Cryptocurrencies cannot be purchased with the new Apple credit card according to the American multinational technology company’s recently published customer agreement guidelines. The Apple card’s restrictions indicate that the company’s partner, Goldman Sachs, is leery toward cryptocurrencies and other “cash equivalents” like lottery tickets and casino chips.
No Crypto Purchases With the Goldman Sachs Backed Apple Card
The technology giant Apple (AAPL) recently announced the launch of a credit card, which allows people to spend credit with an annual percentage rate (APR) between 13-24%. The California-based firm revealed the card will be released at some point this month, according to the firm’s third fiscal quarter earnings call. Some of the biggest selling points for the new Apple Mastercard include: virtual use, no annual fees, and no fees for transactions and penalties. Another interesting aspect is that the card will not feature the traditional Mastercard 16-digit number or CVV code. “Thousands of Apple employees are using the Apple Card every day in a beta test and we will begin to roll out the Apple Card in August,” Apple CEO Tim Cook revealed during the earnings call on July 30. Following Cook’s statements, the Apple card’s terms of service (ToS) were published via the Goldman Sachs’ website this week.
Two of the biggest issues that stand out for people who have read the customer agreement include the restrictions against jailbreaking an iPhone and restricting “cash equivalents” like cryptocurrencies. This is first addressed in the user agreement’s first section called “Important Definitions,” which essentially defines the terms used within the agreement. “‘Cash Advance and Cash Equivalents’ means any cash advance and other cash-like transactions,