Prior to the launch of Apple Card, Goldman Sachs has uploaded the terms and conditions of the card on its website.
The customer agreement doesn't really reveal something we didn't already know. That makes it clear that there are no fees with the Apple card, be it an annual fee, transaction fee, penalty fee or others.
The Apple Card's due date will be 28 days from the end of each billing cycle. If a user ends up paying the entire balance by the due date, Goldman Sachs will not charge them any interest.
The agreement also prohibits the use of Apple Card on jailbroken iPhones. There is no iOS 12.4 jailbreak available yet, but even if it becomes available in the future, you have to decide between it and using the Apple card.
Apple and Goldman Sachs may close or restrict your account if they find out you are not using a qualified Apple Card device.
If you make unauthorized modifications to the eligible device, such as by disabling hardware or software controls (for example, through a process sometimes called "jailbreaking"), your eligible device will no longer be eligible to receive access or manage your account. You acknowledge that the use of a modified eligible entity in connection with your account is expressly prohibited, violates this agreement, and may result in us refusing or restricting your access to or closing your account, and any other means available to us under this agreement.
In addition, the terms and conditions prohibit the use of Apple Card to purchase cryptocurrencies, casino chips, tickets and other similar items. This is in line with other cards too which do not allow users to buy cryptocurrencies from their card.
Apple CEO Tim Cook had confirmed that the Apple Card will launch in August. Most likely, we will see the service go live for iPhone users next week.
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