Apple Close to Releasing Its Credit Card: Here’s What It Will Look Like

By Anna Breuer on 2 August 2019
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Apple’s credit card moved closer to launch as the tech company’s bank partner, Goldman Sachs, published the Apple Card Customer Agreement on its website.

Last week, Apple CEO Tim Cook said the card would be released in August and on Friday the company began to wind down its rewards program with Barclays.

The Apple Card has no annual fee, a cash rewards program, a simplified application process via the Wallet app on the iPhone, and promises to be “private and secure.” Apple is also promising lower interest rates and the Apple Card will sync with the Wallet app and provide an analysis of cardholder spending.

The Daily Cash feature is the card’s rewards program.  Cardholders will get 2% when using Apple Pay, 1% when using the physical card, and 3% when making purchases of Apple products and services.

The customer agreement, which establishes the contract between the cardholder and Goldman Sachs Bank USA, states that each customer must have an Apple ID associated with an iCloud account “that is in good standing with Apple,” in addition to a valid e-mail associated with the Apple ID.  Apple’s two-factor authentication must be turned on.

In addition, the Apple Card won’t allow for additional cardholders on an account.  Each person who wants an Apple Card will have to apply and be approved for one on his own iPhone.

In addition, Goldman Sachs can close an account if the cardholder does not “maintain a required device,” meaning an iPhone or iPad that supports the Apple Card.

The agreement says that the Apple Card cannot be used for cash advances or their equivalent, nor for paying off the credit card balance.  The agreement also expressly forbids using the card for “unlawful domestic or international gambling websites or to purchase illegal goods or services.”

In addition to the ability to carry a revolving balance, cardholders may be offered separate financing plans for certain purchases.

Finally, a cardholder who allows someone else access to his device, which is the equivalent of authorizing use of the Apple Card according to the agreement, will be responsible for any charges made by that individual.

(Photo: Accura Media Group)

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