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

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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.


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.
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.
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).
Your Account automatically has a "Grace Period on New Transactions" in a month where your New Balance for the prior month is $0 or a credit balance. Your Account will also obtain a Grace Period on New Transactions in a month if your Account has a New Balance for the prior month that is greater than $0 and you pay the New Balance for the prior month on or before its payment due date. In a month in which your Account qualifies for a Grace Period on New Transactions, we will not charge interest during that month on any new Transactions that post to your Account.
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
 

joshwenke

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Mar 26, 2011
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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!
 

LS3 POWER

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Apr 10, 2015
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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.
 

polymersayb

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Dec 12, 2012
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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.
 
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lartola

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Feb 10, 2017
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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.
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.
 
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sirozha

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Jan 4, 2008
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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.
 

lartola

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Feb 10, 2017
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Based on PDF metadata, the file was created 7/31.
Right. Here's the proof just in case. I hope this means we get the card on Monday.
[doublepost=1564780374][/doublepost]
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.
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.
 

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sirozha

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Jan 4, 2008
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Right. Here's the proof just in case. I hope this means we get the card on Monday.
[doublepost=1564780374][/doublepost]
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.
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.
 

LovingTeddy

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Oct 12, 2015
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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.
 

lartola

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Feb 10, 2017
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Of course they do. Every credit card issued in America can be added to Wallet for use in Apple Pay.
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.
 
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sirozha

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Jan 4, 2008
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No, not every card. Almost every card issuer in the US is on board, yes, but they usually have cards that are supported and 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 their corporate cards to be added to Apple Pay.
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.
[doublepost=1564781107][/doublepost]
Destination?