Apple’s new and sleek credit card is just a few days away from its launch and unsurprisingly, millions of people are waiting eagerly to get their hands on them. While this is certainly good news for most Apple fans and enthusiasts, if you are a gambler or crypto enthusiast the card will not be of much use to you.
Goldman Sachs, Apple’s partner for the credit project, on August 2 published the credit card’s customer agreement and the publication listed some of the restrictions on transactions which have been labeled as “cash advance and cash equivalents”. These include casino gambling, online betting as well as the purchase of digital currencies.
The team-up between Apple and Goldman Sachs first came to light in March this year and it has been al the buzz for quite some time especially because of the interests and perks it offers. For instance, it has the interest rates for Apple Card have been said to be in the range of 13.24 percent and 24.24 percent depending on the creditworthiness of the customers.
In addition to that, the new Apple credit card will also be offering new cashback incentives for purchases people make using its. For purchases made directly from Apple of the App Stores – including in-app purchases – the users will get back 3 percent of the transaction amount. Apple Pay purchases will give a 2 percent cashback while other purchases will pay back 1 percent of the transaction amount. Very exciting, isn’t it?
Apple has been very busy expanding its service business as part of the broad strategy to diversify its revenue sources instead of relying solely on hardware sales. Goldman Sachs, on the other hand, has been working towards a consumer-focused business and what better way to do this than to partner with one of the most popular brands on the planet.
Credit Card Gambling on the Spotlight
Now, with the Apple Card customers agreement emphasizing on restrictions when it comes to gambling and cryptocurrency purchases. This might be bad news for the wider credit card gambling community with more and more financial institutions having newer incentives to restrict such transactions. Already, a number of jurisdictions including the United Kingdom, New Zealand and Australia have started cracking down on credit gambling activities. Lawmakers and regulators in the UK, for instance, have been considering a possible ban on gambling-related credit card transactions.
There are, of course, certain alternatives that are beginning to rise in popularity and these are likely to gain even more users in the near future.
