Read the fine print of Apple Card's customer agreement

Posted:
in iPhone edited August 2
With a launch just weeks or even days away, Goldman Sachs has published the customer agreement for Apple Card, sharing APRs, usage restrictions and other details.

Apple Card on iPhone


The publication is the first result that pops up on Goldman's website when conducting a search for "Apple Card."

On first opening an account, cardholders will be charged 13.24% to 24.24% annually on purchases depending on their credit, the document says. To avoid interest, people need only pay by their monthly due date.

As announced, there are no annual, transaction or penalty fees. Some other known details include the likes of the Daily Cash program, which returns money to a person's Apple Pay Cash account. The highest return rate, 3%, applies only to purchases directly from Apple and does not cover payments to third parties, including Authorized Resellers.

One point of interest is that to both qualify for and keep the 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. That's presumably to avoid intrusion or fraud, since iCloud accounts are already sometimes hacked to make purchases on the App Store or elsewhere.

A "Required Device" with a digital card is not strictly necessary after signing up, but Goldman warns that it may close accounts without one. The company is also threatening to cut off access for people with jailbroken devices and restricts cryptocurrency purchases.

Apple CEO Tim Cook confirmed that the Apple Card will launch sometime this month during a recent quarterly results call. Rumors have hinted at the first half of the month.



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Comments

  • Reply 1 of 72
    mknelsonmknelson Posts: 362member
    "The company is also threatening to cut off access for people with jailbroken devices."

    Presumably they're worried about malware?

    "The highest return rate, 3%, applies only to purchases directly from Apple…"

    That could be seen as yet another anti-competitive policy and may come back to bite them.
    edited August 2 chemengin1
  • Reply 2 of 72
    How can that be anticompetitive? Most airline affiliated cards give more miles or points for charges for their own services. So do many store affiliated cards. 
    mwhiteAppleExposedjahbladecaladanianmacguisteven n.zoetmbRayz2016ronnlostkiwi
  • Reply 3 of 72
    eightzeroeightzero Posts: 2,430member
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    edited August 2 watto_cobra
  • Reply 4 of 72
    SoliSoli Posts: 9,178member
    eightzero said:
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They also have an instant wire option for a smal fee.

    I typically use thé ACH when I transfer to my bank since it usually happens same day.
    edited August 2
  • Reply 5 of 72
    The fact my wife and I can’t use the same card account lowers its appeal to us. We will still get it because Apple but it sucks we will have two separate bills and our spending won’t be merged in the analytics.

    The latter is the bigger problem, in my view. We had talked about only having this one card. We could do it — we only have two now. But the main reason to do it would be to consolidate all of the good Apple analytics in one place. I trust Apple to do a good job with that, and to protect my data. Without that simplicity factor, though, we will opt to keep one of our existing cards (think air travel), at least until Apple gives us a way to link the two accounts.
    edited August 2 Andy.HardwakeGeorgeBMacschlackbluefire1lostkiwiwatto_cobra
  • Reply 6 of 72
    maestro64maestro64 Posts: 4,637member
    The fact my wife and I can’t use the same card account lowers its appeal to us. We will still get it because Apple but it sucks we will have two separate bills and our spending won’t be merged in the analytics.

    The latter is the bigger problem, in my view. We had talked about only having this one card. We could do it — we only have two now. But the main reason to do it would be to consolidate all of the good Apple analytics in one place. I trust Apple to do a good job with that, and to protect my data. Without that simplicity factor, though, we will opt to keep one of our existing cards, at least until Apple gives us a way to link the two accounts.
    That is because you and your wife may get divorce and Apple does not want her account tied to your's, where have you been didn't you know you're not allow to know what your wife spend money on.
    cornchiptenthousandthingswatto_cobra
  • Reply 7 of 72
    maestro64maestro64 Posts: 4,637member
    Not that I pay interest on CC, but 13% is not that low even with good credit history. My main card is only 7.5% and I had the card for 20 yrs now. I thought Apple said they would be offering low competitive interest rates.
    larryjwchemengin1
  • Reply 8 of 72
    kimberlykimberly Posts: 237member
    maestro64 said:
    The fact my wife and I can’t use the same card account lowers its appeal to us. We will still get it because Apple but it sucks we will have two separate bills and our spending won’t be merged in the analytics.

    The latter is the bigger problem, in my view. We had talked about only having this one card. We could do it — we only have two now. But the main reason to do it would be to consolidate all of the good Apple analytics in one place. I trust Apple to do a good job with that, and to protect my data. Without that simplicity factor, though, we will opt to keep one of our existing cards, at least until Apple gives us a way to link the two accounts.
    That is because you and your wife may get divorce and Apple does not want her account tied to your's, where have you been didn't you know you're not allow to know what your wife spend money on.
    That response is straight from the lunatic fringe :D
    StrangeDaysddawson100designrRayz2016cecil4444
  • Reply 9 of 72
    freshh201freshh201 Posts: 1unconfirmed, member
    Separate accounts because it is linked to the Apple ID with 2 factor auth
    cornchipcaladaniancaladanianronnlostkiwiwatto_cobra
  • Reply 10 of 72
    The 13.24% APR is a complete joke.

    The rewards aren't anything special. Yet, I'll still get it so I can flex that card. LOL
    chemengin1watto_cobra
  • Reply 11 of 72
    eightzeroeightzero Posts: 2,430member
    Soli said:
    eightzero said:
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.

    I typically use thé ACH when I transfer to my bank since it usually happens same day.
    It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash. 
    chemengin1
  • Reply 12 of 72
    eightzero said:
    Soli said:
    eightzero said:
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.

    I typically use thé ACH when I transfer to my bank since it usually happens same day.
    It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash. 
    I can. I choose the Apple Cash card and then tap “Add Money”. That money comes out of my checking account. If not that way how does one initially put money into the Apple Cash account (other than and Apple Cash payment from someone else, but how did they get money into Apple Cash?)?
    cornchiplostkiwilolliverwatto_cobra
  • Reply 13 of 72
    A "Required Device" with a digital card is not strictly necessary after signing up, but Goldman warns that it may close accounts without one.”

    Does that mean you don’t need an iPhone to get/use the card (as I was indeed assuming in my posts in the previous thread on the AC). 
    edited August 2
  • Reply 14 of 72
    SoliSoli Posts: 9,178member
    eightzero said:
    Soli said:
    eightzero said:
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.

    I typically use thé ACH when I transfer to my bank since it usually happens same day.
    It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash. 
    That’s instant for me trom my checking account via a debit card. Your bank doesn‘t offer a debit card?
  • Reply 15 of 72
    maestro64 said:
    Not that I pay interest on CC, but 13% is not that low even with good credit history. My main card is only 7.5% and I had the card for 20 yrs now. I thought Apple said they would be offering low competitive interest rates.
    13% is low for a new card in 2019. I can only think of maybe 1-2 that offer lower variable APRs. You’ll
    find plenty with 0% as an introductory rate but even with great credit there are only a few cards (very few, like USSA) that offer under double digit interest. I say this as someone in the credit card industry so I know what our & our competitors offers are. 
    StrangeDayscornchipoirudleahcimh4y3slolliver
  • Reply 16 of 72
    eightzeroeightzero Posts: 2,430member
    eightzero said:
    Soli said:
    eightzero said:
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.

    I typically use thé ACH when I transfer to my bank since it usually happens same day.
    It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash. 
    I can. I choose the Apple Cash card and then tap “Add Money”. That money comes out of my checking account. If not that way how does one initially put money into the Apple Cash account (other than and Apple Cash payment from someone else, but how did they get money into Apple Cash?)?
    That is likely via a debit card, not ACH transfer. I put money in from a MC gift card.

    Soli said:
    eightzero said:
    Soli said:
    eightzero said:
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.

    I typically use thé ACH when I transfer to my bank since it usually happens same day.
    It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash. 
    That’s instant for me trom my checking account via a debit card. Your bank doesn‘t offer a debit card?
    I don't want a debit card. I never use them, and it is another source of liability.
  • Reply 17 of 72
    eightzero said:
    eightzero said:
    Soli said:
    eightzero said:
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.

    I typically use thé ACH when I transfer to my bank since it usually happens same day.
    It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash. 
    I can. I choose the Apple Cash card and then tap “Add Money”. That money comes out of my checking account. If not that way how does one initially put money into the Apple Cash account (other than and Apple Cash payment from someone else, but how did they get money into Apple Cash?)?
    That is likely via a debit card, not ACH transfer. I put money in from a MC gift card.

    Soli said:
    eightzero said:
    Soli said:
    eightzero said:
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.

    I typically use thé ACH when I transfer to my bank since it usually happens same day.
    It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash. 
    That’s instant for me trom my checking account via a debit card. Your bank doesn‘t offer a debit card?
    I don't want a debit card. I never use them, and it is another source of liability.
    Interesting about the MC gift card.

    I never had a debit card until I wanted to use Apple Pay Cash. At that point I got one, set it up in Wallet and that’s it. I have never used other than as a conduit to/from Apple Cash and I don’t carry it with me ever. 
    oirudleahcimwatto_cobra
  • Reply 18 of 72
    ...will this become the most valuable target for hackers, frog boilers and trojan horses yet...?
  • Reply 19 of 72
    SoliSoli Posts: 9,178member
    eightzero said:
    eightzero said:
    Soli said:
    eightzero said:
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.

    I typically use thé ACH when I transfer to my bank since it usually happens same day.
    It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash. 
    I can. I choose the Apple Cash card and then tap “Add Money”. That money comes out of my checking account. If not that way how does one initially put money into the Apple Cash account (other than and Apple Cash payment from someone else, but how did they get money into Apple Cash?)?
    That is likely via a debit card, not ACH transfer. I put money in from a MC gift card.

    Soli said:
    eightzero said:
    Soli said:
    eightzero said:
    This is interesting:

    HOW TO PAY

    You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").

    It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check. 

    [edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
    I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.

    I typically use thé ACH when I transfer to my bank since it usually happens same day.
    It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash. 
    That’s instant for me trom my checking account via a debit card. Your bank doesn‘t offer a debit card?
    I don't want a debit card. I never use them, and it is another source of liability.
    I'd rather use a debit card for, well debits, than using my bank account and routing numbers. If my debit (or credit card) becomes compromised I can cancel that card and replace it with a quick call not to mention getting any charges credited back, but canceling my bank account so I can reopen another one requires me going into my bank, sitting down with someone. It's just a hassle. I really dislike the few accounts that require me to put in that info for the convenience of using it online just to save them a couple percentage points. I wish debit cards could be used for credits beyond charge backs.
    GeorgeBMacoirudleahcimlollivermike1mrboba1watto_cobra
  • Reply 20 of 72
    maestro64 said:
    The fact my wife and I can’t use the same card account lowers its appeal to us. We will still get it because Apple but it sucks we will have two separate bills and our spending won’t be merged in the analytics.

    The latter is the bigger problem, in my view. We had talked about only having this one card. We could do it — we only have two now. But the main reason to do it would be to consolidate all of the good Apple analytics in one place. I trust Apple to do a good job with that, and to protect my data. Without that simplicity factor, though, we will opt to keep one of our existing cards, at least until Apple gives us a way to link the two accounts.
    That is because you and your wife may get divorce and Apple does not want her account tied to your's, where have you been didn't you know you're not allow to know what your wife spend money on.
    👍
    watto_cobra
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