So you've heard of Apple's new credit card and want to try it. Before signing on the dotted line, in addition to the fees and percentages, you should be aware of at least one aspect of Apple's agreement: the arbitration clause.
Arbitration clauses have become extremely popular in agreements between companies and consumers – and with good reason. If you agree to arbitration, you bring the most benefits to the court of the company. For example, most arbitration clauses deny you the option of becoming part of a class action lawsuit or individually sue the company. Instead, an arbitrator (often chosen by the firm) examines the case and then makes a decision against which no appeal can be filed.
On Apple's new credit card, the agreement you must sign is Goldman Sachs' standard agreement (which backs up the Apple Card). Specifically, the arbitration clause begins as follows:
By accepting this Agreement or using your account, you acknowledge that you waive the right to make claims (as defined below) and the right to arbitration, provided that the following DO NOT DISCLAIM INITIATES OR PARTICIPATE IN A CLASS ACTION. You hereby knowingly and voluntarily waive the right to stand trial or have a lawsuit for any claim that is subject to this Agreement. You further acknowledge that you have carefully read and agreed to these terms and conditions and that you will enter into this Agreement on a voluntary basis, without regard to any representation or representation, other than those contained in this Agreement.
And that's just the introduction.
However, you can reject this arbitration clause. The agreement you sign for the Apple Card includes detailed instructions for how to proceed. Basically, it means that you must contact within 90 days after opening the account, using news, calling toll free at 877-255-5923, or at Lockbox 61
- Your name
- The e-mail address associated with your account
- The mailing address associated with your account
- A statement that you exercise your right to refuse this arbitration clause.
That was & # 39; s! If you do not have the time to read the entire agreement (15 small print pages), the arbitration clause will be considered. However, it may be worth taking the time to read the whole thing, since going through the arrangements for these credit cards is an education in itself.