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The purchase of Crypto with the Apple Card violates the customer agreement



According to the Apple Card Customer Agreement, users are not allowed to buy cryptocurrencies through the company's upcoming credit card service.

Goldman Sachs released the agreement on July 2, Reuters reported the same day. According to the report, the American technology group Apple, the Apple Card in collaboration with the investment banking company Goldman Sachs published as part of a broader business plan to achieve through service offers more revenue.

According to the card's customer agreement, cryptocurrency purchases fall into the category of cash advances or cash-like transactions:

"cash advances and cash equivalents" are cash advances and other cash-like transactions, including purchases of cash equivalents such as traveler's checks, foreign currency or cryptocurrency; Money orders; Peer-to-peer transfers, transfers or similar cash-like transactions; Lottery tickets, casino gaming chips (physical or digital) or race-track bets or similar betting transactions.

The terms of use agreement further states that cash advances ̵

1; and cash equivalents – are one of several prohibited activities for use with Apple cards, meaning that the purchase of crypto with their card is prohibited.

According to Apple's website, the Apple Card is a planned type of credit card service to be launched this summer. Apple Card is offered through iPhones through the Digital Wallet App as well as through a Titan Consumer Credit Card issued by Goldman Sachs.

Can the purchase of crypto be considered an upfront payment?

As reported Cointelegraph today has to contend with a class action lawsuit against the banking giant Chase, which depends on whether crypto currency purchases are considered a kind of prepayment or a cash-like transaction, as described in his credit card agreement. Most recently, the judge in charge of the case said that the interviewee's interpretation that cryptocurrency purchases are not in this category is sufficiently plausible to continue the lawsuit. Because of this, some of Chase's refusal requests have been rejected because they are closely related to this issue.


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