O Apple Card is a zero-annuity credit card, minimalist look and cashback: it will be launched in August in the USA, and its contract for customers mentions some rules from partner bank Goldman Sachs. The user will not be able to buy cryptocurrencies. including bitcoin, through the card; you must keep an iPhone or iPad to use it; and you will not be able to jailbreak the device, otherwise your account will be closed.
O Apple Card contract says the card cannot be used to buy cash equivalents, specifically mentioning cryptocurrencies. That is, it is prohibited to purchase bitcoin, ether, ripple or any token through this payment method.
Other banks in the U.S. also prohibit the purchase of cryptocurrencies by credit card, such as Citigroup and JP Morgan Chase. According to the Reuters, they would be concerned that “volatile prices could leave consumers in debt that they would not be able to pay”.
In addition, it will be prohibited to use the Apple Card for gambling, including lottery tickets, casino game chips (physical or digital) and racetrack bets.
The user must maintain a device with iOS or iPadOS – that is, an iPhone, iPad or iPod Touch – with support for Apple Card, internet access and password lock. Without this, you will only be able to manage your account by contacting us by phone or email ”. And if the customer does not maintain a mandatory device, “we can close your account”.
Jailbreaking on the iPhone or iPad can also result in account closure: using a modified device to manage the Apple Card is “expressly prohibited” and “constitutes a breach of this agreement”.
Apple Card has cashback and annual interest rate of up to 24%
One of the advantages of the Apple Card is in the cashback: you get 3% back when you buy goods or services directly from Apple (not from resellers), including gadgets, films and subscriptions; and when making purchases on the App Store, even within the apps. When using Apple Pay, the customer receives 2% back; in other transactions, it is 1%.
The contract establishes, however, that access to the Daily Cash program will be suspended in the event of fraudulent activity, resale of credits or use for games of chance (lottery, casino, etc.).
The Apple Card is a credit card with no annual fee and no fees. The only charge is due to the revolving credit: those who do not pay the total invoice must bear rates ranging from 13.24% to 24.24% per year.
In Brazil, the revolving rate exceeds 200% per year in most major financial institutions, including Santander, Itaú, Caixa and Banco do Brasil, according to Central Bank survey. Nubank charges between 40% and 380% per year, depending on the customer (between 2.75% and 14% per month).
With information: TechCrunch.