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.

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

(View all)

25 weeks 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.
Rating: 55 Votes
25 weeks ago
I love reading credit card Terms of Use small type.
Rating: 17 Votes
25 weeks 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?
Rating: 14 Votes
25 weeks 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.
Rating: 13 Votes
25 weeks 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.
Rating: 13 Votes
25 weeks 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.
Rating: 11 Votes
25 weeks ago

I got Costco visa/Sams MasterCard both for my daily cash back (5% gas/4% gas, 3% travel/restaurant). I guess some people can claim it’s annual fee ties to my Sams club and Costco annual accounts. I’m on executive and Sams plus member so pay $120-100 for my membership. But it’s basically a free membership cause they give me back money for spending $2000 plus each year there.

So in a nutshell. Those are two better daily cash back cards than Apple Card.

There is very little benefit of having apple Goldman Sachs card except the cool factor.

No one getting the Apple Card cares about what other cards offer lmao or they already know what other cards offer. How do you guys not understand that?

If someone wants the Apple Card because of the “cool factor” so what? Literally no fees, nice integration with Wallet, easy to generate a new card number, daily cashback and 3% back at Apple.

You only have 1 life to live. I hope getting an Apple Card doesn’t shatter your soul and cause you to lose sleep at night......
Rating: 9 Votes
25 weeks ago
Why is it so hard to give an actual date?
Rating: 9 Votes
25 weeks ago

I know they have been explained over and over again! And I keep asking because there is really no value. People are getting this card just because of the cool Apple logo. There are way better cards out there. I’m just trying to understand what’s so great about it.

Nobody is getting it just because of the cool logo. They have explained repeatedly that they want the card due to security reasons, the budgeting functionality, the integration with wallet and Apple Pay, the fact that the cash back is actually pretty good for their particular purchasing patterns, etc.

There’s hardly anything more obnoxious than someone insisting that others’ needs are invalid.

And all this coming from a dude with a weird apple-logo-chested avatar.
Rating: 9 Votes
25 weeks ago
Why is this any more exciting than "Chase releases a copy of the Chase Sapphire Reserve Customer Agreement"?

I wonder what's next. Someone will make a review of that card like it's the most innovative thing that has existed in the history of the world ever.

"So I went to the store and gently put my iPhone near the register. The iPhone beeped and vibrated and, in just a split second, I had paid for the items. No cash required. This really is the future of payments. Magic. Unapologetic. Aluminium".
Rating: 8 Votes

[ Read All Comments ]