Apple credit cards prohibit cryptocurrency and gambling in casinos

Apple credit cards prohibit cryptocurrency and gambling in casinos

Apple credit cards or Apple Cards launched with Goldman Sachs do not allow the purchase of cryptocurrency with these cards. This was revealed on the basis of a customer agreement uploaded to the Goldman website on Friday (3/8).

The Apple Card Customer Agreement states that the card can not be used to purchase an advance or cash equivalent that includes cryptocurrency, casino gambling chips, race betting, or lottery tickets.

When Reuters asked for confirmation, Goldman declined to comment. While Apple did not immediately respond to requests for comments.

The Apple card is part of Apple's broader effort to increase service revenue after years of heavy iPhone sales.

The reason, the iPhone also experienced a decrease of 12% in the last quarter. On the Goldman side, Apple's partnership is part of a long-standing effort by an investment bank to create a business that faces consumers.

Apple and Goldman are not the only ones to ban the purchase of cryptocurrency like Bitcoin with a credit card. Large US and UK banks Lloyds Banking Group Plc and Virgin Money have banned these purchases since last year.

This decision follows the US banking giant JP Morgan Chase & Co and Citigroup. Banks are worried that price developments may make consumers in debt indebted they can not pay.

Earlier, Apple CEO Tim Cook confirmed that the Apple Card will be launched in August of this year. This card was launched by Apple in collaboration with Goldman Sachs and Mastercard. Apple credit cards will be integrated with Apple Pay and the Wallet app.

"Thousands of Apple employees use the Apple card every day during beta testing. (This card will be launched in August," the team said, according to The Verge.

To create an Apple Card, users must first enter the Wallet app.

In the app, steps will be available to activate the Apple card. Once qualified by Apple, the card is ready for use.

However, if you want to buy or pay for something that does not pay with Apple Pay, users can use a physical credit card. The physical card will be sent after the user has registered. According to information provided by Macrumors, Apple's physical credit card will be made of titanium. On the card, there will be no card number, expiration date, CVV or signature.

Only the username on the card is printed on the front of the card. Information about these numbers is only accessible in the Wallet app. Thus, it will be difficult for others to abuse this physical map for online transactions.

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