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.

apple card titanium and app
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
26 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
26 months ago
I love reading credit card Terms of Use small type.
Score: 17 Votes (Like | Disagree)
cardfan Avatar
26 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
26 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
26 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
26 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)

Top Stories

iPhone 13 Always On Feature

iPhone 13 to Bring Over a Major Feature From the Apple Watch

Wednesday July 28, 2021 2:21 am PDT by
Apple's upcoming iPhone 13 lineup will feature an always-on display akin to the Apple Watch Series 5 and Series 6, according to recent reports. In his weekly Power On newsletter, Bloomberg journalist Mark Gurman, who often reveals accurate insights into Apple's plans, said that the iPhone 13 may feature an Apple Watch-inspired always-on mode. The Apple Watch Series 5 and Apple Watch...
REC ASA CODE2016 20160601 205816 2745

Elon Musk Reportedly Demanded to Become Apple CEO as Part of Potential Tesla Acquisition [Update: Musk Denies]

Friday July 30, 2021 9:04 am PDT by
Tesla CEO Elon Musk reportedly once demanded that he be made Apple CEO in a brief discussion of a potential acquisition with Apple's current CEO, Tim Cook. The claim comes in a new book titled "Power Play: Tesla, Elon Musk and the Bet of the Century," as reviewed by The Los Angeles Times. According to the book, during a 2016 phone call between Musk and Cook that touched on the possibility of ...
duracell battery bitter coating

Apple Says Don't Buy AirTag Replacement Batteries With Bitter Coating

Wednesday July 28, 2021 11:08 am PDT by
Since AirTags were just released earlier this year and are expected to have a year-long battery life, it may be some time yet before AirTag users need a replacement battery, but when the time comes for a refresh, Apple is warning customers not to buy batteries with a bitter coating. AirTags use coin-shaped CR2032 batteries, which happen to be a size that's easy to swallow. Some battery...
nothing ear 1 buds 1

Nothing 'Ear (1)' True Wireless Earbuds Launch to Take on AirPods Pro With ANC and Unusual Design for $99

Tuesday July 27, 2021 7:57 am PDT by
Nothing, a new brand from OnePlus founder Carl Pei, has today officially launched the "Ear (1)" true wireless earbuds after months of anticipation around the company's AirPods Pro rival. The Ear (1) features an in-ear design, Active Noise Cancelation, Bluetooth 5.2, IPX4 water resistance, and a charging case with Qi-compatible wireless charging and a USB-C port. Fast pairing is supported on...
General Apps Messages

Android iMessage Competitor Puts Pressure on Apple

Friday July 30, 2021 3:15 am PDT by
Google and the three major U.S. carriers, including Verizon, AT&T, and T-Mobile, will all support a new communications protocol on Android smartphones starting in 2022, a move that puts pressure on Apple to adopt a new cross-platform messaging standard and may present a challenge to iMessage. Verizon recently announced that it is planning to adopt Messages by Google as its default messaging...
Apple Leak Feature

Apple Demands Leaker Reveals Sources Under Threat of Being Reported to Police

Wednesday July 28, 2021 6:53 am PDT by
Apple has sent a cease and desist letter to a leaker based in China as part of its continuing attempts to curtail leaks of unreleased products, according to Vice. A Chinese citizen who shared images of stolen Apple prototypes on social media was sent a warning letter from Fangda Partners, Apple's law firm in China, on June 18, 2021. An extract from the letter read:You have disclosed without ...
apple rtp land

Apple Preparing to Occupy 200,000 Square Feet of Temporary Space Ahead of New $1 Billion North Carolina Campus

Thursday July 29, 2021 9:14 am PDT by
Back in April, Apple announced a $430 billion investment over the next five years to create more than 20,000 new jobs as the company continues to expand. One significant piece of that plan is a new engineering and research center in North Carolina where Apple will be investing over $1 billion and hiring at least 3,000 employees. Assemblage of seven properties in Research Triangle Park owned by ...
iOS 15 General Feature Purple

Everything New in iOS 15 Beta 4: Safari Tweaks, MagSafe Battery Pack Support, Notification Updates and More

Tuesday July 27, 2021 11:47 am PDT by
Apple today released the fourth betas of iOS 15 and iPadOS 15, introducing additional refinements to the new features that are coming in the software updates. In these betas, Apple has introduced changes for Safari, Notifications, Focus mode, and more. Safari Updates Apple is continuing to refine the design of Safari on the iPhone, and in iOS 15, there are tweaks to improve usability. ...
new m1 chip

Tim Cook on Apple Deciding to Manufacture Components: 'We Ask Ourselves If We Can Do Something Better'

Tuesday July 27, 2021 3:04 pm PDT by
During today's earnings call for the third fiscal quarter of 2021 (second calendar quarter), Apple CEO Tim Cook was asked how Apple decides what components to purchase and what components to develop, and Cook said that Apple asks if it can be done better. We ask ourselves if we can do something better. If we can deliver a better product. If we can buy something in the market and it's great...
a15 chip

iPhone 13 and Redesigned MacBook Pro Chip Production Hit With Gas Contamination

Friday July 30, 2021 5:44 am PDT by
The most important TSMC factory that manufactures Apple's chips destined for next-generation iPhone and Mac models has been hit by a gas contamination, according to Nikkei Asia. The factory, known as "Fab 18," is TSMC's most advanced chipmaking facility. TSMC is Apple's sole chip supplier, making all of the processors used in every Apple device with a custom silicon chip. Industry...