The Apple Inc credit card being launched with Goldman Sachs Group Incwill not allow the purchase of cryptocurrencies with the card.
Apple has revealed more details about its upcoming credit card, and the Apple Card will come with one unique restriction and one not-so-unique restriction. The customer agreement said the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets. Apple and Goldman did not immediately respond to requests for comment. The Apple Card is part of a broader effort by Apple to derive more of its revenue from services after years of heavily reliance on iPhone sales, which declined 12% in the most recent quarter.
For Goldman’s part, the Apple partnership is part of the longtime investment bank’s effort to build out a consumer-facing business. Apple and Goldman are not alone in banning the purchase of cryptocurrency such as Bitcoin with credit cards. Major American and British banks Lloyds Banking Group Plc and Virgin Money banned such purchases last year, following the lead of U.S. banking giants JP Morgan Chase & Co and Citigroup. The banks were concerned that volatile prices could leave consumers saddled with debts they could not repay.
As far as using the Apple Card on a jailbroken iPhone, Apple is requiring you sign up for the card and be approved via the Wallet app on iOS, and the agreement says your device must be “eligible” to qualify. It looks like this be the case even after you’ve been approved for and receive an Apple Card, with Apple saying you will lose the ability to both “access” and “manage” your account if you do jailbreak your device. Here’s the wording direct from the agreement:
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.
So if you were hoping the Apple Card might be a bold new form of credit that would let you make purchases that, say, Chase would not, this may be a bit of bad news. For everyone else, it doesn’t seem likely to have a big impact on how desirable the product is.