Tech

Credit card: Apple prohibits purchases of cryptocurrency with the Apple Card

Apple's credit card Apple Card will be released in a few weeks. While primarily intended for the digital world, some digital offerings are still excluded, as stated in the Goldman Sachs Terms of Use. The US bank is Apple's partner in the credit card.

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Goldman Sachs has the Terms of Use for the Apple Card posted on the company website. Thereafter, the card may not be used to purchase cash or cash equivalents. For the latter, the bank counts participation in gambling games, ie lots for a lottery, chips in the casino or betting slips. But it also includes cryptocurrencies like Bitcoin.

However, the Apple Card is not the only credit card that can not buy bitcoins or other digital forms of payment. Several British and US big banks also rule that out. They fear that customers will be in debt because of the fluctuating prices of the cryptocurrency and will then be unable to repay their debts. On the other hand, they want to protect themselves.

The Apple Card is issued as a Mastercard credit card. Although customers will receive a physical version, it will only serve as a replacement if a card reader does not allow contactless payment. Paying via NFC on the iPhone – the functions for the Apple Card are part of the current version 12.4 of Apple's mobile operating system iOS. The smartphone must have the original software for it. Hacked devices lose their eligibility to access or use the Apple Wallet account under the Terms of Service.

Apple had confirmed in the announcement of the quarterly figures this week that the Apple Card will be launched in the US this month. Apple employees and Goldman Sachs have been testing them for a few weeks now. It is unclear whether the Apple Card will be available in other countries.