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)
Avatar
16 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)
Avatar
16 months ago
I love reading credit card Terms of Use small type.
Score: 17 Votes (Like | Disagree)
Avatar
16 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)
Avatar
16 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)
Avatar
16 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)
Avatar
16 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 12 Pro in Graphite and iPhone 12 in Blue Shown Off in Unboxing Videos

Monday October 19, 2020 8:20 am PDT by
While the iPhone 12 Pro does not launch until Friday, we now have an early unboxing video of the device courtesy of Twitter account DuanRui, providing a closer look at the shiny new flat-edge design and sleek Graphite color option. Ben Geskin re-uploaded the unboxing video to YouTube, which we've embedded below: Geskin has also uploaded an unboxing video of the iPhone 12 in Blue: ...

Kuo: iPhone 12 Pro Demand Higher Than Expected

Sunday October 18, 2020 10:39 pm PDT by
TF International Securities analyst Ming-Chi Kuo released a research note this morning detailing what he's seen with the volume of iPhone 12 and iPhone 12 Pro pre-orders in the first weekend of sales. Kuo had previously indicated that Apple's estimated shipment allocations for the new iPhone models placed the iPhone 12 at the top with 40-45% of inventory allocation (up from 15-20%). However, ...

New Photos Offer Better Look at iPhone 12 Color Options

Tuesday October 20, 2020 2:34 am PDT by
As we wait for the iPhone 12 review embargo to lift later today, more pictures are circulating of the devices in real-world lighting conditions, providing a better look at the different colors available. Leaker DuanRui has shared images on Twitter of the iPhone 12 in white, black, blue, green, and (PRODUCT)RED. The black and white colors are similar to the iPhone 11 colors, but the other...

Hands-On With Apple's MagSafe Charger for iPhone 12

Monday October 19, 2020 11:54 am PDT by
Alongside the new iPhone 12 models, Apple introduced a MagSafe charger that attaches to the back of the iPhones using magnets embedded both in the charger and in the iPhone. It allows for speedier charging and paves the way for a portless iPhone in the future. MagSafe chargers are shipping out and are in some Apple retail locations now, and we picked one up to check it out. Subscribe to the ...

Some Apple Watch SE Owners Experiencing Issues With Overheating [Updated]

Monday October 19, 2020 11:38 am PDT by
There may be an issue with the new Apple Watch SE, which some users have found is overheating after a few hours of usage. Several Apple Watch SE owners in South Korea have run into problems, as noted in a Reddit post chronicling the complaints. There have been six reports from Apple Watch SE owners in South Korea who have had their Apple Watches get hot and malfunction, with a yellow spot...

Apple's New MagSafe Charger and Cases Begin Arriving to Customers

Saturday October 17, 2020 10:10 am PDT by
Apple's new MagSafe charger and cases have begun arriving to some customers earlier than expected, and images of the accessories have started to surface on Twitter. The photos provide a first look at the products in real-world use. As of writing, some MagSafe cases are also available for pickup at select Apple Stores in countries like the United States, Canada, and Germany. Filip...

Apple Releases iPadOS and iOS 14.1 With Multiple Bug Fixes Ahead of iPhone 12 Launch

Tuesday October 20, 2020 10:06 am PDT by
Apple today released iOS and iPadOS 14.1, the first major updates to the iOS and iPadOS 14 operating system updates that were released in September. iOS and iPadOS 14.1 come a week after Apple released the golden master versions of the updates to developers. The iOS 14.1 update can be downloaded for free and it is available on all eligible devices over-the-air in the Settings app. To access...

Watch: iPhone 12 and iPhone 12 Pro Unboxing Videos and First Impressions

Tuesday October 20, 2020 6:05 am PDT by
Apple's embargo has lifted for iPhone 12 and iPhone 12 Pro reviews. In addition to our detailed review roundups for each device, we've rounded up over a dozen unboxing videos and first impressions below. iPhone 12 in Blue on left and iPhone 12 Pro in Pacific Blue on right via Engadget Key new features of the iPhone 12 and iPhone 12 Pro include a flat-edge design, 5G support, a much faster A14 ...

Apple Plans to Enable 5G in Dual SIM Mode With Software Update Later This Year

Monday October 19, 2020 9:20 am PDT by
iPhone XS models and newer feature both a physical SIM slot and a digital eSIM, allowing for a feature known as dual SIM, dual standby. This means you can have two lines of service on one iPhone, which is useful for purchasing data-only plans while traveling abroad or having personal and business lines on a single iPhone. 5G will not be available in Dual SIM mode on the iPhone 12 and iPhone...

Brazilian Certifications Suggest iPhone 12 Mini Features 2,227mAh Battery and iPhone 12 Has 2,815mAh Battery

Friday October 16, 2020 1:08 pm PDT by
Apple's iPhone mini has the shortest battery life out of all the iPhones in the iPhone 12 lineup due to its small size, but Apple has not provided public information about the battery's capacity. A regulatory filing from Brazil, however, suggests the iPhone 12 mini has a battery capacity of 2,227mAh. The same regulatory information says the iPhone 12 features a 2,815mAh battery, which is...