Apple Card will not allow purchase of cryptocurrencieshttps://indianexpress.com/article/technology/tech-news-technology/apple-card-will-not-allow-purchase-of-cryptocurrencies-5875472/

Apple Card will not allow purchase of cryptocurrencies

The Apple credit card being launched with Goldman Sachs Group will not allow the purchase of cryptocurrencies with the card, according to a customer agreement posted to Goldman's website.

apple card, apple, goldman sachs, cryptocurrencies, apple card for buying cryptocurrency, bitcoin, apple card for buying bitcoin
The Apple Card customer agreement said the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets.

The Apple Inc credit card being launched with Goldman Sachs Group Inc will not allow the purchase of cryptocurrencies with the card, according to a customer agreement posted to Goldman’s website on Friday.

The Apple Card customer agreement said the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets. Goldman declined to comment and Apple did not immediately respond to request for comment.

The Apple Card is part of a broader effort by Apple to derive more of its revenue from services after years of heavily reliance on iPhone sales, which declined 12 per cent in the most recent quarter.

For Goldman’s part, the Apple partnership is part of the longtime investment bank’s effort to build out a consumer-facing business.

Advertising

Also Read|Amazon’s deal to sell new Apple devices under scrutiny by US FTC

Apple and Goldman are not alone in banning the purchase of cryptocurrency such as Bitcoin with credit cards. Major American and British banks Lloyds Banking Group Plc and Virgin Money banned such purchases last year, following the lead of US banking giants JP Morgan Chase & Co and Citigroup. The banks were concerned that volatile prices could leave consumers saddled with debts they could not repay.