Apple Card has caused a stir since its announcement in March 2019. Easy to register, enhanced security over other cards, the iPhone manufacturer's new credit card pairs with Apple Wallet on your device are free and will be credited to your Apple Cash account on a daily basis. And as good as it sounds, the fine print can complicate things very quickly.
First, it must be made clear that Apple Card is not an Apple-exclusive product. While the use of the card appears to be a unique Apple experience, the company worked on its credit card project with Goldman Sachs and Mastercard. You may think these partnerships are irrelevant to you and the way you use your Apple Card, but it does. In fact, your iPhone may already exclude you from using the Apple Card before it even goes on the market.
That does not mean that all rules and regulations are necessarily bad news. While some Apple Card users have a tight grip, some cool features also benefit cardholders. We treat both types in our following list.
Basically you need an iPad or iPhone.
If you're rocking an Android device and still want to use your Apple Card account on your phone, you're out of luck.
You can add a card But you must manage a required device with a digital card to manage your account electronically. Without a required device, you can only manage your account by contacting [Goldman Sachs] by phone or by mail, and your monthly statement will only be sent to you by e-mail or post.
Goldman Sachs defines a "required device". as an iOS or iPadOS device running an Apple Card-compatible operating system (12.4 or later). This means that Android devices are not eligible for electronic account management.
If you log in with an iPad or iPhone and get rid of the device, you may be able to use your Physical Titanium Card . However, this is a big challenge as there is no credit card number, expiration date, CVV or signature on the card itself. All of this data is stored in Apple Wallet, and if you no longer have Apple Wallet, the card is almost useless. The card itself is intended only as a "physical" add-on card for shops and restaurants that do not support Apple Pay.
In addition, all future account management at Goldman Sachs must be direct via phone or email. And Goldman Sachs sends your monthly statements only by email or post. A kind of blunder for a card that works on the phone.
That's not the worst, though. Goldman Sachs claims that your account may be completely closed unless you have a "Required Device". If you get rid of iOS for Android, there's a good chance Goldman Sachs will cancel your card so you can only make payments. The only way to ensure full service is to use the Apple Card with an iPad or iPhone. If this is not realistic for your situation, you have to hope that the three companies will do something beyond Apple devices in the future.
. 2 You can not jailbreak
We love a good jailbreak optimization here at Gadget Hacks. Goldman Sachs does not do that though. In its terms and conditions, the Company sets out its expectations regarding the modification of your "required device".
If you make unauthorized changes to your Eligible Device, such as: By disabling hardware or software controls (for example, sometimes through a process) Your authorized device may no longer have permission to access or manage your account. You acknowledge that the use of a modified Qualifying Device in connection with your Account is expressly prohibited, constitutes a violation of this Agreement, and may result in [Goldman Sachs] giving you access to your account or the closure of your account, and all other remedies be denied or restricted [Goldman Sachs] under this agreement.
Basically no jailbreak. If Goldman Sachs detects your iPhone as a jailbreak, it has the right to block or close your account. Our advice? See if you can get a second iPad or iPhone to run your jailbreak experiments. You can now run Jailbreaks on iOS 12.2, so there should be a large pool of devices suitable for jailbreaking.
. 3 You must enable two-factor authentication
To set up an account with Goldman Sachs for Apple Card, you must enable 2-factor authentication (2FA) for your Apple ID.
Authorized for and maintained If you have an account, you must … have enabled Apple's two-factor authentication for your Apple ID associated with your iCloud account.
If you've already enabled this feature, that's great. If not, setting up will not take long. Read our gadget hacks guide to get started.
. 4 Currently available only to US customers
According to Apple's support page, the Apple Card is only available to US citizens or persons who have a US address that is not a PO Box address. Box. You must be at least 18 years old. The US resident part may change in the future, but the required age is not expected.
To obtain an Apple Card, you must …
- Depending on the country in which you live, be at least 18 years old.
- Be a US citizen or a legitimate US citizen with a US residential address that is not a box office box. If you are a US citizen, you can also use a military address.
. 5 Goldman Sachs may change or terminate "Daily Cash" at any time
Daily Cash is a compelling reason to buy an Apple Card. The program offers three levels of rebate on purchases:
- 3% on purchases made directly through Apple, including in stores, online, on the App Store and in apps.
- 2% on purchases made with Apple Pay.
- 1% on all other purchases.
Goldman Sachs reserves the right to change or terminate the Program at any time without notice. While the company might be able to change the program for the better, it could also change it to the worst. Use the action as long as you can.
[Goldman Sachs] Requirements, amounts, transaction categories, redemption procedures, frequency of redemptions or other aspects of the Daily Cash Program may be changed at any time. We reserve the right to terminate the Daily Cash Program at any time without giving any reason.
This information is already listed above. However, if you shop at "Apple" on Amazon or another third party, you will receive either the 2% or 1% refund as described above. Unfortunately, these exceptions also apply to Apple authorized resellers. Too bad.
You will not receive 3% of your daily money for purchases of Apple goods and services sold through third-party retail or online stores, including Apple Authorized Resellers, or when you make your payment through a third-party wallet ,  7. You Do not Need an Apple Cash Card for Daily Cash
To spend all the daily cash you earn by shopping, you need an Apple Cash card account. But that's not necessary. If you do not have or want to (provided by other partner banks, not Goldman Sachs), you can use your daily cash as a "form of payment" on your Apple Card account. You only need to make these payments manually while the daily deposit to your Apple Cash card is automatic.
If you do not have an Apple Cash account that is active, in good condition, or if an attempt to transfer to your Apple Cash account fails For some reason, [Goldman Sachs] does not automatically transfer your daily cash amount, and any daily cash amounts you earn will be credited without automatic transfer.
- If you have an accrued but unredeemed daily amount of money, you can use the Wallet app for your account Redeem all your accumulated but not redeemed daily funds as funds in your account. Daily cash redemptions on your account are considered payments.
- If you later open an active and proper Apple Cash account, any accrued but not redeemed daily cash amounts will be transferred to your Apple Cash account at the latest if you had an accrued but not yet redeemed daily amount at the time your account was closed This is automatically calculated by [Goldman Sachs] as a credit to your account, unless otherwise provided by law. In this case, [Goldman Sachs] pays you the amount of the daily cash by electronic transfer or by sending a check.
According to the fine print, Goldman Sachs may change your credit limit at any time. Normally, a credit company raises your credit limit if you turn out to be a responsible borrower at your current limit and lowers your limit in the reverse case. It's safe to say that Goldman Sachs means this, but the language gives him the right to change your limit at any time and for any reason.
[Goldman Sachs] may increase or decrease your credit limit at any time, subject to applicable law.
[Goldman Sachs] may authorize transactions that, together with previously authorized transactions, interest and other amounts charged to you, will result in your outstanding balance exceeding your credit limit. If [Goldman Sachs does] you are responsible for the payment of this amount.
Similarly, Goldman Sachs may stop a transaction at any time and for any reason. Most likely, the company will refuse to accept transactions on the grounds that they breach any of the company's agreements or that you have exceeded your credit limit. However, it is important to know that Goldman Sachs reserves this right around the clock for every purchase you attempt.
[Goldman Sachs] Transactions may be denied for any reason, including suspected or actual fraud, breaches of applicable law, your failure under this Agreement or if you exceed your credit limit. [Goldman Sachs is] will not be liable to you or to any other party if [Goldman Sachs does] does not authorize a transaction, even if the charge is within your credit limit or you are not in default. If [Goldman Sachs declines] is a transaction, [Goldman Sachs] can inform the person who tried the transaction that it has been rejected. [Goldman Sachs is] not responsible if someone refuses to accept your card.
If you want to buy Bitcoin, Ethereum, Litecoin, and other cryptocurrencies, you can not buy them with your Apple Card. You can use other credit cards to buy crypto from apps like Coinbase. However, do not try to use Apple Card.
You can use your account to make transactions. You may not use or allow your account for … cash advances and cash equivalents.
While this quote is somewhat ambiguous, elsewhere in the terms of Goldman Sachs:
"Cash Advances and Cash Equivalents" are cash advances and other cash-like transactions, including purchases of cash equivalents such as traveler's checks, foreign currency or cryptocurrencies. Money orders; Peer-to-peer transfers, transfers or similar cash-like transactions; Lottery tickets, casino gaming chips (physical or digital) or race-track bets or similar betting transactions.
. 11 No fees for purchases abroad
Do purchases abroad? Do not worry. Goldman Sachs does not charge for purchases outside your home country. Instead, the company converts the cost of the item into dollars. The only catch is that Goldman Sachs outsources the work to Mastercard, which converts on the day of the transaction process. This means that the conversion may be different from the day you purchased the item.
Transactions made in a currency other than US dollars are converted into US dollars. [Goldman Sachs does] Add no exchange rate charge to these transactions. The conversion is performed by Mastercard International, the payment network associated with your account (the "Network"). The network follows its own methods for conversions that are subject to change. The conversion occurs on the day the transaction is processed by the network. This may differ from the date of the transaction. As a result, the exchange rate may differ from the price on the transaction date or from the date of posting the transaction in your account.
All interest that you receive when you purchase with the Apple Card is determined by a variable annual interest. Unlike a fixed annual rate, which uses the same percentage every month to determine the amount of interest you owe, a variable annual percentage rate may change from month to month. In addition, Goldman Sachs may offer you another APR for different purchases.
When you open your account for the first time, Goldman Sachs offers you an APR of 12.99% to 23.99%, based on credit worthiness. Apple claims, "The aim of the Apple Card is to provide interest rates that are among the lowest in the industry." But goal and fact are not the same. Later, annual interest rates will change based on the daily published rates published by the Wall Street Journal.
If you start at 12.99% interest rate, there is a good chance that it will become 18.99% or worse in a few years.
For purchase transactions, the APR is equal to the prime rate plus the margin applicable to your account.
Variable APR can increase or decrease each month as the prime rate changes. Your APR for purchase transactions is a variable interest rate. If the prime rate changes, the new variable APRs will take effect from the first day of the next month and apply to existing and new balances. Any increase in the prime rate may result in an increase in your interest and the minimum payment due. The APR rates never exceed the legal maximum rates.
The Prime Rate for a given month is the highest US Treasury rate published in the Money Rates section of the Wall Street Journal (WSJ) printed edition on the last day of the previous month on which the Prime Rate was published , If the WSJ does not publish the Prime Rate on that day, [Goldman Sachs] will look at the last day before the Prime Rate was published. If the WSJ temporarily or permanently suspends the publication of the policy rate in its section "Rates" or if the WSJ changes its definition of the base rate, [Goldman Sachs] may substitute another publicly available index that is not under [Goldman Sachs’] control and the margin subject to applicable law, in its sole discretion. However, for the month of August 2019, the prime rate is the US benchmark rate published on 2 August 2019 in the Money Rates section of the Wall Street Journal (WSJ) printed edition.
Apple Card offers payment options for credit card bills. One of these options allows you to split a payment between your Apple Cash balance and a bank account of your choice. If your Apple Cash balance covers the entire amount, Goldman Sachs will only withdraw money from that account. However, if Apple Cash does not have enough credit, the remainder of the payment will be transferred to your bank account.
You can split your electronic payment between your Apple Cash account and your bank account. If you choose to do so, the credit will first be debited from your available Apple Cash balance. If this balance is insufficient to repay the full payment amount authorized by you, [Goldman Sachs] will withdraw the remaining balance from your specified bank account. You agree that [Goldman Sachs] may receive information about your Apple Cash account from the Apple Cash Provider to support shared payments.
fourteenth You can not buy anything illegal
This should be a matter of course, but if it does not, click here.
You may not use or permit your account for … illegal purposes, including in connection with illegal domestic or international gambling websites or for the purchase of illegal goods or services.
Do not buy anything illegal. Do not give your Apple Card to third parties to buy something illegal. Always be a good citizen and abide by the law when using the Apple Card.
Apple's recent press release reiterated that Apple Card is Goldman Sachs' first credit card advances ever known over a year.
As Goldman Sachs is a newcomer to the financial services industry, creating a different credit card experience that puts the customer first. This includes never sharing marketing or advertising data with third parties or selling them to third parties.
Because there is no background, there is one. It is not clear how the company behaves for its customers. Of course, Goldman Sachs was in the personal loan business, but credit cards are a very different scope. While it announces the fact that your data will never be shared or sold, there is no guarantee that "never" will never forever be. And all we have to do is see how things get better over time.