Cryptocurrency fans who were hoping to use
Apple’s forthcoming credit card to splash on
coin are out of luck. You also won’t be able
to use the Apple Card to buy lottery tickets,
casino gambling chips in any form, physical
or virtual, or foreign currency or travelers
checks.

Reuters spotted the detail in a customer
agreement posted to Apple Card’s card
issuer partner Goldman Sachs’ website
which lists restrictions on transactions it
describes as “cash advance and cash
equivalents”.

The agreement defines these as meaning
“any cash advance and other cash-like
transaction, including purchases of cash
equivalents such as travelers checks, foreign
currency, or cryptocurrency; money orders;
peer to peer transfers, wire transfers or
similar cash-like transactions; lottery tickets,
casino gaming chips (whether physical or
digital), or race track wagers or similar
betting transactions”.
Given the wild swings in crypto valuations
the Apple+Goldman credit tie-up saying a
firm ‘no’ to cardholders splashing on such
shaky stuff is hardly surprising.
Apple announced it was getting into the
credit card game back in March , saying the
card would offer a 2% cash back incentive
for using Apple Pay to make purchases.
(The physical version of the Apple Card is
slightly less generous vs the digital card.)
While if you’re buying stuff direct from Apple
there’s 3% cash-back.
There are also no late fees and no penalty
rates. Interest rates for Apple Card are in
the range of 13-24%, based on the user’s
creditworthiness.

As with Apple Pay, there’s a privacy promise
too — with a pledge that Apple Card
transaction data won’t be sold for
advertising or marketing, not by Apple,
Goldman or any other partners. Though data
may be shared with regulators for financial
reporting purposes and so on.
The Apple Card is due to be released in the
US next month .