Though the anxiously awaited launch of the credit card by Goldman Sachs and Apple is not on the horizon, there is sad news for those who were waiting to use it to purchase bitcoin or some other cryptocurrencies or just for the purpose of gambling.
The credit card document listing the dos and don’ts on cash transactions which take into account betting, casino gambling and buying cryptocurrency, besides many others, has been published by Goldman on Friday.
March was when news first appeared about Apple collaborating with Goldman to supply credit cards. It’s believed that based on the creditworthiness of users the Apple Card would have an interest rate between 13.24% and 24.24%.
A great feature of the card is that for every purchase you make with it, you receive cash back returns. That is to say a user will get back 3% on every transaction for purchases from App Store or from Apple directly. You’ll receive a 1% incentive on the amount of transaction on most purchases and a 2% return of the transacted amount on purchase transactions made at Apple Pay.
Customers who choose to avail the digital as well as physical adaptation of the card are prohibited from using it for gambling or purchasing cryptocurrency besides other things, under the Apple Card customer agreement (PDF).
The restrictions on the newly published agreement mention - cash advance and other cash purchase parallels like foreign currency, cryptocurrency or travelers’ checks, wire transfers, casino gaming chips (digital or real), person to person transfers, money orders, race course bets and lottery tickets.
In order to increase its profits after almost totally depending on iPhone sales, Apple decided to launch its Apple Card. For Goldman, the deal with Apple is part of its strategy to create a consumer-based business, which the investment bank has been harboring for years.
Tim Cook, Apple’s CEO, during their quarterly profit call confirmed that the new credit card is due to begin its distribution in the next few weeks or even days.
For gamblers who use their credit cards for betting or making casino deposits, Apple’s declaration that it would not allow anyone to make wager related transactions with its credit card, was bad news indeed.
Alluding to pressure from regulators inside the country’s gambling trade, Australian bank Macquarie stated last month that, it has banned gambling- and lottery-related transactions on credit cards. It also broached its concerns that the problems of gambling buffs would be heightened in case they had easy contact with credit.
It was announced last week by the New Zealand Department of Internal Affairs, which is also responsible for the nation’s gambling business that it has been mulling a ban on gambling with credit cards.
To decide whether there should be a prohibition on credit card online gambling, the Gambling Commission of UK announced last month it would convene a 12-week debate commencing middle of August. For some months now there’s been a buzz about lawmakers and gambling regulators contemplating an embargo on credit card wager-related transactions.