Apple card customer agreement by Goldman Sachs Bank is out even as its August launch was confirmed by Tim Cook, Apple Inc., CEO, during the earning’s call. The 15-sheeter Agreement in PDF format warning adequately on ‘jailbreak’ and other legalese is available on Goldman Sachs website.
This new arrangement between Apple Inc. and Goldman Sachs Bank follows the abrogation of the previous Apple-Barclays Program. The document spells out general and specific guidelines for Apple Card User to know on the terms and conditions of usage of the credit card.
Apple Card Agreement Spells ‘Jailbreak’ & Other User Clauses
On the ‘Jailbreak’ clause the document says,
“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.”
There is an attractive Daily Cash program which explains how one can earn and receive Daily Cash related to his/her Account. For customer’s understanding various daily transactions and resultant daily cash percentage are also tabulated.
The first transaction after opening an account by cardholders attracts 13.24% to 24.24% interest annually on purchases depending on their predetermined credit limit, says the Agreement. To avoid penal interest, the cardholder will require to pay by their monthly due date.
Apple Credit Card will come at no annual, transaction, or penalty fees. Even the Daily Cash program returns money directly to a card holder’s Apple Pay Cash account. The ceiling of 3% interest rate applies only to purchases directly from Apple while it does not cover payments to third parties, including Authorized Resellers, informs the Agreement.
Measures to Stop Illegal Transactions With Protection to Cardholder
On the safety and privacy avoiding any breach or frauds, the cardholder must have an Apple ID associated with an iCloud account that is in good standing with Apple. Also, the two-factor authentication for that ID has to be ‘on.’
That’s presumably to avoid intrusion or fraud since iCloud accounts are already sometimes hacked to make purchases on the App Store or elsewhere.
Apple Card will also not facilitate buying or selling of cryptocurrency and other illegal transactions as stated in among the clauses leading to locking of the Account, credit card, and connected devices like iPhone or iPad also.
We had informed about Apple Credit Card and Apple Card is undergoing test among its thousands of employees currently and the rollout of this program seems successful. This can be ideally considered as the precursor for the launch of Apple Credit Card in association with Goldman Sachs.
Can you share the Beta experience of using Apple Card in case? We’d love to hear it all. Cheers!