Cryptocurrency enthusiasts who were eagerly anticipating using Apple’s upcoming credit card to make purchases in digital currencies are out of luck. The Apple Card also won’t be able to buy lottery tickets, casino gaming chips (physical or virtual), foreign currency, travelers checks, money orders, peer-to-peer transfers, wire transfers, or similar cash-like transactions.
Restrictions on Cash Advance and Cash Equivalents
A customer agreement posted on Apple Card’s card issuer partner Goldman Sachs’ website lists the restrictions on transactions that are described as ‘cash advance and cash equivalents’. The agreement defines these as:
- Any cash advance and other cash-like transaction, including purchases of cash equivalents such as:
- Travelers checks
- Foreign currency
- Cryptocurrency
- Money orders
- Peer-to-peer transfers
- Wire transfers or similar cash-like transactions
- Lottery tickets
- Casino gaming chips (whether physical or digital)
- Race track wagers or similar betting transactions
The inclusion of cryptocurrency in this list is hardly surprising, given the wild swings in crypto valuations. The Apple+Goldman credit tie-up’s decision to say no to cardholders splashing on such shaky stuff is a sensible one.
Apple Card Features and Benefits
Apple announced its entry into the credit card game back in March, stating that the card would offer a 2% cash back incentive for using Apple Pay to make purchases. The physical version of the Apple Card offers a slightly less generous cash-back rate compared to the digital card. Additionally, there are no late fees and no penalty rates.
Interest rates for Apple Card range from 13-24%, based on the user’s creditworthiness. As with Apple Pay, there is a privacy promise in place, ensuring that Apple Card transaction data won’t be sold for advertising or marketing purposes by Apple, Goldman Sachs, or any other partners. Data may be shared with regulators for financial reporting purposes.
Release Date and Availability
The Apple Card is set to be released in the US next month.
Related Topics
- Apple
- Apple Card
- Credit cards
- Crypto
- Cryptocurrency
- Digital currency
- Finance
- Fintech
- Goldman Sachs
- Money
- United States
About the Author
Natasha Lomas is a senior reporter for TechCrunch, joining in September 2012 based in Europe. She has covered various topics, including business technology and mobile and wireless issues.
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