card will be available. Apple confirmed a launch window of the first half of August. So it should only be a matter of days before iPhone users begin noticing an application for the card in their wallet app.
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