Apple has revealed more details about its upcoming credit card, and the Apple card comes with a unique restriction and a not-so-unique restriction.
Thanks to the card's customer agreement, posted publicly on the creditor Goldman Sachs' website this afternoon, we know that the Apple Card will not play well with a jailed iPhone, via 9to5Mac . And according to Reuters, there will also be a ban on buying cash advances and cash equivalents, the latter of which includes cryptocurrency, casino games and tickets.
The crypto ban is not that uncommon. It is rare to have a credit limit that can be used for cash equivalents. A number of states also have laws on the books that prohibit the use of credit for items such as casino tips and tickets. It does not appear that neither Apple nor Goldman Sachs have any particular agai nst cryptocurrency, but Bitcoin and other digital symbols appear to fall under the umbrella with cash.
As far as using the Apple card on a jailed iPhone, Apple requires you to sign up for the card and be approved through the Wallet app on iOS, and the agreement says your device must be "eligible" to qualify. That seems to be the case even after you have been approved and received an Apple card, with Apple saying that you will lose the ability to both "access" and "manage" your account if you make the jailbreak device your. Here is the wording directly from the agreement:
If you make unauthorized modifications to your qualified 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 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.
The Apple card comes a little later this month, as confirmed by CEO Tim Cook in an earnings call earlier this week. It's part of the company's broader service push that sees the iPhone maker want to branch out beyond hardware and into software services that can help it build and develop new recurring revenue lines. Yet, these limitations here are reminders that Apple is wading into a world of physical, non-technical products that are subject to all kinds of regulations and promises it has little or no control over.
So if you were hoping that the Apple card might be a bold new form of credit that lets you make purchases that, say, Chase wouldn't, this could be some bad news. For everyone else, it doesn't seem to have much impact on how desirable the product is. After all, the Apple Card's biggest draw is likely to be a status symbol for iPhone owners.