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

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.

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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.

Top Rated Comments

calstanford Avatar
37 months ago
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.
Score: 55 Votes (Like | Disagree)
now i see it Avatar
37 months ago
I love reading credit card Terms of Use small type.
Score: 17 Votes (Like | Disagree)
cardfan Avatar
37 months ago
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?
Score: 14 Votes (Like | Disagree)
LovingTeddy Avatar
37 months ago
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.
Score: 13 Votes (Like | Disagree)
cmaier Avatar
37 months ago
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.
Exactly how I feel about dark mode.
Score: 13 Votes (Like | Disagree)
cmaier Avatar
37 months ago
Do any of you really want to list apple as a bankruptcy creditor?
Skip this card. Just another credit limit for you to use up.

;)
Yes, because only bankrupt people use credit cards.

Wtf is with people here.
Score: 11 Votes (Like | Disagree)

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