Goldman Sachs Makes Apple Card Customer Agreement Available Ahead of Upcoming Apple Card Launch

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Aug 2, 2019.

  1. MacRumors macrumors bot

    MacRumors

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    [​IMG]


    Ahead of the launch of the Apple Card, the customer agreement for the card has been found on the Goldman Sachs website [PDF], offering up a look at the ins and outs of how it will work.

    Most of the details included in customer agreement have already been shared or leaked in previous reports, but this puts all of the information in one easy to access spot.

    [​IMG]

    The agreement goes over eligibility (an Apple ID and two-factor authentication are required), how accounts may be used (no illegal activity), credit limit details, eligible devices, returns, payment info, fees (there are none) and more. Goldman Sachs expressly forbids jailbreaking a device associated with an Apple Card, and says that doing so could result in the closure of the Apple Card account.
    It also covers Daily Cash back, the feature that will let customers get a daily payout when making purchases. Goods purchased directly from Apple earn 3%, Apple Pay purchases earn 2%, and all other transactions earn 1%. If a transaction fulfills two categories, such as an Apple Pay purchase in an Apple Store, customers get the highest payout.

    Daily Cash is paid out based on the amount of each transaction, multiplied by the appropriate percentage for the transaction type. Daily Cash is rounded up to the nearest cent and provided via the Apple Cash card in the Wallet app. Customers without an Apple Cash card will have Daily Cash accrue that can be applied as a payment credit using the Wallet app.

    The document has details on how interest rates are determined, how daily balances are collected, when interest begins to accrue (it works like any standard credit card), how minimum payments are calculated, and when payments should be made to avoid interest (11:59 p.m. ET on the last calendar day of the month).
    Payments can be made via an Apple Cash account or a bank account located in the United States, and Goldman Sachs will not issue cards tied to an account in another person's name. So, in other words, one card per Apple ID.

    For those interested in more specifics on how the Apple Card will work, the customer agreement is worth a look and can be found on the Goldman Sachs website. Our Apple Card guide also has a detailed look at everything you need to know about Apple Card.

    Earlier this week, Apple CEO Tim Cook said that the Apple Card would launch in August, so it could become available as soon as next week.

    Article Link: Goldman Sachs Makes Apple Card Customer Agreement Available Ahead of Upcoming Apple Card Launch
     
  2. cannono macrumors 6502

    cannono

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  3. costeta macrumors member

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    #3
    It will be great if the cashback can be transferred to other rewards programs
     
  4. now i see it macrumors 68040

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    #4
    I love reading credit card Terms of Use small type.
     
  5. Baymowe335 macrumors 601

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    #5
    Big business isn't as easy as a lemonade stand. You have 2 large companies involved. Telling us August was already quite a deadline to put on themselves.
     
  6. Cyberpower678 macrumors 6502

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    Great, now run my damn credit and give me an account.
     
  7. calstanford macrumors 6502

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    #7
    Most hyped credit card with the least amount of benefits I've seen. Glad when this is finally live and out and we can move on.
     
  8. joshwenke macrumors regular

    joshwenke

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    #8
    This is very interesting and provides a much more in-depth explanation of how the card will work. Pretty straightforward, but I'm no expert. Give it a read!
     
  9. LS3 POWER macrumors 65816

    LS3 POWER

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    #9
    They must be getting close, Maybe first of next week if this has been posted on their site.

    I still worry that because I am running iOS13 Beta I will not be able to access the application process once they open it up.

    I wish we knew what credit agency they use, so I could just unfreeze just the one needed instead of all 3.
     
  10. Cyberpower678 macrumors 6502

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    Well I'm planning to upgrade to the new MacBook Pro 16" when it comes out, and I will be using this card to pay for it.
     
  11. rosegoldoli macrumors regular

    rosegoldoli

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    oh wow its definitely coming within the next 2 weeks
     
  12. Cyberpower678 macrumors 6502

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    Transunion
     
  13. polymersayb macrumors regular

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    There's no mention of any benefits other than the Daily Cash and the ability to dispute (e.g. extended warranty, travel insurance). Not too surprising considering where no-annual-fee cards are headed these days, but still disappointing if you wanted to use this for a large Apple purchase for the 3% reward.
     
  14. lartola macrumors 6502

    lartola

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    Don't worry. There has been at least one report that some of the internal testers (Apple and Goldman Sachs employees) were running the iOS 13 betas when they tested the Apple card.
     
  15. JPack macrumors 601

    JPack

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    #15
    Based on PDF metadata, the file was created 7/31.
     
  16. sirozha macrumors 6502a

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    #16
    This is another Apple product that I'm NOT excited about. My titanium Amazon Prime Visa suits me fine. Not sure why I would need to get an Apple branded card. As a shareholder, I'm glad Apple is doing something at all rather than just riding the iPhone wave all the way to the shore.
     
  17. lartola, Aug 2, 2019
    Last edited: Aug 2, 2019

    lartola macrumors 6502

    lartola

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    #17
    Right. Here's the proof just in case. I hope this means we get the card on Monday.
    --- Post Merged, Aug 2, 2019 ---
    Does Amazon support adding the Amazon Prime Visa to Wallet for use in Apple Pay? If they don't yet they should start supporting it now.
     

    Attached Files:

  18. pojo1806 macrumors 68020

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  19. cardfan macrumors 68000

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    #19
    No thanks. I see little reason to want this with the limitations, lack of benefits, and low rewards. Plus who actually buys at full price from Apple unless it’s something customized?
     
  20. sirozha macrumors 6502a

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    Of course they do. Every credit card issued in America can be added to Wallet for use in Apple Pay. I've just spent 7 weeks in Canada and used my Amazon Visa via PayPal exclusively. It has no foreign transaction fees. I probably used it 300+ times in Canada over the course of 7 weeks, and there was only one place that didn't take contactless payments. In every other place, I paid via Apple Pay from my Apple Watch, including the most remote areas of Quebec where one would never guess that Apple Pay would work. In Canada, 99.99% of vendors take contactless payments, and Apple Pay works automatically there. In some remote places, merchants didn't understand what Apple Pay was and how one could pay with a watch, yet the transaction would go through seamlessly. They simply shook their heads in disbelief when they saw that.
     
  21. posguy99 macrumors 6502a

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    #21
    Yes, have for a long time now.
     
  22. LovingTeddy macrumors 68000

    LovingTeddy

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    #22
    Why does this card excite people at all? The cash back reward is pretty wake.

    First of all, it doesn’t come to Canada at the moment. But even it comes to Canada, i don’t find the point at all.

    I can get 4% cash back on gas and grocery, 1% cash back on all other item.

    Who is going to do App Store purchase all day long to make the cash back worth a while?

    There is hard limit on tap transaction on tap, $100 dollar limit, so people gonna need to use physical card, then it is 1% cash back.

    Plus, when I buy big ticket items, I will use my travel reward card to get point. I have gotten several free flight.

    The cash back reward is just not attractive.
     
  23. posguy99 macrumors 6502a

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    #23
    Source?
     
  24. lartola, Aug 2, 2019
    Last edited: Aug 2, 2019

    lartola macrumors 6502

    lartola

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    #24
    No, not every card. A lot of card issuers in the US (I dislike it when people call it America) are on board, yes, but not all of them. Also, participating card issuers usually have some cards that are supported for use on Apple Pay and some cards that are not. Chase bank, for example, supports adding their Chase Sapphire credit card or their United Mileage Plus club card to Apple Pay, but not their United Explorer club card. And many US banks, including Chase, don't allow corporate cards to be added to Apple Pay.
     
  25. sirozha macrumors 6502a

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    Well, I wasn't talking about corporate cards. As for Amazon Prime Visa, it's issued by Chase like many other vendor-branded credit cards.
    --- Post Merged, Aug 2, 2019 ---
    Destination?
     

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