With the Apple Card‘s launch merely weeks or even days away, partner Goldman Sachs has uploaded the credit card’s customer agreement.
Ahead of the launch of the Apple Card, Goldman Sachs has uploaded the terms and conditions of the card on its website. According to a new Reuters report, the customer agreement dictates that the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets.
According to Goldman Sachs’ 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.
The agreement also goes over the “Daily Cash” feature, which allows users to get a daily payout when making purchases with the Apple Card. Purchases directly from Apple earn three percent cash back, while Apple Pay purchases earn two percent and all other transactions earn one percent. If a customer makes a transaction that qualifies in two categories, such as Apple Pay payments made in an Apple Store, they get the highest percent payout.
Additionally, Apple Card holders must “have an Apple ID associated with an iCloud account that is in good standing with Apple,” and turn on two-factor authentication for that ID, explains the agreement. This is likely to avoid fraud or intrusion, as iCloud accounts can sometimes be hacked to make purchases on the App Store.
The rest of the Apple Card customer agreement contains all of the standard legalese and previously known information like the interest rate range of 13.24-23.24%, the rewards program, the card’s no fee approach, and more.
Check out the full Apple Card Customer Agreement here.