The upcoming new credit card which will be released by Apple will come with several restrictions, including one which prohibits cryptocurrency purchases.
The terms and conditions for the car were posted on the Goldman Sachs website this week. Goldman Sachs has been in a long partnership with Apple in order to create a business more accessible to consumers.
According to the Apple Card customer agreement, users are forbidden to purchase cash advances or cryptocurrencies. Other prohibitions included casino gaming chips, race track bets or lottery tickets.
There are many credit card providers which have also blocked bitcoin and crypto purchases, with banks such as Lloyds Banking Group Plc, Virgin Money, JP Morgan Chase and Citigroup already implementing such limitations.
Not only are card users not allowed to buy bitcoin or crypto, but they also are prohibited from using the credit card with jailbroken devices. In order to apply for a card, users have to first sign up and receive approval through the Wallet app on iOS, and the device must be “eligible” to qualify.
Jailbreaking involves removing the restriction that Apple imposed in order to enable a third-party non-approved application to be installed on the device. This gives users the freedom to purchase items from whatever site or store they want, and not be limited to Apple’s store (which is basically kind of the only thing that you use the card for).
The customer agreement states that Apple will lock users out of their credit card accounts should they try to alter or jailbreak their devices.
“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”
The Apple Card is scheduled to be launched later this month. Only hardcore Apple fans will most likely buy this card, as a normal one doesn’t come with a ton of restrictions.
Featured Image: Macworld