Apple announced it was to launch its very own credit card back in March this year. The Apple card by Goldman Sachs is days away from launch, but if you are a fan of gambling, Bitcoin or using Cryptocurrency, you will be out of luck as Goldman Sachs ‘customer agreement’ posted on their website lists restrictions on transactions deemed as ‘cash advance and cash equivalents’.
Restrictions on Cash-Type Transactions
Any cash advance or cash-type transaction such as travellers cheques, foreign currency, money orders, cryptocurreny, lottery tickets, gambling chip purchases, betting transactions and race track wagers are all included in the list of restrictions.As reported in news recently, the UKGC are holding a twelve week consultation period to determine whether banning gambling with credit cards is a viable process or if customers using credit cards for gambling purchases should be monitored more closely.The news that such purchases are prohibited with the Apple Credit card is the latest blow for customers that choose to use their credit card for making online casino deposits or wagering.
What Does Apple Credit Card Offer?
Apple announced the new credit card would offer 2% cash back incentive for using Apple Pay to purchase goods, the card comes in a physical and digital version (the physical version is slightly less incentivised), but if you purchase products directly from Apple, including app-store purchases and in-app purchases you will receive 3% cash back.Based on a customer’s credit rating the Apple Card interest rates will be set at around 13-24%, no late fees or penalty charges will be incurred.Users of the new Apple Credit Card are given a privacy promise. No Apple transactions or data will be sold or shared by Apple, Goldman Sachs or any other party. Data may only be shared to regulators and financial reporting purposes only.The card is expected to be released in the US within the next few days.