New Agreement Sees Apple Card Strictly Banned for Cash Advances (Gambling and Crypto Included)

While impatiently waiting for Apple Card to arrive (hopefully later this month), Goldman Sachs, an investment bank that collaborates with Apple announced the Customer Agreement on their page. The instructions feature precise information on how the card will be utilized.

However, several notes are in close connection with the iGaming industry. As far as has been stated, consumers won't be able to use the Card for gambling and crypto transactions.

Rules Are Rules

According to the newest update submitted on the Goldman Sachs official page…

….it is clearly explained what the card will be allowed or prohibited to be used for. The part that matters the most regarding the iGaming industry goes as follows:

“USING YOUR ACCOUNT

You may use your Account to make Transactions. You may not use or permit your Account to be used for:

• Any illegal purpose, including in connection with unlawful domestic or international gambling websites or to purchase illegal goods or services;
• Cash Advances and Cash Equivalents”

Just to clarify….

…the term “Cash Advances and Cash Equivalents means any cash advance and other cash-like transaction, including purchases of cash equivalents such as travelers checks, foreign currency, or cryptocurrency; money orders; peer to peer transfers, wire transfers or similar cash-like transactions; lottery tickets, casino gaming chips (whether physical or digital), or race track wagers or similar betting transactions.”

Jailbreakers a Huge Problem

Another limitation regarding the card…

…has to do with consumers whose devices are unlawfully altered. As written in the guide:

“If you make unauthorized modifications to your Eligible Device, such as by disabling hardware or software controls (for example, through a process sometimes referred to as "jailbreaking"), your Eligible Device may no longer be eligible to access or manage your Account. You acknowledge that use of a modified Eligible Device in connection with your Account is expressly prohibited, constitutes a violation of this Agreement, and could result in our denying or limiting your access to or closing your Account as well as any other remedies available to us under this Agreement.”

Being honest, we have to point out that…

…instructions like these are quite common in credit card agreements. Though they shouldn't come as much of a surprise at all, still Apple fans may find them disappointing hoping that this "smarter" option might prove an exception.

Restrictions on HTML5

There was a significant update in Apple’s policy…

…in June this year, regarding the gaming apps and HTML5 games. As far as stated in Guideline 4.7, only gambling apps native to iOS will be allowed to be hosted in the App Store. The deadline to become compliant with the rule is September 3, 2019.

On the other hand…

…another global giant, Google, came up with less strict alterations. The updates made in their ads policy allowed sports betting companies in New Jersey to use Google Ads for advertising purposes.

Sources:

“Apple Card Customer Agreement”, goldmansachs.com

“Apple Card won’t support jailbroken iPhones, bans crypto and gambling”, Stephen Lambrechts, techradar.com, August 5, 2019.