San Francisco: The Apple credit card being launched with Goldman Sachs Group will not allow the purchase of cryptocurrencies with the card, according to a customer agreement posted to Goldman’s website.
The Apple Card customer agreement said the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets.
The Apple Card is part of a broader effort by Apple to derive more of its revenue from services after years of heavily reliance on iPhone sales, which declined 12 per cent in the most recent quarter.
For Goldman’s part, the Apple partnership is part of the long-time investment bank’s effort to build out a consumer-facing business.
Apple and Goldman are not alone in banning the purchase of cryptocurrency such as Bitcoin with credit cards. Major American and British banks Lloyds Banking Group and Virgin Money banned such purchases last year, following the lead of US banking giants JP Morgan Chase and Citigroup.