Customers Cannot Use Apple Card To Buy Cryptocurrencies

Cryptocurrency users who were expecting to use the upcoming credit card of Apple for splashing on the coin are unlucky. Moreover, it won’t be possible for customers to buy foreign currency, traveler's checks, lottery tickets or casino gambling chips no matter they are in virtual or physical form.

According to Reuters, in a customer agreement which was uploaded on the website of Goldman Sachs Group – the issuer partner of Apple Card, there is a list of restrictions regarding transactions which is described as “cash advance and cash equivalents.”

Considering the ups and downs in crypto valuations, it is not really surprising to see both Goldman and Apple saying “no” to cardholders taking risks on shaky stuff like this.

Apple made an announcement that the company was entering the credit card business in March. It said that cardholders would be offered a cashback incentive of two percent if they use Apple Pay to purchase. When compared to Apple Card’s physical version, the digital version is slightly more generous. If users are making purchases directly from Apple, they will receive three percent cash back incentive.

Moreover, there aren’t penalty rates and late fees. Based on the creditworthiness of users, the interest rates for the credit card of Apple ranges from 13 to 24 percent.

The tech giant also made promises about Apple Pay, saying that Apple, Goldman, and all other partners won't sell Apple Card transaction data for marketing or advertising.

Apple Card is expected to be introduced in the US in September.