No Gambling With New Apple Credit Card

Published by Daniel on August 7, 2019 IN Industry News

Apple Credit Card News For GamblersIn the modern day time, it seems that everything that once was impossible is becoming possible.  

In the tech world, many new releases are coming to light including the highly anticipated credit card by Apple and Goldman Sachs.

The release of the credit card has many excited but according to sources gamblers and bitcoin users might be in for an unpleasant surprise.

Credit Card no go 

The Apple credit card is just days away from launch and has already caused quite the excitement. For those who planned to use the card to gamble or buy bitcoin or other cryptocurrencies, there’s some bad news.  

According to a recent release by Goldman the credit card agreement has a list of restrictions on transactions best described as “cash advance and cash equivalents”. These restrictions include the purchase of cryptocurrency, casino gambling and betting to name just a few.  

The partnership between Goldman and the American tech giant was forged earlier this year. Since then it has become known that interest rates for the Apple Card range from 13.24% to 24.24% depending on users’ creditworthiness.  

The cards will offer daily cashback incentives which include a 3% cashback on purchases from Apple stores or App Store purchases. Purchases from other stores will only secure a 1% cashback per purchase.  

The Crypto and Gambling Restrictions 

Anyone who applies for the Apple Card whether it is a digital or physical version thereof will not be able to gamble or purchase cryptocurrency.  

According to the agreement you will be unable to make any cash-like transactions which include purchases of cash equivalents such as “travellers 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”.  

The announcement that customers will not be able to make gambling related purchases with the card is not the first bad news for those who use credit cards for gambling. Just last month the Australian bank, Macquarie, announced they will be banning gambling and lottery related transactions on credit cards. One of the top reasons for their ban was growing regulatory pressure within the nation’s gambling industry.  

Another reason for the growing number of credit card bans on gambling transactions could be the growing numbers of problem gamblers. Credit Cards are currently being cited as one of the main problems as it helps players gamble with money they don’t have, increasing their debt and encouraging their problems.  

While it might be a sad day for gamblers today, it could be solving a future problem for Apple in the long run as the gambling authorities are currently considering banning all credit card gambling.  

The Apple Card 

The launch of the Apple Card is part of Apple’s strategy to diversify their sources of revenue after relying too heavily on iPhone sales for the past few years. Goldman, on the other hand, has partnered with the tech giant as part of their long-time effort to establish a consumer-focused business.  

The new Apple Credit Card will start rolling out within the next few days or weeks according to the CEO, Tim Cook.